Your business is unique. The ‘magic’ that makes your business special isn’t something that can be replicated, thanks to hard work and dedication. Because your enterprise is unique, it requires protection to ensure it can continue to operate as it is.

This is where business insurance comes in. It shields owners from risk; whether it’s property damage, legal liability for a customer’s injury, or the complete halt to operations due to a natural disaster. For most businesses, this cover is going to differ from one industry to the next.

So, let’s look at a few different industries, and learn how their needs differ.

Accountants

Accountants are responsible for the financial well-being of your clients. The cost of getting this wrong can be a small financial loss or action undertaken from the Australian Taxation Office.

Policies to consider: Professional indemnity cover, cyber liability cover (especially if you manage client information using online systems), management liability cover, public liability (if you have a business premises and employees).

Allied Health Professionals

Allied health covers a broad spectrum of professionals. According to AHPA,1 these workers have,

  • a direct role in the care of patients,
  • are allied to a professional organisation, and
  • have a “defined scope of practice”.

It’s chiefly because these workers are charged with maintaining the health and wellbeing of others that they’re exposed to serious legal risk.

Policies to consider: Public liability insurance (since so many allied health professionals operate in public spaces), workers’ compensation, professional indemnity insurance.

Architects

Architects are the chief voice that shape how buildings are designed and built. If a defect or flaw is found in such a design – even if it’s not spotted until years after the fact – it could have enormous repercussions.

Policies to consider: Professional indemnity cover, product liability insurance, public liability insurance.

Building & Construction

The construction of something can be risky business. Construction workers understand that precision is key to finishing a job to plan and that their work will be met with harsh scrutiny. So, it makes perfect sense for these businesses to be aware of these risks, and protect themselves accordingly.

Policies to consider: Workers’ compensation, professional indemnity cover, product liability insurance, public liability insurance, commercial vehicle insurance, cover for machinery failure/breakdown.

Engineers

Engineers are responsible for coordinating large projects, ensuring the safety of the public while work is underway, and producing a final product that will stand the test of time. What if five years later, this work begins to show signs of fault? This is why engineers need to ensure they maintain continuous professional indemnity cover or their policy provides a run-off cover – insurance that covers their liability even after they’ve left the field – in conjunction with a selection of other policies.

Policies to consider: Professional indemnity insurance and public liability insurance

Hair & Beauty Services

What if your hair salon had to shut down because of a massive fire? What if important equipment was stolen? Many salons require regular business all year long to remain profitable, which is why business insurance is so critical for those times where they cannot.

Policies to consider: Public liability, contents, property insurance, product liability, business interruption cover, professional indemnity.

IT Professionals

The work of IT Professionals can be difficult to understand, even if it is appreciated. While it may seem like ‘magic’, the reality is that these workers ensure that critical systems continue to operate for the benefit of the business. It’s important for these highly sought-after specialists to protect their livelihoods, especially when so many threats now exist to any business operating online.

Policies to consider: Professional indemnity, public liability cyber insurance, management liability cover.

Manufacturing

Some manufacturers develop products designed to last a few months only, and sometimes they’re tasked with assembling something to endure years of service. Regardless of the shelf life, problems with the products can have serious implications for the manufacturers.

Nurses

Nurses help safeguard the health of Australians everywhere. A vast majority of these professionals carry out this task with great skill and care. However, errors and failures are all the more severe when someone’s health is at stake. Because of this, nurses must consider all avenues to protect their livelihoods.

Policies to consider: Public liability insurance and professional indemnity.

Policies to consider: Workers’ compensation, product liability insurance, public liability insurance, commercial vehicle insurance, cover for machinery failure/breakdown.

Personal Finance & Mortgage Brokers

A mortgage broker deals with individuals at a big moment in their lives: when they buy their homes. It’s an investment many of us do not take lightly, and the cost of getting it wrong can mean hundreds of thousands of dollars in debt; all the more reason why it’s important to get it right. Even so, protection is required for brokers who don’t want a costly error on their books.

Policies to consider: Professional indemnity cover, public liability cover.

Personal Trainers

Personal trainers enjoy a fulfilling career in which they get to work with their clients to achieve positive outcomes – anything from weight loss to marathon training! When you place individuals under stress, sometimes they can make a misstep. Lucky for the trainers, business insurance will keep the risk of costly legal fees at arm’s length.

Policies to consider: Professional indemnity insurance, public liability cover, personal accident cover.

Real Estate Agents

A real estate agent is exposed to numerous risks throughout their career; chief among these is if they provide the wrong advice to a client. It’s because of this that professional indemnity insurance is a must for such professionals.

Policies to consider: Professional indemnity, public liability insurance (e.g. an interested customer trips during an open house inspection), cyber insurance (if you manage client information using online systems).

Restaurant & Cafes

Restaurants need to consider public liability insurance as a matter of priority, due to the large number of customers being served each day. In addition to this, workers’ compensation cover is critical in case of an injury in the kitchen.

Policies to consider: Public liability, product liability, theft, property damage, business interruption cover, workers’ compensation cover, tax audit insurance.

Retailers

Stating which type of insurance a retailer may need is tricky, considering the variety of different shops operating in Australia. However, there are at least three different types that all retailers should hold to safeguard customers, employees, and the business itself.

Policies to consider: Public liability insurance, workers’ compensation, business interruption insurance, burglary and property damage cover.

Tradesmen

Plumbers, mechanics, electricians, and more account for a huge number of small businesses across Australia. They’re responsible for maintaining basic, integral functions in our homes. When this work isn’t up to par, these businesses could land themselves in jeopardy.

Policies to consider: Public liability insurance, workers’ compensation, tax audit insurance, insurance for tools.

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