The Australian Business Owner's Insurance Guide

Every business carries risk — a customer injury, a fire, a cyber breach, a key piece of equipment failing. Insurance is how you cap the downside so one bad event does not wipe out years of work. The right mix depends on your industry, size and how you operate, but most Australian business owners should at least consider the covers below.

1. Public liability — third party injury or property damage caused by your business.

2. Professional indemnity — claims arising from advice or professional services you provide.

3. Business property / contents — your premises, stock, fit-out and equipment.

4. Business interruption — lost income while you recover from an insured event.

5. Commercial vehicle — utes, vans and trucks used for the business.

6. Plant and equipment / tools of trade — the gear that earns your income.

7. Cyber — breaches, data loss and the costs of getting back online.

8. Management liability — protection for directors and the business against certain management-related claims.

If you employ staff, workers compensation is generally compulsory and is administered through your state or territory scheme — it is separate to the commercial policies above. Sole traders and directors often are not covered by it, which is why personal accident or income protection is worth a conversation for anyone whose income stops when they cannot work.

Businesses change — new staff, new equipment, new premises, a new service line. Cover that fit two years ago may leave gaps today. Check your sums insured against current replacement costs, since rebuilding and equipment costs have risen. Do not simply accept the auto-renewal figure.

Buying policies one at a time may leave gaps and overlaps. Asset Connect Australia does not arrange or compare insurance ourselves — with a single enquiry we can connect you to an independent insurance professional who may review your exposures and discuss insurers across the full picture. Start with our insurance enquiry to request an introduction.