Why You Need Business Insurance

There are a number of risks that come with being a business owner, but that shouldn’t deter you from the challenging but rewarding experience of running your own business. Insurance is an important element of owning a business, and we’re here to tell you why you need it.

Business insurance will help you to protect your business, assets, employees and customers from the risk you will encounter as a business owner. It may also provide financial support if your business is unable to operate after an unexpected event or disaster occurs. Knowing you are covered by business insurance will help to alleviate the stress associated with potential risks occurring.

Different types of insurance policies will be required to protect against liabilities and protect company assets depending on the sort of trade, industry and type of business you are running. Insurance brokers offer a number of policies to cover tradespeople, professionals, small businesses, hospitality operators and more. For example, a commercial property owner looking for insurance solutions should consult a professional commercial insurance broker who can tailor options to their needs. Even home-based businesses are not without risks, but there are policies to cover this as well.

There are two types of insurance that are compulsory for businesses operating in Australia:

Workers’ Compensation

Worker’s Compensation protects your employees in the event of an accident or sickness that affects their ability to work. Each state and territory has different requirements, so it’s best to check with your state and territory’s Worksafe website. Victorian business owners can visit www.worksafe.vic.gov.au

Compulsory Third Party

If your business owns or operates a vehicle, this type of insurance will cover you for claims of personal injury that occur from use of the vehicle. Again, each state and territory has different requirements, Victorian business owners can check the requirements for registering and operating a vehicle on the VIC TAC website.

Other common types of business insurance include (but aren’t limited to):

  • Property
  • Public liability
  • Professional indemnity/liability
  • Product liability
  • Machinery/Equipment breakdown
  • Theft & Burglary
  • Employee fraud or dishonesty
  • Business interruption
  • Goods or property in transit insurance

Before investing in insurance for your business, it’s recommended you consult knowledgeable business insurance brokers who can help you evaluate your insurance needs and determine which policies will be best for you.

The professionals at McKenzie Ross Insurance Brokers work with clients from a range of industries, all with their own specific insurance requirements. Regardless of the industry or size of your organisation, we’re able to design an innovative insurance program tailored to protect your business’s assets and liabilities. Request a quote or call us on (03) 96912222.
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