Business Insurance Essentials for Australian SMEs

Business Insurance… What’s the Risk (and Are You Covered)?

Most small businesses don’t plan to fail… but many fail to plan for the unexpected.

From a client tripping over your welcome mat to an IT breach or a faulty product, risks in business aren’t always loud and dramatic—they can be slow-burning and devastating if you’re not properly insured.

As your business grows or shifts, your insurance should evolve with it. Here are just a few questions worth asking:

• Do clients visit your premises? (Think: public liability)
• Do you sell products that could cause harm or loss if faulty? (Product liability)
• Do you offer advice or professional services? (Professional indemnity)
• Are you a builder or contractor working under commercial contracts? (Construction all risks)
• Are you in the IT or digital space? (Information technology liability & cyber insurance)
• Do you manage others or sit on a board? (Directors & officers liability)
• Do you employ staff or independent contractors? (Workcover – required by law)

Pro tip: Always read the fine print on your policies, and don’t admit liability before involving your insurer. A misstep here could void your claim altogether.

I’ve written a plain-English explainer covering all the major types of business insurance. So whether you’re a solo consultant or scaling up, you’ll know what to look for and what to avoid.

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