Types of Business Insurance
Business Insurance
Protecting your business – and yourself – is the smart way to do things. But are you aware of all the different types of business insurance? And do you have the ones you need?
At Inspired Risk, we take the time to find out about you, so we can recommend the business insurance packages you need to cover your major risks.
Here are the types of business insurance we recommend most frequently. If you need tailored coverage in any of these areas, please get in touch. We’d love to help.
Not sure what insurances you need? Get in touch and we’ll give you some advice. After more than 20 years in the insurance industry, we know a thing or two!
Need specialist insurance which isn’t listed below? Contact with the details and we’ll find you the best insurance deal in the market.
For Startups and Small Businesses: the SME Insurance Package
Ideal if you’re a small business wanting to cover most of your risks with one affordable policy.
If you’re leasing premises, your contract probably requires you to have several different types of insurance. The most common are public liability and business interruption, plus glass cover if that’s relevant – for example if you’re leasing a retail space with display windows.
Insuring against multiple risks individually is expensive. Even if you don’t need all the covers included in this package, it’s often the most cost-effective option for smaller businesses.
For higher turnover businesses (at or near $500,000), this package become less suitable. It may not have enough public liability to cover you fully. The best solution depends on the details of your business, not just turnover. We’ll find out more about you before making a recommendation on the best solution for you and your business.
Nalini was so helpful and informative in assisting me with my business start-up. I feel very confident I have the correct coverage moving forward. Thanks so much.
Tom Francis
Business Insurances which most businesses need
These insurance products are relevant for most businesses. We can work with you to understand what you need in each area, or we can review just one policy if you prefer. The goal is always the same – you should have coverage which protects your business, without paying for risks which aren’t relevant to you.
Public Liability and Product Liability
Public liability covers you if customers or members of the public make a claim for personal injury or property damage. For example, someone might slip on a wet floor, or one of your staff might back a vehicle into a customer’s garden wall.
Product liability covers any injury or damage caused by something you manufactured, sold or supplied.
Professional Indemnity
Many service businesses provide professional advice or recommendations rather than physical products – but the wrong advice could lead to injury or financial loss. Professional indemnity insurance protects you if a client sues you for poor advice.
I highly recommend Inspired Risk Services to any professionals who need reliable and efficient PI insurance. Nalini and her team are very experienced and responsive, and the entire process went smoothly. Thanks for your great support!
David Wang
Cyber Insurance
One cyber attack is reported in Australia every 6 minutes. Many more are not reported. Every business connected to the internet is at risk. Being small doesn’t help – automated tools make it easy for cybercriminals to take on thousands of businesses all at the same time.
Cyber insurance covers your costs in responding to the attack; your lost revenue or increased cost; fines and penalties, plus legal fees if clients or partner sue you when their data is compromised.
Management Liability / Directors and Officers Insurance
The behaviour of managers, directors and officers could lead to your business being sued. Directors and Officers can also be held liable personally. Protect yourself and your team.
Commercial Motor Insurance
You may have a fleet of vehicles for your sales team, or you may be a tradesman with staff on the road every day at client sites. Perhaps you’re in the transport industry. No matter why you have so many company vehicles, you still need insurance to cover accidental damage or theft. You may want it to provide replacement vehicles too, so you can keep on working.
Corporate Travel Insurance
If you’re flying on business, a good travel insurance policy can protect you before and during your trip. Flight cancellations and delays, medical emergencies, lost luggage – most policies cover all these issues. Knowing you have good insurance – and a broker you can call on to process your claim promptly – means you can relax and get on with the business you wanted to do in the first place.
Personal Accident and Sickness Insurance
Some sole traders may consider this insurance as an alternative to income protection. We can help you assess the best option for you. Enjoy peace of mind knowing that you’ll still have an income, even if injury or illness means you can’t work.
Is your business properly insured?
Most businesses need more than one type of insurance. Many policies have exclusions.
Imagine paying hefty premiums, then when something goes wrong, your claim is rejected. Or you could end up spending hours (days, weeks even) chasing an unresponsive claims department – right at the time when you need to focus on your business.
At Inspired Risk, we read all the fine print. We check you’re covered. We discuss options with you so you get the insurance you need, but don’t pay for extras. Plus, if you do need to claim, we look after the paperwork and use our relationships with the insurers to make sure everything’s processed promptly and smoothly.
Reviewing your current insurance to make sure it matches your needs costs nothing.
It could save you thousands in premiums. It could make the difference between being covered and having your claim denied.
Industry-specific types of business insurance
There are many types of business insurance for specific industries or needs – we’ve listed the most common below, but there are plenty more. If you’re concerned about something which is a risk for your business and you can’t find relevant insurance on this page, please reach out to us. We probably know a product which would work for you already, and if we don’t, we know who to ask!
Tools of Trade Insurance
This one is for the trades. Imagine you’re on site and a piece of your equipment breaks, or catches fire. There are plenty of tools of trade policies on the market, but not many like our preferred product. Minimal exclusions, plus you can get coverage for theft as well as breakage and accidental damage. Even better, the insurer processes claims locally and pays out on 95% of them.
Contract Works Insurance
Completed buildings are usually robust, but at times during the construction process they are more vulnerable. Protect your construction projects from loss or damage from weather or from other parties!
If you’re a subcontractor, the main builder may also require you to have contract works insurance. In either scenario, we can help.
Plant and Equipment Insurance
If you’re in construction, landscaping, or mining, we usually recommend plant and equipment insurance. Protect yourself against the risk of damage, breakdown or even theft. We can tailor insurance to your needs, including policies to cover the cost of hiring substitute equipment.
Marine and Transit Insurance
What would the impact on your business be if a shipment of goods was lost or damaged in transit? Whether you’re shipping domestically, importing or exporting; whether goods travel by air, land or sea; whether they’re your assets or you’re transporting them for your clients – we have policies to take the risk out of every scenario.
Can’t see the type of business insurance you need?
We offer a wide range of specialist insurance in addition to the products listed here.