Business Insurance Advice & Services Oakleigh
Running a business can be risky, and the last thing you want is for a sudden disaster to hurt your ability to make a living. Make sure you have business insurance that fits your needs. No matter what your needs are, we're happy to talk with you about them and find a package that gives you the right amount of protection at the right price. We can help you with a variety of business insurance needs.
Public Liability Insurance
By purchasing public liability insurance, you can safeguard both your personal finances and the financial future of your company from lawsuits alleging that you were careless in some way, causing injury to another person or damaging their property.
Professional Indemnity
Defend your company against lawsuits brought by customers who allege that they suffered financial harm as a result of receiving professional services or advice from you.
Tradespeople
You take a number of precautions to keep yourself safe while you're working as a tradesperson. Remember to take precautions to safeguard your company as well. Our Business Insurance provides the protections need to do precisely that.
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Are you a doctor, lawyer, accountant, architect, real estate agent, or some other kind of professional? We can protect you or your business with our a range of Business Insurance options that take all your personal circumstances into account.
Commercial Property
Coverage for unintentional damage caused by unexpected insured catastrophes, such as a fire, storm, or vandalism, can protect your retail or office property as well as its contents and goods from being ruined.
Hospitality
You take pride in brewing delicious coffee and preparing delectable dishes for your family and friends. Your company can be safeguarded with our comprehensive business insurance coverage.
Retailers
Do you sell products or services to the general public? Our Business Insurance provides the coverage necessary to safeguard your company.
Health & medical services
Do you work as a physician, a veterinarian, a dietitian, an osteopath, or do you provide another form of health or medical service? Your company can be safeguarded with our comprehensive business insurance coverage.
Buy Sell insurance
What would happen to your company's ownership if one of your business partners became incompetent, got a serious or terminal illness, or died unexpectedly? Would the remaining owners be able to afford to buy out the portion in the business being sold by the departing owner? And how much should be paid to the owner who is selling their home or estate?
Buy-sell insurance, in conjunction with a formal agreement outlining the transfer of control and ownership of the firm, can safeguard all business owners by providing the necessary monies to buy out an owner's part in the business in the event of disability, a specified trauma, or death. The agreement also specifies how power and ownership will be transferred. This insurance and transfer agreement is referred to as a Buy Sell agreement, sometimes known as a Buy Sell arrangement.
Business Interruption
If an unanticipated insured occurrence, such as a weather event or fire, forces you to close your business premise, this type of insurance will compensate you for missed income, profits, or turnover.
Glass
Protect your storefront by purchasing insurance that will pay for any unintentional damage that occurs to the glass at your location, as well as any costs associated with temporary security measures that are necessary to keep your company secure while the glass is being repaired or replaced.
Theft
Coverage for losses incurred as a result of the theft of property insured from your commercial premises, such as your inventory or your equipment.
Electronic Equipment
The cost of repairing or replacing any electronic equipment at your place of business, such as computers, in the event that it breaks down is covered by this policy.
Money
This policy will pay to replace any cash that was taken from your place of business while it was open for business, outside of business hours, while it was locked in a safe or strongroom, while it was in transit, or while it was in your care at a private house.
Key person Insurance
Typically, the greatest asset to a business is the intellectual capital and personal effort by key people. Key person insurance is an asset protection for your business, recognising that the continued contribution of key people is critical to the long term success of any business.
Benefits are:
- Repays debts to preserve the business assets. If your business has a bank loan, or if a mortgage on your home is funding the business then this type of insurance may be necessary.
- Protects the owner’s personal interests.
- Frees up cash flow for the business.
- Maintains its credit standing if a business owner or a loan guarantor dies or is disabled.
Key person – Revenue protection
Almost every business has the computer, copier and car insured. Yet it’s important to recognise that these are not the most valuable asset to your business. Often, it is the contribution of key individuals which plays the greatest significance in generating business revenue.
Key person Revenue Protection can assist in:
- Compensating for the loss of business revenue.
- Pays the cost of finding and hiring a suitable replacement person.
- Protects the business profits.
- Maintains the value of the business as a going concern.
- Will this be enough? We think you need 65% of your pre-retirement income to retire comfortably. The best place to start is to ask 'How much do I need?
- The next step is to use our AMP super simulator to see how you're tracking and determine what strategies you can use to reach your goals.
Things to consider include:
- Who is missed most when on holiday?
- Would the business miss their contribution if sick or disabled? How long would it take to replace them, how could that be funded?
Methods of Calculating Keyperson Revenue Cover
Method 1: 3 – 5 times the Key person’s Salary + Cost of finding, hiring, training and replacing the Keyperon = Maximum Insurable Amount
Method 2: Annual profit or revenue contributed by the Keyperson (maximum 3 times for revenue or 5 times for profit) + Cost of finding, hiring, training and replacing the Keyperson = Maximum Insurable Amount
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