Create a business safety net

From Michelle Cross, Elders Insurance Mackay
As a business owner, it’s important to know that your income is protected in the event of a major loss. If your business came to a standstill because of a fire or other insured damage at your premises, business interruption cover would cover your lost income – meaning you could focus on getting the business back up and running.
If you’re considering this type of insurance, check in with your insurance agent and accountant first. Some of the important things to discuss with them are:

  • How long you need cover for

  • How wages will be paid

  • What are the consequences of interruption at a suppliers’ premises

  • Additional costs to re-write your business records

  • Consequences from loss of government grants

  • Interruption options for commercial vehicles

  • Consequences for not taking some sections of business insurance

  • Reduced customer traffic arising from insured damage that did not occur at your premises

  • Damage that may occur at public providers, such as electricity, water, telecommunications

  • Allowance for your future business trends

If your business ever experiences a setback, it could take a toll on your livelihood. Creating a safety net for your business lets you get back to the work at hand!