What Insurance Policies Should my Company Have in Place?

Changing the world. Making lives easier for others. Creating happy moments for people. Or even just making a profit.

Ideally our companies will remain on a straight path towards achieving those goals. But the world isn’t an ideal place and things can, and will, go wrong. It’s not hard to imagine a situation one day where one your business could cause injury to the public, damage property or provide an inadequate service. The potential legal fees and stress is difficult to handle, and may threaten your company’s future.

This is where company insurance comes in. Company insurance is a broad term covering different forms of insurance. From public liability to indemnity insurance, the one that is right for you is determined by the business activity of your company. Here are some examples that may help you choose your best options. For personalised options regarding your company’s insurance policies, consult a commercial lawyer today.

What sort of insurance policies should my company have?

Dealing with third parties

Let’s say your company sells drinks to your customers. If one of your drinks were to be contaminated with a snail, causing harm to the customer, you may be liable for a claim of negligence.

Public liability insurance can be something you want included if you often deal with third parties. Public liability insurance generally covers costs relating to negligence claims. You can find more about ‘what is public liability insurance’ in our previous guide.

Selling goods

What if your company rented gym equipment, which then causes harm to a person? Dealing with products can make product liability insurance suitable for your business. Product liability is often packaged with public liability insurance packages due to their similarities.

Workers compensation

Workers compensation is compulsory for most employers in Australia. Maybe your company employs people to coach youth sports. Such activities with a higher risk of harm than an office job can change the coverage provided for your workers compensation policy.

Service providers

An accounting firm that has to audit many clients? Professional indemnity insurance may be for you if you offer these types of professional services. Indemnity insurance, depending on the extent of your policy, can protect you from these claims about inadequate business auditing, or other mistakes in your professional role.

Office spaces

Perhaps you cannot afford to lose your valuable bits of information, assets and technology in your office. Business insurance may protect these assets, which can help cover the costs of any unforeseen breakdown or disaster.


It is likely that your business does not neatly fit under one category, and will cover multiple insurance options mentioned in this guide. It is therefore important to get a policy that covers the amount of risk your company is exposed to. You may also want to further discuss your insurance options with a commercial lawyer to help cover for the unexpected moments in life.

Need to insure your state of mind? Contact a LawPath consultant on 1800 529 728 to learn more about customising legal documents, obtaining a fixed-fee quote from our network of 750+ expert lawyers or any other legal needs.

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