When you’ve invested so much in building a business, keeping it running and thriving is a priority. From the space you occupy, to the people you employ and any day-to-day operations, make sure you’re protected at every turn with the right business insurance.
No one can predict what the future has in store. Our Melbourne accountants work with you to help protect you, your business and your clients should the unexpected happen. Designed to suit your needs, we can working on tailoring insurance cover that includes professional indemnity insurance, public liability insurance and employer’s liability insurance.
Nobel Thomas can help you identify the risks unique to your business and provide the right policy to protect it against claims.
Types of Business Insurance
Business insurance policies can be changed and customised to suit your business needs. You can choose from a wide range of insurance cover specifically tailored for business owners.
Many products are also designed to meet the needs of specific industries.
Insurance companies that offer business insurance will often offer packages that bundle different types of insurance policies together. These are designed to meet the needs of small-to-medium sized businesses and may be less expensive than purchasing policies separately.
There is no one-size-fits-all insurance solution for small businesses. Your insurance needs will vary according to the industry, trade and type of business you are operating.
For example, the risks a home-based sole trader will face will be very different to those faced by a coffee shop, landscaping business or a construction company.
Compulsory Business Insurance
Two forms of insurance are compulsory for most Australian businesses.
Every state and territory operates its own Workers’ Compensation scheme, which protects employees in the event of an accident or sickness. Each jurisdiction has different requirements. For Melbourne, please refer here: www.worksafe.vic.gov.au
Compulsory Third Party
If you operate a vehicle, Compulsory Third Party car insurance covers you for claims made against you for personal injuries arising from the use of your car. This type of insurance is a requirement of registering and operating a vehicle.
You should consider other forms of motor vehicle insurance to cover other risks and liabilities, such as damage to property or your own or another person’s vehicle.
Each state and territory CTP scheme is different. For more information on these schemes, visit refer to Melbourne territory’s vehicle registration authority: www.tac.vic.gov.au
Common Types of Business Insurance
- Professional indemnity/liability
- Public liability
- Product liability
- Theft and burglary
- Mandatory motor vehicle accident personal injuries insurance
- Commercial vehicle
- Tax audit insurance
- Business interruption
- Deterioration of stock
- Employee fraud or dishonesty
- Workers’ Compensation
- Machinery/Equipment breakdown
- Goods in transit/property in transit insurance
- Computer and electronic equipment