Tailored business insurance: specific coverage and policies

Every business has individual insurance requirements, which is why tailored business insurance packages are a good option. Tailored business insurance is all about paying for cover that is specific to your business or industry. This type of cover is generally in addition to a general business insurance policy.

General business insurance policies and types of additional tailored cover

Tailoring business insurance is as simple as identifying the risks that are specific and exclusive to your line of work. Most businesses will have a general policy that will cover things like business interruption, theft, general property, glass, public and products liability, employee dishonesty, computer and electronic failure, fire and perils. Many businesses require more tailored coverage than is offered by general policies.

• Bricklayers and other tradespersons who have to perform their duties on someone else's premises require cover for all tools used in their trade in case of theft, loss or damage. They may require income protection as illness can be financially damaging to their business. They may also need machinery cover. If they own the business they have to ensure that all employees carry insurance

• Transport businesses require comprehensive fleet insurance and have to make sure that all of their drivers are covered to drive the vehicles. The level of insurance required goes well above that expected of a normal road user and costs more than regular compulsory third party insurance. Comprehensive transit insurance is also a popular option to cover any goods damaged during transit

• Those in the textile industry need comprehensive heavy machinery insurance in addition to all the general insurance requirements. They may also require hazard coverage as machinery operation presents potential danger. Hazard insurance can also include cover against inhaling dangerous chemicals that are often used during production.

As you can see, insurance is not a one size fits all deal. You have to tailor if all your needs can not be met under general insurance. These are just a few industries that commonly tailor their coverage.

Tailored business insurance: cost and quotes

It does not necessarily have to cost much extra to tailor your business policy; you just need to shop around for the best deal. Providers such as CommInsure, Allianz, CGU and AAMI offer tailoring options and you can usually get quotes online.