There are many legal liabilities that come with business ownership, which is why many business owners look for ways to reduce liability claims against their business and minimise Public Liability risks.

As a small business owner, you know all too well that the fate of your business is in your own hands. But did you also know that as a company director or senior manager involved in the management of a company, you also carry specific responsibilities that have the potential to also leave you personally liable if things in your business don’t go as planned.

Cyber Liability insurance has been available since at least the year 2000, however many small businesses in Australia are not taking advantage of the protections a policy can provide. According to one survey, just 40% of businesses1 have any sort of cover in place.

Product Liability claims and Product Liability litigation against your business are no joke. In fact, they may severely impact your small business and damage the upstanding reputation you have worked so hard to create around it. Product Liability claims may even potentially push your business beyond the point of no return, which is why Product Liability risk management is a popular choice for many business owners.

It may have taken some time for the reality to hit, but the wider public is now starting to realise that hackers aren’t just fictional brooding movie villains – they’re real people doing real damage across the globe, particularly in Australia and especially to small businesses.

Having complete control over your business is a wonderful thing, so it should come as no surprise that the sole trader route to business ownership is very popular in Australia’s small business owner community.

You’ve worked hard to build your business, so it makes sense to protect it. Below are the top 5 reasons NHAA members should hold and maintain Professional Indemnity and Public Liability insurance.

There is nothing like being your boss. The freedom, the opportunity to pursue your passion and being in control of your career path. It also comes with the responsibility of managing your finances, marketing and other key plans for success. Any solid business plan should have a focus on risk management strategies and protection for your business for the long haul.

The profession of bookkeeping is one that takes experience, precision, good organisation skills and attention to detail. Your clients put their trust in you to keep their financial records spick and span, without any hidden surprises come tax time.

In Part 2 of our cyber risk series, we take a look at what steps you can take to protect your business from a cyber–attack. We also explain what Cyber Liability insurance is and why you should consider it as part of your business security plan.