Business Insurance

Business insurance protects against certain risks that may affect the running of your business.
Example of types of business insurance:B & L Financial Services

  • Professional indemnity
  • Management liability
  • SME (Small to Medium Enterprise)
  • Loss of profit ⁄ business interruption
  • Manufacturing
  • Machine breakdown
  • Cargo ⁄ Marine transit

Why would I need business insurance?

Business insurance can help your business recover from potentially harmful events such as property damage, equipment breakdown, theft, liability claims and other losses incurred during the running of a business.

Following are general details of the types of cover that may be available under a business or commercial package insurance policy.

Fire & Perils

This type of cover is for loss or damage to your buildings, contents or stock, which is caused by fire, lightning, explosion, earthquake, storm, impact by vehicles/aircraft and riots or civil commotions.
Cover can also be included for removal of debris, this includes demolition or other temporary repairs required due to any insured loss or damage.
Depending on the insurance policy, this cover can also provide you with additional benefits such as accidental damage, cover for landscaping and seasonal increases. Most policies do not provide cover for flood or terrorism acts.

Business Interruption

This covers a reduction in your business income as a result of damage or loss to your business property. You can choose to insure your gross or weekly income, payroll, rent and accountant fees. To have this cover you generally need to have your property insured for fire & perils first.

Burglary

Cover is provided for loss or damage to your business, stock and contents caused by theft or attempted theft, armed hold up or actual/threatened assault for your business premises.
This cover excludes theft of money because this is specifically covered under the specific cover of theft of money.

Money

This covers you for loss of or damage to your business’s money from a wide variety of causes, such as theft, armed hold up, or fire. Money can be covered on the premises during and outside business hours, whilst in transit or personal custody or whilst in a locked safe.
Money means coins, bank notes, cheques, credit card sales, money orders and negotiable securities.

Glass

Cover is provided for loss or damage to glass windows, signs and internal glass fixtures such as wash basins, mirrors and counters.

Liability

This covers you for damage to the property of others and personal injury to others as a result from your business activities.

Employee Dishonesty

This provides cover for the theft of your property or money by any of your employees.

Machinery Breakdown

Cover is provided for machinery against breakdown caused by sudden & unforeseen physical destruction or damage. It also can provide cover for pressure equipment such as boilers against collapse and explosion. Cover can also be provided for deterioration of goods in cold chambers following the breakdown of the machine.

Computer⁄Electronic Equipment Breakdown

Cover is provided for computers and electronic equipment for damage following breakdown or physical destruction or loss resulting from an electricity supply fluctuation.

General Property

Cover can be provided for fire & perils, accidental damage and theft for specified items whilst in transit anywhere in Australia and at your business premises.

Taxation Investigation

Cover is provided for the necessary costs, such as accountants fees, incurred by you in connection with an audit of your business by the taxation department.

If you would like further information on the products we offer or would like a quote on Business Insurance please contact our office.