Guest post from NEIS program partner Bizcover.
When it comes to business insurance, most small business owners usually protect themselves from the major risks like legal liability and damage to vital assets such as equipment and stock. But did you know when it comes to business insurance there are a whole range of coverages that provide protection when you least expect it?
When the cracks start to show
If you own a business with a shop front, chances are you have a large, snazzy shop front window. When repairing or replacing a window or door due to accidental or malicious damage, it’s not just the glass that may need replacing.
You may also have damage to the window frame, your stock or signage. As well as the inconvenience of having to get a new window/door, there is the potential risk of having a gaping hole in front of your premises, creating security issues and enticing potential thieves. An added stress you can do without.
No use crying over broken glass! This is where Glass cover can save the day and is usually an option that can be taken out as part of your Business Insurance policy. Glass cover is commonly a requirement of your lease and can cover:
- The repair or replacement of your shop-windows
- Internal glass including counters, shelving, fixed mirrors, ceramic and porcelain items
- Installing temporary shuttering
- Re-doing sign writing
- Replacing electrical signs
- Replacement of damaged property
Make sure you have your Public Liability insurance too, in case a customer or third-party suffers an injury due to your business’ broken glass.
When machines have a breakdown
Many businesses rely on machinery to get the job done including manufacturing, printing companies and those in hospitality just to list a few. If a piece of your machinery was to break down, the cost of repairing or replacing it could be extremely expensive, an added financial burden your business could probably do without.
Think of the inconvenience if a café or food truck’s refrigerators broke down right before the start of a busy day or just after receiving an order of fresh stock?
Machinery Breakdown insurance provides cover for businesses who depend on machinery or equipment to perform their everyday business operations.
Some of the bonus benefits Machinery Breakdown can cover include additional costs for hiring temporary equipment and even the express delivery of replacement parts so you can get that machine up and running without further delay! An optional extension is also available with some policies to cover the deterioration of stock if your foodstuff is spoilt due to the breakdown of refrigeration.
Machinery Breakdown however, does not cover the costs of repairing or replacing machinery that breaks down due to wear and tear or if the equipment hasn’t been maintained correctly.
To get a further understanding of how insurance works; and the type of insurance you should consider, please watch the Bizcover eLearning modules for Self-Employment Assistance participants.
BizCover is Australia’s No.1 Small Business Insurance provider and official Self-Employment Assistance Insurance provider, allowing you to get multiple insurance quotes and purchase online in minutes. See more at bizcover.com.au.
For information on FREE small business training with the Self-Employment Assistance program, use the postcode search tool to find your nearest Self-Employment Assistance provider.
