Business Insurance
Business Pack Insurance policies are made up of several sections so that you can pick and choose which sections you would like to be covered for. These sections are as follows:
So what do all these sections cover? Well in short they all cover different aspects of your business that have exposure but to help break each section down we have written a brief summary:
Property Section
This section is for a specific location. Whether you own the building or just renting space.
If you own the building you can insure the building along with any contents or stock for fire and perils.
If you are renting you can just insure your contents and stock for fire and perils.
Theft Section
Again this section is for a specific location and is designed to protect your contents and stock in case they are stolen. It is important to note most policies will only respond if the theft was following forceful or violent entry. If your items are left lying around and get stolen, you may find your insurance will not respond.
Machinery Breakdown
Pretty self explanatory, this section is designed to protect you in case your machines breakdown. The definition of breakdown on most insurers wordings are: sudden and unforeseen physical destruction or physical damage to machinery which requires repair or replacement to enable normal working to continue.
Business Interruption
This section is to cover your business should you suffer loss of income after a disaster.
General Property
If you on the move this section is a great one to consider. It's to protect your property (contents/stock) while away from your primarily salon. This cover is for fire, theft and collision.
Again like the theft section of a business pack policy, theft has to be following forceful or violent entry. You can opt to have cover extent to theft that hasn't followed forceful or violent entry however it will be more expensive.
Public Liability
Public Liability is the most important section, this is designed to protect your business in case you case third party personal injury or property damage.
Tax Audit
This section protects your salon from costs incurred from being audited from the ATO
Goods In Transit
Not overly common for salons to require this section but it is designed to protect your salon in case your goods get damaged while in transit
Money Section
This section is in case your money is stolen or lost / damaged following an accident i.e car accident
Glass Cover
Glass cover is designed to respond if glass is broken i.e. store front window, mirrors, display cabinets etc.
Summary
As always you should read through your product disclosure statement to get a better understanding of each section and what they will and will not cover.
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