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WHAT THIS INSURANCE GUIDE HAS TO OFFER

There’s a lot of information out there when it comes insurance, and it can be overwhelming to understand, let alone very complex to know what to do when it comes to insurance for your business.

This guide explains common types of insurance policies and their basis of cover.

It will help you understand what you need to know in terms of policies and your responsibilities, and what you really need to cover your business for total peace of mind.

Featuring obvious and not-so-obvious best practices and types of business insurance, use this guide as a reference when reviewing your insurance, to assess if your existing policies are falling short in protecting your business.

Inside Look guide

GUIDE FEATURES

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BUSINESS PROPERTY & LIABILITY INSURANCE

  • Glossary of types of covers
  • Focusing on three key sections and what they cover and conditions to be aware of
  • Fire & Perils Insurance, Business Interruption Insurance, Liability Insurance

LIFE INSURANCE FOR YOUR BUSINESS

  • Types of cover available for business owners, executives and employees with specials skills
  • Keyman Insurance
  • Buy-sell Insurance (or Partnership Buyout Insurance)
  • Business Expenses Insurance

MANAGEMENT LIABILITY INSURANCE

  • How to protect your assets from costly legal bills
  • How to protect your personal assets from your business exposures for the day to day running of your business
  • Types of claims covered

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CYBER RISK INSURANCE

  • Types of First Party and Third Party Cyber Risks
  • What general insurance policies wont provide cover for
  • Types of Cover available for Cyber Risks

WORKERS COMPENSATION INSURANCE

  • Private Insurers / Government Funds / State Schemes
  • What your responsibilities are when it comes to employing workers and contractors to ensure you’re protected
  • What you need to know when hiring contractors and how it impacts your insurance needs
  • What to do when an incident occurs

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WHAT YOU NEED TO KNOW WHEN HIRING CONTRACTORS

  • What insurance contractors should have
  • Obtaining certificates

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PROFESSIONAL INDEMNITY INSURANCE

  • What it is and who needs it
  • Who can make a claim against you and what circumstances could give rise to a claim
  • What Professional Indemnity Insurance covers
  • What a ‘Claims Made’ policy is – and why you need to know
  • Questions you need to ask when setting your sum insured to ensure you get the right amount of cover

MACHINERY & TRANSPORT INSURANCE

  • Cover for Machinery, Plant and Equipment
  • Types of Cover

CORPORATE TRAVEL INSURANCE

  • Cover for Overseas and Intra/Interstate Travel
  • Types of Cover commonly included

YOUR RESPONSIBILITIES

  • Your duty of disclosure as a business owner when it comes to your insurance (if you don’t know this, you could leave yourself open to risk exposure)
  • What you need to know before entering into insurance contracts
  • Understanding Change of Risk of Circumstances in your business that impact your policy

CLAIMS NOTIFICATION PROCESS

  • Types of Claims
  • What to Do
  • How to handle third parties
  • What to do – and what NOT to do – in the event of a claim arising

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BEFORE ENTERING INTO CONTRACTS, CONSIDER THE CONDITIONS

  • How contractual liabilities may affect your insurance
  • Indemnity and hold harmless clauses and their implications

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For New or Seasoned Business Owners

A Business Owner’s Guide to Risk and Insurance Protection contains information for business people of all skill levels, whether you’ve been in business for years or you’re just starting out.

Running a business can be risky, and buying insurance policies can be overwhelming and confusing. This guide aims to help you understand insurance for your business.

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Current information for Australian businesses by insurance experts

The information in this guide was generated by leading business insurance experts in Australia, providing an overview of the common insurance covers you may need to consider. 

It also outlines gaps in business owner’s knowledge that Optimum Insurance sees regularly such as what is underinsurance? What insurance should contractors have in place? Conditions to be weary of in contracts. And much much more…

A word from Amanda Smith, Founder – Optimum Insurance

“There’s nothing worse than hearing about business owners who’ve had a claim irreparably damage their business from having inappropriate insurance cover. I wrote this guide so business owners like you have one less thing to worry about, giving you more time and energy to focus on your passion – your business. After all, you’re in business to help others, not worry about insurance claims (luckily, that’s my passion).”  

Get Savvy with Your Insurance Needs

With our free handy A Business Owner’s Guide to Risk and Insurance Protection

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“This guide helped me understand where there were gaps in my insurance policy, and gave me more confidence by knowing what to do if a claim ever happens.”

Melissa Jones, Brand Consultant

“I’ve just started my business and didnt know anything about insurance. This free guide helped me really understand what insurance I need and why.” 

Jason Raymond, IT Developer

“What a great resource! So helpful with information not just on what insurance products to consider, but what to be careful on when entering into a contract and your duty to the insurer.”

Patrick Francis, Financial Adviser

CONTACT AN INSURANCE ADVISER

When it comes to insurance for your business, don’t leave your insurance knowledge to assumptions. Know the facts so you can focus on building your business, feeling satisfied that your business and its assets are properly protected.

If you’d like to speak to an Adviser for more assistance with your insurance, enter your details below and one of our Advisers will be in touch within 24 hours to discuss your specific needs further.

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