A guide to Business insurance.
In Australia alone, we spend $200 million on Easter chocolate each year… (Ok I didn’t spend that much, but I certainly bought a few Eggstra this year – mind the pun).
It also came to my realisation, that unlike Santa, the Easter Bunny works alone at this time of year. Well – that is as far as we all know – what an amazing effort!
But similarly to Santa’s Insurance list (that we sent around at Christmas), it’s important the Easter Bunny has insurance for all sorts of mishaps that could happen along the way.
Firstly, if the Easter Bunny was unwell and unable to work, it would be important to have Income Protection Insurance, this way the Easter Bunny is able to recoup up to 75% of lost income generated. In Australia alone, that’s at least $150 million in income.
Second of all, the Easter Bunny must have Product Liability Insurance. The biggest risk the Easter Bunny faces is his stock, perhaps a contamination of nuts. This could result in a large number of illnesses, and you could imagine the lawsuits that would follow! So having liability insurance would protect the Easter Bunny against any claims of damages for illness caused by the products produced. Also, if any product labels were incorrect, it would also cover fines and legal battles in this regard.
Thirdly, we discuss Public Liability Insurance. One of the biggest traditions is an Easter Egg Hunt, and we all know what’s involved here! We wake up and the Easter Bunny has hidden Eggs in perhaps our Backyard, or all over the house. Such a fun activity! However such pastimes present a public liability risk to the Rabbit, if a child injured themselves during the hunt – the Easter Bunny could be deemed to be at fault.
Fourthly, imagine the Easter Bunny’s warehouse production line, or all of the fridges used in Australia to store the Eggs before Easter. What happened if all of these broke down? This is why it’s important the Easter Bunny also has Machinery Breakdown Insurance. Cover for the deterioration of stock, cost of repairs or replacement, and compensation for lost stock.
Next in line is Business Interruption Insurance. This is extremely important if something goes wrong. Anything out of the Easter Bunny’s control could stop production, causing Egg production to come to a halt! The Easter Bunny will want to cover any losses.
Lastly, a Management Liability policy is a must have for the Easter Bunny, with cover including pollution defence costs due to Easter Egg wrappers impacting the environment, Statutory Liability if the Easter Bunny incurs any fines uncovered by an Audit. It will also cover the Easter Bunny for any risks and exposures faced during the Easter period.
So, what have we learnt from this article? Every business faces risks.
We can only assume the Easter Bunny had eggcellent Insurance cover (mind the pun again), with an A++ Insurer, and a wonderful Insurance Adviser, ensuring production continues each year without a hitch.