140 Companies Offering Business Insurance Services

Business Insurance

It would be great to think that life was always plain sailing, but unfortunately the yellow brick road is strewn with obstacles to trip you up on the way to Oz. This is particularly true when you are in business, when it becomes even more important to have the relative protective layers in place.

Initially, when you are setting up, costs seem to outweigh income three-fold and it is tempting to leave out what could be seen as the non-essentials. However, business insurance is one aspect you should not scrimp on. If the worst case scenario happens, knowing you have insurance to fall back on takes the pressure off you, and can stop your business from collapsing.

Compulsory Insurance

As Australia is a federal state with eight jurisdictions responsible for their own laws, there are some differences across the nation. However, in general there are certain insurances that are mandatory if you run a business. These include:

• Motor vehicle bodily injury liability, if the vehicles owned by the business.

• Workplace compensation insurance – if you employ people (sometimes known as employers’ liability) – if your business is seen to be the cause of injury, death or loss or damage to your employer’s property, your workplace compensation will provide compensation.

• Professional indemnity for lawyers and financial advisors – should you provide advice that is considered professionally negligent, this insurance provides you with indemnity.

• Warranty insurance for builders – should your work not live up to its promises, this protects your clients from negligence and unfit work.

• Terrorism insurance for certain types of property (commercial and industrial).

• Public liability for certain types of businesses that have contact with the general public – for example, amusement parks, or any activities in a public place. Should someone become injured or incur damage to their property whilst under the umbrella of your business, this insurance provides indemnity.

If you don’t comply with the necessary insurances for running your business, there are penalties in place. These run from criminal punishments, usually in the form of a fine; to administrative penalties that could disqualify you from running your business; and civil penalties.

Mandatory insurances are in place to protect people who work for you and your clients. If your actions through your business harm them in any way, your insurance will pay out compensation to alleviate their suffering.

Voluntary Insurance

Voluntary insurance offers that extra layer of protection, and every business should weigh up the extra costs involved against the protection they receive.

Personal accident and illness – if you are a small company what happens if you become ill or have an accident? Taking out insurance on yourself will ensure there is adequate money to cover your costs while you are of work.

Assets and revenue insurance – should you have a fire or a burglary on your property the cost of rebuilding and replacing may be enough to bankrupt you if you do not have adequate insurance in place. Insurances to consider include:

  • • Building and contents
  • • Burglary, including expensive items as electronics and specific equipment to your industry
  • • Business interruption/loss of profit
  • • Deterioration of stock – if your freezers breakdown you may lose all your stock
  • • Goods in transit
  • • Mechanical breakdown

Business insurance can be a minefield. If you are not sure what is right for you and whether the extra costs are worth it for your business, speak to a professional financial advisor who will go through all aspects in detail. Hopefully you will reach the end of the rainbow and get that pot of gold unscathed but sometimes you need help along the way.

Check out the lisintgs below to find a local company that can help you with your business insurance.

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07 32237578

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147 Darebin Road Thornbury, VIC

03 94802932

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08 82216515

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Level 5 20 Loftus Street, SYDNEY, NSW

02 92413843

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Level 1 33 Queen Street, BRISBANE, QLD

07 32203636

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Suite 23A, 90 Frances Bay Drive, Frances Bay Shopping Village STUART PARK, NT 820, STUART PARK NT

08 89417555

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632-636 Ruthven St, TOOWOOMBA, QLD Toowoomba, QLD


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02 84565333

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Shadforth Financial Group PO Box 789, WEST PERTH, WA

08 894815222

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Level 3, 101 St George's Terrace Perth, WA 6001, WA

01800 118848