Running a business has its share of risks. For example, if you're running a car rental or a cargo delivery company. These businesses require vehicles to keep your organisation, well, running. But what would happen if your vehicles start breaking down one by one? Would you have enough money to cover the repair expenses? Or let's say you run a construction company, and some of your important tools were stolen or destroyed in a fire. Just the thought of losing your assets is difficult enough, how much more would finding the funds to replace them?
That is where business insurance comes in. It is a general term for various types of business insurance policies that are specifically designed to meet the needs of businesspeople who need to protect their precious assets without incurring enormous costs in the process.
In this article, we will share with you some of your options when it comes to business insurance. By knowing what choices are available to you, you will be able to determine exactly what type fits your business the best. Here they are:
1. Commercial auto insurance. This is the type of insurance you need if your business requires the use of vehicles either for transporting your employees or goods. Depending on the specific policy you sign up for, the insurance can cover anything from accidental damage to your vehicle, damage caused by your vehicle to other people's vehicles, and the theft of your vehicle.
2. Business expenses insurance. When one of the business owners is unable to perform his duties due to health-related problems, this type of insurance can help cover the expenses of the company. While most businesses have emergency funds for unforeseen circumstances, business expenses insurance adds a layer of protection to the organisation. The payment of salaries, utility bills, rent, leases, and repairs are just some of the areas that the insurance can cover.
3. Product liability insurance. For any claims against faulty products you may have sold, this insurance would provide you with protection. And because of its nature, this insurance type is best if you're selling any type of product, be it a gadget or a health related one.
Choose the Right Business Insurance Today
The three we mentioned above are just some of the many types of business insurance. If your business isn't covered by any of those on the list, contact us today at Rate Detective. Our qualified advisors are ready to help you choose the best and most cost effective insurance offered by Australia's top insurers for your business.