Cover your business with these industry-ready insurances
If we’ve learnt one thing from the pandemic, it’s not knowing what’s around the corner. This uncertainty could put a spanner in the works for business operations. Being left with damaged stock or equipment is bad enough, but you mustn’t let it ruin your livelihood because you didn’t take out the right insurance.
So, as you consider your risk appetite, remember to arm yourself with the right type and level of insurance cover for your industry. It will help protect your business from the unexpected.
If you employ people, you must take out an insurance policy. If you fail to purchase an insurance policy, you could be liable for heavy penalties.
Below are some guidelines for key sectors. As always, consult us for guidance based on your unique operations.
Trades and construction
Your tools are your trade, so it’s worth checking if they, your plant, and your equipment are adequately covered in the event of theft or damage. Safe Work Australia lists a range of risks for work-related injuries or fatalities on construction sites, for example. Ensure you have enough public liability insurance to cover the risks of anyone on your site getting injured.
As well, you have ongoing responsibilities for the quality of your work. Products liability, builders’ warranty, and/or civil contractors’ insurance can give you peace of mind should your team overlook a flaw in their work.
There are plenty of risk hurdles for businesses offering legal, financial, or other types of advice. Professional indemnity insurance can help protect you against negligence, omissions, or errors, so mistakes don’t become costly. In an era of increased litigation and accountability, it pays to be protected when giving advice. Professional indemnity insurance offers you a range of protections.
Food and hospitality
Coffee lovers or foodies step onto your premises to enjoy the ambience of your eatery, be it a café, restaurant, takeaway, pub, bar, or club. But, accidents can happen, and pose a safety threat to your staff or the public. Manual handling injuries, including sprains and strains, are top risks in the hospitality industry.
A clear policy and ongoing training for people responsible for food handling service and protocols, as well as general liability cover, helps manage your risk profile.
So, while your food and hospitality business must follow strict safety and hygiene rules, it faces unexpected threats. Food poisoning can be covered by product liability insurance.
Consider, too, the disruption to your business if there’s an electrical blackout, so food spoils in your cool room. That’s where business interruption insurance helps to insulate you.
Before you hang out your shingle as a medical or allied health provider, you’ll need professional indemnity insurance before you see your first patient.
People are putting their most precious asset into your hands – their health. And when the results don’t meet expectations, health professionals may be subject to claims of misconduct, malpractice, or patient injury.
For example, up to half of Australians aged 65 or older take one or more potentially inappropriate medication, which their health practitioner may have prescribed to them. In fact, almost 44,000 hospital admissions of older Australians were due to preventable medication-related issues. Professional indemnity covers you for any medical, damage, or legal expenses arising from malpractice.
Personal services (fitness, beauty, natural therapies)
Helping people look their best is rewarding, but there are still risks to your clients as well as staff. Common injuries in this profession relate to hazardous chemical use, manual and repetitive tasks, fatigue, electrical shock as well as lifting heavy objects. Whether your client makes a misstep on your premises, and twists their ankle, or your staff apply too-hot wax for personal grooming, mistakes can and do happen.
To protect your business against a raft of claims, we can help you customise the cover to best suit your operations.
Natural events are a risk to the motor trades. A December 2019 hailstorm on the Sunshine Coast dented panels and smashed windscreens and glass, damaging 95,000 vehicles to the tune of $1.3 billion, according to the Insurance Council of Australia.
Meanwhile, inside workshops, mistakes can happen. Faulty workmanship could cause a car accident. For example, if a business has unintentionally signed off on negligent work or allowed an unroadworthy vehicle to pass, they’ll be liable. Both incidents could cause injury and ruin your reputation, but a solid motor trades insurance policy can minimise your risks.
That’s why insurance brokers and advisers are increasingly helping companies in motor trades refine their insurance packages to cover just about all eventualities. Such packages can also protect your investment in plant and equipment. Discuss your needs with us to ensure all aspects of your business are insured at an adequate level with property and contents insurance.
Marine and cargo
The opportunities for securing great-priced quality goods for your business are expanding. But, what if your goods are held up, or worse, lost in transit? You’ll need insurance to protect against that.
It’s worth spending time talking to us to find out the right level and type and cover for what, where, and when you’re sourcing products. For example, you may need cover for a single transit within the country or multiple transits internationally. We can help ensure you’re covered outside normal freight insurance offerings, such as that which Australia Post or other couriers provide. This insurance is beneficial if your business depends on specialty parts.
Being in business has personal, professional, and financial rewards. However, problems do happen, and often from the most unexpected corners. We can add an extra layer of expertise to boost your risk management.