Insurance protects businesses in the event that something goes wrong. There are many types of business insurances which may be of benefit, depending on the industry, the type of business and the size of their operation. There are two types of insurance which are compulsory for Australian businesses: workerï¿½s compensation and compulsory third party insurance.
Every state and territory protects employees in the event of an accident or sickness by offering workers compensation. As the states are free to determine their own regulations in this area, businesses must refer to the government resources which apply in their jurisdiction:
Compulsory third party insurance covers claims made against a person or business for personal injury resulting from the use of a company vehicle. CTP insurance is required to register a vehicle, though most businesses choose to take out a higher level of insurance which covers damage to property or damage to their own vehicle..
Each state has their own compulsory third party insurance regulations: