Are you covered?

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I’m looking at moving into a leased/hired premises. What insurances other than Liability and Professional Indemnity should I consider?

A: One cover you should consider is a Business Property Package. When moving into a leased premises you should always speak to your broker about any insurance clauses included in the lease. The lease will usually set out the types of insurances that the landlord requires you to hold, for example, Glass cover (or Plate Glass in some leases), Public & Products Liability and whether you are responsible for any fit-out that already exists at the premises. You will also need to consider insurance for your own business assets such as damage to your fit-out, flooring, contents and stock (computer equipment, mats, equipment, costumes, uniforms, etc.), theft of contents and stock (Burglary cover), theft of money (Money cover) or damage to mirrors and glass in windows and doors (Glass Cover).

What happens if the premises is damaged and you are not able to trade for a period? You may require Business Interruption insurance to protect your income for the period that you cannot trade. If there is any equipment that leaves the premises for classes at another venue or taken home with you (i.e., iPad, mats etc), then you should consider General Property cover too.

The above is an example of the types of cover you may need but it is not exhaustive. Your broker is there to assist you with planning and setting up the insurances that you may need. Please refer to the Product Disclosure Statement/Policy Wording before deciding on these products. Contact us for a copy or to obtain more information.

This article is provided by DanceSurance ... Insurance for dancers, by dancers.


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