Business Insurance Myths Debunked Part II

More business insurance myths debunked by Australia's. biggest general insurer IAG

3 minutes

‍As a business owner you often must be an expert in all things regarding your business. From sales to marketing, graphic design to bookkeeping - there's a lot to get your head around! We've spoken to IAG, Australia's largest general insurer about business insurance.

Myth #1: Professional Indemnity Insurance covers everything

Professional Indemnity (PI) insurance is designed to protect you against claims made by your customers for financial loss caused by the professional advice or services you provide. However, PI Insurance may not cover every risk arising from your business. PI Insurance may not apply if a fire or storm damage your property, your stock is stolen, or if a third party is injured after falling over in your store.  

Myth #2: I only need to contact my insurer if I need to make a claim

From time to time, your business may change. When it does, you might want to consider any new risks. For example, if you have purchased an asset, such as an oven, tools, or car, and you would like them covered, you might want to consider contacting your insurer as soon as practicable. When you receive your renewal documents, it is a good idea to check whether your cover is still right for your business, and all your details are up to date.  

Myth #3: I only need a policy in place whilst my contract is running  

Depending on the type of policy you have, you may be unable to lodge a claim if you cancel your insurance early. For example, if you have a “claims made” Professional Indemnity policy, the policy generally needs to be in force when a claim is made against your business, or when you notify your insurer about a circumstance which may lead to a claim.  

Myth #4: There is too much paperwork and I don’t have time for it

When you’re running a business, it’s understandable that you may want to avoid any additional paperwork. Many insurers now allow businesses to get a quote and purchase an insurance policy online, which means you can do this at a time suits you - at any time of the day or night. You may also be able to have your insurance documents emailed to your nominated account.  

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