Running your own business can be risky but insurance is a great way to transfer the financial burden of these risks to someone else.
Not only is this financially sound, but it will also help you sleep easier at night. Good insurance cover will protect your business and potentially you as a business owner, operator or company director.
What insurance coverage might your business require?
The most common types of insurance are:
- Building and contents insurance (including fire and flood);
- Public liability insurance;
- Product liability insurance;
- Equipment insurance (including protection against IT failures);
- Legal expenses insurance for facing court proceedings;
- Health and life insurance for the owner;
- Income protection insurance;
- Business interruption insurance;
- Transit insurance for goods;
- Travel insurance for business trips;
- Credit insurance for unpaid debts;
- Industrial special risk insurance; and,
- Workers’ compensation.
Businesses in Australia are legally required to carry workers’ compensation insurance for employees and third party motor vehicle insurance policies.
However, your landlord or finance company may also insist on specific insurance, so check if there are any other additional policies required.
You need to look at the three major categories of risk to decide what additional insurance your business needs: people, liability, your business’ assets and revenue. Every establishment is different, so you need to get good advice on this.
Why would you benefit from using an insurance broker to purchase insurance?
An insurance broker can save you time, money and worry. Just like an accountant or lawyer who provides you with professional advice based on years of training and experience, a qualified broker can do the same with your insurance.
When arranging insurance, many people take shortcuts without seeking proper advice, understanding the fine print or considering whether they are getting value for money. Often they are disappointed when their insurance doesn’t come to the rescue.
Whether it’s business or personal insurance, brokers provide advice and assistance to make sure you are properly protected.
Using an insurance broker doesn’t necessarily cost more. Often it costs less because brokers have in-depth knowledge of the insurance market and the ability to negotiate on your behalf. A broker will also explain your policy and any special situations you need to watch out for. Furthermore, a broker is obliged to advise you of fees charged for services provided to you.
You will benefit most by developing a close business relationship where the broker understands your future plans, the associated risks and how you like to do business.
An insurance broker’s foremost duty is to his or her client. An insurance broker works for you, not for the insurance companies.
Why use a STEADFAST broker?
Choosing insurance shouldn’t feel like another risk; you want to be insured and assured.
A Steadfast broker works with you to tailor an offering around your business requirements; they are locals who understand you, with the advantage of having the backing of a large organisation. Steadfast brokers are carefully selected for their professional expertise and proven business acumen. They are able to provide you with reputable guidance, so you can make the right choices and ultimately achieve the best possible coverage for your business.
Steadfast Group Limited is Australia’s largest insurance broker network, comprising of 280 insurance brokerages and represented by over 400 offices. Together, Steadfast brokers proudly service more than one million Australian businesses.
Professionalism is paramount when it comes to the relationship between a Steadfast broker, the client and Steadfast’s 60 strategic partners. Steadfast brokers have access to exclusive policies from Australia’s biggest insurers as well as specialist insurance providers bringing you best-in-class coverage relevant to your requirements.
Steadfast brokers are supported with almost every aspect of their business, from tailored insurance product packages and compliance procedures to ground-breaking innovations, tools, services and ongoing education. They have access to a number of Premium Funders who are able to assist businesses pay their insurance premiums, so you don’t leave your organisation short of cash flow.
The backing Steadfast provides its brokers gives them a strong competitive edge in a fast-changing market and enables the Steadfast broker to provide you with a higher quality service.
Steadfast brokers are required to meet criteria to remain a representative of the network, ensuring the brand promise is delivered. Strength when you need it.
Steadfast Group Limited (ASX: SDF) is the largest general insurance broker network and group of underwriting agencies in Australasia, with growing operations in Asia and Europe. The broker network has 361 general insurance brokers who receive superior market access, exclusive products and services backed by the size and scale of the Steadfast Group. Brokers in the network have access to over 160 products and services which support their business and allow them to focus on their clients' insurance and risk management needs.