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.

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.

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.

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.

What are the real costs to Australian small business?

SME retailers and professionals have seen material price reductions on their Public Liability insurance, while prices have remained steady across other products and occupations.

Hair and beauty is a sector on the rise, growing by more than 15,000 businesses in two years.

There are plenty of major decisions you will be required to make along your journey as a small business owner, some which will involve a level of risk. One of the biggest risks your business may face is not having adequate business insurance in place, leaving it exposed in the event of a claim.