Why Business Insurance IS Important

Northern Insurance Solutions Business Insurance Specialists

Business insurance protects the equipment and machinery you need in your business. It can ensure that you, your employees, and any members of the public with whom you interact in your business are protected from the risk you face as a business owner.

Business Insurance – Where do you start?

A business takes years to build – but an accident or disaster could destroy it all in minutes. That’s why businesses should help protect themselves with a quality business insurance pack.

With the right cover in place, owners can run their business with confidence, knowing that their premises, stock, and equipment are protected by insurance.

Business owners can benefit from taking out an affordable and comprehensive business insurance pack to help protect them against the main risks involved in running a business.

Key Facts

$38 billion per year is the amount natural disasters are costing the Australian economy.

40% of SMEs buy their insurance through a broker.

Business interruption and Cyber security were considered the top risks facing Australian businesses in 2022.

What does Business Insurance Cover?

Property Damage – Repair or replacement of property damaged.

Business Interruption – Covers loss of income and turnover following insured damage to property and additional costs and expenses incurred during a claim.

Theft – Repair or replacement of property stolen.

Money – Loss of money.

Public or Products Liability – Your liability to pay compensation for personal injury and property damage as well as the costs involved in defending a claim triggered by the policy.

Glass – For replacing glass inside or outside your premises, including your shopfront windows, mirrors or display cases.

Stock in Transit – For stock that is in transit on the road, in the air or by sea.

Electronic Equipment – For repairing or replacing electronic equipment that breaks down.

Machinery Breakdown – Cover for costs associated with machinery breakdown.

General Property – To cover your tools of trade, including laptops and tools that you use for your profession or trade.

Tax Audit – To cover the costs of being audited by the ATO.

Employee Dishonesty – Direct financial loss of the business caused by the dishonest or fraudulent conduct of an employee which is first discovered during the period of insurance.

Other important policies include:

Cyber Insurance – Protection against cyber risks, such as data breaches, cyber extortion, and network interruption.

Management Liability – Cover designed to protect the directors and the company against financial losses in the event they are alleged to have not met their duties.

Professional Indemnity – Covers your business if you provide professional advised or services to clients. If a claim is made against you for injury or financial loss, Professional Indemnity covers the cost of your legal defence and damages.

IAG Report reveals that natural disaster cost on small businesses in North Queensland.

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FREE Policy Review Service

If you have an insurance policy ready for renewal, let our insurance specialists undertake a FREE Insurance Policy Review to ensure you get ‘value for money’ insurance cover that suits your business needs.

  • Insurance Policy Renewal Comparison Service
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  • Choose from a Range of Vendors
  • Stop Paying for Things you Don’t Need!

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Northern Insurance Solutions – Locals Covering Locals

Based in the Burdekin, Northern Insurance Solutions fight for the rights of North Queensland businesses to receive quality insurance policies that are ‘value for money’ and supported locally by a professional, results-driven team who care!

Our experienced, friendly, and reliable insurance team pride themselves on their holistic approach for creating effective insurance solutions using globally branded products.

With a staff combined 100 years of experience, you can trust in our team to provide a holistic approach for creating effective insurance solutions using globally branded products from Steadfast.

Speak with us about how we can work with you to help make your business more resilient.  Call our office in Ayr today on 07 4783 1310 to discuss.

Read about our approach to managing business insurance….

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Northern Insurance Solutions
Locals Covering (Caring for) Local Businesses

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