We know business risk insurance across all industries
At DGA we offer a general insurance broking service for the corporate sector, including both private and public listed organisations. DGA have been servicing the corporate market since our inception and we have established a strong representation in our field.
Our one-on-one service is second to none, as many of our happy customers will testify to. We are always here to talk you through your insurance choices, policies, and any claims that may arise.
Whether you’re a small or medium business enterprise, we can help out with ensuring you’ve got all the coverage you need – so that when life throws you a surprise spanner in the works you don’t have to worry.
We free you to concentrate on business growth and profitability, safe with the knowledge that your business is properly insured.
What are typical areas business insurance might cover?
Business can be a much more convoluted insurance space to work in than personal insurance. Because there are more responsibilities involved with running a business, so there are more instances where things can go wrong. Making sure that you’re covered in those unexpected times is what we do best.
We work carefully with your business to uncover which insurance areas are essential for your business, which are the ‘nice to haves’ and which you can skip over in your line of operation.
After obtaining a clear understanding of your specific requirements, our brokers will undertake the brokerage of your business insurance needs. Let us take the hassle out of the myriad of insurance products available and obtain the best insurance package for your business.
Here are some typical insurance areas that you might choose for your business.
Business premises
Much like your house, your business premises need insuring. Premises insurance can cover items like damages to the building, glass, and signs, damage to stock, damage to computers and computer files. If any of these things are important to your operations, or you wouldn’t be able to wear the cost of replacement, then it’s essential to obtain premises insurance.
Typical policies include coverage for fire, storms, theft, malicious damage, and can extend to cover rent of premises while repairs are undertaken, personal items on premises etc.
Your business premises insurance may include coverage for loss of income due to premises damage. A specialty insurance item must be added if you store cash, such as in a safe, or valuables on premise.
Employee dishonesty
You can ask for coverage that protects against any losses due to employee fraud or dishonesty, a surprisingly common occurrence across Australia as many businesses will testify to!
Tax audit cover
Insurance may be sought to cover the costs of any professional services incurred during a tax audit instigated by the Australian Tax Office. This may or may not include an audit of the company directors.
Business vehicles
If you have a fleet of company cars as part of your business, then you will need to obtain an insurance policy to cover them. Choose from legal liability only, or comprehensive cover. This policy comes with all the benefits of a personal car insurance policy but with all of the discounts for a business.
Asset protection
In the event of a business owner’s death or disablement, asset protection steps in to ensure debt repayments continue and cash flow is adequate to maintain business operations. It also has the power to release any personal asset guarantees put forth by the owner, such as their family home. Asset protection is in place to ensure the business does not get into debt, and that the owner does not lose any personal assets.
Revenue protection
In the event of death or disablement of a business owner or essential employee, revenue protection can provide the extra revenue lost from the business throughout this phase and potentially cover the hiring costs to replace them within the business.
Ownership protection
If one of the business owners dies or becomes disabled, ownership protection can keep the business in the hands of the other original owner/s by providing them with cash to pay for the outgoing owner’s equity in the business.
Income protection
You might like to include personal income protection for yourself and any other business owners under your business policy. If you have families that you support, having your income suddenly cut off due to injury or illness could have a significant impact on your financial situation, especially if you have extra medical bills to pay. Ensure that you’re covered with income protection insurance.
Business expenses
Business expenses insurance covers all expenses under your business that you have a responsibility for, in the case of your injury or illness. This may be an important insurance item to have if you bear the brunt of the responsibility in your business.
What other insurance does my business need?
Your business will need to look over whether you need public liability insurance and professional indemnity insurance.
We include these as separate policies as they are both important areas that don’t quite fit under the umbrella of regular business insurance. Even if you don’t believe that your business needs any of the above insurance items, you would do well to check out both public liability insurance and professional indemnity insurance. Insufficient coverage for either of these items has the ability to put even wealthy businesses into large amounts of debt.
Public liability insurance covers your business against any claims arising from clients or the general public that result in injury or damage to person or property. It is a form of insurance that most businesses should not go without. Professional indemnity insurance covers any mistakes that you make in your line of work and is a must have item for those in professional services industries.
Ready to chat?
Find out more about business insurance and what the best options for you are. We know business insurance better than anyone else. Call us today on (03) 8636 9000 to set up an appointment with DGA.