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What insurance does my business need?
There are a variety of factors that influence the type of insurance cover your business may require. The industry or profession you work in, size of your workforce and commercial assets that you own or use are just a few examples.
Some typical business insurance covers include:
Business Interruption insurance
Can help businesses recover and get back on track after an unexpected significant property loss, including temporary shutdown from serious fire or storms.
Public Liability insurance
Public liability cover can help protect your business if a third party (usually a customer) claims they have suffered an injury or their property was damaged due to negligent activities taken by your business.
Product Liability insurance
Similar to public liability, product liability can help cover your business against third party allegations that your products caused serious injury or damage to their property.
Professional Indemnity insurance
It can help protect a business against allegations of incorrect advice, breach of professional duty or negligence from a third party (usually a client).
Glass cover
This can help cover physical property (glass windows) and the contents of your business from unexpected specified events, such as accidental damage, fire and theft.
Theft & Money cover
Can help businesses recuperate money and contents from theft whilst on their premises during and outside business hours.
Electronic Equipment Breakdown cover
Can help cover the breakdown of electronic equipment at your premise (e.g. photocopiers, computers, POS).
Machinery Breakdown cover
Machinery may be critical to your business. Machinery breakdown insurance can help cover any sudden or unforeseen breakdowns of your equipment housed on business premises.
Property insurance
Property insurance can help cover the physical loss or damage to business assets (e.g. building, contents and stock) at premises from specified unforeseen occurrences, such as fire and storm damage.
Commercial Motor Vehicle & Fleet insurance
Commercial vehicle insurance can help cover the cost of damage to a business vehicle or third parties property in the event of an accident.
Cyber insurance
Cyber insurance can help protect businesses from a range of cyber risks, including ransomware. It can also offer businesses with priority access to specialist vendors who can assist in containing and managing a cyber incident.
Management Liability insurance
This type of cover can help protect managers of a business against claims arising from alleged wrongful acts.
Industries we support
Construction |
Food & Beverage |
Hospitality |
Manufacturing |
Medicine |
Mining |
Motor Trades |
Real Estate |
Retail |
Trades |
Transport & Logistics |
Removing the complexities from business insurance
We understand the challenges you face; no matter your industry, size or business needs, our brokers utilise their specialist expertise to develop an insurance program aligned to your unique risk requirements.
Our aim is to remove the complexities from arranging insurance so our clients have confidence knowing that their risk exposures are known, qualified and mitigated from a business and financial perspective.
Deal with specialist brokers who understand your industry’s risks
Localised support and expertise
We have dedicated insurance brokers based across Australia who offer insurance and risk advice backed by local and industry-specific expertise.
Tailored Insurance coverage
Our commitment is to arrange insurance coverage that is tailored to meet the evolving risk needs of the industry in a cost-efficient and timely way.
Claim management and advocacy
In addition to placing insurance policies for our clients, we can also help manage, negotiate and settle claims with insurers on your behalf.
Access to the global market
Our Australian team of advisors have access to global underwriters, enabling us to obtain insurance quotes for complex or uncommon risks.
Additional insurance to consider
Workers Compensation
It is compulsory for businesses who hire workers to obtain workers compensation insurance policy for their employees.*
Personal Accident insurance
This type of cover can help provide financial compensation if the insured person suffers a serious injury or death due to an accident.
* Marsh does not arrange workers compensation insurance in those states where there is a government scheme in place.
Frequently Asked Questions
How much does business insurance cost?
The cost of business insurance can vary depending on a number of factors. For example, the size, nature and location(s) of your business can all impact the total premium of your insurance. Different insurers may also have different pricing structures.
It is also important to get your declared values right when obtaining a business insurance quote.
What is the difference between public liability and professional indemnity insurance?
Considered two of the most important forms of insurance for businesses, public liability and professional indemnity insurance can help to provide cover for very different risks.
Public liability insurance can help protect your business against financial losses if a third party claims that they’ve sustained an injury or that their property was damaged due to your negligent business activities.
Whereas professional indemnity insurance can help protect a business if a third party (usually a client) claims that an error in the advice or service they received from a professional has caused injury, damage, or financial loss. It can help cover settlements judgements, investigation costs and defence costs in relation to professional indemnity claims or action made against a business.
Why should I arrange my business insurance through an insurance broker?
An insurance broker is a professional adviser with expertise in risk and insurance management. They will help identify risks and find tailored policies to suit the unique insurance needs of your industry or profession.
Their up-to-date knowledge of terms and conditions, benefits and exclusions, as well as cost for several competing policies, enables them to provide comprehensive advice.
Working with a broker can provide you with a wide range of insurance solutions across a number of providers and an ability to negotiate competitive premiums on your behalf.
As well as arranging and placing cover with the chosen insurer, brokers can also act on your behalf in the event of a claim. The reality is that not all claims are black and white. In the event of a contentious claim, a denial or even a reduced settlement, a broker can advocate on your behalf and negotiate with insurers with the aim to achieve a positive result.
What is an interested party?
You may be asked to note another business as an interested party or insured on your policy. Interested parties may be a financier, commercial landlord or principle contractor who has a vested interest in your business risks being appropriately protected.
Marsh can help you navigate through the ways this can be achieved and minimise risk to your business.