The insurance you didn't know you needed

There are plenty of compulsory insurance types for business in Australia - third-party injury, workers compensation and public liability to name a few. But there is also a range of options available that can protect your business from loss of assets or revenue you may not have considered.

While there are some obvious non-compulsory insurances including cover for burglary or building and contents, which will come in handy in the event of natural disasters and malicious damage, you can also safeguard your operation against business interruption and loss of profit that may arise from such events.

It’s also possible to obtain policies for property in transit, which would cover tools and equipment used for business purposes that travel with you. Electronic equipment insurance covers specific expensive items against theft, destruction and damage, which may be relevant in the case of a mobile workforce using a number of advanced technology devices.

While you may expect honesty and integrity from employees, it’s not always a given. Employee dishonesty insurance covers losses arising from employee theft or embezzlement. There is even a policy to recoup professional fees in the event of a tax audit or investigation into your business.

The Australian Government online advisory service for business, business.gov.au, suggests that companies talk to insurance providers and brokers to see what options are available and to determine the most appropriate level of coverage. In addition, they advise that relevant industry associations and professional bodies often buy insurance in bulk, meaning that members can access coverage at a better rate.

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