Conducting Business in Australia: Insurance

It is good practice for companies to have insurance policies in place in respect of their business activities in Australia. The most common types of insurance include:

1. Workers compensation: this is compulsory for most businesses in Australia and covers claims for workplace-related injury or disease;
2. Professional indemnity: this covers any civil liability for breach of a duty owed in a professional capacity in connection with the company's business;
3. Public liability: this covers circumstances where a company may be found liable to a third party for death or injury, loss or damage of property or 'pure economic' loss resulting from the company's negligence;
4. Product liability: this covers damage or injury caused to another business or person by the product that a company is selling or a failure of that company; and