Business insurance in Australia is a collective term for several insurance policies designed to protect businesses from financial loss due to accidents, liability, theft, damage and interruption. It is not a single policy but a pack that can include multiple covers tailored to your industry. The most common and often mandatory type is public liability insurance, which covers your legal liability if your business activities cause injury to a third party or damage to their property, for example a customer slips in your shop or you damage a client's property. Most businesses need $5M to $20M public liability, and many contracts and market operators require it. Professional indemnity insurance covers businesses that provide advice or services if a client claims your advice caused financial loss, essential for consultants, accountants, IT professionals and tradies who design. Business contents and stock insurance covers fire, theft, storm and accidental damage to your equipment, tools, stock and premises, similar to home contents. Business interruption insurance covers lost income if your business cannot operate due to an insured event like fire or flood. Other types include product liability, commercial motor insurance for work vehicles, workers compensation which is mandatory if you have employees, and cyber insurance for data breaches. Business insurance is sold as a Business Pack by insurers like QBE, Allianz, AAMI, NRMA and through brokers like BizCover. Sole traders, partnerships and companies all need it, and it is tax deductible.
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