Small business insurance Brisbane

BrisbaneBrisbane is home to a large and diverse range of small businesses.

From cafes in New Farm to manufacturers in Darra, and everything in between, Brisbane is home to a thriving small business community.

It’s important to protect these businesses, and one of the most effective ways of doing so is with insurance.

So what do you need to know about insuring your business?

Importance of insurance

As small business owners we all know just how much work it takes to build and maintain our businesses.

We put huge amounts of effort into growing our businesses and building up financial security for ourselves and our families.

We also understand the importance of protecting our businesses and doing everything we can to reduce the risk of things going wrong.

But there are certain things that our out of our control.  No matter how much care we take, there are some things which are going to happen regardless of what we do.

This could be anything from a car crashing through the front of your restaurant to the recent floods that ravaged parts of Brisbane in 2011 and 2013.

And this is where insurance comes in.

Insurance is there to help your small business when things go wrong.

Small businesses (and their owners) arguably have more to lose than any other business type when it comes to things going wrong.

If a big business suffers a major loss it might put a small dent in their quarterly profit, but the same loss could be catastrophic for a small business, sending it and its owner bankrupt.

It’s just not worth putting all of the blood, sweat and tears into a small business if there a chance that you could lose it all.

Especially if you lose it all to something which could have been covered by insurance.

Using an insurance broker

When considering small business insurance there are two main options.  You can go directly to an insurance company, or you can use an insurance broker.

Here in Brisbane there are plenty of options either way.  You could use a local insurance company such as Vero, or you could use a local insurance broker.

The better option for small business owners is generally to use an insurance broker.

Why is this?

Because an insurance broker has the skills and knowledge, not to mention the qualifications, to provide you with personalised advice on your business insurance needs.

By going to an insurance company directly you will be able to obtain quotes easily enough, but generally their call centre staff are unable to provide personal advice to you.

An insurance broker on the other hand can analyse your small business and come up with a set of recommendations that suit your own personal needs and objectives.

When choosing an insurance broker it’s important to choose one who knows your business.

Choosing a broker whose office is just down the road might be convenient, but if they have limited experience with your type of business it might not be a great match.

By using a broker who knows and understands your business and your industry you are giving yourself the best chance of obtaining the right coverage at the right price.

More information

For more information on small business insurance in Brisbane please speak with an insurance broker.

If you do not already have one you can try the ‘need a broker’ service offered by NIBA, which is the National Insurance Brokers Association.

We also have a range of articles on our website which you can read, however please remember that online guides and articles are no match for professional advice.

Brisbane Public Liability Insurance

Brisbane Public Liability InsurancePublic liability is one of the most important forms of insurance available for businesses located in Brisbane.

If you’re running a business in Brisbane, you will know that you face a range of risks which can affect your business every day.

Depending on the type of business you run, public liability insurance in Brisbane can help you in various ways by covering various risks.

In this article we’ll take a look at some of the benefits of public liability insurance in Brisbane.

Public Liability Explained

You can find out more about public liability elsewhere on this website, but essentially it is designed to protect you against the financial consequences of things going wrong which affect other people.

More specifically, the policy protects your business if it causes property damage or personal injury to another person as a result of its activities.

Whilst the coverage offered by most public liability policies is very similar, it is still important to refer to the Product Disclosure Statement (PDS) to check for exactly what is covered and whether or not it is appropriate for your business.

Retail Businesses

Virtually all retail businesses in Brisbane can benefit from public liability insurance.  Shopkeepers and retailer are all too familiar with slip and fall claims, and this is one area where public liability can help.

Public liability isn’t the only form of insurance that retail businesses need, but it certainly one of the most important when you consider the types of risks which these businesses face.

Tradespeople

The global financial crisis (GFC) has certainly slowed down construction here in Brisbane and elsewhere in Queensland, however there is still plenty of construction work going on.

Tradesmen are major users of public liability insurance, and in Qld there are certain requirements in place.  For example Qld electrical contractors must ensure they have a special form or broadform liability cover in order to maintain their licence.

There are other forms of cover needed by tradies, but tradesman public liability insurance is certainly one of the most commonly required forms of insurance.

Insurance Quotes

To obtain a quote on public liability cover you can contact a local insurance broker or go direct to an insurance company.

Most businesses in Brisbane still prefer to use an insurance broker for their business insurance needs.  The benefit of using a broker is that you can rely on their knowledge and expertise to ensure you’re getting a suitable policy for your needs.

For more information about public liability insurance in Brisbane please contact your insurance broker.