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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


Business Insurance Articles

Insurance Essentials: Protecting Your Small Business with Public Liability Coverage
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Running a small business in Australia comes with its own set of challenges and risks. One crucial aspect that should never be overlooked is insurance, particularly public liability insurance. The reason is simple: it offers essential protection against claims of property damage or personal injury caused by your business operations. - read more
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Public liability insurance is a crucial form of protection for both businesses and individuals, safeguarding them against potential claims for personal injury or property damage that occur as a result of their operations or services. In an increasingly litigious society, having this coverage can mean the difference between staying afloat financially and facing business closure due to unexpected claims. - read more
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Public Liability Insurance for Events: What Organizers Need to Consider
Public liability insurance is a type of coverage designed to protect businesses and individuals from the financial fallout associated with claims for injury or damage caused to third parties. It is particularly crucial for event organizers, who are responsible for ensuring the safety and security of attendees, vendors, and participants. - read more
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As a business owner, one of your top priorities is safeguarding your enterprise from unforeseen events that could lead to financial liabilities. Liability insurance is the cornerstone of this protection, offering a safety net against claims that could otherwise derail your business's financial stability. However, it's not just about having insurance; it's crucial to ensure your coverage is current and adequate for your evolving business requirements. - read more

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Strata property owners in North and Central Queensland are being urged to take advantage of new federal and state initiatives designed to reduce insurance premiums and enhance cyclone resilience. These programs provide financial incentives for property upgrades that can lead to significant savings on insurance costs. - read more
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The insured value of strata properties in Australia has reached an estimated $1.4 trillion, underscoring the growing significance of strata living in the nation's housing landscape. This substantial valuation reflects the increasing number of Australians choosing strata-titled properties as their preferred mode of residence. - read more
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CHU, Australia's largest strata insurance underwriting agency, has released its 2025 State of the Strata Market report, providing a comprehensive analysis of the current state of the industry. The report offers valuable insights into premium movements, the impact of weather events, regulatory developments, and emerging risks affecting strata insurance. - read more
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Australia's insurance industry is experiencing a significant shift as mental health conditions have become the leading cause of total and permanent disability (TPD) claims. Recent data from the Council of Australian Life Insurers (CALI) indicates that mental health issues now account for nearly one-third of all TPD claims, marking a substantial change in the industry's claim patterns. - read more
Australian Insurance Premiums See Notable Decrease
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Recent data indicates a notable decline in life and income protection insurance premiums across Australia, providing consumers with more affordable coverage options. According to the latest Direct Life Insurance Report from Rainmaker Information, direct life premiums have decreased by 7% since 2024. Similarly, direct income protection premiums have seen significant reductions, with average premiums for waiting periods of 30 days and 90 days decreasing by 12% and 13%, respectively. - read more
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