For Australian businesses there are a range of insurance types to protect the business, its staff, management and owners.

Business owners face a huge number of risks, many of which vary depending on the type of business which they are running.

Although the specific risks faced by different business types may differ, overall the risks can be placed into a number of categories as follows:

• Loss or damage due to fire, storm, etc.
• Loss due to theft
• Property damage or personal injury to others
• Loss of business income due to outside events
• Loss of personal income due to injury or illness
• Lost revenue due to the loss of a key staff member

There are plenty more risks out there that business owners face every day, but these are certainly some of the major risks.

Thankfully there are insurance products available to protect businesses and their owners against many of these events. We will take a look at some of them now.

Loss or Damage

A business can suffer loss or damage to property in a variety of ways. Fire is probably a business owner’s biggest fear, but there are plenty of other potential dangers such as storm, flood and other freak events.

All business property, including buildings and stock, should be properly insured through a business insurance package.

Theft

Theft can come in many forms. For a retail store it could be through shoplifting, whilst for a tradesman it could come through the theft of tools and equipment from their vehicle.

There are a number of different insurance policies that will cover a business for theft of stock or equipment, and the type policy required will depend on the specific needs of the business.

Personal Injury & Property Damage

When it comes to personal injury and property damage, we are specifically talking about incidents suffered by customers and members of the general public as a result of the business’s activities.

This type of risk can be protected against with a public liability insurance policy. This type of cover results in the insurance company covering the costs rather than having it come out of the business profits.

Loss of Income

Loss of income for a business can come in a number of different forms.

The first type is the loss of income that results from some form of interruption. This could be as a result of a fire on the premises, where the business is unable to operate or generate revenue whilst the repairs are undertaken.

This risk can be managed by having a business interruption policy in place, which can replace part of the business’s revenue for a period of time, meaning that they can still pay their bills and keep the business afloat.

Another important form of loss of income is the risk that a business owner could be unable to work for a period of time due to injury or illness. This personal income risk can be covered through the use of an income protection insurance policy.

Business Insurance

There are many more potential risks that businesses face, and many more insurance solutions which can be used to manage those risks.

The best option for business owners is to use an insurance broker or adviser who can analyse your business needs and recommend a business insurance package which will provide optimum protection whilst still delivering good value for money.