The potential scope of business activities is so wide-ranging that finding the right insurance to suit your individual business, regardless of its size, can be a very complicated process. There are many competing insurance providers offering different insurance packages, although by law there is only one insurance policy (Employers' Liability Insurance) that business owners are required to take out. Some professions, namely lawyers, accountants and financial advisers, are also bound by law to take out 'Professional Indemnity' (PI) insurance.
Businesses often decide that this insurance does not provide sufficient cover, preferring instead to ensure at the very least that their staff, customers and buildings are well protected. Additional policies, for example to cover theft or damage to high cost equipment and tools, are also widely available from insurance brokers and insurance companies.
Before making a commitment it is important to consider which aspects of business insurance are most important to your situation, and which are not necessary. Once you have selected a suitable insurance policy for your business, you will be required to make monthly or annual payments (known as premiums) to the insurer in return for your insurance cover for the duration of your policy.
For more details see:
> Workers Compensation Insurance
> Professional Indemnity Insurance
> See ASIC`s - Buying Insurance factsheet
