The different types of Business Insurance
5 December 2018
With so many insurance policies competing for your attention, deciding on the right level of insurance cover for any business can be a minefield. While some businesses are good at managing risk and exposures, others face challenges in this area. So where do you start?
What are the Business Insurance coverage options with GIO?
Insurance is important regardless of what type of business or industry you’re in. Whether it’s to cover the health and safety of employees, or cover business assets such as commercial vehicles and equipment, there are a number of covers and policies to consider.
Just hired your first employee? Locking down a workers compensation policy can cover medical costs, wage replacement, injury and death for any workers injured on the job. Usually Workers Compensation Insurance is a requirement by law and it’s worth checking this one before hiring any employees.
Commercial Vehicle Insurance
Own a commercial vehicle for transportation of goods and services? Commercial Vehicle Insurance can cover most business-use vehicles, such as trucks, forklifts and trailers. With GIO, cover comes in three levels: Legal Liability; Fire, Theft and Legal Liability; and Comprehensive.
Public Liability Insurance
Do you visit or host meetings with clients, customers and suppliers? Public Liability Insurance can cover third party death or injury. In the event of a claim, you could be left with large out-of-pocket expenses if you’re not adequately covered.
Product Liability Insurance
If your business is involved in producing, creating and handling products, then you might want to consider Product Liability Insurance. Product Liability Insurance is designed to protect businesses against financial loss incurred if someone makes a claim against your business for personal injury or property damage that has been caused by the product/s you provided. Often this insurance forms part of a public liability policy, so it’s important to check what’s included if taking up a new policy.
Professional Indemnity Insurance covers you and your business against the financial risk of being found liable for personal injury, property damage and economic loss arising from an act, error or omission in the performance of professional services. It can also cover you against claims for alleged negligence or breach of duty. Professional Indemnity policies will only respond to claims arising in the course of or conduct of your professional services, so it’s important to know the description that captures all the services you provide during the policy period.
Managing risk and exposure
It comes as no surprise that businesses are exposed to certain risks in their day-to-day operations. Knowing what things might go wrong in your business, and what action to take if they do, can secure your business from loss of profits, damage to reputation and other negative repercussions. It also helps you identify what kind of insurances you should be taking out, so that you can get the most out of your policy. To manage your risks, ask these questions of yourself and your business:
- What are the potential risks?
- What’s the impact of each risk?
- How can each risk be avoided or minimised?
Developing a comprehensive risk management strategy is a good first step to understanding the level of insurance cover for your business. GIO offers a range of specialised insurance products with flexible cover to match the needs of your business. Get a GIO Business Insurance quote online today or call us now on 13 10 10 (check our contact hours) for more information.
Insurance issued by AAI Limited ABN 48 005 297 807 trading as GIO. Consider the Product Disclosure Statement before making a decision about this insurance. This advice has been prepared without taking into account your particular objectives, financial situations or needs, so you should consider whether it is appropriate for you before acting on it.