When you’re starting a new business, there’s a lot to think about. The to-do list is long and usually, includes a task for organising business insurance. But if you are like most business owners, you have more insurance questions than answers. We hear from new business owners every day and answer a wide range of questions. Here are the top four questions Knightcorp are asked by new business owners.
Question 1: What types of business insurance do I need?
Once we know enough about your business and its operations, your specialist broker will offer you the right insurance cover for your business including one or more of the following:
This cover includes buildings, content, stock, removal of debris and accidental damage. Depending on your type of business and premises, your Knightcorp broker may visit your premises to see exactly what needs to be covered.
Workers Compensation Insurance
It is mandatory for every business to cover its employees and sub-contractors under a workers compensation policy. Your staff’s medical and rehabilitation costs, as well as loss of earnings are covered in the event of injury or sickness in the course of work. There can also be options to include working directors.
Cover for theft of contents and stock is available if your business requires the dedicated cover. Your policy will also cover any damage to the premises caused while gaining entry plus replacement of locks and fittings.
Business Interruption Insurance
A catastrophe can be detrimental to your business. Business interruption offers protection to your gross profit/income and various running costs of your business while your business rebuilds.
Professional Indemnity Insurance
Professional indemnity insurance is recommended if your business provides advice or services of a skilful nature. The policy provides protection for your assets against claims for financial loss, injury or damage arising from an act, error or omission in the performance of your professional services.
If you suffer a loss as a result of your failure to uphold professional standards, you risk being sued for a breach of professional duty. This loss may be material, financial or physical.
These are just a few of the insurance policies available at Knightcorp.
Question 2: I already have some insurance in place; is it right for me, am I paying too much?
We can easily answer this question with a scanned or photographed copy of your insurance policies. A Knightcorp broker will evaluate your insurance requirements and check your current policy covers these. If not, your broker can gather several options at competitive prices. There is no cost and no obligation to use our analysis service.
Question 3: What does an insurance broker do?
An insurance broker gives business owners some advantages over organising their policies direct with an insurance company. Knightcorp has access to thousands of policies from hundreds of insurance companies; most can only be accessed by brokers, not the general public.
Just as purchasing the right level of insurance cover is daunting for new business owners so too can be the claim process. Knightcorp has an in-house claims department which handles the paperwork and liaison with the insurance company on your behalf.
Check out this video for more reasons to use a broker.
Question 4: Can I pay in instalments?
We understand cash flow is a concern for many new businesses. Knightcorp has arrangements with external ‘premium funders’ who can offer instalment options for your premium. As with most finance arrangements, the funders may charge interest and an initial set-up fee for these contracts.
Knightcorp has helped hundreds of new business owners across Australia better understand their insurance requirements. If you have any questions, get in touch with one of our specialist business brokers to tick business insurance off so you can get on with the rest of your to-do list.