Business insurance can look complicated but once you understand the basics, you’ll find it much easier to talk to your broker about your needs.

Here are five things it can help for you to know.


Business insurance can help protect a number of things including your company assets, customers, employees, and your business earnings.
It may also include public liability insurance to provide protection against claims relating to injuries or damage to property.

Business insurance can be flexible. For example, a sole trader working from home is likely to have different requirements from someone running a restaurant, a building company or even a yoga studio, and so it can be tailored to suit a variety of different business needs.

This can also mean bundling different types of policies together to simplify the process – and a bundle may also cost less than purchasing the policies separately.


Some elements of business insurance are required by law. For example, if you have employees, you must have workers’ compensation insurance. Public liability insurance is also compulsory for some companies.

Depending on your business requirements, you can add others to suit your own preferences such as income protection, disability insurance, or cover for your premises, vehicles or equipment.


Whether bought together or separately, each policy will set out exactly what it covers, any conditions you must adhere to and any exclusions.

For example, conditions could include installing automatic fire extinguishers or agreeing to switch on burglar alarms whenever the business premises are unoccupied. An exclusion eliminates coverage for certain types of risks – for example, damage that occurred because you failed to maintain the premises.


Business insurance has lots of options and every business has different exposures – so how can you be sure you’re covering the right risks?

Steadfast network brokers use a tool that can identify your exposure based on claims by other businesses in your sector. From there, they can help to fine-tune your risk profile by understanding the way you do business and the mitigations you have in place.

So, get in touch with one of our brokers, who can also help you to decide on the amount you should insure by discussing details such as replacement costs, especially when it comes to buildings and equipment.

These may appreciate over time due to inflation and rising costs as new models are made available. The exception is stock, which can be covered for its value rather than for its replacement cost.


Getting it right means finding the right cover for the best price. For peace of mind, contact your AIB broker today to discuss your business insurance needs.

Important notice – Steadfast Group Ltd ACN 073 659 677

This article does not take into account your specific objectives, financial situation or needs. It is also not financial advice, nor complete, so please discuss the full details with your Steadfast insurance broker as to whether these types of insurance are appropriate for you. Deductibles, exclusions and limits apply. You should consider any relevant Target Market Determination and Product Disclosure Statement in deciding whether to buy or renew these types of insurance.  Various insurers issue these types of insurance and cover can differ between insurers.