Professional Support
Insurance
Review business insurance considerations across operations, people, assets, professional risk, and renewal timing.
Overview
Insurance explained
Business insurance is how you protect the operation when something goes wrong, covering risks to your operations, your people, your assets and your professional work. The right cover depends on what you do, who you employ and what could realistically disrupt the business.
Cockatoo helps you map your risks and track renewal dates so cover does not quietly lapse at the worst moment. Thinking about insurance early, rather than after an incident, keeps you in a far stronger position.
This is general guidance, not advice on what cover you need. Consider speaking to a licensed insurance broker, and remember that workers' compensation is compulsory if you have employees.
What to check
Key points
- Common SME cover includes public liability and professional indemnity.
- Business or contents and vehicle cover protect your physical assets.
- Workers' compensation is compulsory if you employ staff.
- Tracking renewal dates prevents accidental gaps in cover.
Before you start
What you'll need
- A clear picture of what your business does and where the risks sit.
- Whether you employ staff, contractors or neither.
- A list of key assets, such as premises, stock, tools and vehicles.
- Any contractual requirements from clients to hold specific cover.
- Current policy documents, sums insured and renewal dates.
Process
How it works
- List the main risks across operations, people, assets and professional work.
- Match each risk to the type of cover that typically addresses it.
- Confirm any cover required by law or by your client contracts.
- Record renewal dates and review cover before each one.
- Discuss your situation with a licensed insurance broker for specifics.
Avoid these
Common mistakes
- Skipping workers' compensation, which is compulsory once you employ staff.
- Under-insuring assets so a claim falls short of the real replacement cost.
- Letting a policy lapse because the renewal date was not tracked.
- Assuming one policy covers every risk without checking the exclusions.
Common questions
Insurance FAQs
What business insurance might a small business consider?
Common cover types include public liability, professional indemnity, business or contents, vehicle, and workers’ compensation if you have staff. The right mix depends on your work, so a licensed broker can help you decide.
Is workers’ compensation compulsory?
Workers’ compensation is compulsory if you have employees. Requirements are administered at the state and territory level, so check the scheme that applies where your business operates.
What is the difference between public liability and professional indemnity?
Public liability generally responds to injury or property damage caused to others, while professional indemnity relates to loss arising from your professional advice or services. Many service businesses consider both.
How do I avoid gaps in my cover?
Record every policy renewal date and review your cover before it lapses, especially after changes like new staff, premises or services. Cockatoo helps you keep these dates visible so nothing slips through.
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