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A business faces a myriad of risks every time it opens its doors, from fire, theft, damage and loss to being sued for injuries by a member of the public. So having some form of business insurance is important to protect both your assets and yourself from the liability of running a business.
There are usually two types of insurance that are mandatory for most Australian businesses:
The right insurance for your business will depend on several factors, including the kind of business you are in, its size and structure, and the industry you belong to. To narrow it down, here are some of the questions you might need to ask yourself as a business owner:
Key questions | Answer | Cover types you may need: |
---|---|---|
Do you make goods that are sold to the public? | Yes | Product liability insurance |
Do you serve customers in a public place or at your premises? | Yes | Public liability insurance |
Do you give advice in professional capacity | Yes | Professional indemnity insurance |
Do you have staff working for you? | Yes | Workers compensation, Employee fraud or dishonesty insurance |
Do you have any specific things you need protected? | Yes, I have machinery | Machinery breakdown insurance, electronic equipment insurance. |
Do you do most of you business online? | Yes | Cyber liability insurance |
The answers to questions such as these can give you an indication of where your main exposures are as a business and hence the kinds of business insurance you might need.
There are a number of other kinds of business insurance and, as mentioned, the types of cover you may need will depend on the business you are operating. They include:
If you employ staff to work in your business you are required to provide them with workers compensation insurance. 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.
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