As the owner of a small to medium-sized business, it is particularly important to be careful when evaluating your business insurance needs due to the potential financial impact in the event of a loss. In today’s volatile business environment however, risks are increasingly diverse and complex, which makes it difficult to find insurance that will fully protect your business.
Common risks faced by today’s business owners include:
- Financial Risk: The risk that your business will not be able to meet its financial obligations.
- Security Risk: The risk of fraud, theft, embezzlement, or misdirection of funds.
- Property Risk: The risk of flood, fire, storms or earthquakes causing damage to business property.
- Legal Risk: The risk of your business facing legal action from customers, suppliers, employees, competitors, investors, or other parties.
Business Pack (or Buspack) Insurance is a common insurance package that provides cover for a wide range of risks. However, it is a complicated insurance as it has many features that are designed to help protect your assets, employees and customers from these risks by offering financial support if an unforeseen circumstance negatively impacts your business.
What is Business Pack Insurance?
Business Pack Insurance provides a wide range of insurance protection for your business. It protects companies from losses that may occur due to unforeseen events during the normal course of business operations.
A typical Business Pack will combine a wide range of insurance types such as coverage for property damage, financial loss, legal liability and some employee-related risks.
Does My Business Need Business Pack Insurance?
Business Insurance is vital for SMEs across Australia. For many people, their business is their livelihood and their main source of income or assets. Protecting your business from the range of risks that can negatively impact or even cripple it is critical.
You should consider insuring your assets, revenue, and liabilities to protect your company against potential risks. A Business Pack Insurance policy will ensure you meet these requirements, as well as protecting your business for other circumstances that pose a risk.
Business Pack Insurance is important for businesses regardless of their size or industry; from sole traders to owners of Small to Medium sized businesses, you should have an insurance policy that protects you against everyday risks.
Why Choose Business Pack Insurance?
A Business Pack comprises the most common insurances you need to run your business with peace of mind. By ‘packaging’ your business insurance you can potentially cover many of the risks your business faces in the one policy. Furthermore, by grouping and underwriting several risks together, insurers may offer better premiums and terms than if individual policies were purchased.
Conditions apply for each policy and the information expected from you for a policy to trigger. Coverage may differ based on specific clauses in individual policies. Please ask your broker to explain the additional benefits and exclusions pertaining to your policy.
The information provided is general advice only and does not take account of your personal circumstances or needs. Please refer to our financial services guide which contains details of our services and how we are remunerated.