Here are the most
popular and important
insurances to have
when running a business
in Australia

When running a business, it is crucial to have adequate insurance coverage to protect yourself, your assets and your employees.

The specific insurance policies you need may vary depending on the nature of your business, industry and location. However, there are several key types of insurance that are generally considered essential for most businesses.

1. Public liability insurance

Public liability insurance covers your business against claims of property damage or personal injury to third parties that occur as a result of your business activities. It is particularly important if your business interacts with the public or works on clients’ premises.

2. Professional indemnity insurance

Professional indemnity insurance provides coverage for businesses that provide professional services or advice. It protects against claims of negligence, errors or omissions that may arise from the services or advice provided by your business.

3. Workers’ compensation insurance

Workers’ compensation insurance is mandatory for businesses in Australia that employ workers. It provides coverage for employees who suffer work related injuries or illnesses and covers medical expenses, rehabilitation costs and lost wages. Each state and territory in Australia has its own workers’ compensation scheme.

4. Business interruption insurance

Business interruption insurance helps protect your business against loss of income and ongoing expenses when your business operations are disrupted due to an insured event such as fire, flood or natural disaster. It helps replace lost revenue and covers expenses necessary to keep your business running during the interruption period.

5. Cyber liability insurance

Cyber liability insurance is becoming increasingly important for businesses in Australia due to the growing threat of cyber risks. It provides coverage for losses or liabilities resulting from data breaches, cyber-attacks or other cyber incidents. This type of insurance helps to cover costs such as data recovery, legal expenses, notification to affected individuals and potential legal liabilities.

6. Product liability insurance

Product liability insurance is crucial if your business manufactures, distributes or sells products. It covers you against claims of property damage, personal injury or financial loss caused by a faulty or defective product.

7. Commercial property insurance

Commercial property insurance protects your business property, including buildings, equipment, inventory and contents against perils such as fire, theft, storm damage or vandalism. It provides coverage for repair or replacement costs and helps you to recover quickly from property related losses.

8. Management liability insurance

Management liability insurance offers protection for directors, officers and managers against claims arising from alleged wrongful acts, such as breaches of duty, negligence or misleading conduct. It covers legal defence costs and potential damages.

We can introduce you to our preferred insurance professionals who can assess your specific business needs and provide guidance on the most appropriate insurance coverage for your industry and circumstances. They can help you understand the regulations and recommend additional insurance options based on your specific risks and exposures.

By securing the right insurance policies for your business in Australia you can mitigate financial risks, protect your assets and ensure the long term success of your business.

And remember, if you want a regular monthly payment for all your business insurance premiums, we can help you secure insurance premium funding as well.

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Contact the office

If you are not sure of the policies you need for your business or cannot manage the annual premiums, then we need to chat. 

Email the office and we’ll be in touch to help as soon as we can. 


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Disclaimer: This article provides general information only and has been prepared without taking into account your objectives, financial situation or needs. We recommend that you consider whether it is appropriate for your circumstances. Your full financial situation will need to be reviewed prior to acceptance of any offer or product. It does not constitute legal, tax or financial advice and you should always seek professional advice in relation to your individual circumstances. © 2023