Business Pack Insurance
Business pack insurance or BizPack is a policy that bundles together the basic insurance requirements for a business under one package price. It can be sold as an “off the shelf” product or as a tailored package curated by your broker.
If you run a small to medium sized business or simply are new to insurance and don’t know where to start, BizPack can be an easy and affordable option.
Business insurance packs can offer general protection for a business, which may include cover against property damage, business interruption, theft, machinery breakdown, public liability, and more.
If you are new to Insurance and you aren’t sure where to start, Business Pack Insurance is the way to go. As an owner of a small to medium-sized business, Business Pack Insurance is an easy and affordable option. Business Pack Insurance helps protect you against the main risks involved in running a business.
$73B
The cost of natural disasters to the Australian economy is estimated to reach $73b by 2060
62%
of SMEs are likely to be underinsured
87%
of small business owners agree that a business liability claim has the potential to put them out of business, cause them to lose revenue, or dry up cash flow
Frequently asked question
What isn’t covered?
Like all policies, there are some exclusions and optional extras. For example, it is worthwhile to note that Business Pack Insurance doesn’t include Workers Compensation. If you need Workers Compensation, you will need a separate policy.
Can I add more policies to a Business Pack Insurance?
Business Pack Insurance has been designed to provide protection against key exposures businesses face. But, depending on the nature of your business and government regulations, you might require extra coverage. Your broker can assess which aspects of each policy is relevant to you and exclude or include sections that are most appropriate for your business
Why opt for Business Pack Insurance?
Your Business Pack Insurance or “Bizpack” can cover the most common insurances you need to run your business in one flexible policy. By grouping and underwriting several risks together, Bizpack can be a more affordable option. You may also be offered better premiums (bundled price) and terms than if individual policies were purchased.
Will theft and glass be covered under Business Pack Insurance?
Theft and glass cover can be included under your Business Pack Insurance. If you are in retail, hospitality, or any business that has a brick-and-mortar store, you would like to consider having theft and glass cover. If you are unsure whether theft and glass cover is necessary, speak to your insurance broker.
Why is Business Pack Insurance recommended to small and medium businesses?
Biz Pack is recommended for small to medium businesses as it tends to be more convenient and cost-effective. Because Business Pack Insurance packages several policies together, you are likely to get a bundled price. And, with several policies bundled together, you will only have to communicate with your broker directly (instead of multiple insurance providers for each policy) Can a large business get Business Pack Insurance? As a large business, you can get a version of Business Pack Insurance. Business Pack Insurance in itself is most suitable for small to medium businesses. If you are after a package that intends to work in a similar way to Business Pack Insurance, then all risks packages, could be right for you. All risks packages known as Industrial Special Risks insurance is your go-to policy for complex business setups. Usually, if your assets are valued at between $5 million and $100 million. ISR is best for companies that have multiple locations and diversity of operations.
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$73b per year - the cost of natural disasters to the Australian economy is estimated to reach $73b by 2060 (The Australian Business Roundtable for Disaster Resilience & Safer Communities, Update to the economic costs of natural disasters in Australia, 2021)
62% of SMEs are likely to be underinsured (NIBA, A pulse check on risk trends for businesses, 2019)
87% of small business owners agree that a business liability claim has the potential to put them out of business, cause them to lose revenue, or dry up cash flow (NIBA, A pulse check on risk trends for businesses, 2019)
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+61 3 8379 7300
info@megalines.com.au
megalines.com.au
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Megalines Insurance & Risk Advisers is a trading name of Mega Lines Pty Ltd
Important note This information is provided to assist you in understanding some of the terms, implications and common considerations of Business Insurance, it is not complete, so please request full details from your Steadfast insurance broker. You should consider the Product Disclosure Statement (PDS) in deciding whether to buy (or continue to hold) this insurance and also whether this insurance is appropriate for you. The PDS can be obtained from Megalines Insurance and Risk Advisers. Deductibles, exclusions and limits apply. Business Insurance is issued by various insurers.