Why Small Business Owners Need to Visit Business Insurance Brokers

1. Why Small Business Owners Need to Visit Business Insurance Brokers Whether you’re a new startup or an established SME, you may have overlooked the importance of visiting business insurance brokers. While it may appear simple to obtain insurance to cover your business activities, it is crucial that your business is adequately protected against risk with sufficient insurance. A business insurance broker specialises in commercial insurance, so you can have confidence that if the worst happens, you have sufficient protection. The Importance of Business Insurance Business insurance is the umbrella term for various commercial insurance products to protect your business against work related risks. These risks can have a devastating impact on your business should you suffer a lawsuit or financial damages. Business insurance can be used to protect business owners from an unexpected event such as equipment breakdown, third party damages, property damage, accidents, fire or theft. Your business faces risk every day of trading, regardless of your industry or even the size of your business. Insurance helps you to manage these risks to avoid the tremendous costs that could cripple your small business. With adequate insurance, you can focus on running and building your successful business. Business Insurance Brokers Can Help Tailor Your Coverage Every business is unique, so it stands to reason that your business also has unique insurance needs. A business insurance broker can assess your risk profile to ensure that your business is legal and protected. Depending on the nature of your business, there are a number of policies that may be appropriate for your activities. It is also important to note that some insurances are mandatory for businesses in Australia, so you need to ensure that you are compliant with all local and federal regulations. Public Liability While you may be aware that you need public liability insurance for your small business, are you confident that you are adequately covered and paying the best price? Although it may seem more cost effective to purchase insurance online or from your home insurance company, you may actually be paying more in the long run. Business insurance brokers specialise in all aspects of commercial insurance. This means that they have access to deals and packages that may not be available direct or from home insurers. A good broker will evaluate your risk profile and search for the best policies and packages that will provide sufficient coverage. Additionally, your broker may be

2. able to bundle your public liability insurance with all your other business insurance policies for an even better deal. Even something seemingly minor such as weather damage to your premises can have a devastating effect on a small business. This can be exacerbated if your small business is hit by an employee injury claim or a lawsuit that could not only close down your enterprise, but leave your personal assets vulnerable. So, any small business owner should not underestimate how a business broker can help you. If you are looking for business insurance brokers, Perth based GSK Insurance is here to help. We can offer access to a wide variety of commercial insurance products, and our team is available to assess your risk profile to ensure that you’re protected.