Did you hear the one about the business owner whose premises went up in flames? Dang, he thought. Never mind. The business is insured. She’ll be right.
He was insured- that much was true. He was not, unfortunately, insured against fire.
His business? Paper products.
Having insurance is one thing, having the right kind of insurance another entirely. In order to choose the insurance that best suits your business, and will ensure you aren’t left in the cold after a catastrophe, you need to take a close look at the kinds of incidents your business is most vulnerable to. The chap peddling paper products should have made Property Cover his number one priority. Property cover insures against damage to buildings, contents, and stock caused by fire.
Hmm, you think. I run a web design business. My office is in city skyscraper. I’ve never heard of anyone in my building losing their merchandise or equipment due to property damage. In that case, you can perhaps give Property Cover a wide berth without losing too much sleep at night. The most relevant insurance coverage for your business is Computers and Electronic Coverage, which will ensure that you’re covered in the event of theft, accidental breakdown, fire, and interruptions to business.
Some businesses, for a variety of reasons, are more vulnerable to employee theft or dishonesty than others. Perhaps you have a large turnover of staff. Maybe your employees work without supervision around sensitive company information or cash registers. Maybe they even have access to bank account details. If this a potential source of concern for your business, you might consider Employee Dishonesty coverage which Mckenzie Ross offer. This insures you against employee theft and fraud.
Taking a bit of time to work out what you need from your business insurance is a simple way to safeguard against the kinds of scenarios that have the potential to railroad your business. To learn more, visit www.mckenzieross.com.au.