Business Pack
Insurance.

A business pack insurance policy bundles several commercial insurance covers into a single policy structure. It typically combines property cover, public liability, business interruption, theft and other sections relevant to businesses with physical premises and operational assets. It is commonly arranged by small and medium-sized businesses in retail, hospitality, professional services, trade and other industries that have a fixed base of operations and need more than a standalone liability policy.

A standard business pack does not typically cover professional advice errors or omissions, which require a professional indemnity policy. Management liability, directors and officers liability and cyber liability are also generally not included unless specifically added as extensions or separate covers. Workers compensation, commercial motor and business travel are also generally separate policies. A business pack covers the operational property and liability risks of a business, not the full range of insurance a business may require.

A business pack is generally suited to businesses with physical premises, stock, equipment or customer-facing operations where property and liability risks are the primary concern. Retail shops, cafes and restaurants, offices and professional practices, workshops, salons, gyms and similar businesses are common examples. The appropriateness of a business pack depends on the specific sections available from each insurer and how well they match the business's actual risk profile.

Business pack policies vary by insurer but commonly include building and contents cover, stock cover, business interruption, public liability, theft, money cover, glass cover, machinery breakdown, electronic equipment and portable equipment. Some insurers offer optional extensions including cyber liability, tax audit cover and management liability. The range of available sections and their sub-limits vary significantly between insurers and should be reviewed carefully.

A business pack addresses the property and liability risks of running a business with physical premises, but it does not cover all exposures your business may have. If you provide professional advice or services, you may also need professional indemnity insurance. If you have directors and employees, you may need management liability cover. If you hold customer data or operate online, you may need cyber liability cover. Get in touch and we can help work out whether a business pack covers what you need or whether additional covers are required.

A sub-limit is a lower limit of cover that applies to a specific section or item type within the broader policy limit. For example, a business pack may have an overall contents limit of $500,000 but a sub-limit of $10,000 for portable equipment or $5,000 for money. Sub-limits are a common source of gaps in coverage if they are not reviewed against your actual exposure. When you get in touch, we can help identify sub-limits that may not reflect what your business actually holds.

Business interruption cover is designed to respond to the loss of revenue and increased operating costs a business incurs when it cannot operate normally following a covered event such as a fire, flood or storm. It responds to the financial impact of the interruption, not just the physical damage to property. Business interruption cover within a business pack is subject to an indemnity period and a method of calculation that should be reviewed to ensure it reflects how the business actually generates revenue.

Business pack premiums vary depending on the industry, the size and value of the property insured, the business revenue, the sections included and the claims history. A small office or professional practice with modest contents and revenue can attract premiums from $500 to $2,500 per year. Retail, hospitality or trade businesses with higher property values and public liability exposure typically pay more. Every business is different. The only way to get an accurate figure is to talk through your specific situation with us.

Business pack claims vary widely depending on which section is triggered. A minor theft or glass claim may involve a few thousand dollars. A fire or flood that destroys a business's premises, stock and equipment and prevents trading for months can result in a property claim and a business interruption claim that together run into hundreds of thousands or millions of dollars for larger operations. The financial impact of an uninsured event of that scale can be severe for a small business.

Public liability insurance is a single standalone cover for third-party bodily injury and property damage. A business pack is a packaged policy that includes public liability as one of several sections, alongside property, business interruption and other covers. A business that only needs public liability may arrange a standalone policy. A business that also has property, stock and operational assets to cover may find that a business pack addresses multiple needs in one policy.

Business interruption insurance is a specific cover for lost revenue and increased costs following a property event. A standalone business interruption policy addresses that risk in isolation. A business pack typically includes a business interruption section alongside property and liability covers, so that the property damage and the resulting revenue impact are addressed under the same policy. The scope of the business interruption section within a pack should be reviewed to ensure it is adequate for the business.

Insurers typically ask for the nature of the business, the premises address and tenure, the value of building, contents and stock, the annual revenue for business interruption cover, the sections of cover required, any prior claims and any specific features of the premises such as heritage listing or remote location. When you get in touch, we will help you work through the right sections and present your risk to our insurer panel.

Notify us as soon as possible after an event. Secure the premises if there is a risk of further damage and document the loss with photographs. For theft, report the incident to police and retain the event number. Do not dispose of damaged property or authorise significant repairs without first consulting us. We will be actively involved throughout the claims process.

A decline from a standard insurer does not mean cover is unavailable. We have access to a wider range of insurers beyond the standard market, including those who write business types and risk profiles that standard insurers decline. Get in touch and we can look at what options are available for your situation.