We know how important financial advice is in providing you with peace of mind and want to thank you for considering an engagement with your financial adviser to assist you in identifying and achieving your needs and objectives.
What is Business Expense Insurance Cover?
Business Insurance protects businesses from financial loss due to incidents that have occurred during the operation of that business. It may assist with coverage if an individual or the business is held legally liable for damage or injury if income is lost due to property damage as well as the building damage costs, if income is lost due to product damage or theft and other such incidents.
Benefits of Business Expense Insurance Cover:
Your insurance will provide a lump sum payment that can be used to:
Pay for any legal costs if legal action is taken against you.
Cover any compensation costs that you may have to pay due to legal action.
Cover damage or loss to buildings, contents and stock.
Pay for any compensation costs if your goods have caused damage, injury or death.
Cover costs due to damage, loss or theft of your stock or business contents.
Covers loss of income during any trade or production delays due to weather events or other such interruption.
Covers associated costs of damaging actions committed by employees that have been proven to be fraudulent or dishonest.
Workers Compensation costs.
Pays for the cost of repair or replacement of machinery or equipment that has been damaged.
Covers other expenses and business assets that have been appropriately insured.
Business Insurance will help safeguard your Australian business against financial hardship as well as protect your income and assets.
Why do I need Business Expense Insurance Cover?
As a director, owner or proprietor of a business, having an appropriate Business Insurance policy enables you to ensure that you and/or your business does not have to suffer financially in the event of liability, damage, theft or another such insured case.
It may not take away the stress of such an event, but it will ease the hardship of any financial burden in order to get you and your business back on track.
How can I pay for my Business Cover?
Business Insurance is paid out of your businesses pocket. This can be on a monthly or annual basis depending on the preferred payment method defined by your insurance provider.
Stepped and Level Premiums
Stepped premiums are initially cheaper however will increase each year – normally on your birthday, or on the policy anniversary date. Stepped premiums are beneficial to insurance policies intended to be held short term. The amount the policy initially increases often goes unnoticed by policy holders, however once policy holders reach a certain age, the amount they pay for their insurance can rapidly increase. By the time you notice this drastic increase, it may be too late – leaving you with an insurance policy that is unsustainable and unaffordable – when you need it the most.
Level premiums allow you to lock-in your premium, sometimes right through to retirement age. Level premiums are beneficial for insurance policies intended to be held long-term. This type of premium initially will be more expensive than stepped premium but can often result in greater savings over the long term. Most importantly, level premiums can ensure that your insurance cover remains affordable and sustainable when you need cover the most.
GI Advisers helps Australian businesses, large and small, get the best possible Business Expense Insurance Cover that is suitable with their individual and business operation circumstances. To get an approximate idea of Business Insurance premiums, you can get a quote or contact us at our Brisbane head office.