Business Insurance is a type of insurance cover that is particularly important to a business owner as it will protect you from any unexpected events and losses that happen during business hours. There are a range of different insurance options for a business that include cover for property damage, legal liability and employee risks. In order for you to select the insurance type that’s right for your business, factors such as type of business, business location amongst other needs will need to be considered the best comprehensive option.
There are additional policies you can select to further protect your business in the case of a theft, machinery breakdown, public liability or even deterioration of stock. One of the best insurance policies to invest is public liability insurance. This type of insurance is one the most important policies as it will protect your business in the case a third-party has been injured either on your premises or as a result of your business and you are found liable. The third-party will be compensated for the costs of their medical bills and your business will be compensated legal representation and the damage of their property to a maximum limit.
Businesses can potentially suffer from severe financial, legal or managerial issues and without the correct business insurance it can result in interrupting regular business flow and can potentially impact the business in the long term.
Body Corporate & Strata Insurance
Residential strata, group and community title properties, owner’s corporations and strata managers are open to both expected and unexpected risks. In order to minimise these risks, it is crucial to invest in corporate and strata insurance. The most common types of cover include public liability, residential strata insurance and commercial strata insurance.
Public liability is a mandatory coverage that provides protection against any third-parties that sustain injuries at the commercial or residential property. Any medical or hospital bills are financially covered as well as legal costs or representation should the third-party make legal claims against the property and its owners. Residential strata insurance is specifically catered towards residential properties and their title owners. This coverage provides protection for loss of rent, personal accident cover and office bearers’ liability. All of the above protection provides financial compensation, as these risks can be costly for title owners, impacting livelihoods and income. Commercial strata insurance is a cover that is targeted at commercial properties, which have different needs and risks to residential. This insurance type provides protection for machinery damage, loss of property and property cover for building and contents.
Strata insurance provides protection to income and livelihood from the risks that are associated with residential or commercial strata title holders, making it a critical investment for short-term and long-term safety.