What insurance do I need for my business? We’re often asked about the different types of business insurance available in Australia and what the difference is between the various business insurance products. We take a look at a few of the most common products.

What Insurance Do You Need For A Small Business?

Firstly it is important to recognize that business insurance is important for all businesses regardless of their size or turnover.  Small to medium businesses are more often significantly impacted by single events and are often most affected by not having adequate insurance protection. A small business could be closed down by just one catastrophic (and insurable) event without the right insurance covers in place. So if you own a small business and you’re wondering if you need insurance protection, the answer is a definite yes!

But What Kind Of Insurance Does Your Business Actually Need?

This is a really tricky question that we often come across and the answer to this depends on a number of factors. Your insurance needs will be determined by things like the industry that you operate in, your business size and structure, your location and your appetite for risk. An ecommerce business manufacturing and selling candles, for example, will face different risks and challenges than a cafe owner or a real estate agent or engineer. 

There are also certain types of insurance that are required by law in Australia so it’s important to evaluate your particular business needs and make an informed decision about the products that are right for you.

This is where our team of experts will be able to provide guidance to you and take the time to understand your business.  We understand there is no ‘one size fits all’ when it comes to small business insurance so it’s always best to talk to an expert broker to get advice on the products that are going to give your business the best protection.

SMALL BUSINESS INSURANCE PRODUCTS YOU MIGHT WANT TO CONSIDER

These are some of the most common insurance types that small and medium sized businesses invest in.

As we highlighted above, not all of them may be relevant or appropriate for your business and there are many others we could recommend.

Over the next few weeks we’ll take a look at the most common types of business insurance and explain broadly how they protect you.

TYPES OF BUSINESS INSURANCE REQUIRED BY LAW

As we highlighted earlier, there are certain types of business insurance that are required by law in Australia.  

WORKERS COMPENSATION INSURANCE

If you employ people in your business you are required to have Workers Compensation insurance. In fact workers compensation insurance is compulsory for employers in every state and territory of Australia. It provides protection to yourself and your employees in the event that they may be injured at work or become ill due to their work.

Workers compensation generally covers payments to employees while they’re not in work and can include payments for wages, medical expenses and rehabilitation.

COMPULSORY THIRD PARTY INSURANCE

Compulsory Third Party Insurance or CTP insurance is required if you have a vehicle or vehicles used for your business. The specific requirements vary state by state so speak to an insurance advisor to get the most relevant information for your business.

HOW TO BUY SMALL BUSINESS INSURANCE

Understanding what the right package for your business is, can seem like a minefield. To ensure you have the right insurance cover for your business, talk to one of our expert small business insurance brokers and get the peace of mind that you have the right insurance cover, tailored to your specific needs.

As business insurance experts, we can find policies, negotiate insurance contracts and create tailored business insurance packages that specifically meet your needs, regardless of your industry even if you operate in a niche sector.

Contact us today to get an insurance quote for your business.

Recently we were invited to tour the Compass Institute Farm to see how one of their many enterprises benefits from our donations by joining the activities on the farm for a day.

The Compass Farm is a 20 acre property nestled in the hills of Hunchy. Established in 2011, the Farm is a place where people with disabilities can learn, gain diverse work experience and enjoy a genuine vocational opportunities. As a social enterprise the Farm aims first and foremost to provide a safe, rich and meaningful experience for the young people who attend there. 

The Farm provides the trainees an opportunity to learn, such skills as wood working, art, horticulture, cooking and many more. Any fresh produce grown at the farm is also used in the local Connections Cafe.

While visiting the farm, AIB were able to donate Bunning’s gift cards to help cover the costs to upgrade “Cluckingham Palace”, the chicken run of which had been recently broken into by a fox. Unfortunately this fox had managed to help himself to almost 150 of the chickens the farm relied upon. 

The AIB staff had a wonderful day out of the office, and could not help but admire the amazing work this charity does. 

If you would like to learn more about the Compass Institute Farm click on the below link;

https://www.compassinc.org.au/enterprises/compass-farm/

The Compass Institute Inc. is an award winning Sunshine Coast based Charity dedicated to providing support for people with intellectual and/or physical disabilities.

Compass has rewritten the rule book about what a Disability Service looks like and what it can achieve. Along the way it has won numerous significant awards and garnered incredible community and corporate support. It is the fastest growing service of its kind in Queensland and uniquely has developed a wide range of social enterprises that provide amazing vocational opportunities for its trainees. Above everything else it has helped young people with disabilities and their families to dream and then to achieve those dreams.

Commencing in 1991 the organisation provided Alternative Education programmes to youth at risk in local secondary and primary schools during the day while running traditional martial arts classes in Aikido for children, youth and adults five nights a week and Saturday mornings.

The schedule was extremely taxing for the small number of poorly paid staff and volunteers however, without one cent of government funding, over 7,000 school students accessed and benefited from an evergrowing range of specialist programmes. To this day our community reaps the benefit of that very considerable intervention.

In 2000 the Institute received funding from the Department of Sport & Recreation to conduct Strategic Planning Workshops and construct a strategic plan to guide our growth. One of the key recommendations was the development of a Disability Service to support young people in their transition from secondary school to life in their community.

CEO David Dangerfield had studied and trained in New Zealand through the 1980′s and had experienced a service model that was both developmental and transitional. Compass uniquely weaved this model with a core of traditional martial art philosophy and set about creating innovative policies and procedures where quality is deeply embedded in the service at every level.

The Compass Day Programme commenced in 2003 with 3 trainees and one staff member. The service has experienced approximately 60% per annum growth. In that first year of operation the organisation was awarded Outstanding Service Provider of the Year and was runner up in the Innovative Programmes category. In 2004 we were chosen by Backyard Blitz to receive a garden makeover as a result of our strong community focus. In 2005 four trainees jointly won the Junior Citizen of the Year award at the local Australia Day celebrations, again because of the contribution our service makes to the community. Currently we have over 145 trainees and 80 staff across five centres in Queensland – Palmwoods, Hunchy, Caloundra, Caboolture, Gympie, and several micro-businesses that are based on the social enterprise model which provides flexible vocational opportunities to over 70 people with disabilities. The social enterprises include the 20 acre Compass Farm, Connections Cafe, Harvest Kitchen, Wabi Sabi, The Garden Cafe, Rakes and Panes and Earth & Wood.

Should you wish to donate to this wonderful community based charity, please click the following link https://www.compassinc.org.au/ 

Unveiling of the buses!

Our AIB insurance broker firm recently attended the unveiling of the buses donated to our local Sunshine Coast based charity, the Compass Institute Inc. AIB Insuranc Brokers are proud to have been apart of this incredible donation. For further information regarding the ways in which you can help the Compass Institute Inc, please click the below link;

https://www.compassinc.org.au

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