What insurance does my business need?
Most owners aren’t sure which covers apply to them. Answer 9 quick questions and see the insurance businesses like yours commonly consider, and why.
- No sign-up to see your results
- Each cover comes with the reason it applies
- A licensed broker can confirm it, free
General information only, not advice. COVRA isn’t an insurance broker; a licensed broker confirms what cover suits your business.
The main types of business insurance.
Who each cover is usually for. Most businesses need more than one.
Liability & protection
Public Liability Insurance If someone could be injured or their property damaged Professional Indemnity Insurance If clients rely on your advice, designs or expertise D&O Insurance If you're a company director, officer or board member Cyber Insurance If you hold customer data or rely on online systemsWhich business insurance is compulsory?
A few covers are required by law or by your profession. Many more are required by the people you work with.
- Workers compensation Compulsory for most employers in every state and territory. Each state runs its own scheme.
- CTP insurance Compulsory for every registered vehicle. It covers injuries to people, not damage to vehicles or property.
- Professional indemnity Required for some professions, such as registered health practitioners, tax agents and lawyers.
- Public liability Rarely required by law, but often required by commercial leases, contracts, councils, markets and venues.
What insurance does a sole trader need?
As a sole trader, you and your business are legally the same, so a claim against the business can reach your personal assets. That’s why sole traders who deal with the public commonly consider public liability insurance, and those who give advice or professional services consider professional indemnity insurance.
Workers compensation doesn’t cover you as the owner, so it’s also worth asking a broker about cover if you’re injured or can’t work.
Take the checkCommon questions.
Is business insurance compulsory in Australia?
Some of it is. Workers compensation is compulsory for most employers, and CTP insurance is compulsory for registered vehicles. Some professions, such as registered health practitioners, tax agents and lawyers, must hold professional indemnity insurance. Other covers aren't required by law, but leases, contracts and clients often ask for public liability insurance.
What insurance does a small business need?
It depends on what you do. Businesses that deal with the public usually consider public liability insurance, businesses that give advice or professional services consider professional indemnity insurance, and most businesses that hold customer data or trade online consider cyber insurance. The check on this page shows which covers are commonly considered for businesses like yours.
What's the difference between public liability and professional indemnity insurance?
Public liability insurance covers claims that your business injured someone or damaged their property. Professional indemnity insurance covers claims that your advice or services caused a client a financial loss. Many businesses that work with clients hold both.
Does COVRA tell me which policy to buy?
No. COVRA isn't an insurance broker and doesn't give advice. The check gives general information only. The licensed broker we match you with talks through your business and recommends the cover you need.
Is the check free?
Yes. The check and being matched with a licensed broker are both free for businesses, and there's no obligation to buy anything.