Running a business is a challenge, and it often involves putting your own finances at risk. It makes sense to manage risk, reduce uncertainty and protect your livelihood.

Business insurance can protect the equipment and machinery you need to stay in business. It can ensure that you, your employees and any members of the public with whom you interact in your business are protected from the risk you face as a business owner.

And it may also provide financial support if your business is unable to operate following an unexpected event such as a fire or natural disaster.

Think about how you would manage if your stock, equipment, or even your premises were badly damaged or destroyed. Would you be able to continue running your business? Would you be able to recover from the financial loss?

Insurance companies provide a variety of policies that cover small businesses, tradespeople, professionals, hospitality operators and more.

Different types of business require different policies to protect company assets and to protect against legal liabilities. Contact us and we can help you determine your business insurance needs.

Types of business insurance

Business insurance policies can be changed and customised to suit your business needs. You can choose from a wide range of insurance cover specifically tailored for business owners.

Many products are also designed to meet the needs of specific industries.

Insurance companies that offer business insurance will often offer packages that bundle different types of insurance policies together. These are designed to meet the needs of small-to-medium sized businesses and may be less expensive than purchasing policies separately.

There is no one-size-fits-all insurance solution for small businesses. Your insurance needs will vary according to the industry, trade and type of business you are operating.

For example, the risks a home-based sole trader will face will be very different to those faced by a coffee shop, landscaping business or a construction company.

Contact HIFS to speak with one of our experts regarding your insurance needs.

Common types of business insurance

Common types of business insurance focus on assets and revenue, liabilities, and personnel. These include:

  • Professional Indemnity/Liability

    Protects you from legal action taken against you if someone suffers a loss after following your professional advice or because of your receiving your service.

  • Property

    Covers damage or loss to buildings, contents and stock caused by insured events and accidental damage

  • Public Liability

    Covers your business for legal costs and compensation costs that you might have to pay if you are found liable to someone because you caused death or injury, loss or damage to their property, or economic loss due to your negligence

  • Property

    Covers damage or loss to buildings, contents and stock caused by insured events and accidental damage

  • Product Liability

    Businesses that supply, deliver or sell goods, even in the form of services or repairs, may need cover against claims of goods causing damage, injury or death. Product liability cover protects you if any of these events happen to another person or business by the failure of a product you are selling

  • Theft & Burglary

    Theft insurance generally covers your business against loss or damage to your stock and contents if someone forces their way onto your premises or uses deception to get in to your premises. It usually does not cover cash losses, which can be covered separately

  • Commercial Vehicle

    Many different types of policies are available, so make sure you understand the options before deciding.

  • Tax Audit Insurance

    Covers costs incurred by your accountant, or registered tax agent, when notified by the Australian Taxation Office to conduct an audit or investigation into your tax liability

  • Business Interruption

    Covers businesses that suffer a loss because they cannot trade for a period due to loss or damage from a weather event, flood, fire or other insured interruptions

  • Glass

    Covers the replacement of external and internal glass, as well as specified glass items

  • Machinery/Equipment breakdown

    Covers machinery and equipment used in your business. Some policies may also cover stock damages because of the breakdown

  • Goods in Transit/Property in Transit Insurance

    Covers the loss of, or damage to, goods you buy, sell or use in your business when they are in transit by road, rail, air and sea. It also covers damage to property – such as tools and equipment – while in transit within a defined set of geographical limits

Calculating premiums

Each business is unique. Premiums will vary depending on the nature of your business, the risks the business is exposed to, the insurer and the product’s inclusions and exclusions.

When calculating your premium, the insurer will take many factors into consideration. These factors may include, but not be limited to:

  • Type and location of business activities
  • Nature of the business
  • Size of the business, including the number of employees, premises and business income
  • Claims history
  • Nominated sum insured
  • Products produced and/or sold
  • Interaction of the business with third parties
  • Risk factors involved in running your business

You may also consider life insurance policies and insurance for loss of income due to an accident or illness.


Contact HIFS to speak with one of our experts regarding your insurance needs.

Our Service Locations

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  • St Kilda
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  • Boroondara
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