Starting a business comes with excitement, challenges, and risks. One of the most critical aspects of protecting your startup is having the right business insurance coverage. Without it, you could face financial losses due to lawsuits, property damage, or unforeseen events. Here’s a guide to the essential types of business insurance your start-up may need.
1. Broadform Liability Insurance
Who Needs It?
Every business, regardless of industry, should have Broadform liability insurance. It's especially important for businesses that interact with the public, work on third-party sites, manufacture goods, or provide services.
What It Covers:
Third-party bodily injury
Property damage
Legal costs from lawsuits
Advertising injury (e.g., copyright infringement, defamation)
Products liability – covers injury or damage caused by products sold or supplied by the business
2. Property Insurance
Who Needs It?
Businesses that own or lease office space, inventory, or equipment.
What It Covers:
Damage to buildings and contents from fire, theft, or natural disasters
Equipment and inventory replacement
3. Business Interruption Insurance
Who Needs It?
Any business that relies on physical locations or operations to generate revenue.
What It Covers:
Lost income due to unforeseen closures (e.g., fire, natural disasters)
Fixed costs like rent, payroll, and utilities
4. Professional Liability Insurance (Errors & Omissions)
Who Needs It?
Businesses that provide professional services or advice, such as consultants, financial advisors, or lawyers.
What It Covers:
Claims of negligence or mistakes
Legal fees and settlements
Settlements or damages awarded against you
5. Cyber Liability Insurance
Who Needs It?
Businesses that handle customer data, online transactions, or store sensitive information.
What It Covers:
Data breaches and cyberattacks
Legal fees and notification costs
Credit monitoring for affected customers
6. Commercial Motor Insurance
Who Needs It?
Businesses that own vehicles for deliveries, services, or transportation.
What It Covers:
7. Business Package Insurance
Who Needs It?
Small to medium-sized businesses looking for a cost-effective insurance bundle.
What It Covers:
8. Workers’ Compensation Insurance – In QLD this is sourced through Workcover
Who Needs It?
Any business with employees (required by law in most states).
What It Covers:
Employee medical expenses for work-related injuries
Lost wages for injured workers
Legal costs related to workplace injuries
Note: In Queensland, company directors who do not receive a wage are generally not covered under the standard Workers’ Compensation policy. To understand your specific coverage and options, it's advisable to contact
WorkCover Queensland directly. You should consider an Accident & Illness policy to protect yourself in the event of injury or illness.
Choosing the Right Coverage for Your Start-up
Selecting the right mix of business insurance is essential to protecting your start-up from unexpected challenges. A trusted insurance broker can help you navigate the complexities and tailor coverage to suit your unique needs.
Factors to Consider:
Industry and business type
Potential risks and liabilities
Budget and financial protection needs
Legal requirements in your state or territory
Why Work With a Broker?
An insurance broker works for you, not the insurer. They’ll take the time to understand your business, compare policies from multiple providers, and recommend options that strike the right balance between coverage and cost.
Final Thoughts
Investing in the right insurance from the outset helps safeguard your start-up’s future. With the guidance of an experienced broker, you can feel confident knowing your cover is fit for purpose — no guesswork, no gaps.
Need expert advice? Contact us today to speak with a broker and get a personalized quote tailored to your business.
Disclaimer
The information provided in this blog is for general informational purposes only and does not constitute legal, financial, or insurance advice. Every business is different, and insurance needs can vary. Gardian recommends speaking with a qualified insurance broker to assess your specific situation and ensure you have the appropriate coverage in place.
For tailored advice, contact Gardian today — we're here to help you protect what matters most.
