A business pack is a suite of insurance products under the one policy, designed to provide financial protection for common commercial risks.
Business packs can suit all kinds of businesses, from sole traders through to medium-sized enterprises. They typically contain at least some of the following products.
- Property insurance – cover for damage to buildings, stock and contents due to covered events such as fire and windstorm.
- General property – covers items that get moved from one location to another (not including stock), such as tools and laptops.
- Machinery/equipment – in case of breakdown of machinery (e.g. refrigeration) or electronic equipment such as computers.
- Business interruption – important cover in case the business’s normal trading activities are disrupted following a covered event. This insurance may include cover for lost revenue, ongoing expenses, and rental of alternative temporary premises.
- Management Liability – is designed to protect the Directors and the company against financial losses in the event they are alleged to have not met their duties.
- Money and theft – cover for burglary or theft of money, contents or stock, as well as for related property damage and replacement of locks.
- Glass – for breakage of glass both inside and outside the building and for damage to signs.
- Public liability – in case of lawsuits filed by third-parties for personal injury or property loss/damage as a result of your actions.
- Products liability – provides financial protection where someone is harmed by your products and takes out a lawsuit against you.
- Tax audit – covers the costs involved where the ATO requests an audit, such as accountant and tax agent fees.
- Employee dishonesty – in case of losses due to fraudulent acts by employees.
- Cyber insurance cover – financial protection for losses incurred as a result of hacking, phishing or other types of online attacks.
To discuss a business insurance pack tailored to your enterprise, please get in touch with your local Reliance Partner.