Five questions and answers about business insurance

Written by Michael on . Posted in Business Insurance Tips

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  1. Am I obliged to take out business insurance?

In a short answer, no you don’t unlike motoring insurance, you’re actually not obliged to take out most types of business insurance, which means that you might be solely liable for any misfortune that befalls you, which is a terrible thought. There are some exceptions to that, of course.

  1. Should I use a broker?

In a short answer, yes, you should definitely get a broker, unless you want to do all the research yourself. A broker (like Mckenzie Ross), will almost always make it cheaper for you.

  1. What are the most common types of business insurance?

Common types of business insurance include public liability insurance, worker’s compensation, assets insurance, income insurance, loss of profits or revenue, personal sickness or accident of the business owner, life assurance and superannuation, partnership insurance, partnership insurance, and key person insurance are all policies that a lot of business owners take out. What you take out and don’t take out will depend on your business and your needs. Ask your broker about this.

  1. What is business interruption insurance?

It is more or less just what it sounds like, and it can be a very useful policy. It has saved very many small businesses from ruin when misfortune has befallen them.

  1. Do I need business insurance?

Yes, you do. Remember, it’s not just your money that you’re risking.

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