Business insurance isn’t just a box to tick, it’s a vital part of ensuring smooth and stable operations no matter what events may transpire in your business. Maintaining revenue, customer service, supply, operations, safety and security for your entire business ecosystem – customers, suppliers and partners – is fundamental to running a business with a stable platform upon which to grow.
The right insurance cover can help you recover quickly from setbacks, meet legal requirements, and give you peace of mind so you can focus on growing your business, not to mention you’ll also sleep easier at night.
Every business is different. A building and trade business will have different needs compared to a medical practice, café, or accounting firm. Some insurances are compulsory, others are optional but strongly recommended. At Colledges Accountants + Advisors, we see business insurance as a strategic investment that underpins stability, compliance, and business resilience.
Here’s our business insurance checklist to help you understand what protection your business may need
Workers’ Compensation Insurance
This is compulsory if you have employees. Workers’ Compensation Insurance covers medical costs, rehabilitation, and lost wages for staff injured at work. It ensures employees are supported in their recovery and helps businesses meet their legal and ethical obligations.
Public Liability Insurance
Protects you if a customer, visitor, or supplier suffers injury or property damage due to your business activities. It’s particularly important if you work on-site with clients, run events, or operate in public spaces.
Professional Indemnity (PI) Insurance
Essential if you provide professional advice or services (for example, accountants, consultants, health practitioners). PI insurance covers claims from errors, omissions, or professional negligence, including the cost of legal defence if needed, and any compensation awarded. In some industries it is a mandatory requirement to have PI insurance. Please also be aware that this insurance may not protect against financial losses that occur through a breach of duty.
Key Person Insurance
Also known as keyman insurance, this protects your business financially if a critical member of your team, such as the owner or director, dies or becomes disabled. This insurance helps cover lost revenue and recruitment costs while you find another person to take on this role.
Business Property Insurance
Covers buildings, equipment, stock, and tools from risks like theft, fire, or storm damage. It can also extend to portable items taken off-site, ensuring your tools of trade are protected wherever you work.
Product Liability Insurance
For businesses that make, sell, or distribute products, this insurance covers legal costs and compensation if a product causes harm or damage, and protects you from product-related claims.
Tax Audit Insurance
Covers the professional fees from accountants or lawyers if your business is audited by the ATO or other government revenue authorities. This can save thousands in unexpected costs and reduce the stress of an audit process. The kind of audits and reviews typically covered by this kind of policy include:
- BAS/GST Compliance
- FBT
- Income, Land and Payroll Tax
- Record Keeping
- Self-Managed Superannuation Funds
- Superannuation Guarantee and Compliance
- Workers Compensation / WorkCover
- Any query of any lodged return where the client is compelled to respond or act.
Please contact us about Colledges’ Audit Shield if you would like to find out more.
Business Interruption Insurance
If an unexpected event such as a fire, flood, or storm occurs, causing damage to your premises which means your business has to cease operating, this insurance covers lost income and extra expenses while you get back to normal operations. This insurance could make the difference between bouncing back quickly or closing your doors.
Cyber Liability Insurance
Almost half of cyberattacks are on small businesses because they are the easiest targets for cybercriminals. On average, it takes 9 months to recover at a cost of $49,000 – this can bring a small business to its knees. Cybercrime is on the rise, with small businesses increasingly targeted. Cyber insurance covers costs from data breaches, hacking, and ransomware attacks, including data recovery, legal fees, and regulatory fines.
Call the team at Colledges for further information
If you’re unsure of what insurance you may need, please give us a call here at Colledges and we’ll help you. We have access to a wide range of quality and trusted business professionals that we can put you in touch with.
The right business insurance mix means fewer surprises and more certainty. It’s about protecting the business you’ve worked so hard to build – and making sure you can bounce back if something goes wrong.
We’re here to help you. You can contact us on 9851 6500 or email us at hello@colledges.com.au to discuss business insurance with our accounting team in Kew.
