Business Insurance

Q: 1. Do ABN holders need insurance?

ABN (Australian Business Number) holders are not legally required to have insurance simply because they hold an ABN. However, depending on the nature of the business activities, certain types of insurance may be advisable or mandatory. For example, if engaging in trades or providing professional services, relevant insurance such as Public Liability or Professional Indemnity may be required.

SERVICES / Business Insurance

WHAT IS BUSINESS INSURANCE?

Business insurance represents a viable risk transfer solution protecting against loss or damage to property arising from an unforeseen insured event and/or accidental damage. Whether you are a sole trader, small business or large corporation, each business insurance policy is customised to meet your specific requirements.

There is also the option to cover consequential loss of revenue or gross profit resulting directly from an insured event which prohibits continuity of your operations. This ensures cash flow is maintained allowing you to meet ongoing costs and retain staff whilst the business is not trading following an incident.

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TYPES OF BUSINESS INSURANCE

Public Liability Insurance

This covers legal expenses and compensation costs if your business is held responsible for injury, death, loss, or damage to a third party or their property.

Professional Indemnity Insurance

This protects businesses that provide professional services or advice. It covers legal costs and claims for damages that may arise from an act, omission, or breach of professional duty in the course of your business.

Product Liability Insurance

If your business manufactures, distributes, or supplies a product, you can be held legally responsible if it causes injury, death, or damage

Business Interruption Insurance

This provides coverage for loss of income and increased costs of operating your business caused by a specified insured event (like property damage).

Workers Compensation Insurance

This is a mandatory type of insurance for all employers in Australia. It protects businesses from financial costs when a worker sustains a work-related injury or disease.

Directors & Officers Liability

A policy that covers claims from a wide range of management liabilities, such as; directors and officers liability, company reimbursement, company liability and employment practice liability.

WHAT INSURANCE DO I NEED FOR MY BUSINESS?

The type of insurance your business may need will greatly depend on the nature of your business, your location, number of employees, and various other factors. It is best to consult one of our professional insurance specialists to determine what type of business insurance is most suitable for the proper coverage of your business.

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ADDITIONAL INSURANCE COVERAGE

In addition to loss or damage to property and consequential loss, there are various coverage sections available, with different exclusions, excesses and premiums, delivering customised insurance coverage that meets the risk exposure criteria, specific to your business.

These additional coverage sections can include cover for:

Burglary / Theft

Covers break-in at the business premises, theft of contents and stock along with subsequent damage caused whilst gaining entry to your premises.

Money

Covers theft of money, including whilst in transit, locked in a safe and at a private residence of the insured within or outside of business hours.

Plate Glass

Covers damage to internal and external glass, along with company signage.

General Property

Covers specified portable property against accidental loss or damage, when removed from the business premises. The cover can extend to cover portable items anywhere in the world or limited to Australia wide.

General & Product Liability Insurance

Covers the business for any compensation for which you are legally liable to pay in respect of third party property damage and/or by injury arising from the business activities.

Electronic Equipment / Machinery Breakdown

Covers sudden internal breakdown of plant, machinery and/or electronic equipment. Loss of stock and business interruption can also be included under this section, if required.

THE BENEFIT OF HAVING BUSINESS INSURANCE

BUSINESS INSURANCE PROVIDES PEACE OF MIND

With business insurance, you can rest easy knowing that your business is protected from unforeseen events leading to loss or damage to your business property and any consequential financial loss.

BUSINESS INSURANCE HELPS COPE WITH UNEXPECTED EVENTS

Business insurance helps you cope with the unexpected that comes with running a business. Knowing that you are protected if something goes wrong gives you the freedom to focus on growing your business instead of worrying about potential disasters.

BUSINESS INSURANCE PROTECTS YOUR CUSTOMERS AND EMPLOYEES

Business insurance assists business owners who may be forced to suspend their operations in the event of a claim, leaving their customers and employees high and dry. Business insurance can ensure that your customers and employees have peace of mind that your operation will continue uninterrupted during an unforeseen event and are protected from the risks you face as a business owner.

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Frequently Asked Questions

1. Do ABN holders need insurance?

ABN (Australian Business Number)holders are not legally required to have insurance simply because they hold an ABN. However, depending on the nature of the business activities, certain types of insurance may be advisable or mandatory. For example, if engaging in trades or providing professional services, relevant insurance such as Public Liability or Professional Indemnity may be required.

2. Does a sole trader need insurance?

While not compulsory by law for all business types, insurance is highly recommended for sole traders to protect against potential liabilities and financial losses. Key types of insurance for sole traders might include Public Liability, Professional Indemnity, and income protection. The specific needs depend on the nature of the business, whether they employ staff, and their industry regulations.

3. Is public liability included in business insurance?

Public Liability insurance is often included as part of a comprehensive business insurance package but can also be purchased separately. Business insurance packages are customisable according to business needs and might also include other coverages such as property damage, Professional Indemnity, andBusiness Interruption. It is crucial for business owners to confirm the inclusions of their policy with their insurance provider.

4. What is the difference between Public Liability and Business Liability insurance?

Public Liability insurance covers claims against the business for injuries or damages sustained by third parties (public or customers) due to the business's operations. Business Liability insurance, more broadly, might include Public Liability but also encompasses other forms such as Product Liability, Professional Indemnity, and General Liability to provide a wider scope of protection against potential business-related liabilities.

5. What voids Public Liability insurance?

Public Liability insurance can be voided or claims denied under several circumstances: non-disclosure of pertinent information at the time of taking out the policy, fraudulent claims, illegal activities or breaches of regulations by the business, and specific exclusions that are detailed in the policy (e.g., injuries to the business’s own employees, which should be covered by Workers’ Compensation instead). Adherence to policy terms and conditions is essential to maintain the validity of the coverage.

WHY CHOOSE WESTSIDE FOR YOUR BUSINESS INSURANCE

Westside Insurance Specialists provides professional, responsive and personalised insurance services. Our specialist insurance advisers work with you to define your risk exposures and appetite, design a robust insurance program and deliver cost-effective insurance solutions meeting the specific objectives of your business.

You can rely on our extensive experience to secure the right insurance products, allowing you to focus on core business activities and implement strategies to achieve operational growth targets. Contact us here for a quote.