Business Property   insurance is meant to cover
Business insurance is designed to cover the physical assets and stock of a business.


Business Property insurance typically covers
Business insurance is a series of linked products, allowing a business to itemize the coverage and sums insured required to best suit their needs. The various areas typically offered include:        

• Fire & Defined Events Insurance
  Fire & defined events insurance will cover the physical assets of a business against a range of events typically including, fire, water damage, malicious damage, accidental damage and storm damage etc.

• Business Interruption Insurance
  Business interruption insurance covers the downturn in profitability a business suffers following a claim payable under the fire and defined events insurance coverage.

• Burglary Insurance
  Burglary Insurance covers the physical assets of a business against theft.

• Glass Insurance
  Glass insurance covers the glass of a building and fit out against breakage. The glass insurance coverage can also be extended to include signs.

• Money Insurance
  Money Insurance covers the loss of money whilst on the business premises, in transit and in a private residence.

• Electronic & Machinery Breakdown Insurance
Electronic & machinery Breakdown insurance covers the cost associated with repairing or replacing mechanical and electronic equipment as a result of a specified event.

Businesses with higher sums insured, various premises or a unique need can also be covered by an industrial special risk policy. Industrial Special Risk insurance policies typically include coverage for all areas listed and are more economical for medium to large businesses.
 

Considerations/Limitations to be aware of with business insurance
Business insurance can be tailored to meet any businesses needs, with very few gaps in coverage provided it is structured correctly. The main areas a business should be aware of are:

• Co-Insurance limitation
  Almost all policies allow the insurer to reduce the amount paid, should the business not be accurately insured in terms of sums insured.

• Customers & non owned goods limitations
  Businesses which have customers leave their goods on site, need to ensure they specifically note these items within their sums insured as many policies exclude or limit the amount of cover provided.

• Fire & Security Requirements
  All insurers require the business to comply with fire standards, as well as require declared security measures to be in force at the time of a claim or else the insurer has the opportunity to decline or reduce the amount payable in a claim.

Should you wish to discuss your individual insurance needs with a qualified risk adviser, please contact our office on
1300 815 344 or complete the attached Request a Quote form and we will respond within 24 hours.

View the most Frequently Asked Questions to learn more about the above class of insurance, or Ask a Question of our qualified risk advisers.

Those interested in the above class of insurance have also found the following of interest:

• Public Liability Insurance
• Professional Indemnity Insurance
• Tax Probe Insurance
• Management Liability
• Income Protection
• Partnership Insurance

We hope you have found this information useful, so we can create the best insurance resource material available, please provide us with Your Feedback on the information provided or with suggestions on what else you would like included.