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Business insurance: because a lot can happen


Photo by Steve Wilson / CC BY

By Leigh Harper
Guild Insurance


A business package insurance policy is an essential item that every business owner must consider to protect their livelihood. There are many products available in the insurance market, each with its own unique extensions and exclusions.

The extent of coverage can vary greatly between insurance policies, so it is prudent to seek some guidance from an insurance professional before choosing a policy to ensure that is suitable for your specific needs.

Business Insurance policies contain a number covers that the purchaser can elect to insure against. In broad terms, the two key coverage components of a business package insurance policy are material loss or damage (contents and buildings) and consequential loss (loss of profits).

Guild Insurance, the endorsed Business Insurance provider to Optometry Australia, has the following covers available under its Business insurance product.


Material Loss or Damages Coverages


Business records

Cover for any accounts receivable or essential business records that have been damaged so that they can be replaced or rewritten.


If your premises is burgled or damaged in an attempted burglary, cover extends to the repair or replacement of property.

Equipment breakdown

Cover to repair or replace equipment following a breakdown.

Employee dishonesty

Loss due to fraud and dishonesty of employees. This includes money, stock, contents and other property that you own or for which you are legally liable.

Business contents in transit

Covers loss or damage to property when in transit or away from the business premises.


Damage to glass and signs at the business premises is covered on the basis of full replacement cost.


Consequential Loss Coverages


Loss of income

Cover for your loss of income resulting from a covered material loss or damage claim.

Loss of rent

Cover for loss of rent if the business premises becomes untenantable as a result of a covered material loss or damage claim.

Increased cost of working

Cover for additional expenditure incurred for the purpose of minimising a reduction in income.


Public Liability


The final key component of a business package policy is Public Liability. This is an important section of the policy as it covers the business for its legal liability to third parties for bodily injury and/or property damage. For example, a patient sustains an injury on the premises due to a negligent act, error or omission of the business owner.

For further information or to speak to a Guild Insurance consultant visit our website.

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