The Demand For Small Business Insurance | Magic Money Clip

Broadly speaking, there are three types of insurance in Australia. There is the Compulsory Third Party (CTP) vehicle insurance, Workers Compensation, which is sometimes also known as Professional Indemnity Insurance, and finally, Public Liability or Insurance for Small Businesses. Any small business that deals either directly or indirectly with the public or relies on contracts or other legal documents and forms requires some type of small business insurance.

Businesses are almost always exposed to various risks and threats. That is why business insurance was made available to business owners to keep them financially protected in case an unexpected event occured. Almost all insurance companies offer business insurance and in various forms. They create these policies particularly to cover specific business insurance needs, regardless of the size of the company or the type of business involved. Typical business insurance needs include workers compensation, commercial insurance and insurance for vehicles related specifically to the business. Depending on any unique requirements, other forms of business insurance may also be available.

Workers compensation insurance covers employees if they are injured while doing their job or suffer a work-related illness that requires them to be absent or to seek medical care. Such insurance generally pays for medical treatments, and may pay for lost wages. This insurance can be very beneficial to employees especially those who are working in a high risk environment. Many workers compensation policies are structured in such a way as to encourage workers to return to the job as quickly as is medically advisable.

Commercial insurance can cover everything from physical plants to crops. Finished goods being transported to distributors or to markets, either by land, rail or water can all be covered with commercial insurance too. Commercial insurance also covers any product liability claims.

Business vehicle insurance covers not only delivery vans used exclusively for business purposes, but can also insure large, heavy trucks, tractors, and marine vehicles.

Protecting your business from potential risks should be within your list of priorities as it is one of the keys to achieving success. Additionally, operating a business of any size without purchasing a business insurance is not only financially risky, but in many cases, flat out illegal. And while certain laws can vary slightly between states, the overall concept of providing a secure business environment here in Australia remains constant nationwide, and is something every small business owner should aspire to uphold.

Source: http://www.magicmoneyclip.com/2012/02/19/the-demand-for-small-business-insurance/

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