Where once a bricks-and-mortar business would face the risk of someone slipping on their wet shop floor and suing them for damages, liability has now moved into the cyber realm.
A business now risks harming its customers through digital means, such as inadvertently spreading viruses or malware in marketing emails or compromising customers’ privacy and personal details via an online security breach.
And unfortunately these new exposures are not instead of the normal risks but as well as, meaning a business must not only insure itself against online risks but also take out other more traditional forms of business cover. These might include product liability insurance if they are selling goods online and professional indemnity insurance if they are offering professional services or advice online.
| Response | WA | VIC | SA | QLD | NSW |
|---|---|---|---|---|---|
| Yes | 76.86% | 77.56% | 75.27% | 68.66% | 74.01% |
| No | 23.14% | 22.44% | 24.73% | 31.34% | 25.99% |
An online business should also have a range of traditional business covers in its portfolio, including:
Workers compensation insurance: if you pay annual wages. It is compulsory in Australia but differs in every state and territory.
Public liability insurance: if there is a bricks-and-mortar aspect to the business.
Product liability insurance: if you sell goods to the general public.
Professional indemnity insurance: if you provide professional services or advice.
Business insurance: to protect your stock, essential equipment etc against theft or damage.
Personal accident and illness insurance: to cover loss of income due to illness or injury if you are a sole trader.
Read our guide about business insurance
upcover is all about straightforward business insurance for independent workers and small businesses.
If you are a massage therapist, you’ll need to consider business insurance including professional indemnity cover.
Find out what insurance you'll need if you run a food truck business.
There are various types of insurance to consider based on your specific business needs. Find out more in this guide.
Complete guide to getting insurance for trucks in Australia.
What is importers insurance? Find out why it's essential if your business imports products to Australia.
Working as a personal trainer exposes you to a wide range of unique risks. Compare business insurance policies designed for personal trainers.
A simple guide to salon and hairdressers insurance.
Construction all risk insurance offers protection for damage to your construction project as well as injury/damages to third parties.