Many business owners take out insurance to cover their property, stock, loss of profits and accounting expenses. Terms and conditions vary between insurers and we will explain to you the fine print of your policy and what it does and does not cover you for. Definitions in policies can be confusing, for example storm damage and flood damage can exclude some water damage, and fire damage may include damage from flames but not from smoke.
Have you considered taking out insurance against claims by employees for unfair dismissal, or action taken by Fair Work Australia for underpayment or for sham contracting? Should you find yourself in these difficult situations your insurance company could pay some or all of your legal fees.
If you have a significant employee or a partner whose contribution to the business is essential, you might consider taking out insurance to protect your business against that person dying or being permanently disabled and unable to work.
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