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How arranging insurance for your business can reduce risk in the long run

Businesses must deal with risk on a daily basis, regardless of their size or industry type. Insurance is an essential part of managing these risks, and for small business owners uninsured at the time of an accident, the resulting costs can often lead to closure of the business. 

If you're operating a small business, having insurance can help reduce your risk and allow you to succeed in the future.

What insurance does my business need?

Your insurance requirements will vary according to the type of business you are operating, your business structure and size, and the industry you are in. You should be aware that some forms of insurance are compulsory for Australian businesses, including:

  • If you employ people, you must take out workers compensation insurance to protect your employees in the event of an accident or sickness.
  • If you own a motor vehicle, you must pay for third party personal injury insurance, which is often included in your vehicle registration fee.
  • Certain types of companies are required to take out public liability insurance.

Although it's not compulsory, consider insuring your assets, revenue, and liabilities to protect your business against potential risks. Some types of insurance may also allow you to claim tax credits for the Goods and Services Tax (GST) component of your insurance premium.

How to arrange your insurance

Once you have an understanding of your options and obligations, talk to a number of insurance companies and brokers to further discuss the best options for you.

For further information talk to your business advisor for advice. Search for your nearest government-funded business advisor using our Advisory Services search.

© Commonwealth of Australia 2016. 

This content was first published on www.business.gov.au

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