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!