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How does business insurance work?

You pay a regular fee and in exchange you'll get financial help in heaps of untoward situations. That could be anything from burglary and storm damage, through to legal costs and compensation if you find yourself on the wrong end of a lawsuit.

One of the best bits of business insurance is that you can pick and choose which types of cover you want. Don't have any stock? Scrap commercial property. Worried about an online hack? Add cyber insurance.

Is business insurance compulsory?

• Public liability insurance and professional indemnity are compulsory for certain professions. Without it, you may not be able to operate with a full licence.
• Different states set requirements for liability insurance, as do professional associations and licensing bodies. Some even set minimum requirements for the amount of insurance needed.
• Many businesses will require that their suppliers or service providers have business insurance as part of their contract.

Frequently asked questions about business insurance

• What is business insurance?

  Business insurance is a catch-all term for a number of policies that can protect your business from financial loss. This can include the damage, theft or loss of your property, equipment or stock. It can also cover legal costs linked to your company's activites.

• What are the main types of business insurance?

  The main types of business insurance are:

  • Public liability insurance
  • Professional indemnity insurance
  • Commercial property insurance
  • Business interruption insurance

• Do I need workers compensation insurance?

  If your business employs someone, you will probably need workers compensation insurance. It's a legal requirement in all Australian states. You can find out more about workers compensation here.

• Can I get drone insurance as part of business insurance?

  Drone insurance can be included in your business insurance policy if you require it. It can cover you for loss or damage, aviation liability, data protection and more.

• What is public liability insurance?

  Public liability insurance can cover legal costs if you cause injuries to someone or damage their property. It refers to damages from the physical surroundings and property – not from services you provide (this is what professional indemnity covers).

• How much does business insurance cost in Australia?

  Business insurance costs vary but typically start from $50 to $100+ per month, depending on the industry, coverage and risks you're covering.

• Is business insurance compulsory?

  Some types, like workers' compensation insurance, are mandatory. Others, such as public liability insurance, are highly recommended but optional.

• Can I take out Public Liability insurance?

  Public liability business insurance is available to business owners, contractors, and sole traders. It offers financial protection in case a third party experiences harm or loss on your premises or because of your operations.