What is workers compensation?

If you employ staff to work in your business, you are required to provide them with workers compensation insurance in Australia. This ensures they will have access to treatment, compensation and rehabilitation if a work-related illness or accident happens. While health, safety and occupational regulations vary from state to state, workers compensation is compulsory for employers in Australia and extends not just to your full-time employees, but can also apply to contractors who work for you as well. All business insurance policies have exclusions. To know exactly what you can't claim for, always read the PDS. In most cases, you probably won't be covered for the following: A company you acquired after taking out business insurance or any assets related to that company Unoccupied buildings or premises War, rebellion or insurrection Government-approved confiscation or destruction of your property Radioactivity Damage to buildings by lightning, earthquakes or impact by road vehicles or falling buildings Aggravated or punitive damages or fines Obsolete equipment that is no longer used by the business

How do I make a business insurance claim?

When you take out a policy, your insurer will give you a number and instructions about how to make a claim. In some cases, it can be done online. For many business insurance policies though, you will often need to call to make a claim. You'll usually need proof of ownership or legal responsibility and as many details as you can provide about your claim, including receipts, photographs and written statements.

What types of business insurance are tax deductible?

According to the ATO , you can claim tax deductions for most "operating expenses" incurred in the running of a business but not for private or domestic expenses. This means that insurance premiums for the following are generally tax deductible for businesses: Workers compensation insurance Professional indemnity insurance Income protection insurance Public liability insurance Motor vehicle insurance Loss of profits insurance Fire and theft cover

Can I get business insurance for a one-off event?

Yes. It's possible to get specialist event insurance that offers public liability cover for one-off events. Most larger brands don't provide cover for single days or events though, but if you already have insurance, you might be able to extend your cover to include single-day events.