Talking Insurance: Is your business suitably covered for the Festive season?

Posted on December 23, 2019 | by | Posted in Uncategorized

For some businesses, the Festive season is their busiest time of year. For others, it’s welcome downtime. Whatever your situation is, it’s important to consider this question: Am I suitably insured for the Festive Season?

Business Insurance

If your business is gearing up ready for the busiest time of the year, you’ll want to be reassured that your Business Insurance covers all your needs.

If your business relies on physical stock, this time of year will no doubt see you ordering more stock to supply demand. It’s a good idea to make sure that you have adequate Business Insurance cover while you have more stock on hand. 

Having enough cash on hand is another issue to consider during these busy weeks. If you are dealing with high volumes of cash; you may need to consider insuring the cash also. Money cover is part of a Business Insurance pack and helps protect money belonging to your business that may be lost, stolen or damaged whilst in your custody, on your business premises, or in transit to or from your premises. 

Depending on the type of business you operate, you may require additional staff to assist with the increase in business. Update your Business Insurance to cover the needs of extra staff during the holiday period. 

Public Liability Insurance

During the summer months and the Festive season, many businesses see an increase of people visiting their premises.

In this instance, Public Liability Insurance should be at the forefront of your mind because the last thing you want is to end the year with an expensive liability claim. Public Liability Insurance is designed to protect your business from any risks which may arise from claims by a third party for accidental injury, loss or damage to their property. 

However, even for businesses who may not be frequented by the public, another consideration this time of year is being suitably insured for the office Christmas party!

The work Christmas party is a great chance for co-workers to come together and celebrate all of the hard work and achievements made over the past 12 months. But before you invite any external guests, make sure you have an active Public Liability Insurance in place. In fact even if you are hosting your staff Christmas party at an external location, you should consider whether the venue has Public Liability cover in place to cover your employees and invited guests; or if you are required to have your own policy. 

Building and Contents Insurance

It is inevitable that summer time brings potential hazards from bushfires and summer storms. 

If your business is located in a fire-prone area, it is important to make sure you are covered for a fire damage, especially if you own your business premises. This is where your Building and Contents Insurance comes into play. Double check your insurance policy wording to make sure you are covered for bushfires as some waiting periods and conditions may apply. 

In addition, take into consideration the cover for your business during downtime and while you are not there. Unfortunately break-ins do occur and thieves certainly will take advantage of the Festive season. For peace of mind, check your policies for theft are up to date.

Personal Insurance

If you are winding up your business for the year and ready to take a well-earned break, now could be the ideal time to take a personal insurance assessment. We all have personal insurances – car, home and contents, landlord insurance, caravan or motorhome, boat insurance etc. If it’s been a while since you’ve compared policies, consider taking the time this summer break to do some research. 

The team at Matrix Insurance are more than happy to discuss your insurance needs – both business and personal – and tailor packages to suit you. Get in touch with one of the leading insurance brokers in Perth to discuss your needs today!