Insurance
Insurance safeguards your business and assets in the event of theft, fire, liability claim or other unforeseen events. Learn all about the different types of insurance for small businesses.
Continue Reading Continue Reading5.57K FOLLOWERS
Protect your business from exorbitant costs when recovering from theft and burglary
Insurance for money lost, stolen or damaged on your business premises
Insure your commercial properties from fire, theft and other damages
Cover for property damage or personal injury due to products your business supplies or sells
Protect your business against losses from fraudulent activities committed by your staff
Get compensation for your goods in the event they are damaged or stolen
Cover your heavy machineries and equipments for accidents, damage, theft or vandalism
Defend yourself from claims made regarding the advice/services you offer clients
Protect your income and cover expenses in case you can't trade due to unforeseen circumstances
Cover your electronics against accidental damages, theft, fire and other mishaps
Cover your expenses in the event of a tax audit from the Australian Tax Office
Cover for your assets and properties while being moved between locations
Cover for third party damage as a result of your business activities
Find insurance policies to protect your business, assets and livelihood
Protect your business vehicles such as cars, utes, vans, forklifts, trailers, etc
Jane Jones, Manager at SavvySME
Thanks everyone. @Kate Fairley - can I get your opinion on this one?
https://www.savvysme.com.au/article/1190-importance-of-having-public-liability-insurance
Marcus Tjen at Rugged Computing
Go see an insurance broker and tell them what insurance you need. It shouldn't be too different from Uber insurance or Air BnB insurance.
Melissa Green, Marketing manager at Handy Gardeners
Hi,Thank you for the great article, Kate. I know that a lot of people that currently run a home business or have thought about starting a business out of the home, make the mistake of assuming that the homeowners insurance policy provides sufficient coverage. It's important to find the right insurance for you.Greeting,Melissa from Handy Gardeners
Whenever possible, hope to work with bigger organizations and use their preexisting technologies. In a perfect world, they will enable you to white-mark their products so you can make a unique brand presence. This system will most likely save you thousands and give your business time to work out buy dissertation uk your own particular products.
Mark Mellish, Account Manager - Niche and Commercial at Richard Mellish Insurance Services
I think it is also a relevant that Business Owners seek the advice of a professional Insurance Broker - one that represents the client (not the insurer) and can tailor a solution to their needs (not just from a limited panel of insurers). So many times I have seen people source quotes online or from providers that only offer General Advice and find out that the cover is not actually what they require.
Also from the first point "Public Liability insurance will also generally include Product Liability cover" - this is true for 'business' policies, but I have seen a growing rise in cheaper policies (usually aimed at market stall businesses or similar) which are Public Liability only. This is very concerning as these people usually have a greater exposure from their Products than from someone falling over their stall...
Featured Offer
This is a Premium Business feature
Insurance is one of the building blocks of starting and growing a successful business. Having adequate insurance in place could be the difference between being able to navigate your business through an unexpected event or having to close your doors.
According to QBE SMEs and Insurance Report (2019):
Source: QBEs 2019 SMEs and Insurance Report
No great business venture comes without risk. It’s often a case of the bigger the investment or opportunity, the higher the stakes and potential loss. Whether it’s accidental damage, natural disasters, cyber security or business interruption, your risk exposure can be managed with careful planning and a good business insurance policy.
The purpose of this page is to introduce the different types of insurance for small businesses and help you get a clearer idea of the cover you may need. We can also send you in the right direction of insurance brokers who can advise you based on your particular circumstances.
Business insurance protects businesses in the event of unforeseen incidents such as customer or staff accidents, damage as a result of natural disasters, negligence claims, theft or burglary. An insurance policy can cover the costs you may have to pay out, such as expensive litigation fees and renovation work.
There are many different types of insurance and the cover you need will depend on the industry, type of business and size of the business among other factors. The risks SMEs face is industry and business-specific, but some typical examples include:
There are many reasons why you should consider taking out business insurance including:
In Australia, there are two types of insurance that are compulsory for businesses:
Public liability insurance may also be compulsory depending on your business activities.
Workers’ compensation insurance (also known as WorkCover), is compulsory for all sole traders who employ staff. A workers’ compensation policy usually offers your employees first aid cover, workers’ compensation and return-to-work rehabilitation benefits.
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:
As a sole trader, you can’t cover yourself under your own workers’ compensation policy (unless you can be legally regarded as a working director). This is why it’s important to consider alternative income protection policies to cover you if you are unable to work due to sickness or injury.
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.
Every state has its own compulsory third party insurance regulations:
In addition to the compulsory insurance policies above, there are many options available to protect your business assets and income. These include:
Although insurance is not a mandatory requirement for sole traders (unless you employ staff and therefore need workers’ compensation insurance) it’s highly recommended to take out an appropriate policy to help you cover the costs in case something went wrong.
There are typically three main insurance types for sole traders:
Business insurance gives you peace of mind that in the event of a fire, theft, liability claim or other unprecedented events, your business could survive. It’s not worth the anxiety of having no insurance looming over your shoulder.
If you’re unsure about the type of insurance you need, or would simply like to get some tailored advice, we can connect you with insurance brokers here on SavvySME. We have put together some information on the type of services insurance brokers offer, how much they charge and how to hire.
You can also browse our articles and resources on business insurance, or reach out to our community members with your questions.
Yes, as home and contents insurance policies often don't cover your business activities and assets in the event of accident, damage or loss. Depending on the size and nature of your business, you may be able to cover the business as an extension of your home insurance, though it is often better to seek out specialised business insurance options. Insuring a home business is vital, though it is often overlooked by new business founders. If you are at all unsure about your insurance needs, you should seek advice from a qualified insurance broker.
As a sole trader, you are not legally required to take out an insurance policy. However, if you employ staff it is a compulsory requirement to take out a workers compensation insurance policy to protect your employees.
Personal accident or personal injury is a vital type of insurance for sole traders. As you are self-employed, you are not covered by a workers' compensation policy. If you had an accident or became ill and couldn’t work, this could have severe financial consequences. Personal accident/injury/sickness insurance provides financial compensation for the time you are unable to work (many policies cover up to 85% of your income over a specified period).
If you are a sole trader and operate any of the following businesses, you should consider taking out professional indemnity insurance (note: this list is not exhaustive and provides examples only):
If you are a tradie and provide a manual service-based business such as plumbing, construction or residential electrical repairs, there is a high risk that your work activities could damage or injure a third party or their property. As you are liable for any financial costs as a result of claims made, liability insurance for tradies is important as it provides financial cover for liability claims.