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Insurance for your Small Business 

It’s a smart idea for all small business owners to protect their business against unexpected events, such as an injury to your customers, clients or a member of the public; damage caused to other people’s property; loss or damage to your own property and assets; and other events that could potentially put financial pressure on you and your business.

Considering the amount and level of insurance is something many business owners assess as part of a successful risk management tool for their business. Without it you could land yourself in hot water unless you’ve got really deep pockets, legal expertise and plenty of spare time on your hands.

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What Types of Business Insurance are Available? 

There are many types of different insurance products available to small businesses, so it’s important to understand them and what they offer. 

Remember: Remember: as a SEA participant you are required to hold Public Liability insurance as a minimum.

Types of business insurance include: 

Public Liability insurance* – this covers legal fees and compensation costs if a customer, member of the public, or a supplier sues you for injury or damage to their property as a result of your alleged negligent business activity* 

Professional Indemnity insurance* – protects you against losses claimed by a third party due to alleged or actual negligence or errors in your professional services or advice. Your Professional Indemnity insurance will meet the associated compensation payable to a third party together with your defence costs (which can include legal costs, investigator costs and expert fees). 

Business Insurance* – is an insurance package designed to provide cover for your business contents, stock, tools and commercial premises when an insured event occurs (such as fire, storm, theft or even accidental damage). 

Business Interruption Insurance* –  cover for financial loss as a result of an interruption to your business caused by an insured event.  This type of coverage can be included in a business insurance package. 

Tax Audit Insurance*– takes the financial sting out of a sudden and unforeseen tax audit. If you’re accounts are audited by the Australian Tax Office, you may need to hire external accountants to assist in the process. Tax Audit Insurance covers a business for specified costs in responding to an official tax audit  

Cyber Insurance* – Cyber Liability insurance helps to protect you from claims and supports your profitability in the event of a cyber breach or attack.  

Management Liability* – protects both the business and its directors or officers against claims of wrongful acts in the management of the business.  

Personal Accident Insurance* – can provide levels of cover for loss of income if you are unable to work, permanent disablement and even death as a result of an unexpected injury or illness (even if it occurs outside of your employment).* 

*As with any insurance, cover is subject to the terms, conditions and exclusions contained in your policy document.  The information contained on this webpage is general only and should not be relied upon as advice.