by Jason on February 21, 2012
Business insurance is as much a necessity in today’s business climate as a having successful, revenue-earning business with employees who are properly trained to support the goals of the company. The National Insurance Brokers’ Association of Australia (NIBA) is a not-for-profit trade organization that leads the way for business insurance brokers seeking to serve the consumer.
Business insurance brokers serve their customers by searching for insurance contracts that can best serve the company’s needs. The brokers must be licensed by the Australian Securities and Investment Commission in order to be allowed to practise, and in most cases additional credentials and accreditations in the field will show that the broker is not only competent, but also cognizant of any changes that might be occurring in the field.
The benefits of using a business insurance broker, as opposed to the consumer seeking out insurance on his own, are numerous. They include having the broker assemble, consolidate and maintain the data needed in order for the insurance policy to be active and up-to-date with the business needs, as well as allowing for the consolidation of any or all business insurance and any situations that may arise requiring policy discussions through one source (the broker). Additionally, there is the potential for discounts on such policies due to taking an all-in-one approach.
Choosing a qualified business insurance broker does not have to be approached with trepidation. While one can find any number of offers online, the best approach continues to be making selections from those places whose credentials are pristine, such as the NIBA. And just as it is important to verify the broker’s credentials, it is also vital to be sure that they can provide the service or services needed. Otherwise small business owners will not have made any progress whatsoever in the quest for insurance.
by Jason on February 21, 2012
When considering their needs for insurance, small business owners must carefully evaluate their business. Insurance covers potential losses that can occur any time in the course of doing business. Even small companies are exposed to many risks including employee accidents, liability issues, property damage and vehicle accidents. Shops, tradesmen, factories and offices need to consider the most appropriate cover for their needs. Below, learn the answers to frequently asked questions about business insurance.
Q: Why should business owners buy insurance?
A: Some people do not believe they need insurance, or think it is another business expense they cannot afford. However, most small business owners have invested the majority of their personal finances into their company. If a court case or fire were to occur, their business could never recover without insurance. Businesses covered by the four main types of insurance, such as property and assets, public and product liability, workers’ compensation and car insurance, protect themselves from losses and ensure they can keep their businesses operational.
Q: What does property insurance cover?
A: Property insurance cover protects inventory and business property against theft, damages from accidents and physical loss.
Q: Is business interruption cover important for small businesses?
A: Yes. Business interruption cover can be vital to small businesses that could not stand a financial loss if they were unable to provide services or products due to a catastrophe. For example, an illness or machinery breakdown could severely impede the manufacturing process of products or the provision of customer services. Business interruption cover helps to cover ongoing bills and many of the extra expenses incurred during an interruption of services and products.
Running a business takes a lot of hard work, planning and money. Insurance helps to safeguard against unpredictable risks that can occur in any business. With careful planning and business insurance, risk is minimised and potential damages can be reduced.
