Wednesday, 14 December 2016

What insurance does a business need?

Any business that employs people must have Workers Compensation cover, as it is a statutory requirement.  Fines and penalties apply for trading without Workers Compensation insurance.

Public and Products Liability is very important for any business, as it covers third party property damage and personal injury claims, arising out of a company’s work or products.

Office Insurance can be extended to cover buildings, stock, contents and tools both inside and outside the office.

Corporate Travel Insurance is important for any business that employs workers who travel.  It can also be an incentive for hiring and keeping staff.

Professional Indemnity insurance is important for any business where there is an element of advice or design in the work eg. solicitors, business consultants, real estate agents etc.  Professional Indemnity insurance covers professional errors and negligence associated with wrongful advice or design.

Management Liability insurance should be a serious consideration for any business in today’s increasingly litigious society.  Australia is widely regarded as being second only to USA with regards to litigation, so Management Liability insurance has never been more important.  It covers the directors and managers of a company as well as their personal assets against a whole range of different claims such as OH&S investigations, employee theft, wrongful dismissal, libel and slander etc.

If you're thinking of starting up your own business, or already own a business and would like your insurance reviewed, call Westralian Insurance today!  (08) 9302 1388...or visit