How SMEs Can Protect Key Business Risks with a Bundled Insurance Pack

Exclusive to Gallagher, the SmartProtect Business Pack is a purpose-designed product bundled insurance product to meet SME needs.

Gallagher works with over 125,000 businesses across Australia — our extensive experience and insight into small business needs shaped the requirements and entitlements built into our SmartProtect Business Pack offering.

The benefits of a bundled business insurance package include:

• scope of coverage — SmartProtect is customisable to most business sectors and activities
• flexibility — the package gives business owners the ability to pick and mix add-on coverage to match business operations
• affordability — a package deal is generally cheaper than single policies' premiums, plus SmartProtect includes the ability to spread payments without penalties
• convenience — having all your policies in a single package means that everything is in one place and simplifies the renewal process
• claims support is built in — with a 24/7 hotline and access to our dedicated claims team.

This business package offers broad coverage for key business risks including public liability, property damage and professional indemnity, with options to customise your cover from a choice of additional protections.

Key business insurance coverage inclusions:

• public and product liability (options of $5 million, $10 million, $20 million)
• business building and contents (up to $10 million)
• portable items such as stock, office fittings and equipment
• business interruption resulting from eligible unforeseen events
• theft by an employee or external criminal
• stolen money
• commercial motor vehicles
• broken glass.

Additional covers — optional extras

You can also opt for additional cover such as insurance machinery breakdown or goods in transit if you supply products by freight. Ask your broker about the optional add-ons that apply to your business

As SmartProtect is customisable you can select a range of relevant policies to shape your choice of coverage in the business insurance package.

To help identify the cover that's relevant to your business, consider these factors.

Does my business involve or allow access by members of the public?

Public liability cover helps pay the costs of a legal damages claim brought by someone who sustained injury or property damage while on your premises or as a result of your business activities.

Do I need protection for my premises, plant, equipment, fittings and stock?

Property cover protects against losses or damage to your place of business and contents.

Do I rely on machinery or electronic equipment for operations?

Machinery or equipment breakdown cover pays for repairs or replacement of vital equipment.

How long could I continue paying rent, wages and overheads if I was forced to suspend operations?

Business interruption cover helps pay the costs of closing shop for a nominated period or making alternative arrangements such as relocation of premises.

Is my industry subject to particular regulations or can I be held responsible if I make a decision that negatively affects other people or businesses?

Management liability cover protects business decision-makers if they fail to observe mandatory requirements or make mistakes, errors or omissions that result in financial losses and become the subject of a legal action.

Do I have employees of any kind, permanent or casual?

Employment practices cover comes into play if a current or former employee makes a claim that you have breached regulations in relation to a dismissal or award rates, for example.

Do I use a vehicle or multiple vehicles for business purposes?

Commercial vehicle cover can apply to your own personal vehicle insurance if you use it for business and can extend to a fleet, providing a safety net if an accident or theft occurs.

Can I afford to engage a forensic accountant and pay investigation costs if the Australian Tax Office conducts a tax audit of my business?

Government tax audit cover pays for the costs involved with an ATO investigation into your business, which may include down time and employing extra staff to manage.

Small to medium sized enterprise (SMEs) owners are often time poor but exposed to similar business risks as larger companies. Juggling different policies, premiums and renewals can be a big ask — which is why a bundled business insurance package can offer a convenient solution to your needs.

Example: Retail store

A small clothing boutique owner has the following insurance needs:

• property insurance: to cover the building and contents (stock and fittings) against risks like fire, theft, or accidental damage
• public liability insurance: to protect against claims of injury or property damage by members of the public
• business interruption insurance: to cover lost income if the store is forced to close due to an insured event, such as a fire or flood.

Benefits of a business pack:

• comprehensive coverage: a business pack combines all these protections into one policy, ensuring there are no gaps
• cost savings: bundling multiple coverages into a single business pack is often more cost effective than standalone policies
• convenience: the store owner only needs to manage one policy, one renewal date and one insurer.

How working with a broker gets better results now and when you claim

Working with an insurance broker provides expertise and support to a business in identifying the right coverage and advising on business insurance pack options to suit the specific business requirements and optional covers.

A broker provides detailed knowledge and insight into the insurance protections available in the business pack product, and can thoroughly and efficiently identify what insurance solution is a strong fit for your business and help you access cover for exposures that you be less clear and difficult to secure protections for.

Working with an insurance broker provides confidence your business is informed of the right risk protections without oversights or exclusions in policy terms, as well as helping to eliminate cover that you don't need.