Business Property & Asset Insurance

Business Property & Asset Insurance

What is asset protection insurance?

Traditional business property insurance, also called Material Damage insures the buildings, equipment, stock and possessions of your business from physical threats such as fire, flood, theft or malicious damage. Most people are familiar with this type of policy since they are similar to those you would take out on your own house, car and home contents. This insurance covers the cost of repairing or replacing your lost or damaged stock or assets.

Another form of business insurance is ‘business interruption’ or ‘business continuity’ cover, which protects you against financial losses should you have to temporarily halt your operations for some reason. Whether your loss is due to physical damage to your property, or other circumstances outside of your control such as a power outage. This type of insurance protects your income and is often used in conjunction with property insurance.

We may be able to refer you to another insurer for other types of specialised insurance which can help you to protect your company’s physical and financial assets. These address more insidious threats such as fraud or crime by one of your employees; theft or infringement of intellectual property; and breaches of your network security. You may also be able to take out insurance which covers your goods or equipment in transit.

Why do I need asset protection insurance?

Every business has assets. Depending on the kind of business you have, these assets may represent a substantial investment. They could include offices, factories, manufacturing equipment, technology and vehicles. If you operate a manufacturing or retail business you may also have a high value of stock to protect. Property insurance helps you to meet the costs of repair or replacement, and get your operations back up and running as soon as possible, should something happen to your premises, merchandise or equipment.

Even service businesses, with no stock and fewer physical assets, may have financial reserves, intellectual property or technology which is essential to their operations. How would it affect your business if you lost access to your computers or communications network? What would it cost you, in reparations and reputation.

If you have business or equipment loans you may be required to take out property insurance as a condition of your financing.

How much will my property insurance cost?

The cost of your property insurance premiums may depend upon many factors, including

  • The type and value of your assets
  • The amount of cover you want to take out
  • The amount of excess you decide upon
  • The location and security of your property
  • Whether your assets are together or spread across several locations
  • Whether you want to insure assets which are static or in transit
  • The type and likelihood of the threats you want to insure against

You can take Material Damage insurance as part of our Small Business Advantage insurance, brought to you in partnership with Allianz. You may combine it with a range of other types of business cover in a single policy.

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Business Property & Asset Insurance

For many companies, insurance is a fundamental part of doing business. Public liability cover, for example, may be a basic requirement of your operating licence. In many cases your potential clients, suppliers or investors will want to know that the financial stability of your business is protected. You may need to provide evidence of your insurance arrangements as part of the tender process for contracts, or during negotiations for credit lines or funding.

You’ve worked hard to build up your business and without protection you could lose everything you’ve achieved to a single event, like a storm or fire.

Business insurance can cover you for many types of risk, from theft and damage to your insured property to loss of income due to business interruption or liability claims.

Your business is unique, and so are the opportunities and risks you face. Your insurance needs may depend on a wide range of factors, including

  • The nature of the work you do
  • The type, value and location of your assets
  • Whether you manufacture products or carry high volumes of stock
  • Whether you provide advice which may be relied upon by your customers
  • Whether you work in public spaces or on customers' premises
  • The legal and management structure of your company
  • Whether you have employees, and the size of your team
  • The physical, financial or reputational risks which threaten your company

Common types of business insurance include:

  • Glass cover
  • Public and products liability
  • Asset or property insurance

Both these essential insurances are options within our Small Business Advantage insurance, available online.

Other business insurances include management liability insurance, which can also be incorporated into your Small Business Advantage policy.

There are also specialised insurances available to mitigate more specific threats, such as transit insurance, machinery breakdown and electronic equipment. If you’re looking for more specialised policy, simply contact our friendly team on 1300 467 872 for information.

You could have immediate cover for all your major risks, without waiting for quotes from brokers. Our Small Business Advantage insurance package gives you the option to take out comprehensive protection against loss or damage to your property, interruption to your business and public and products liability claims plus a wide range of other threats.

If you need more specialised business insurance cover, 1300 Insurance may still be able to assist. Our advisors have extensive risk management expertise and detailed knowledge of all the diverse business insurance products available in the market.

We'll also guide you through the underwriting process and support you throughout the lifetime of your insurance policy with a dedicated account manager, claims support and ongoing information.

Our small business insurance package is brought to you in partnership with Allianz Australia Insurance. It enables you to tailor your business cover to suit your needs, all in a single, affordable policy. It’s designed to suit more than 2,000 professions and offers insurance against many of the risks faced by most businesses, including theft, damage or business interruption due to events such as fire, flood, storm damage etc, and public and products liability insurance.

We also offer packages designed for office-based professionals and for tradespeople and service providers.

The cost of your small business insurance policy is your monthly premium. The amount you pay may depend a number of factors, including

  • The type of work your business does
  • How many employees you have
  • Where your business is located
  • How much stock you carry, if any
  • The nature and value of your business property
  • The size of your business and your annual profits
  • Which types of cover you choose to take out.

All these things can determine the type of risks you face and the likelihood you will need to make a claim and forms part of the information used to calculate your premium.

You can find out what your premium amount will be by clicking on the "Get a Quote" button below.

Our small business online insurance has a 14-day cooling off period. So if you have second thoughts after buying your cover you can cancel it within two weeks and get a full refund, provided that you have not made a claim.

As long as you pay your premiums when they are due, your small business online insurance policy will remain in place for the period shown on your policy document.

If you do not pay your premiums on time we may be entitled to reduce or refuse to pay a claim and cancel your policy.

You can cancel your policy at any time. The cancellation will be effective on the date we receive your request and an administration fee will apply.

If you decide to cancel your policy, we will refund the proportion of your premium relating to the unused period of insurance, less the administration fee and any non-refundable government charges. However, we will not refund any premium if you have made a claim.

When you buy your small business insurance through 1300 Insurance in partnership with Allianz, you can spread the cost of your premiums without paying extra. Whether you Opt to pay the full Annual amount or by monthly installments, you’ll pay the same total premium to protect your business.

Premiums payable by instalments may be subject to minor adjustments (upwards or downwards) due to rounding, and financial institution transaction fees may apply.

It’s really important that you keep up to date with your premium payments. If you do not pay your premiums on time we may be entitled to reduce or refuse to pay a claim and cancel your policy.

Generally, you can claim a tax deduction for the premiums your business pays on most types of business insurance. However, this is not always the case for all types of insurance, so it’s important that you contact your tax advisor for advice on the individual circumstances of your business.

Have a question that you'd like us to answer?

1300 Insurance Pty Ltd ABN 50 124 845 727 AR Number 327609 is authorised to arrange this insurance as agent for the insurer Allianz Australia Insurance Limited ABN 15 000 122 850 AFSL No. 234708 (Allianz) and to provide written general advice on this insurance as the insurer’s agent. We do not provide any advice based on any consideration of your objectives, financial situation or needs. Terms, conditions, limits and exclusions apply. Before making a decision, please consider the Product Disclosure Statement available here. If you purchase this insurance, we will receive a commission that is a percentage of the premium. We will also receive a percentage of the profit which exceeds the profit threshold on Home (excluding flood), Landlord (excluding flood), Motor, Caravan and Trailer and Commercial policies arranged by us as agent for Allianz (or renewed with Allianz) in each calendar year, provided that the relevant premium threshold is met. From 1 September 2018, we will also receive an annual marketing allowance from Allianz for promoting its products. This is calculated as a percentage of the premium on Home, Landlord, Motor, Caravan and Trailer and Commercial policies arranged by us as agent for Allianz in the previous 12-month period. Ask us for more details before we provide you with services.