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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 Prudential Regulation Authority (APRA) has announced a significant policy change aimed at mitigating risks in the housing market. Effective February 2026, APRA will impose a cap on high debt-to-income (DTI) home loans, limiting such loans to 20% of new home lending. This measure applies to both owner-occupiers and investors, with the exception of new housing developments. - read more
CHU's 2025 State of the Strata Market Report: Key Insights for Property Owners
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CHU, Australia's leading strata insurance underwriting agency, has released its 2025 State of the Strata Market report, providing a comprehensive analysis of current industry trends and challenges. The report indicates that strata insurance premiums have experienced a modest increase of 2.8% over the past year, rising from an average of $954 to $981 per lot annually. This growth rate is notably lower than the 3. - read more
NSW Fair Trading Proposes New Powers to Ensure Strata Property Maintenance
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The New South Wales (NSW) government has introduced a new tranche of strata reforms to parliament, aiming to enhance the maintenance and safety of apartment buildings across the state. A key component of these reforms is the proposal to grant NSW Fair Trading the authority to enter any apartment building without a warrant if there are reasonable grounds to believe that the owners corporation is failing to maintain common property adequately. - read more
ACCC Halts IAG's Acquisition of RAC Insurance Over Competition Concerns
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The Australian Competition and Consumer Commission (ACCC) has recently blocked Insurance Australia Group's (IAG) proposed acquisition of RAC Insurance Pty Limited. This decision underscores the regulator's commitment to maintaining competitive dynamics within Western Australia's insurance market. - read more
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Recent supercell thunderstorms in South East Queensland and northern New South Wales have led to a surge in insurance claims, prompting Suncorp to reach its maximum reinsurance retention of $350 million. The insurer has reported over 10,000 claims related to these events, with approximately half pertaining to home damages and the other half to motor vehicles. - 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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