Business Insurance Darwin

Business insurance is a form of coverage tailored more specifically to the needs of businesses, offering protection in risk areas which they may face on a day-to-day basis. There are different types of business insurance to consider, so think about which of the following may be the best fit for your Darwin business (or if you should buy multiple policies to boost your coverage):

Public liability insurance

Public liability insurance can cover your business if a member of the public is injured or their property is damaged as a result of your business activity, subject to the terms and qualification criteria set by your insurer. You can generally choose the level of coverage you receive under this type of insurance, which can range from $5 million to as much as $20 million or more in some cases.

What it covers:

1. Third-party personal injury claims
2. Third-party property damage claims
3. The legal costs of defending yourself

Product liability insurance

Product liability insurance may be able to offer your business protection against claims a product you supplied, whether manufactured by you or imported and sold, caused harm to a third party or damaged their property. Like public liability, you may be able to choose a covered amount of between $5 million and $20 million.

What it covers:

1. Claims that a product you supplied caused sickness or injury
2. Third-party property damage claims
3. Legal fees to defend yourself against such claims

Professional indemnity insurance

Professional indemnity insurance can offer cover against claims the advice you gave or service you provided was negligent, sub-standard or caused loss or harm. It may also cover circumstances such as mistakes, incorrect diagnoses, miscalculations and breach of duty. Cover can start at $250,000 and may go up to $10 million (though more may be available by individual negotiation with some insurers).

What it covers:

1. Payment of compensation
2. Payment of damages
3. Legal defence costs
4. Cost of defending yourself during investigations

General business insurance

General business insurance is a package which can offer coverage against other risks, such as those facing your physical business premises and assets. Some insurers may enable you to bundle together your public liability and professional indemnity policies as part of your general business package.

What it covers:

1. Fires, storms, water damage
2. Explosions and impacts
3. Accidental damage
4. Theft following forceable entry into a locked building
5. Theft of equipment which is securely attached to a vehicle

Some of the other cover types you may be able to include in your insurance bundle include:

1. Commercial property insurance (which may offer a higher level of protection for your business premises)
2. Glass breakage (which is a common business insurance exclusion)
3. Business interruption (which can cover your bills if you have to close your business while recovering from an insured event)
4. Cyber liability insurance (which can protect you from many forms of cybercrime)
5. Tax audit (which can cover some of your costs if you’re subject to an ATO audit)
6. Management liability (which can offer cover to business owners and directors against claims of mismanagement)

Accident and sickness insurance

Accident and sickness insurance can cover self-employed individuals who are injured or suffer an illness which prevents them from working and earning a living. You may be able to receive up to 85% of your income as an ongoing benefit (subject to your insurer’s terms and conditions) for a period of up to one or two years (which you can typically choose yourself). This type of cover also enables you to choose your waiting period before your benefits kick in, which can range from seven to 28 days.

What it covers:

1. Loss of income as a result of illness
2. Loss of income as a result of an accident
3. Optional extras including death and disablement benefits