About Business Insurance
A business takes years to build – but an accident or disaster could destroy it all in minutes. That’s why businesses should help protect themselves with a quality business insurance pack.
With the right cover in place, owners can run their business with confidence, knowing that their premises, stock, equipment and reputation are protected by insurance.
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Who should consider it?
Business owners can benefit from taking out an affordable and comprehensive business insurance pack to help protect them against the main risks involved in running a business.
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➤ in fact
"Having the right insurance will help protect your business and minimise its exposure to risk. This may include insuring your business, your income and your commercial risk."
Department of Innovation, Industry and Science, 2018
Case Study
Rohan owns a shop in the city. One night a water pipe bursts, flooding the building and damaging his stock. Even worse, the building must be evacuated and renovated to repair all the water damage. This means that Rohan is unable to trade for six weeks.
Rohan’s business insurance covers the cost of the renovations. And, because he has business interruption insurance, he receives a payout to cover the income lost while he’s unable to trade.
Did you know?
$33b
24%
35%
The cost of natural disasters to Australian business, government and communities is estimated to reach $33 billion by 2050.
(Australian Business Rountable, The Economic COst of the Social Impact of Natural Disasters, 2016)
According to Inside Small Business, only 16% of SMEs have a financial back-up plan in place, while 35% said they’d need to cut spending and limit their lifestyle if they were unable to work.
(Inside Small Business, ‘Seven insurance issues small-business owners should consider in 2017’, 2017)
Sole traders were the least likely of businesses to be insured, (24%), followed by small businesses operating from home (21.4%).
(ICA, Non-insurance in the Small to Medium Sized Enterprise Sector, 2015)
What can it cover?
Business insurance packs can offer general protection for a business, For more detail please download the last brochure.
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Important note
This information is provided to assist you in understanding some of the terms, implications and common considerations of Business Insurance, it is not complete, so please request full details from your Steadfast insurance broker. You should consider the Product Disclosure Statement (PDS) in deciding whether to buy (or continue to hold) this insurance and also whether this insurance is appropriate for you. The PDS can be obtained from Sky Financial Group. Deductibles, exclusions and limits apply. Business Insurance is issued by various insurers.
Sky Financial Group is an Authorised Representative of Fay Baker 79619240801 - 336757