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Liability Insurance Australia
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Liability Insurance Australia :: Articles

Types of Insurance Policies Every Business Owner Should Consider

What insurance policies are essential for business owners to consider?

Types of Insurance Policies Every Business Owner Should Consider

⚠️The information on this website is general in nature and does not take into account your objectives, financial situation, or needs. Consider seeking personal advice from a licensed adviser before acting on any information.

Protecting business investment with insurance is a critical part of every sensible business owner's business plan. Insurance protects businesses from unexpected financial risks due to natural disasters, accidents, liabilities and losses, which may run in to thousands.
Protecting business investment with insurance is a critical part of every sensible business owner's business plan. Insurance protects businesses from unexpected financial risks due to natural disasters, accidents, liabilities and losses, which may run in to thousands.
Here are some insurance policies every business owner should consider to protect his investment as well as to ensure smooth running of his business.

Liability insurance

Business liability insurance covers the compensations and legal hassles resulted from the accidents, injuries, damage and loss caused by the business to third parties. There are three major types of liability insurance:

  1. Public liability insurance
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    Public liability insurance protects your business against financial risk of being found liable for death, injury, loss or damage of property caused to the third party due to your negligence.
    For example, if a customer slips and falls due to wet floor at your business premises and gets injured, he may sue you and claim for compensation.
    Public liability insurance helps you during this kind of situations by taking care of legal and medical costs.

  2. Product liability insurance

    If your business involves in manufacturing, selling, or supplying goods, you should consider product liability insurance.
    It protects your business against financial loss as result of defective product that causes injury or bodily harm to the customer.

  3. Employers' liability insurance

    As a business owner, you are responsible for the health and safety of your employees while they are at work.
    An employee being injured while on the job, can file a compensation claiming that he should be given medical help and wage replacement while in recovery.
    This insurance protects you from the liabilities arising from disease, fatality, or injury to employees resulting from workplace conditions or practices.

Professional indemnity insurance

Professional indemnity insurance is a special type of liability coverage for professionals like accountants, architects, engineers, lawyers, insurance brokers and financial advisers.
In case of any faulty advice/service rendered by these professionals that causes damage to the client, the professionals are legally liable to pay compensation, if the client sues them. Having this particular policy, can help you face these legalities as well as the monetary claims.
For example, a patient may sue a physician for faulty diagnosis or improper treatment.

Business assets insurance

Business assets insurance covers the business assets such as buildings, premises, equipment, vehicles, stocks, and contents against losses arising from theft, fire, flood, natural disasters or other damages.
It provides financial assistance to rebuild or repair business property so that operations continue with as little disruption as possible.

Business interruption insurance

Your business operations may be interrupted due to sudden damage caused by natural disasters or any other accidents.
As it takes time to restore your business operations and generate profits, having business interruption insurance will offer cover for the loss of income, continuing fixed costs and other expenses associated with closure of your business.

Personal insurance

As a business owner, you should take a personal insurance policy as you are the key person in the business.
Personal insurance policy covers you against the risk of death, injury, accident or illness.
It provides income replacement, creates liquidity to pay-off debts and estate taxes on behalf of you.
Having known the different types of insurance policies and their benefits, you can either opt for selected policies or a comprehensive business insurance cover, which is customized as per your business needs. Select an appropriate insurance coverage and protect your business.

Published: Sunday, 1st Aug 2021
Author: Paige Estritori


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The Australian labour hire industry has seen a significant rise in recent years, and with this growth, comes new and unique risks that companies in this industry must be prepared to navigate. One such risk is the potential for accidents or damages to occur in the workplace, which is where public liability insurance comes in. This article will explore the definition of public liability insurance and why it is so important for labour hire companies in Australia. - read more
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For Australian business owners, planning for unforeseen disasters is not just prudent; it's an essential aspect of sustaining operations amidst challenges. Recognizing the importance of comprehensive strategies, including robust insurance cover, can make all the difference in business longevity and legal protection. As we navigate the complexities of running a business, it's imperative to have a safeguard against mishaps that could otherwise jeopardize our hard-earned success. - read more
Understanding the Key Factors Influencing Your Liability Insurance Premiums
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Public liability insurance is a type of insurance policy that provides coverage for businesses and individuals against claims made by third parties for injuries or damages sustained while on their property or as a result of their activities. - read more

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The Life Code Compliance Committee has identified significant gaps in support for Indigenous customers within the insurance sector, following an audit of three major insurers representing two-thirds of the market. The analysis reveals that these insurers lack adequate procedures for safe self-identification, a critical step towards ensuring cultural inclusivity and accessibility. - read more
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The Australian insurtech sector is experiencing significant growth, with startups introducing innovative solutions that enhance efficiency, security, and customer engagement within the insurance industry. A recent report titled 'Insurtech Down Under: Trends, Tech and Triumphs' highlights the pivotal role these companies play in reshaping the market. - read more
Australian Insurers Address Surge in Mental Health Claims
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The Australian insurance industry is facing unprecedented challenges due to a significant rise in mental health-related claims. The Council of Australian Life Insurers reports that mental health has become the leading cause of total and permanent disability claims, accounting for nearly one in three payouts. - read more
Calls for Overhaul in Australian Insurance Claims Handling Processes
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Australian consumer advocacy groups are intensifying their calls for substantial reforms in the insurance industry's claims handling processes. The Australian Consumers Insurance Lobby (ACIL) has criticised the current system, highlighting ongoing issues that compromise consumer outcomes. - read more
WFI Insurance Rewards Sustainable Farming with Premium Discounts
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In a significant move towards promoting sustainable agriculture, WFI Insurance has announced a new initiative offering premium discounts to farmers who obtain AgCarE certification. This program, developed by AgForce, aims to recognise and reward farmers implementing eco-friendly practices on their properties. - read more
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Knowledgebase
Double Indemnity:
A clause or provision in a life insurance policy that doubles the payout in cases of accidental death.



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