With Jade Tuite.
We all know how important public & products liability insurance is to protect you and your business in the event of a claim but have you considered the other risks that may be a financial burden on you, your business and your family in the event of a loss, damage or injury. No? Not to worry mate, follow my quick guide below.
Tools of Trade: Covers accidental loss or damage of business tools and equipment and specified items at and away from the business premises anywhere in Australia.
Stolen or damaged tools is not just a nuisance but could be quite costly for you to replace. Is this an expense you could afford to outlay, $5,000, $10,000…?
Commercial Motor Vehicles: Covers accidental damage including theft of commercial vehicles and/or third party property liability arising out of their use.
Do you rely on your vehicle to get you from site to site or to drop the kids off at school on the way, could you keep your business and family moving if your vehicle was off the road?
Tax Audit: Covers professional fees incurred by the business in responding to a tax audit conducted by the Australian Taxation Office.
The cost of an audit can be very high. This is often an unbudgeted expense which can run to many thousands of dollars, whilst the cost of Tax Audit insurance starts from as little as $200 for $10,000 cover.
Personal Accident & Illness/ Income Protection: Covers sole traders and Director or Principals of the business against loss of earnings arising from accidental injury and / or illness by paying up to a specified benefit limit and up to a maximum benefit period. As a General Insurance Broker we are licensed to advise on and arrange short Term Accident & Illness insurance which provides for a maximum weekly benefit period of 104 weeks under an annually renewable policy. For long term disability / trauma cover we can refer you to a suitably qualified advisor who specialises in this field of insurance.
As a tradesperson the risk of injury is quite high given the manual nature of your work. Being self-employed, could you manage to pay the bills if you were unable to work due to injury?
If you would like to discuss any of the above options or review your existing insurance portfolio, please contact us and speak to one of our experienced insurance advisors.
A large insurance claim can be one of the most stressful experiences a person can undergo, but it's also when a good broker can provide a lot of assistance. In this animated explainer video, NIBATV helps explain the claims process.
News about issues that affect your business
INSIDE THIS EDITION
Digital technology has changed the way most companies do business but their insurance cover has not always kept pace.
Cyber attacks and other issues are now some of the most common forms of loss faced by businesses but many remain unsold on the value of cyber insurance.
To help illustrate its importance, NIBATV has prepared a short animated video spelling out what it can do and the risks faced by businesses without it.
If you have any questions, please contact us here at NQIB.
Insurance affordability continues to be a very topical issue but there may be some light at the end of the tunnel for North Queensland in 2014.
The major issues driving the insurance affordability dilemma have been the aggregation of property insurance premium increases over recent years combined with a sluggish economy. This means premium increase growth has significantly exceeded business income growth therefore it is now a much larger percentage of business expenses compared to a few years ago.