Business pack insurance for my small business

Business pack insurance for my small business

As a small business owner, it’s possible you may have heard something about business pack insurance. Even if you don’t know exactly what it entails, it’s likely you are familiar with the term.

Sometimes, keeping up with all the different types of insurance that are releva

By Public Liability Comparison Team

Do You Need It?

As a small business owner, it’s possible you may have heard something about business pack insurance. Even if you don’t know exactly what it entails, it’s likely you are familiar with the term.

Sometimes, keeping up with all the different types of insurance that are relevant to a small business can be overwhelming. At times, it may seem like it’s hard to keep up with all the coverage options available to you, and it’s hard to know which ones are necessary and which ones aren’t.

The good thing about business pack insurance is that it can help simplify your insurance needs by streamlining them.

What is business pack insurance?

In simple terms, business pack insurance is cover that combines a range of different insurance types under one policy. So, for example, instead of having an individual policy for business interruption, an individual policy for property and an individual policy for liability, you could get business pack insurance, which will cover all of these things under the one policy.

Instead of having to keep track of a whole bunch of different insurance policies, you only need to keep track of the one insurance policy.

Another positive of business pack insurance is that not only will it lower the number of policies you have to keep track of, it may also lower your insurance premium as underwriting several risks together tends to work out cheaper than purchasing individual policies.

Some insurers have business pack insurance that they have designed specifically for small businesses. These insurance policies are typically based on the lower annual turnover of small businesses (as compared to the annual turnover of large businesses) and will vary depending on the industry in which your small business operates

What types of things are usually covered under business pack insurance?

The types of cover offered under business pack insurance policies will differ between insurers. While insurers don’t typically offer all of the cover types in the below list under the one business pack policy, these are the types of things that a business pack policy may cover:

  • Property (this usually includes buildings, contents and stock that are accidentally damaged by a defined event)
  • Public and product liability
  • Machinery breakdown
  • General property (usually tools and professional equipment that are not stationary)
  • Computers and electronic equipment
  • Equipment breakdown
  • Glass
  • Business interruption
  • Theft
  • Money
  • Employee dishonesty
  • Tax investigation
  • Personal accident
  • Marine and cargo
  • Insurers usually offer what is referred to as a “standard” business pack policy, which will include a handful of the most common cover types in the above list.

Most of the options above that aren’t included in the “standard” policy can usually be added to the policy if you so wish — in exchange for a higher premium, of course.

Are there types I can tailor to my small business?

The answer to that is yes. Some insurers have business pack insurance that they have designed specifically for small businesses. These insurance policies are typically based on the lower annual turnover of small businesses (as compared to the annual turnover of large businesses) and will vary depending on the industry in which your small business operates (i.e. most insurers don’t offer a one-size-fits-all small business insurance pack policy; they usually have a range of options available to small businesses that cater to different industries).

If none of the options insurers themselves have curated appeal to you, the majority of insurers will let you customise business pack insurance to your business so that the insurance cover will match the specific needs of your small business. With customisation, the insurance company will usually give you a bunch of individual insurance covers (similar to those listed above) and you can pick and choose which ones are most relevant/important to you.

Do I need it?

As always, the only person who knows the answer to that question is you. You are the expert on your business and the particular risks posed to it.

However, have a think about the types of insurance policies you currently have — are there quite a few? Would they be easier for you to keep track of if they were all combined under one policy? Would it be more cost-effective for you?

Have a think about the types of cover in the bullet list above — are you covered for all of the risks posed to your business? Or are there some liabilities of which you weren’t previously aware? Would a business pack policy help you plug those liability holes?

Having a think about the answers to these questions should help get you on your way to deciding if business pack insurance is a good policy option for you. If you’re still unsure, engage the help of an independent adviser (i.e. one who isn’t affiliated with a particular insurance company) to help you make a decision that is right for you and your business needs.

Clothing Retailers & Wholesalers

Clothing Retailers & Wholesalers, based on $5 Million Cover with 1 employee up to $100,000 income, quotes from $455 to $1005 from AIG, Allianz, Calibre, CGU, QBE, Vero and Zurich

 

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Mining Contractors Public Liability

Mining Contractors Public Liability

Compare public liability insurance cover options for Contractors working on mine sites. Liability cover up to $20m limit options, Statutory Liability, Commercial Legal Expenses and Driving Risk can be included.

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Air leg Miner, Mineral Exploration, Auto Electrician, Mobile Plant Operators, Boilermaker / Welder, Operation of Continuous Miner, Dewatering Contractors, Plant and Machinery Maintenance, Dragline Operator, Project Manager, Drilling Contractor Rock, Bolter, Electrician Roof Bolting, Longwall Support Shaft Sinkers, Mechanic / Diesel, Fitter Tenement Liability, Mine Relining Services

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Please note that any advice given has been provided without taking into account your objectives, financial situation or needs. It is also based on information we have obtained from you. You must ensure the information is accurate and complete. Otherwise, this advice may be based on the inaccurate or incomplete information. You should consider whether the advice is appropriate in light of your objectives, financial situation, and needs

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Liability Claims Have The Potential to Put You Out Of Business

According to QBE Insurance, 87% of small business owners agree that a liability claim has the potential to put them out of business, cause them to lose revenue, or dry up cash flow.

Yet despite these risky stats, 62 per cent of SMEs said they are unlikely to have the right insurance in place to protect their business.

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And an analysis of QBE claims data revealed that roofing services was the highest claiming sector for liability claims in the past three years2.

1Pureprofile research study of 609 Australian SMEs completed for QBE Insurance during April 2019
2QBE liability claims data 2015 to April 2019, based on the frequency of claims

Public Liability for small and medium businesses

If you are a small or medium-sized business with up to $20 million turnover and property assets valued under $10 million, our business packages policy is designed to protect businesses like yours.

What is public liability insurance?

If clients visit your business or your employees visit client sites you are at risk of a third party claim, that claim may be for personal injury or property damage.

Why do Australian Businesses need the cover?

Public liability insurance protects you and your business against the financial risk of being found liable to a third party for death or injury, loss or damage to property or economic loss resulting from your negligence.

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Please note that any advice given has been provided without taking into account your objectives, financial situation or needs. It is also based on information we have obtained from you. You must ensure the information is accurate and complete. Otherwise, this advice may be based on inaccurate or incomplete information. You should consider whether the advice is appropriate in light of your objectives, financial situation and needs

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Trip and fall, it can all happen so quickly – a customer catches their foot on a chair leg, or slips when coming in from the rain – but your business is left dealing with the legal and financial fallout for months.

Whether you have a restaurant, a shop, an office or work from home – if a customer is on your premises, generally you’re responsible for their safety.

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