All owners of businesses, whether large or small, at home, at the market or at the shop face a range of possible risks. Protecting your business through correct insurances is a vital part of the business risk management procedure and can possibly save you from financial difficulty and even bankruptcy. Home based businesses often mistakenly think they don’t require insurance.

The Australian Government suggest:

As a home-based business you need to make sure you have the correct level of insurance to protect yourself. Standard homeowner policies do not generally provide cover for home-based business activities.

Insurances to consider are:

  • public liability cover for persons visiting your business at home (e.g. customers and suppliers)
  • insurance of business equipment, inventory, tools of trade, office furniture or computer equipment
  • workers compensation for any employees working from your home
  • fire, storm and theft cover for the loss of any stock and equipment
  • professional indemnity insurance if you’re in a service industry, especially if you’re contracting to government
  • loss of income due to personal accident or illness
  • costs arising from interruption to your business
  • marine policy if you send products via freight carriers or post.

It’s important to note that many policies don’t cover tools of trade, office furniture or computer equipment used for your business, unless you’ve specifically advised your insurer and they’ve agreed to cover you.

Business insurance policies can be a confusing field to navigate. Below we have listed a selection of companies that offer business insurance in Australia to hopefully make the process a little less confusing.

AAMI

Allianz

NRMA

GIO

Vero

Rural and General

NAB

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