BUSINESS INFORMATION
Insurance
Business insurance covers different aspects of your business such as workers compensation, assets, liability and more.
Insurance for your business is important to cover you for unexpected events.
Business insurance safeguards various facets of your enterprise, including workers’ compensation, assets, liability, and more. It plays a crucial role in protecting your business from unforeseen events. Without adequate coverage, you may face challenges such as being unable to operate or incurring significant out-of-pocket expenses, potentially leading to the closure of your business.
In Western Australia, certain types of insurance are mandatory:
- Workers’ compensation insurance is required if you employ staff.
- Motor vehicle third-party personal insurance is included in your vehicle registration costs.
Tip
Non-compulsory insurance can be customized to address the specific risks tied to your business operations. Coverage can be obtained through:
- An insurance company
- An agent representing an insurance company
- An insurance broker
The Need a Broker website can help you find a broker near you.
Insurance can be categorized into three main types:
- Assets and revenue insurance
- Liability insurance
- Personal and workers insurance
Tip
If you run a home-based business, your standard home and contents insurance may not cover your business activities. In some cases, your policy could even be invalidated. Consult your insurer to review your current policy and adjust your coverage if necessary.
FREE INFORMATION GUIDE
Guide to business insurance
Having the right business insurance is an important part of establishing a reputable and sustainable business, and minimising risk. Read our free information guide to find out more.
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Assets and revenue insurance
This type of insurance protects against the loss, damage, or theft of business assets or revenue. Common coverage options include:
- Building and contents
- Cyber liability
- Glass breakage
- Motor vehicle
- Fire and other damage
- Equipment breakdown
- Goods in transit
- Fraud and dishonesty
- Money
- Theft
- Business interruption
Liability insurance
If your business activities cause harm or damage to others or their property, liability insurance can help mitigate the financial impact. Typical coverage includes:
- Public liability
- Professional indemnity
- Products liability
Personal and workers insurance
This category ensures coverage for unexpected illnesses, injuries, or accidents. Key options include:
- Workers’ compensation insurance (mandatory for employers)
- Personal accident, illness, and life insurance
- Income protection insurance
Tip
Sole traders and partners are not covered by workers’ compensation insurance. In the event of an illness or accident, you may be unable to work and earn an income. Securing insurance in such cases is highly recommended.
Other considerations
When selecting insurance policies, keep the following in mind:
- Compare prices and features across different providers.
- Evaluate the excess amount you’ll need to pay.
- Update your coverage if your business circumstances change.
- Review your insurance needs annually or before renewal.
- Obtain a cover note if you need to commence operations before the policy is finalized.
- Ensure your policy includes all mandatory insurance relevant to your business.
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