Other Business Insurance Types

Qld Business OwnerOur website is all about public liability, but it’s also important for Qld businesses to consider other forms of cover.

In this guide we’ll look at some of the other forms of business insurance available.

Which of these insurance types are necessary for your business will depend on the type of business you operate, but it will give you an overview of the covers available.

Property Damage

Once you’ve insured yourself against damaging other people’s property (via public liability insurance) the next step is to insure your own property.

Property damage insurance will cover your business property from a range of risks including fire, storm and malicious damage.

Cover for flood damage is also available, but keep in mind that not all business policies provide full flood coverage, which is especially important for businesses located in Queensland.

Theft, Glass & Money

These are actually three separate covers, but they are typically bundled together under a business pack.

Theft will cover your contents and stock in the event of burglary, whilst glass provides cover for all fixed glass within your premises such as windows and shelving.

Money covers a set level of cash held on your premises or in transit either to or from your premises.

General Property

General property insurance is separate to your standard property damage and theft covers, and is designed to protect your portable items such as tools or laptops.

The cover is more expensive than the standard property options, but does have the added benefit of protecting your tools and equipment anywhere in Queensland or around the country.

Professional Indemnity

In some ways this insurance is similar to public liability, but whilst public liability covers your physical actions, professional indemnity covers the advice or service you provide.

That’s quite a simplistic way of putting it, but it gives you an idea of what is covered.

Professional indemnity is generally only required if you provide a professional service, such as an account, solicitor or anyone else who charges for their advice.

Business Interruption

If you operate your business from dedicated premises, business interruption can protect you in the event that you cannot operate from the premises.

A claim would occur if your premises where damaged by fire or storm for example, and your business lost revenue due to not being able to trade for a period of time.

Other covers

There are other forms of cover available, and we recommend speak with a broker about which forms of insurance are right for your business.

For more information about the other covers available to Qld businesses please contact us.

How do I get public liability insurance?

Brisbane Public Liability InsuranceThe internet has made it very easy to get covered for public liability insurance.

But whilst it’s easy to get cover, it’s more important to make sure you’re getting the right cover.

There are a few options for comparing and taking out a policy, and in this guide we’ll run through those options and tell you which one we think is best.

Obtaining and comparing quotes

Step one is to get a quote on your insurance.

There are three main options for obtaining quotes, as we have detailed below:

  • Contact an insurance company directly
  • Contact an insurance broker
  • Use an online service

If you have little or no understanding of business insurance, and are not interested in learning, then your best option is probably to use an insurance broker.

The broker will be able to speak to you about your needs, recommend a suitable policy and provide you with quotes, and then put the cover in place if you wish to do so.

If you’d rather be more hands-on with your insurance you can ring around to a few insurance companies yourself.

The insurance companies will provide you with quotes either via their call centres or their websites, but it’s important to remember that unlike a broker they will not be able to give you any advice.

An increasingly popular option is the use of websites to obtain and compare public liability insurance quotes.

If you’re going with this option it’s important to make sure you are dealing with a reputable website, preferably one that is run by a licensed insurance firm.

Going ahead with a policy

Once you’ve compared the quotes and have decided on a policy, the next step is to go ahead with a policy.

The method for this step depends largely on how you obtained your quotes.

If you obtained quotes via an insurance broker, they will walk you through the process of taking out the policy.

If you received your quotes directly from an insurance company you would contact them to proceed, and if you used a website generally they will have functionality allowing you to proceed online.

In most cases you will be required to complete an additional form known as a proposal.  This basically just confirms the information that you provided during the quote stage.

After that you just need to pay for your policy, and you’ll have a nice new certificate of currency which confirms your business insurance arrangements.

Which is the best option?

The best option to get public liability insurance really depends on your own preferences.

If you are not comfortable with insurance matters and just want to make sure everything is done correctly, then using an insurance broker is undoubtedly the best option.

In some cases it may be slightly more expensive to use a broker, but at least you know it will be done properly, and the time savings will most probably make up for the additional cost anyway.

For business owners who care more about price than anything else, then contacting an insurance company directly or using an online service could be the way to go.

It’s important to remember however that the call centre staff used by the direct insurance companies are generally not qualified or authorised to provide personal advice, so any decisions you make are really on your own head.

The websites can be a bit of a mixed bag.  Some of them simply gather leads and sell the details to other parties, whilst others have their own complex (and very impressive) online quoting systems.

Using a website could be a good idea, but it really depends on the website and whether or not it’s a ‘good’ one.