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AMP business insurance

Everything you need to know about AMP business insurance

William Eve
William Eve

Updated

Fact checked

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AMP business insurance can help protect your livelihood and provide expert support when you need it most. It offers cover against a wide variety of risks, including fire, theft, liability, and business interruption.

Finder's favourite features include:

  • It has flexible payment options. You can make a payment annually or on a monthly basis through a debit account, credit card, or cheque.
  • It has a fast and efficient claims service with a 24-hour emergency assistance across Australia.
  • It provides excellent service and advice from financial experts who can help you choose which type of cover your business needs.

With AMP business insurance, you can be prepared for unforeseen events. You can choose from these different types of coverage to protect your business and your assets:

  • Fire and Other Damage Insurance. This provides cover for your building and other business assets for certain listed events such as fire, storm, lightning, explosion, and earthquake Although this does not include cover against flood, it makes up for the absence by including the cost of removing the debris.
  • Burglary Insurance. There will always be people who will make an attempt to steal or destroy your business assets. By having this cover, you have the protection against theft of stock, electronic equipment, and other business contents found within your building after forced and violent entry.
  • General Property Insurance. This covers common office equipments such as laptops and mobile phones whether you are in or out of the office.
  • Business Interruption Insurance. What are the chances that your business will generate no income? The chances might be slim, but having Business Interruption Insurance covers your income loss due to the effect of an insured damage which occurs within an insured premise.
  • Accidental Damage Insurance. This gives you protection and coverage because of accidental loss or damage to the insured property at your insured premises.
  • Glass Breakage Insurance. If the building where your business is has glass as its main component, you might want to get this cover for you. This plan covers the replacement of broken glass. Coverage also includes the cost of temporary shuttering, replacement of sign writing, repairing plastic signs up to $5,000, and the replacement of damaged or spoilt stocks because of the broken glass.
  • Public and Products Liability Insurance. Covers any kind of legal liability for personal injury or damage to property caused by an event which is connected with your business.
  • Fraud and Dishonesty Insurance. Although every employer wishes their employees were loyal and dedicated, there are still cases where an employee causes a severe blow to a company through fraud. By having this insurance type, you are assured that whether fraud or dishonesty is committed by one of your employees, you are sufficiently covered.
  • Goods in Transit Insurance. If your business requires your products to be transported, having this insurance covers you in such events where goods are damaged due to collision, derailment, explosion, and other listed events.
  • Money Insurance. This gives you protection against loss of your money which is in your office, your house, or being transported.
  • Equipment Breakdown Insurance. This pays you for any amount needed for the repair of electrical or mechanical equipments due to sudden or accidental breakdowns.
  • Tax Audit Insurance. If you have to pay professional fees in relation to your tax audits, then here’s the cover for you.

The AMP Business Insurance is a comprehensive tool to protect you against any damages or loss. By mixing the right coverage, you will have the peace of mind knowing that you are totally and perfectly covered.

More of the benefits of having business cover in place

Business insurance may sometimes be confused with Business Overheads Insurance which gives a different coverage. Business insurance, like its cousin, is one of the least understood in the insurance industry.

Almost all people are familiar with car or home insurance and how it works. Both types of coverage give protection to your car or home against physical damage caused by man-made or natural disasters.

Business insurance works the same way by protecting your business against such risks. Although risks are common, there are risks that can prove to be destructive to your business. By foreseeing these risks, the most logical step we can do is to plan ahead.

Business insurance is a broad description of the different types of policies inside it. But no matter which type of policy it is, there’s only one goal – the management of risks. And before buying the insurance that would help you manage those risks, here is a brief outline of the process which can be helpful.

  1. Know the different types of coverage. Knowledge is power so they say. By having a clear understanding about the different types of business insurance cover, you would be able to see through the intricacies and complexities of each insurance type. Furthermore, you will be able to ask the right questions to your financial adviser.
  2. Evaluate your business. Make an evaluation about your business so that you will have an idea what is needed in your business at present and in the future. You can begin this by creating a profile of your business and let an insurance expert help you get quotes with the type of coverage you need.
  3. Talk to a financial adviser. You can’t just do things on your own. A financial expert can give you precious insights how to take your business to the next level and what things are needed to face foreseeable risks.
  4. Re-evaluate your business insurance plan on a regular basis. Upon buying your business insurance plan, set a regular date when you can check your business insurance regularly. As things change, monitor the changes and check if you need less or more coverage.

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