Business owners need to consider a range of different insurance policies to ensure they are covered.

Types of Insurance to Consider for Your Business

Being a business owner is something many people aspire to and others are proud to have become. Having your own business comes with a wide range of considerations and responsibilities. Accountability increases with position and when you reach the level of ownership, so too does your responsibility increase. One of the obligations you can expect to take on is financial liability in the event that something goes wrong. Because of this burden, it’s essential to be certain that your business is properly insured.

With many different types of insurance to consider however, this is something more easily said than done – especially because your business needs will change depending on what kind of business you run. There are also a range of insurance types that are compulsory for you to take out a policy in.

 

Some of the most common types of insurance business owners will need to look at include:

Public Liability Insurance

This type of insurance covers you in the event that a member of the public (e.g. customer) seeks compensation from you, as a result of injury or damages caused by your business operations or a product or service you provide.

Cyber Liability Insurance

Cyber liability insurance has increasingly become a necessity for many businesses – the ABS has said that 1 in 10 Australian businesses suffered a data breach last year. This type of policy covers the costs to a business due to cybercrimes, including theft of credit card details and customer information.

Building and Contents Insurance

For businesses that have a physical location (i.e. office, warehouse, shopfront), building and contents insurance covers damages to your property and any stock or contents within.

Business Interruption Insurance

In the event of loss of trading due to an occurrence like fire, flood or other property damage, building and contents insurance policies protect your business against the loss of profits. This cover can provide a sum of money to help keep the business operating as normal.

 

There’s an abundance of insurances you may look at for your business. While it can be overwhelming investigating so many types of policies, it’s also important to ensure you are appropriately covered for a wide range of circumstances.

Choosing the most appropriate insurance can be a difficult process, but the consequences of not doing so are often severe. Commit time to this process and speak to an insurance specialist, so you can be confident in the types of cover you take out. For more information on insuring your business, reach out to a member of the team at Provide Insurance.