Business pack insurance or BizPack is a policy that packages together all the basic insurance requirements for a business under one package price.  Business Pack insurance can be sold as an “off the shelf” modular product (usually by direct to insurers like BizCover) or as a tailored package curated by your broker in consultation with your insurer.

Areas that can be covered under Busines Pack insurance include;

• Liability  (to pay compensation for personal injury to third parties and/or damage to their property (i.e. members of the public) if found liable.
• Property
• Business interruption
• Burglary and money
• Glass
• Employee dishonesty
• Machinery breakdown
• Electronic equipment
• General property

The value of business pack insurance

Business Pack Insurance is usually specific to your industry and includes additional cover for risks you may not have thought of but are commonly occurring in your industry.

Business pack insurance is ideal for SME businesses and if your operations turnover less than $5 million per year.

For example, an Office Business Pack for professional services businesses includes insurance for the contents of the buildings which are used in the business and are owned by you or for which you are legally responsible.

All Risks Package for large businesses

Industrial special risks insurance is your go-to policy for complex business setups. That’s usually companies with assets valued at between $5 million and $100 million.

ISR is best for companies that have multiple locations and a diversity of operations (for example a production factory, warehouse and show room) .

It covers:

• Loss of land value, emergency or temporary accommodation and landscaping
• Property in transit
• Property damage – malicious or accidental – often including internal and external glass breakage
• Theft
• Natural disasters, weather events, fires, and removing debris afterwards, etc.
• Business interruption such as when you can’t access public utilities you need to operate
• Rewriting your records, and more.

ISR cover is sometimes called ‘all risks’ because technically, it covers almost everything. Like all policies is does have some exclusions and optional extras, so won’t offer blanket protection, however it is considered the most flexible and comprehensive policy for business.

The information in this article should be regarded as general advice. Your personal objectives, needs and financial circumstances were not taken into account when preparing this website content. We recommend that you consider the suitability of this general advice, in respect of your objectives, financial situation and needs before acting on it. You should obtain and consider the relevant product disclosure statement and Financial Services Guide from Allsafe Insurance Brokers before making any decision to purchase a financial product.