Every business faces risk, but no two businesses face exactly the same risks. That is why there is no single business insurance policy that covers everything. Instead, business insurance in Australia is made up of several different covers, and the right mix depends on what you do, who you work with and what you could lose. This guide walks through the main types of business insurance so you can see which ones matter for you.
This is the foundation for most businesses that deal with the public, clients or suppliers. It covers compensation and legal costs if a third party suffers injury or property damage that you are responsible for. Many contracts and landlords will not proceed without it. Learn more in our guide to public liability insurance costs, or read the public liability insurance overview.
If your business gives advice or provides a professional service, this cover protects you against claims that your work caused a client financial loss. It is essential for consultants, advisers and many licensed professionals. Our article on what professional indemnity insurance is explains it in full, and you can see the professional indemnity insurance cover here.
This protects your physical assets, such as your premises, stock, equipment, tools and fit out, against events like fire, storm, theft and accidental damage. If losing your building or contents would stop you trading, commercial property insurance belongs in your program.
If an insured event forces you to close or slow down, business interruption cover helps replace the income you lose and meet ongoing costs such as rent and wages while you recover. It is often the difference between a setback and a closure.
If you employ staff, workers compensation is a legal requirement in every Australian state and territory. It covers your employees for work related injury or illness. The scheme is government regulated and varies by state, so it is worth getting clear guidance on your obligations.
Rather than buying covers one at a time or copying another business, start with three questions. What am I legally or contractually required to hold? What would stop my business trading if it went wrong? What could I not afford to pay for out of my own pocket? The answers point you to the covers that matter most.
Many of these policies can be combined into a single business pack, which is usually more affordable and far easier to manage than separate policies. Bundling also reduces the chance of gaps where one cover ends and another should begin.
Getting the mix right is where a broker earns their keep. At Axle Insurance we help businesses across Australia, including Sydney, the Gold Coast and beyond, put together a complete business insurance program that fits their trade and their budget, with no cover they do not need and no gaps where it counts.
Want a program built around your business? Get a free quote and we will put it together for you.
Workers compensation is required in every state and territory if you employ staff, and some industries require specific covers to hold a licence. Most other covers are strongly recommended rather than compulsory.
For most businesses it is public liability, followed by professional indemnity for service providers and commercial property for those with premises, stock or equipment.
Yes. Many covers can be bundled into a single business pack, which is usually cheaper and easier to manage than separate policies.