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Are you at Risk for not having the right Insurance cover for your Business?

By Peter Vickers Insurance Brokers | small business insurance, small business, Insurance |
We unpack BizCover's 2022 Small Business Bravery Report and what is means for insurance.

Data was gathered from 1,327 SME's across 20 Industries Australia-wide in early 2022.

“Despite a massive skill shortage across multiple industries in Australia and 22% of small businesses saying it was a concern, only 2% have Key Person Insurance,” BizCover said. 

While just over a quarter of small business owners were concerned about personal liability as a director or manager and almost a third had Management Liability cover, 70% were not covered for claims of wrongful acts in the management of their business.

BizCover says underinsurance among specific types of coverage may be because it is not required by contracts or industry associations, yet even the most common coverage for small businesses was under represented.

“Any small business with physical interactions with a third party should consider Public Liability cover. Yet a third of respondents said they did not, and only 11% were concerned about the risk.”

While 53% of small businesses took out a Professional Indemnity policy

The Report, says while cybercrime, data breaches or fraud were named the top risk by 31% of small businesses, only 7% of businesses had Cyber Insurance.  Read More

Globally, it is estimated that 4000 ransomware attacks occur and 230,000 new malware samples are produced every day. With an estimated 50% of all cyber-attacks target at SME’s. (Steadfast)

While you can’t always prevent a Cyber-attack, you can be protected from one with the right insurance cover. So what can Cyber Insurance Cover?

  • Interrupted business
  • Hiring negotiators and paying a ransom
  • Recovering or replacing records or data
  • Liability and loss of third-party data
  • Defence of legal claims
  • Copyright infringement
  • Misuse of intellectual property online
  • Crisis management and monitoring
  • Prevention of further attacks

For the right policy and the right level of protection that suits your budget and your business  Call Peter Vickers Insurance Brokers on 1300 784 011.

Read the full report: BizCover’s 2022 Small Business Bravery Report 

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Peter Vickers Insurance Brokers is part of the Steadfast broker network.