Businesses must deal with risk on a daily basis, regardless of their size or industry type. Insurance is an essential part of managing these risks, and for small business owners uninsured at the time of an accident, the resulting costs can often lead to closure of the business. If you're operating a small business, having insurance can help reduce your risk and allow you to succeed in the future.
Your insurance requirements will vary according to the type of business you are operating, but you should be aware that some forms of insurance are compulsory, such as workers compensation and third party car insurance. Some types of insurance may also allow you to claim tax credits for the Goods and Services Tax (GST) component of your insurance premium.
The information in this topic is targeted at new and experienced business owners wanting to understand their insurance options and obligations, and find ways to further minimise their existing level of risk. Once you have an understanding of your options and obligations, talk to a number of insurance companies and brokers to further discuss the best options for you.
The following topics will allow you to better understand your insurance options and obligations: