Business Insurance
Business Insurance is essential in the safeguarding of your business. It helps to mitigate risk and protect you and your business from a potential loss. There are different insurance policies to choose from based on your occupation and situation. Some of the most common classes include Liability, Professional Indemnity, Management Liability and Cyber Insurance.
Public Liability
This will cover any Third-Party Injury or Property Damage where you are deemed negligent as a business. (Legal Fees and Compensation Costs)
Building and Content
Covers your building, contents, and stock against events like fire, earthquake, lightning, storms, floods, impact, malicious damage, and explosion.
Electronic Equipment
Electronic equipment Insurance covers the repairing, replacing and additional costs to your business or business interruption expenses caused by a breakdown of electronic equipment.
Burglary/Theft Insurance
Theft insurance is coverage that protects you against loss or damage caused by the unlawful taking of property. (inc. Contents, Stock, Valuable Items)
Glass
Covers Breakage of Glass to Full Replacement Value for which you are legally responsible for or own. (inc. Signage)
Money
Covers loss of money in transit, money on the situation, money in a locked safe and money in your personal custody while in a private residence.
Business Interruption
Covers consequential loss of income and/or profits from the interruption of – or the interference with – the business caused by insured peril such as fire, theft, storm damage.
Tax Audit
Covers the professional fees that an accountant would charge to help you respond to an official enquiry, review, investigation, or audit of returns lodged with the Australian Tax Office or other Federal, State or Territory government authority, agency or body.
Management Liability
Covers the costs of defending directors, managers and employees against any claims that are the result of their actions or decisions in running the business.
Machinery Breakdown
Covers damage to insured machinery caused by breakdown; this option may also have number of additional benefits plus the optional benefit of deterioration of stock.
Employee Dishonesty
Covers for loss of money or goods caused by employee fraud or dishonesty.
We recently received an email from David:
“Your research really stood out to me because I’m currently paying way more than your highest average premium. I’ve been buying my insurance directly from an insurer, and my renewal quote is $1,950 per month for my business insurance. Should I stick with these steep premiums, or can you offer me a better deal?”
Why It’s a Common Mistake in Australia:
Many small business owners in Australia overpay for insurance because they assume that sticking with a well-known provider or buying directly from an insurer guarantees the best deal.
However, premiums can vary widely depending on factors like the size of your business, your claims history, and even changes in the insurance market.
Without regularly comparing quotes, you might be stuck paying more than you need to.
How Ideal Insurance Brokers Can Help:
At Ideal Insurance Brokers, we specialize in finding tailored insurance solutions that fit your specific needs – and at a price that makes sense.
We work with multiple insurers to compare premiums and coverage options, ensuring that you’re not overpaying for your business insurance.
By reviewing your policy and shopping around on your behalf, we can often secure a better deal, potentially saving you hundreds or even thousands of dollars a year.
So before you renew that $1,950 (or whatever your premium may be), let us take a look. You might be surprised at how much you can save without compromising on coverage.