It often seems like the only thing we can be sure of is that we don’t really know what’s coming next. Hopefully it’s good; sometimes it turns out to be bad. What is business insurance? It is a parachute for your enterprise. When you need it, nothing else will quite do.
Taggart & Partners are ready to assist with all your business insurance needs. We are tax accountants and business advisory Brisbane based, serving many different enterprises with a broad range of SME accounting services. We have a specialty in advising on the issues of business growth – having the right insurance is critical to success. Let’s talk about your business and the road ahead. Call us on (07) 3391 1188, e-mail enquiries@taggartandpartners.com.au or get in touch online.
Do I Need Business Insurance?
If you are in business, you will need insurance. Worker’s Compensation Insurance is required by law. And it is very likely that you will need insurance of various other kinds to do business in the real world. It is very easy to be under-insured, through lack of information and professional advice. We look at some of the major types of business insurance.
Public Liability Insurance
Protects your business in case an accident happens, and a customer is injured or their property is damaged while using your services or your products. It covers your liability for compensation, your liability for injury or death to a third party such as a customer, loss or damage to a third party, and legal fees you may incur to defend your business from a claim. This is very important when your business involves working with the general public. While not legally mandated, it could make the difference between a successful resolution and losing your business.
Professional Indemnity Insurance
Covers loss or damage caused by alleged negligence or breach of duty by those who provide professional services for a fee, such as a doctor or an accountant. In some locations, professional indemnity insurance may be required by law for some professions. The nature and amount of insurance cover needed will vary by profession.
Management Liability Insurance
Protects business owners, directors, and officers from claims of alleged mismanagement in the running of the business. They may be personally liable for such claims, and this form of insurance will cover defending against such claims. It may also cover legislative breaches, and fines and penalties.
Corporate Liability Insurance
Protects against claims of alleged wrongdoing by the company itself, covering the costs of defence for such things as breach of contract, tax audit, fraud, environmental violations, and Health and Safety disputes.
Employment Practices Liability Insurance
Covers defence costs and damages that may result from legal actions taken by employees against the company, such as allegations of unfair dismissal, discrimination, and sexual harassment.
Theft Fraud and Other Crime
Protects the company against losses due to dishonest and illegal activities, by employees or others. This is one of the most basic answers to the question “do I need business insurance?” If for no other reason, your business needs to be protected against losses from criminal activity.
Theft Fraud and Other Crime
Protects the company against losses due to dishonest and illegal activities, by employees or others. This is one of the most basic answers to the question “do I need business insurance?” If for no other reason, your business needs to be protected against losses from criminal activity.
Statutory Liability
Protects the company, and possibly individual employees, against fines and penalties arising from breach of statutory requirements. Also covers costs of defence and investigation.
What is Business Insurance?
Business insurance is the foundation of security for the enterprise you may have spent years to build. There are many more types of business insurance. This is a quick overview for informational purposes. When it’s time to ask “what is business insurance?”, and “do I need business insurance?”, it’s time to consult with your professional insurance advisor.
Taggart & Partners will help your enterprise to protect itself and its people and assets with insurance coverage tailored to your specific situation and needs. We are committed to your success and growth. Insurance is a big part of that, and we are here to answer questions and find what’s best for you. It is easy to start the process and gain the peace of mind you deserve – call us on (07) 3391 1188, e-mail enquiries@taggartandpartners.com.au or get in touch online.