Tag: business insurance

Why do online businesses need insurance?

If you had a physical business with a shopfront you probably wouldn’t hesitate or think twice about getting insurance to cover your assets and customers. When you have an online business the potential risks that can occur are less obvious compared to that of a physical shop.

So what are some of the insurance risks of an online store?

  • Product Risk – A customer could be caused harm or even death as a result of using your product.
  • Privacy/data breach – if the privacy of your customers or website visitors is compromised you could get sued.
  • Theft or damaged goods – whether the goods are stored from your home business, personal storage or otherwise, you may find yourself at a loss if you don’t insure your products and they get stolen or vandalised.
  • Natural disasters – could cause damage to your goods or property you operate from.

These are some examples that could happen to an online business if you’re underinsured (or worse don’t have any insurance at all). Now that you know about the ways you be affected without the right insurance in place, there are also very different types of insurance solutions that cover different elements of your online business. Your insurance solution could include product liability insurance, perhaps machinery breakdown or deterioration of stock or, more often a combination of a few different types of online business insurances.

“Online business insurance solutions aren’t just for online shops – it can also relate to online service businesses, such as virtual assistants! For these types of online businesses, solutions like business interruption and professional indemnity might be very important to consider,” said Allsure Insurance Director Melissa Donaldson.

Hopefully this blog has given you a good overview to start to understand online business insurance risks better, but you should speak directly to a professional insurance broker to figure out the best options for your business and your specific risks.

Talking to an insurance broker that specialises in online business insurance solutions will give you peace of mind that you’ve covered your bases, and nothing has gotten missed. Not all online businesses are alike, and neither are their insurance covers – your insurance is specific to what you do and it’s always best to speak to a professional first to get advice before buying your insurance solution.

Call the friendly team at Allsure Insurance today for an obligation-free quote, we’d love to learn more about your business! (03) 5278 6808

eggs in a basket, insurance solution, Geelong, Hobart, Allsure

Why stop at a one stop shop?

Sometimes having all your eggs in one basket is a good idea!

We know when you’re busy running a business, it can be hard to keep track of all of your insurances (and what you SHOULD have insured). If you come to us to service your insurance needs, we can quickly assess if our have any ‘holes’ in your cover.

One stop shop for business insurance

Perhaps you need business interruption insurance, or professional indemnity, or even management and directors cover.

How about the tangibles? We can help you with detailed spreadsheets showing what you have insured, the value and type of cover. This can be then checked off against your accountant’s depreciation schedules, for instance. You’ll have far less chance of having items left off cover.

Get your insurances reviewed annually – efficiently!

Having your insurance reviewed annually will save you time as it’s dealt with once, not many times a year. Our team and our services will save you money and time, we see it over and over again.

Find cash flow a bit difficult at certain times of the year?

You can pay your premiums monthly and as one transaction, if using a premium funder. Your business is our business, we love seeing our clients grow and prosper.

Fancy a cuppa?

AND – don’t forget we have great coffee at Allsure. Only one way to find out, stop in for a chat about your insurance solution needs.

Great Coffee, Allsure Insurance, Geelong, Victoria, Hobart, Tasmania

tourism insurance, hospitality insurance, Hobart, Tasmania, Geelong, Victoria, Melissa Donaldson

Allsure Insurance Director Melissa Donaldson featured in tourism insurance article

We’re pleased to note that our own Melissa Donaldson was featured in a recent NIBA Insurance Adviser national industry magazine for her tourism and hospitality insurance expertise. See below for a few excerpts of her quotes and comments from the article.

Making sure clients are fully insured against more possible outcomes

Melissa was the very first quote in the article, noting “We as brokers have increased opportunities to make sure clients are fully insured against more possible outcomes, as many clients only take the basics of cover.”  She stressed that in regards to liability, “We’ve seen more and more liability claims, many are simple trip and falls.”

There’s more to tourism insurance than just liability insurance covers

But insurance can do more than protect your business from customers tripping or falling on your premises, Donaldson says, “Having the right insurance can also cover the ‘products’ clients make (such as wine) and things like product recalls.”

Asking the right questions is vital, according to Donaldson. She asks clients things like “Do you have the public on site? Do you attend trade shows, markets or festivals? Can you afford to replace your business assets in the event of an accident or extreme weather event?” These answer to these questions all factor into putting the right insurance solution together.

Cyber risk and tourism insurance?

With many travel and tourism operators doing business over the internet, the increase in cyber-related events is a genuine concern. Data breaches, system hacks and malware risks have the potential to put tourism companies either temporarily or permanently out of business.

Donaldson states: “More automation and technology bring increased risks, with more businesses selling online and having a web presence, nearly every business faces at least some level of cyber risk.”

To sum it up

“Putting together a good insurance solution, including things like key person insurance, good life policies, management liability, D&O insurance, natural disasters and business interruption insurance helps to position the business to financially survive.”

You can read the full article (PDF) here including Melissa Donaldson’s list of six things that brokers and clients need to know about arranging tourism insurance (also find it online here).