From cafes in New Farm to manufacturers in Darra, and everything in between, Brisbane is home to a thriving small business community.
It’s important to protect these businesses, and one of the most effective ways of doing so is with insurance.
So what do you need to know about insuring your business?
Importance of insurance
As small business owners we all know just how much work it takes to build and maintain our businesses.
We put huge amounts of effort into growing our businesses and building up financial security for ourselves and our families.
We also understand the importance of protecting our businesses and doing everything we can to reduce the risk of things going wrong.
But there are certain things that our out of our control. No matter how much care we take, there are some things which are going to happen regardless of what we do.
This could be anything from a car crashing through the front of your restaurant to the recent floods that ravaged parts of Brisbane in 2011 and 2013.
And this is where insurance comes in.
Insurance is there to help your small business when things go wrong.
Small businesses (and their owners) arguably have more to lose than any other business type when it comes to things going wrong.
If a big business suffers a major loss it might put a small dent in their quarterly profit, but the same loss could be catastrophic for a small business, sending it and its owner bankrupt.
It’s just not worth putting all of the blood, sweat and tears into a small business if there a chance that you could lose it all.
Especially if you lose it all to something which could have been covered by insurance.
Using an insurance broker
When considering small business insurance there are two main options. You can go directly to an insurance company, or you can use an insurance broker.
Here in Brisbane there are plenty of options either way. You could use a local insurance company such as Vero. or you could use a local insurance broker .
The better option for small business owners is generally to use an insurance broker.
Why is this?
Because an insurance broker has the skills and knowledge, not to mention the qualifications, to provide you with personalised advice on your business insurance needs.
By going to an insurance company directly you will be able to obtain quotes easily enough, but generally their call centre staff are unable to provide personal advice to you.
An insurance broker on the other hand can analyse your small business and come up with a set of recommendations that suit your own personal needs and objectives.
When choosing an insurance broker it’s important to choose one who knows your business.
Choosing a broker whose office is just down the road might be convenient, but if they have limited experience with your type of business it might not be a great match.
By using a broker who knows and understands your business and your industry you are giving yourself the best chance of
obtaining the right coverage at the right price.
For more information on small business insurance in Brisbane please speak with an insurance broker.
If you do not already have one you can try the ‘need a broker ’ service offered by NIBA, which is the National Insurance Brokers Association.
We also have a range of articles on our website which you can read, however please remember that online guides and articles are no match for professional advice.
Other Business Insurance Types
Our website is all about public liability, but it’s also important for Qld businesses to consider other forms of cover.
In this guide we’ll look at some of the other forms of business insurance available.
Which of these insurance types are necessary for your business will depend on the type of business you operate, but it will give you an overview of the covers available.
Once you’ve insured yourself against damaging other people’s property (via public liability insurance) the next step is to insure your own property.
Property damage insurance will cover your business property from a range of risks including fire, storm and malicious damage.
Cover for flood damage is also available, but keep in mind that not all business policies provide full flood coverage, which is especially important for businesses located in Queensland.
Theft, Glass & Money
These are actually three separate covers, but they are typically bundled together under a business pack.
Theft will cover your contents and stock in the event of burglary, whilst glass provides cover for all fixed glass within your premises such as windows and shelving.
Money covers a set level of cash held on your premises or in transit either to or from your premises.
General property insurance is separate to your standard property damage and theft covers, and is designed to protect your portable items such as tools or laptops.
The cover is more expensive than the standard property options, but does have the added benefit of protecting your tools and equipment anywhere in Queensland or around the country.
In some ways this insurance is similar to public liability, but whilst public liability covers your physical actions, professional indemnity covers the advice or service you provide.
That’s quite a simplistic way of putting it, but it gives you an idea of what is covered.
Professional indemnity is generally only required if you provide a professional service, such as an account, solicitor or anyone else who charges for their advice.
If you operate your business from dedicated premises, business interruption can protect you in the event that you cannot operate from the premises.
A claim would occur if your premises where damaged by fire or storm for example, and your business lost revenue due to not being able to trade for a period of time.
There are other forms of cover available, and we recommend speak with a broker about which forms of insurance are right for your business.
For more information about the other covers available to Qld businesses please contact us.