How to adapt your business insurance as your business grows

There’s no doubt that your business has grown and transformed since those early start-up days from when your small business dream became a reality. You’ve worked hard to make your business happen by investing time, effort and finances, so it makes sense that you would do anything to try and protect it.

From the very start there’s been plenty to think about and manage to help launch your business. There’s the financial side of things, your marketing plans, managing your business premises and importantly your business insurance to keep it all safe. One thing you need to keep in mind is that as your business grows, things change and what may have been suitable in the early phases may not suit your business anymore.

In our guide we look at some of the things you need to consider when it comes to reviewing your business insurance policy and some of the other types of coverages that are out in the market. Having a risk management plan in place can help to stay on top of the measures you need to have to keep your business protected, in particular your business insurance.

Reviewing the type of business activities your business is insured for

Often as a small business owner you will find new opportunities come along your business journey. For example, if you started out as a restaurant or café, you may now be branching out into catering for events, or you may be a beauty professional who now offers a new type of beauty service.

These are exciting advancements and great for your business, but they can also create potential risks to your business without the right kinds of insurances in place. Now is the time to review your existing business insurance cover and ensure you are covered for all of your current business activities and that your types of cover are still adequate.

Do I need to consider different types of business insurance?

The original types of business insurances that you may have taken when you were first starting out, may no longer be suitable for your growing business and its needs. These are some examples of when you may need to look at including different types of insurances to protect your business.

  • You now offer mobile services. For example, if you were previously operating as a hairdresser from a fixed premises but now offering your mobile hairdressing services you may want to look at Portable Equipment cover* to protect things like your hairdressing equipment and products when out and about on the road.
  • You have purchased a business premises. Congratulations! This is one of the biggest assets of your business and is one which needs to be protected. Building and Contents* insurance is designed to protect your bricks and mortar and important business assets.
  • You have bought machinery. Insuring major business assets like machinery can be protected with Machinery Breakdown cover*.

Do I have enough cover?

Assess the amount of cover that you originally took out with your policy and review it against your business’ current situation. Depending of the type of insurance you require, some of the things to review may include:

  • Have you hired staff?
  • Have you purchased more business assets for your business?
  • Are you taking on larger projects/jobs for clients, meaning the potential for higher costing claims?
  • Is you turnover significantly higher for your business?

A snapshot of different types of business insurance options

If you are unsure about some of the types of business insurances available, we’ve created a quick overview of some of the various types of business insurances your growing business may need to consider if you don’t already have them in place.

Business Insurance*

Business Insurance* is an insurance package designed to provide cover for your business contents, stock, tools and commercial premises when an insured event occurs (such as fire, storm, theft or even accidental damage).

These are some of the different types of Business Insurance coverages available for selection.

Business Interruption*

Business Interruption cover provides protection for the loss of income and increased costs of operating your business caused by a specified insured event (such as property damage or fire).  It is designed to help your business recover from an insured event by paying ongoing expenses (such as wages or rent).


Covers your business contents or stock if they were damaged in a fire, storm or due to malicious damage or some other defined event listed in the policy. Even if you run a home-based business with a personal contents policy in place, your business contents are likely to be excluded.


If you own the building from where you operate your business this Covers, you for damage to your building due to fire and other perils listed within the policy wording

Machinery Breakdown*

Machinery breakdown insurance covers the cost to repair or replace specified machinery following a breakdown.

Management Liability insurance*

Management liability insurance* protects directors and officers and the insured company itself from the many exposures relating to the management of a company. Owners and those responsible for the management of a company have specific responsibilities which can result in personal liability for alleged or actual wrong doing.

Tax Audit*

Tax Audit Insurance covers a business for specified costs if the ATO selects it for auditing. The policy covers the costs of accountants and other professional fees incurred in the course of an audit. The process of an audit can be time-consuming, complicated and could possibly create a significant financial impact.

Having the expertise of an external accountant or similar professional to get the job done right can be very costly. Fortunately, this is where Tax Audit insurance comes into play.

Portable Equipment*

Portable Equipment insurance (also known as General Property insurance) covers you for loss and damage to items of portable equipment associated with your business. These can include tools of trade and items of stock.

Need to update your policy or look at new insurance coverage options? At BizCover, we’re here to help protect your business through all the stages. We understand how busy you are running your business, so we’ll do the shopping around for you, presenting multiple quotes from Australia’s most trusted insurers in the click of a mouse. Get covered in minutes without mountains of paperwork or snail mail, just drama-free insurance so you can get back to running your business quicker. Get a quote hassle-free quote today.

* This information is a general guide only and does not take into account your objectives, financial situation or needs.  As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy wording. The information contained on this web page is general only and should not be relied upon as advice.

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