Insurance for my business

Running your own business is a hugely rewarding process. And one of the best things about it is the level of control you can have in choosing how to steer the company towards a successful future.

But there are also factors that you can’t control. Risks such as fires, floods, supply chain failures and natural disasters can and do impact on Australian businesses every day.

Some of these risks can be mitigated against, but the best way of protecting the viability of your business – indeed your livelihood – is to make sure you have the right insurance program in place.

Working with an insurance broker

When it comes to developing an insurance program for your business, the best move you can make is to find a qualified insurance broker to work with. They will be able to advise you on the specific cover your business needs, and will find you the best cover available at the best prices the market has to offer.

Business insurance can be complex and there are an abundance of policies available, not all of which are easy for the average business owner to differentiate between. An insurance broker can do that. Not only will it save you a lot of time, but you’ll have the peace of mind of knowing that you’re properly covered in the event of unforeseen circumstances.

As well as advising on insurance, many brokers also have risk management expertise and can help you mitigate and minimise workplace risks and identify practices hazardous to your business. Sound risk management can significantly reduce your insurance premiums.

In the unfortunate event that you do need to make a claim, your broker will be your advocate, handling the claim with the insurer on your behalf and negotiating the best possible outcome. You won't get that service if you buy direct online…

What insurance do you need?

Depending on where you’re based and what type of business you run, your insurance requirements could be extremely varied, from workers compensation, CTP, property and public liability to professional indemnity, business interruption and cyber risk.

The Need a Broker service can identify brokers that specialise in your area of insurance need. Know you need professional indemnity insurance? Simply run a search for that in our broker finder and a list of brokers who can help will be delivered.

If you’re not sure what type of insurance you need, there’s another option. Simply select the sector of business you operate in and a list of brokers who service that sector will be generated. They will be able to advise you on the types of insurance that may benefit your business that you may not have otherwise considered.

And if you need any assistance at all, please contact the Need a Broker hotline on 1300 53 10 73.

Need to enhance your insurance know-how? Then check out our series of straightforward insurance explainer videos.