What type of insurance do I need? What services can Allianz provide?

Tips to Protect your business

Why do I need insurance? 
 
What type of insurance do I need? 
 
How can I reduce my risk?
 

Why do I need insurance?
Establishing and operating a business involves great personal and financial ‎investment. The last thing you want to worry about is what would happen if a ‎fire or court case ruined your business and you didn't have adequate or ‎appropriate insurance to cover the costs. ‎

Unfortunately, in the midst of setting up a business, many people either forget ‎to take out insurance, or try to minimise their costs by taking out less cover ‎than they need. It is not until they are faced with ‎the after-effects of a disaster that they understand the importance of inusrance in getting their business back to its full operational capacity. ‎

Insurance will give you peace of mind that you may be able to resume trading ‎in the event of a disaster or a liability claim against your business.‎

What type of insurance do I need?
There are many different types of insurance that are designed to cover your business needs, which can be grouped into four main areas:

Property/assets insurance
Property insurance covers the costs associated with the repair or replacement of your physical assets, including your building, equipment, furnishings, fixtures, inventory, computers, and business documents and records; as well as your resulting reduction in turnover. Examples of some covers include: Fire & Perils, Business Interruption, and ‎Burglary.

Public/product liability insurance

Whenever a person operates a business they have the potential to injure other people or damage other peoples’ property. This type of insurance protects business owners in the event that someone is injured on their worksite or from using one of their products.

Workers' Compensation
Workers’ Compensation insurance is a mandatory requirement for all businesses that employ staff on a casual, part-time or full-time basis. It provides cover for the financial costs of claims made by a staff member for work-related injuries, disease, illness or even death.

Car insurance
Comprehensive car insurance insures you against loss of or damage to your vehicles due to a collision and other accidental damage, theft, fire, and also includes indemnity for any legal liability for third party property damage.

How can I reduce my risk?
Risk is a part of everyday life and running a business is no exception. However, it is important to actively work toward minimising risk in your business through careful planning and preventative action. A risk management program, including insurance, will ensure that your risk exposure is minimised and the potential costs of injury or damage are reduced.