Our business is protecting yours.
We all know businesses operate in a dynamic, complex and challenging environment. Our aim is to increase your business strength and resilience in the face of uncertainty. Austral offers solid risk management advice and proactive business insurance solutions - and we provide exceptional service in the process.
A risk-managed approach to your business insurance
At Austral, we listen.
Many of the physical, legal, compliance and financial risks facing a business can be covered by an appropriate insurance policy. However, understanding your business risks and making the right business insurance decisions can also be confusing and time consuming given the wide range of policies available.
Austral’s business insurance brokers have the expertise to assist you with selection of the right business insurance package which best fits the needs and risk exposures of your business. By taking a risk managed approach to your business insurance, we aim firstly to gain an in-depth understanding of your business, your risk exposures and your risk appetite. We then work with you to develop tailored, innovative and competitive risk and insurance solutions to meet your specific business requirements.
We’ve been serving the needs of a diverse range of small and large business clients and NFPs since 1990. Over the years, we’ve attracted a team of exceptional risk advisors and business insurance brokers with extensive experience across a broad range of sectors and international markets. They’re all trusted advisors who are assets to the businesses they work with.
The following FAQs answer many common questions about business insurance however if you have any questions, please feel free to contact our team. They'll gladly help with any questions you have.
And if you'd like to know what our clients think of us, review our client testimonials here.
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Business Insurance FAQs
What is business insurance?
Business insurance covers the range of insurances that are needed to protect your business from a variety of risks. The aim is to provide enough financial protection and support to keep your business up and running, no matter what happens.
For example, what would happen if you had a fire or flood on your premises? Would you still be able to operate? Could your business recover? With the right business insurance in place, you would have peace of mind that you will be able to replace your building and its contents, and get back to normal operations as quickly as possible.
There are a range of business insurances from basic business insurance packs to tailored insurance policies designed to meet the unique needs of a business.
Do I need business insurance?
In a nutshell, yes. Business insurance is designed to protect your business and others who could be affected by your business operations such as employees and people who use your products or services.
Without business insurance, you may be unable to trade or be responsible for large out of pocket expenses, which could result in you having to close your business. Some insurances may be a legal requirement e.g. Employers are legally obliged to obtain workers' compensation insurance for all workers.
Which business insurance policies are needed by most businesses?
Listing every type of business insurance would take all day however the following provides a guide for the business insurance you may need. This is a guide and we would always recommend getting trusted insurance advice from an insurance broker for determining your specific business insurance requirements.
Business Insurance for SME’s
The main policy available from Insurers would be a Business Package. This includes a number of different classes of insurance bundled together for ease of transaction, such as:
- Property Insurance – Buildings, Contents & Stock - Protects against events such as fire, storm or malicious damage
- Business Interruption - Pays for ongoing costs that continue regardless of whether the business is closed or substantially affected. These costs include rent, mortgage repayments, fixed electricity, gas and water charges. It also covers additional costs incurred to minimise the effects of the closure or downturn, plus net profit and/or loss.
- Public Liability Insurance – Protects against claims of personal injury or property damage that a third party suffers (or claims to have suffered) as a result of your business operations.
- Product Liability Insurance – Insurance taken out by manufacturers to cover liability claims arising from their products.
- General Property Insurance – Protects against damage or destruction of your property assets from events such as fire, vandalism and theft.
There are additional stand alone insurance policies that also need to be considered to meet your specific business needs and legal requirements.
- Workers' Compensation Insurance – Provides benefits to employees who suffer work-related injuries or illnesses. It helps pay for medical care, wages from lost work time and rehabilitation.
- Marine & Cargo Insurance – Protection for the transportation of goods by road, air and sea. Depending on your business, this can be a complex insurance area and a broker’s advice can be invaluable.
- Cyber Insurance – Cyber attacks and ransomware attacks are unfortunately commonplace for Australian businesses. Cyber insurance will cover liability and costs for a cyber event.
- Commercial Motor Vehicle Insurance - If you have a vehicle that you use within your business, or a small fleet of vehicles, you will need to consider motor vehicle insurance. (If you only have one or two vehicles, they may be included under your business package).
Insurance for Commercial and Corporate clients
For those businesses that are larger, or have technical aspects in their activities, a risk managed approach to insurance is essential. The first step in a corporate or commercial insurance program is a detailed risk assessment. Risk management is the identification and analysis of strategic and operational risk which have the potential to severely impact regulatory and compliance responsibilities, revenues or profit, or damage stakeholder relationships.
Decisions about which risks to take, manage, transfer or avoid, rely on objective information and the consistent application of risk management practices across a business. More details of our risk management services can be found here.
Our advisors will work with your team to determine the right insurance program for the organisation as a result of the outcomes from this risk management process. We have a number of specialist programs including Austral's people risk management and cyber risk management programs.
All our corporate and commercial insurance programs are supported by our specialist in-house claims management team.
Insurance for Not for Profits
Not-for-profit organisations have specific needs and risks. Aside from running a successful organisation which would need most business insurances, there are quite onerous compliance and governance obligations to be met that demand a unique look at an organisation's risk profile.
A risk managed approach to insurance is needed to ensure correct insurance coverage that is still competitive. Austral’s experience with NFP’s is extensive and has added significant value and savings for the organisations we work with.
Types of Business Insurance
Directors and Officers
Public and Products Liability
Inbound and Expatriate Medical
Journey - Personal Accident
Kidnap and Ransom
Personal Accident and Sickness
Farm Insurance and Agricultural Packs
General Property Insurance
Industrial Special Risks
Machinery Breakdown Insurance
Mobile Plant Insurance
Motor Vehicle Insurance
How much does business insurance cost?
The cost of your business insurance premium is determined by a range of factors. A few areas of consideration are:
- Which industry you operate in
- Your turnover
- How many staff you employ
- Your business assets
- Your insurance claims history
Other factors that affect cost include the risk appetite of the insurance underwriter and the state of the insurance market. As a result, it’s very difficult to give a guide for your business insurance premium without knowing your business. This is where an insurance broker can guide you to ensure you get the best value insurance to address your specific risks.
Call us today for a complimentary, no obligation consultation. We're here to help.
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