Business Insurance and Commercial Insurance

What you need to know

What is Business Insurance?
Business Insurance or Commercial Insurance is a broad description of the different cover available to business owners, protecting against the adverse financial affects of losses and to insure the continuing operation of the business.

Who needs Business Insurance?

Every business needs some type of insurance to protect assets against unforeseen events that could cause financial hardship. There are risks that, while they may never occur, are so destructive that it makes sense to plan ahead and manage the risk. Business Insurance provides financial compensation when covered loss occurs, thus it greatly reduces the uncertainty created by many loss exposures.

Business Insurance is often used or required to satisfy legal requirements. And certain business relationships require proof of insurance.

The Winley Insurance Group solution
If you need Business Insurance or if you just want to learn more, Winley Insurance Group can help. We work with all sizes of businesses in many different industries, helping them to secure the right cover at the right price.

For most small to mid-sized businesses, a tailored property insurance packaged as the Business Pack Policy provides the best protection for the premium dollar. This cover insures against a multitude of risks associated with business operations and offers greater flexibility with insurance cover.

Here are some Business Pack Policy cover options:

Property Insurance
Property insurance covers loss or damage in the event of fire, explosion, earthquake, storm and tempest, impact, vandalism, riots, strikes, water leakage and accidental damage to the location of the business and its contents. It can also insure the property of others in your control when a loss occurs.

Business Interruption Insurance (BI)
Business Interruption insurance covers the company for loss of net profits and standing charges until normal production or commercial operation can be resumed. The indemnity period typically ranges from 3 to 36 months, depending on the nature of the operations.

This cover is important, if not more important, than Fire or Property All Risks cover on assets, as loss of revenue can have a serious effect on a company. For example, imagine a critical piece of your machinery was struck by lightning. The repairs to the machine are covered under your property insurance. If you didn’t secure business interruption cover, and you cannot make widgets for three months, you will not be reimbursed for lost income.

Theft Insurance
Theft cover insures you against loss of or damage to the property caused by any person who forcibly and violently enters or attempts to enter the business premises. Insurance can also purchased for theft without forcible and violent entry and theft of goods in the open air.

Money Insurance
Money cover insures you for loss of or damage to money which occurs during the Period of Cover as a result of the defined events shown on your policy schedule. It includes money in transit, money on business premises and money in private residence when it has been taken home for safe keeping from your business premises. Money cover can include other forms of theft and damage, such as damage to a safe.

Machinery Insurance
Machinery cover insures you for loss of or damage to Plant and Machinery or any part of Plant and Machinery specified in the policy due to electronic, mechanical or electrical breakdown. The cover applies whilst the insured item is within the business premises and working or at rest or being dismantled for the purpose of repair, service or relocation. Boilers and pressure vessel equipment can be insured against explosion and collapse.

Electronic Insurance
Electronic cover insures you when any Electronic Plant or any part of an item of Electronic Plant specified, suffers damage.

Glass Insurance
Glass cover insures you for any breakage of glass at your business premises, including external and internal glass. It may also provide protection for signs, goods/stock on display owned by you or for which you are legally liable.

Public and Product Liability Insurance
Liability insurance protects your company in the event your company is sued or held legally liable for injury or loss caused by a mistake made by your company.

The liability policy provides cover for damage from an occurrence during the policy period. An occurrence generally means accident occurring to a third-party (someone other than you or the insurer). However, your liability policy may contain an occurrence definition that includes “continuous or repeated exposure to substantially the same harmful conditions,” providing cover for injury to a third-party for those kinds of injuries that cause damage over time. For example, if you have a gravel pit as part of your business operations, cover would be provided if a neighbouring homeowner becomes ill due to a constant inhalation of gravel dust from the pit.

General Property Insurance
General property cover insures you for loss for your property (excluding stock, other than if specifically negotiated) whilst it is outside your business location. You can choose any combination of accidental damage and/or fire and perils or theft damage.

Employee Dishonesty Insurance
Employee dishonesty cover insures you for financial loss due to the fraudulent activities of an employee or group of employees. The loss can be the result of the employee’s theft of money, securities or other negotiable instruments of goods of the business.

Transit Insurance
Transit cover insures you for loss in respect of damage to Business Property, whilst it is in transit within Australian territories.

Tax Audit Insurance
Tax audit cover insures you for the recovery of professional costs incurred when dealing with a tax investigation.

Contact us for additional information or a quote
Our team of Business Insurance experts will help you design a comprehensive business policy customised to fit your company’s unique needs. Contact us at 1300 732 205 or begin our Business Insurance quote / Commercial Insurance quote process now. Winley Insurance Group’s Business Insurance brokers service all of Australia.