In addition to the legally required workers' compensation cover, there are a few key types of insurance all employers in Australia should consider to protect their businesses, employees, customers and assets.
With recent studies and research agreeing that employer support can positively boost employee health and wellbeing, joining a corporate health fund is a wise decision.
To boost productivity and employee loyalty, employers can consider business health insurance.
A health insurance policy will also encourage your employees to seek medical treatment earlier, which can reduce the amount of time off they need when sick as illnesses will be treated sooner, before they become a significant health risk.
Third party liability
If your business involves working around other people's property or on a site with public access, you may want to consider third party liability insurance.
This will ensure you are covered in the event that your employees or products cause (or allegedly cause) an injury to a customer or member of the public or damage to property that does not belong to your organisation.
Assets can come in many forms and your insurance policy should reflect this.
To ensure you are covered in case of a loss-causing event, consider which assets your business would not be able to do without.
You can obtain insurance for the building, worksite and contents your company physically relies on.
Vehicle cover and theft policies are also recommended for most businesses, as well as machinery breakdown and computer damage.
As well ensuring your income insurance covers the loss of profits, revenue, customers or staff after a deficit-causing event, certain businesses may also benefit from the other options available under this policy.
Personal sickness or accident cover for the business owner will enable your income to continue if you suffer an illness or accident.
Partnership insurance could enable a business part-owner to buy out the share of a recently deceased partner to avoid having to sell or close the business.
Key person insurance will provide a lump sum in the event of the death or disability of a key employee, which gives you enough financial support to find and train an adequately skilled worker to fill the important position.
For more information on the key types of insurance for your business, contact the helpful team at HICA today.
We are one of Australia's leading corporate health insurance consultants, with over 30 years of experience, you can have confidence in our ability to help you with all your insurance needs.