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When starting a new small business, there’s a lot to think about. From customer service and communications, to shipping and delivery, business owners spend hours planning everything just right. But what about planning for when things go wrong? In this article, we reveal four of the top small-business risks, and let you know what insurance you need to protect yourself against them.
1. Theft and burglary
If you store equipment, stock, or cash on your premises, then your business runs the risk of burglary. Theft is one of the biggest problems facing small business, and costs Australian retailers over $2.7 billion every year.
Insuring against theft
To protect yourself against theft, your small business can take out Theft Cover. Theft cover shields your business against certain kinds of loss or damage to shop contents, stock, customer goods, and even buildings and fixtures. It is available as part of a small-business pack. Not all cover protects every kind of theft, so check inclusions with your provider.
2. Storm damage
Severe storms can happen without warning, and leave many businesses unable to trade. Building leaks and collapsing trees can cause property damage that takes months to repair. Just last year, storms caused over $100 million of damage in Sydney alone.
Insuring against storms
Material Damage Insurance will help protect your business against the destruction caused by storms. This cover insures your premises and equipment against damage caused by certain unexpected events. You may also need Business Interruption Insurance to protect against loss of revenue if you’re unable to open shop.
3. Property damage
Accidents happen, and it’s easy for stock, equipment, and other items to become damaged. Any number of circumstances can cause loss of this type, and while you should try to be as prepared as possible it’s not always easy to prevent.
Insuring against property damage
General Property and Material Damage Insurance can protect your business from certain kinds of damage to your business’s possessions and premises. If you own a street facing shop or display area with a lot of windows or cases, it might also be worth investing in insurance specific to glass. Glass insurance can cover external and internal glass including windows, illuminated signs, doors and skylights.
4. Third party injury or loss
If a Third Party suffers injury or loss as a result of your small business, you may be liable. While this kind of risk may be less common than others, it can also be among the most expensive. These costs can be potentially devastating to a small business, so it’s best to be prepared.
Insuring against third party injury or loss
Protect yourself against third party injury on your premises or with your product by obtaining Product and Public Liability Insurance. Damage to third party property is also covered. Available cover options range up to $20 million.
When starting a small business, it’s important to be prepared. To find the best solution for your business consult a small-business insurance expert, and read your policy carefully. All the best with your business ventures!
Brought to you by Allianz Insurance
