Insurance 101

Insurance can seem complicated at times. Essentially, business insurance is designed to protect your organisation from the financial cost of mistakes, natural disasters and accidents that affect your business and insurable assets. Outlined below are common insurance-related expressions and concepts to assist you in making an informed decision about the insurance product that is right for you and your business.

Business Interruption / Loss of Profit Insurance – what is it and do I need it?

Imagine the following scenario: there has been a fire at your business premises and as a result of the damage, you will not be able to operate from there for 3 months.

Here are some questions to ask yourself to consider how your business would fare in such an event. Ask yourself these questions and consider your level of savings, whether you can use your family funds, or additional loans to fund the below costs – do you have enough?

Flood Insurance – should your business take out cover?

After the 2011 floods in Queensland, the government considered making flood cover compulsory in all insurance policies, including business insurance. Although the legislation was not passed, many insurance companies amended their policies to include flood cover as standard.

A deep need in the automotive industry

OurAuto Chief Commercial Officer, Paul El Deir explains how a deep need in the automotive industry led to the creation of OurAuto Insurance.

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