Mitigating risks is something tradies understand. Stopping a problem before it starts makes sense in all aspects of a business, including your insurance cover. Many small and medium-sized companies benefit from purchasing business insurance packages, also known as business packs.

What is a Business Pack?

A business pack puts multiple types of insurance together in one policy. A business pack aims to offer small and medium-sized businesses affordable protection against the most common risks associated with operating a business.

While business packs offer a broad scope of coverage, discussing business-specific insurance cover with an insurance expert is smart even after purchasing a business pack.


How Can a Business Pack Benefit My Company?

  • You will save money – Purchasing a streamlined insurance package will cost less than a policy bloated with types of cover you do not need. Remember, you can arrange additional business-specific insurance by speaking with your insurance professional.
  • You will save time – Business owners rarely have spare time, and if they do, shopping for insurance is not how they prefer to spend it. Business packs save time and effort by offering you the essential cover you need.
  • Protect yourself and your employees – If you were named in a lawsuit that forced your company to close to cover damages, you and your employees would suffer. Having business insurance cover keeps your doors open, your employees working, and the cash flow.


What is Typically Covered in a Business Insurance Pack?

While business packs may vary, you will generally find the following coverage,

  • Cover for lost business income, property damage, lawsuits, and other losses defined in your policy
  • Protection against fire, theft, and vandalism as spelled out in your policy
  • The public liability portion of your policy will cover losses incurred by visitors that are not associated with your business
  • General liability cover will protect you if you or someone representing your company cause a loss to another person, company, or property


What is Not Covered in a Standard Business Pack?

While you should always review the specifics of your policy with an insurance professional, these are common exclusions in standard business packs.

  • Acts of war
  • Auto Accidents
  • Belongings stored on your premises
  • Damage caused to perpetrate fraud
  • Negligence
  • Professional indemnity insurance
  • Some natural disasters
  • Workers’ compensation claims. (These are covered under your company’s mandatory workers’ comp insurance policy)

Business open sign.


Five Tips to Get the Business Insurance Package You Need

1. Assess your business risks accurately before talking with an insurance professional. Your insurance company’s representative will be able to assist you best when they have a clear picture of your business and its inherent risks.

2. Ask questions if you are not clear on the specifics of your business package. Some smart questions include,

    • What are the conditions of cover? Some policies require equipment like smoke alarms and fire extinguishers. Other policies ask for regular vehicle maintenance.
    • What are the policy limits? You will want to know the amounts of your lifetime limits, limits per claim, and annual payout limit
    • Special circumstances surrounding claims or payouts
    • Details regarding who and what is covered. It is easy to make presumptions about your cover but take the time to ask
    • What events are optional coverage requiring an extra fee?
    • What conditions or actions could result in nullifying the insurance contract?

3. If you are in a niche business, find out if the company is familiar with providing cover for businesses similar to yours. Also, ask about exclusions and circumstances that could lead to exclusions. For more business tips, check out Upscale Business Coaching.

4. Be clear on what changes you must report to your insurer. This is vital information for your insurance provider as it may alter the initial policy. Some events to share with your insurance professional include,

    • Upgrading equipment
    • Relocating or expanding your business to another location
    • Hiring new employees
    • A change in circumstances that would impact your risks
    • Changes in the costs and values of your assets
    • Adding a business partner or changing your business structure

5. Find out what additional kinds of cover do you need if your business operates from your home, above and beyond your home policy?

Business packs will get your company started with the insurance cover you need. The types of small and medium-sized business cover that are available can vary. If you would like more information about which business pack will serve your company best, feel free to reach out to us at All Trades Cover. Our experienced professionals will help you get the right cover for you.

**Please Note** The material presented here is for informational use only. It is not meant to replace an individual consultation with an insurance professional and is not binding insurance advice. A trained insurance expert should advise you regarding types of business insurance that will address risks specific to your industry. Your insurance professional can add a cover if it is necessary.

John Elliott

John Elliott

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An industry veteran with a vision to revolutionise insurance for tradespeople, John Elliott founded All Trades Cover with a commitment to make insurance easy, efficient, and affordable for tradies across Australia.

With 2 decades of experience and thousands of insured clients nationwide, John’s vision has become a reality. All Trades Cover is now a trusted partner for tradies, offering top-tier coverage at competitive prices. But it’s not just about cost savings.

John’s innovative approach focuses on simplicity and speed without compromisingon quality.

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