A business takes years to build - but an accident or disaster could destroy it all in minutes. Having the right insurance in place can help protect your business from potential setbacks, providing the financial security needed to recover and continue growing with confidence.
Business Package Insurance is a comprehensive insurance policy tailored to the specific needs of small to medium-sized businesses, offering a bundled solution of coverage for various risks they may face.
What is Business Package Insurance?
A Business Insurance Package (also called a 'Business Pack') is structured to include a number of insurance cover options that offer broad financial protection for a number of risks faced by SMEs.
This type of insurance typically includes essential protections property insurance, liability insurance and business interruption coverage. By consolidating multiple coverages into a single policy, business package insurance provides a convenient, cost-effective and comprehensive solution for businesses.
Some cover types typically included in a Business Package insurance policy are:
- Public Liability Insurance
- Business Interruption Insurance
- Products Liability Insurance
- General Liability Insurance
- Protection against fire, theft, accidental and malicious damage done to your business (within the limits of the prescribed policy wording)
It is important to note that Business Insurance packages don't include Workers Compensation Insurance. If you need to arrange this type of insurance, this will need to be taken out in a separate policy.
Request a QuoteDid you know?
Natural disasters currently cost the Australian economy $38 billion per year and will rise to at least $73 billion per year by 2060.
Australian Business Rountable for Disaster Resilience & Safer Communities (2021).
Only 16% of SMEs have a financial back-up plan, while 35% said they would need to cut spending and limit their lifestyle if they were unable to work.
Inside Small Business: Seven insurance issues small business owners should consider (2017)
Sole traders were the least likely of businesses to be insured (24%) followed by small businesses operating from home (21.4%).
ICA: Non-insurance in the Small to Medium Sized Enterprise Sector (2015)
