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Insurance is essential to any business. It ensures that, should the unexpected happen, your business will not be burdened with unanticipated and unnecessary costs. In many instances, it is also a legal requirement.
Every business needs to protect itself from the unexpected. After all, few organisations have the funds just lying around to be able to pay legal costs and expenses, or cover large bills. Insurance provides that protection. CXC Global has a range of insurance options, which we can manage as part of our service to you. There are three main areas of insurance to consider - many of them compulsory for a business operating in Australia: Click on the links above to find out more.
Assets and revenue insurance This category of insurance includes: - Building and contents insurance: especially important if you own your business premises or have expensive equipment
- Machinery breakdown: in case important plant or machinery breaks down
- Motor vehicle: for many contractors, their vehicle is vital
- Business interruption or loss of profits: covers you if business is interrupted
- Fidelity guarantee: covers any losses from employees stealing or embezzling
- Burglary insurance: covers business assets against burglary
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People insurance - Workers Compensation: this is compulsory, and is addressed by each State or Territory’s legislation.
- Accident and illness: those who are self-employed are not covered by Workers Compensation. You will need to take out your own insurances, such as income protection, disability insurance and trauma insurance
- Superannuation: if you are employing others, you will need to provide super. For yourself, as a self-employed professional, you should provide for your retirement
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Liability insurance - Public liability: this protects you and your business from being found liable for death or injury, damage to property or economic loss
- Professional indemnity: protects you from legal action as a result of your advice and actions in delivering your services
- Product liability: covers you against claims of goods causing injury or damage
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