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10 key considerations for your business insurance

25 January 2018

Without taking proper consideration, you could go ahead with a mismatched policy, meaning you could end up paying too much for premiums or you could find yourself underinsured.

It’s crucial for business owners to fully understand their insurance policies. If you are buying a new policy, it’s so important that it covers what you need and that you are aware of the contract and it’s exclusions.

Equally, when it comes to renewal time, it’s critical to ask the same questions because it’s likely your business will change over time. If you move your office, if you upgrade equipment, if you hire new employees – you need to update your insurer and potentially your policy.

Here are some considerations to factor in before purchasing a policy for your business.

  1.  Does the policy cover your employees, any temporary staff and independent contractors?
  2. Consider your excess costs. Would you opt for a higher premium for a lower excess? Or does it make more sense to pay a lower premium for a higher excess?
  3. Does the policy cover you for negligence if you make a mistake in running your business?
  4. If you operate a specialist business, have you chosen an insurer that has experience in insuring other companies in your sector?
  5. Are you covered for claims that may arise from work done overseas?
  6. Does your policy cover your legal expenses if you need to defend a lawsuit – even if your company hasn’t made a mistake?
  7. Are the monetary limits of coverage adequate for your needs?
  8. Does the policy cover you for all your risks?
  9. Are there any exclusions I need to be wary of?
  10. How would you like to pay the premium? If you want to pay annually, quarterly or monthly, is that an option? 

Talk to a local Agent today

At Elders Insurance we specialise in providing a range of unique business insurance packages designed to suit your specific circumstances. Whether you're running a business on your own, or you're part of a small to medium enterprise, we'll find a business cover that fits your needs. 

You'll always speak with a local Agent who will get to know you and your business, and will be on hand to provide you with the best cover and advice, whenever you need it.

You should ensure you obtain and consider the Product Disclosure Statement for the policy before you make any decision to acquire it. The information on this website has been prepared without taking into account your objectives, financial situation or needs.

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