Do You Know Your Small Business Insurance Needs?

When it comes to business insurance, Australia based small businesses often underestimate their needs, with potentially devastating results. While all small businesses are looking to keep their costs low, being underinsured could have drastic financial consequences that could cause your business to fold or could impact your personal finances. So, do you know what your small business insurance needs are, and if you are adequately protected?

Public Liability

On a first visit to business insurance brokers, Perth small business owners are likely to be advised about the importance of public liability cover. Businesses of all sizes in Australia need public liability insurance. This is a key cover that can protect your business from many serious risks, including damage to property and third party personal injuries. While many forms of business insurance are optional, public liability should be considered a key component of operating. This provides protection in the unpredictable likelihood of being sued and facing very costly consequences.

In simple terms, if you provide any products or services, you need public liability. This can provide coverage in the event that a customer sues you due to a faulty product or becomes injured while you are providing your services.

Other Key Insurances

In addition to public liability, there are several other types of insurance that should be considered. This includes:

Professional Indemnity Insurance: This provides protection for any business that provides advice including claims resulting from professional negligence or legal action for losses incurred. This type of cover provides protection if a client suffers a loss that is directly attributed to your actions, advice or omissions.

Workers Compensation: This insurance provides medical benefits and wage replacement for your employees that have been injured in the course of their employment. This is in exchange for the mandatory relinquishment of your employee’s right to sue you for negligence.


Commercial Property Insurance: This insurance covers damage or loss to your buildings and property. It can include the building space where you operate, business equipment, stock, contents, and even fixtures and fittings.

Other Optional Insurances

As a small business owner, there are other optional insurances that you may need. This includes income protection to cover personal injury to yourself, commercial vehicle insurance for your work vehicles, product liability for protection for your business products, and cyber insurance to protect damage involving your customer data or internet information.

Ensuring Your Small Business Insurance Needs are Met

The best way to ensure that your small business insurance needs are met is to consult a professional insurance broker. An experienced broker can review your risk profile and current policies to ensure that all your requirements are covered. A broker may also be able to bundle your policies together. This will not only save money but also ensure that you are fully protected.

If you’re in need of business insurance, Australia based GSK Insurance is ready to help. We are established business insurance brokers, Perth small business owners can rely on. We can provide access to a wide range of business insurance products, and a member of the GSK team would be delighted to discuss your requirements.

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