Business Insurance
Protects a shop, office, factory or goods in transit against fire, theft, liability and similar losses.
What it covers
- Damage to premises, machinery and stock from fire and listed perils
- Burglary and theft of stock or cash, as specified
- Legal liability to customers and the public
- Loss of or damage to goods in transit, under a marine policy
What is usually not covered
- Losses above the sum insured, including under-insured stock
- Wear and tear and gradual deterioration
- Loss of profit, unless business interruption cover is added
Exact inclusions and exclusions depend on the policy you buy. Always read the policy wording.
Who it is for
- Shop owners and traders
- Small manufacturers and workshops
- Exporters and distributors moving goods
- Employers who want to cover staff
Plan types you can request
- Shop package policy
- Fire, burglary and liability cover for retail premises.
- Fire & burglary
- Property and stock cover for offices and factories.
- Marine cargo
- Cover for goods in transit by road, rail, sea or air.
- Group health cover
- Health insurance for employees.
Important considerations
Correct valuation
Insure buildings, machinery and stock at their full value. If you under-insure, claims are reduced in the same proportion.
What is excluded
Read the exclusions for your trade. Some risks, such as machinery breakdown, need a separate cover.
Business interruption
A fire can stop income for months. Loss-of-profit cover is bought in addition to property cover.
Records
Claims depend on stock registers and purchase invoices. Keep them up to date and backed up off-site.
Typical requirements
An advisor will usually ask for:
- Nature of the business
- Address and type of premises
- Value of building, machinery and stock
- Number of employees, for group cover
- Past losses or claims
Documents required
Keep these ready to avoid delays:
- Business registration or Shop & Establishment licence
- Address proof of the premises or rent agreement
- Stock and asset valuation
- GST registration, if applicable