Insuring your business
Insurance reduces your risks and covers your financial losses should an insured risk event occur.
Your business needs insurance to cover risks associated with liabilities, assets and income.
Insurance does not change the law or reduce your fault – it simply shifts the onus of paying for any liability from you to the insurer.
The type of insurance you need will depend on what sort of business you’re running and the industry you’re in.
Depending on your business, there may be some compulsory types of insurance:
- worker’s compensation insurance, if you employ people
- third party personal insurance, for any motor vehicles you own
- public liability insurance, for certain types of companies.
Read the details on insurance proposal forms and ensure you understand what is included and excluded from a policy. Always consult an expert in the field to help you determine and obtain the covers you need.
Visit the Australian Government’s business website to find out more about: