Insurance and Small Business

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Workcover Insurance

You must take out WorkCover insurance if

you expect to pay more than $7,500 a financial year in rateable remuneration, or
you have any apprentices or trainees.

This applies even if you're a small company with only one worker. If you meet this criteria but don't have WorkCover insurance yet, you should register immediately. WorkSafe needs to receive your registration form within 60 days of the date you first meet these requirements.

Do you have employees? Check your policy with CGIB. Call us now to arrange pay by the month Workcover premiums

Does your business have the right public liability insurance?

Public Liability Insurance is your protection if you are found to be legally responsible for personal injury to a third party or damage to their property. It is one of the most important types of insurance cover you can have.

Things can go wrong but you can protect yourself and your business against claims for negligent acts, which cause personal injury and/or property damage to others with Public Liability Insurance. Once you open your doors as a small business there are a range of different types of things that can go wrong. One potential liability is slip and fall accidents. "Slip and fall" is a term used for a personal injury case in which a person slips or trips and falls, and is injured on your property.

Unsafe conditions such as torn carpeting, changes in flooring, poor lighting, narrow stairs, or a wet floor can cause someone to slip and hurt themselves inside a building.

If you have a business premise you should:

Ensure that you minimise the risk of incident and accident with appropriate policies and processes.
Check your insurance cover for Public Liability Insurance.

Public Liability is so important it often comes as part of a business insurance package.

Check your policy and make sure you have the cover you need. If you need help or further information please do not hesitate to contact CGIB on 1300 764 244.

Business Equipment Insurance

Every small business has equipment they use to deliver their services. Whether it is a laptop computer or an excavator, a plane, a mobile phone or a tablet there are things we use in business that we cannot work without. Constant technological developments mean we are investing more and more in our equipment – sometimes that equipment is the very thing that gives us the edge in our industry.

There are professions that require expensive equipment that are key assets of the business. It may be a special vehicle, construction equipment, computer equipment or office equipment. Perhaps you are in allied health services, or a surveyor, a designer or tradesman, you need to make sure your equipment and business interruption insurance provide the cover you need should your equipment be stolen, lost or damaged. If you have a single piece of equipment you are particularly dependant on do you have it listed and appropriately described.

Also that equipment needs to be taken care of and should be stored and secured appropriately and adequately safeguarded at all possible times to protect it from accidental damage. Also it needs to be appropriately insured and if the equipment is valued at more than $1,000 then it should be specifically listed on your insurance policy. Make sure you keep copies of your receipts as proof of purchase and value, then if something should go wrong the receipts will help you make your claim.

If you are not sure whether your equipment is appropriately insured then please call CGIB on 1300 764 244

Claims

Making a claim does not have to be a nightmare. If you are insured through CGIB and need to make a claim just call us and we will help you every step of the way. We are here to help and the more we know the more we can help, so please keep us informed of changes in your business.

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