The different types of insurance to suit all areas of your business

Insurance helps to reduce or manage the risks associated with running a business. Look at all areas of your business to assess risks and consider your need for the following types of insurance. 

Liability protection, which addresses:

  • injury or loss sustained by staff at work
  • damage to property or injury sustained by members of the public that arises from the operation of your business.

Asset protection, which addresses: 

  • fire, which can include impact, storm and tempest and malicious damage
  • burglary, including loss of money in transit
  • vehicles
  • machinery breakdown
  • computer damage, including reinstating data and increased cost of working. 

Also read: Smallbiz health tips: How to prioritise physical fitness in your busy schedule

Income protection, which addresses:

  • loss of profits or revenue
  • sickness or an accident experienced by you as the business owner
  • life assurance and superannuation
  • specific life assurance in a business partnership situation
  • specific life assurance relating to a key employee 

Workers compensation

If you employ staff, you must either take out a workers compensation policy with a licensed insurer to cover you for workers compensation claims made by your workers, or apply to the WorkCover Tasmania Board for a permit to self-insure against workers compensation claims made by your workers. The WorkCover Tasmania site provides detailed information about this.

Work with your professional advisers to make sure that you have any insurance cover required by law and that your overall cover is adequate for your business situation.

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

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