By Chris Dougherty, General Manager, Westlawn Insurance 18 June 2014
With Australia’s 2 million small and medium-sized businesses making up more than 95% of all businesses in Australia (employing around 70% of the country’s workforce) the importance of SMEs to the Australian economy is clear.
With the important role SMEs collectively play in the Australian economy, it’s vital therefore that individually, small and medium-sized businesses have every opportunity to succeed and to thrive.
But unexpected events can suddenly threaten even the most successful of businesses on any given day. Accidents, natural disasters, machinery breakdown, theft and malicious damage to business property can occur at any time and with little or no warning.
While most businesses will have some level of insurance in place to cover some unexpected events, many SMEs are not properly protected from all the risks.
Underinsurance, for example, remains endemic among Australian small and medium businesses with some figures suggesting that up to 4 out of 5 businesses are not adequately insured.
And as businesses come under increasing pressure to reduce costs, some integral insurance options may be neglected altogether. Business interruption cover is one such option that is often overlooked, but can be vital for helping a business recover following an unexpected event, such as fire or storm damage.
Business insurance packages: Convenient, cost-effective protection
But with insurers offering increasingly competitive tailored business insurance packages, business owners can afford the peace of mind knowing that their business is properly protected.
Typically, these business insurance packages offer convenient and cost-effective cover for the majority of risks your business is likely to face for:
Property loss or damage
Machinery & electronic equipment breakdown
Public and product liability
Employee dishonesty, and
Additionally, depending on the individual requirements of your business, cover can also be included within your package for such things as tax audit, legal expense cover, management liability and professional indemnity, employment practices and statutory liability.
With the range of business insurance packages available from both specialist and direct insurers, finding the right insurance package to suit your business requires expertise and knowledge.
That’s why you should first consult with an Insurance Broker.
An Insurance Broker understands the various packages available from different insurers and can effectively compare and evaluate each to ensure your business receives the most appropriate insurance protection for your needs.
5 ways an Insurance Broker helps protect your business
Your broker understands the usual risks associated with your industry.
Your broker analyses your business operations to identify all risks that require insurance.
Your broker offers risk management advice to reduce or eliminate risks.
Your broker focuses on important options often neglected by business.
Your broker ensures your business is not at risk of being underinsured.
To find out how a Westlawn Insurance Broker can help protect your business with the right business insurance package, contact us today.