“We are business insurance specialists”

It takes a lot of courage to go into business on your own. You must be prepared to take chances, but that does not mean you have to take unnecessary risks. Taking out the right insurance policies is a smart move, that minimises your exposure to risks and secures the ongoing operation of your business.

Types of Insurance Policies

  1. Workers Compensation: Insures employees against injury or death caused whilst at work. The rates for workers compensation are set by workcover and calculated by multiplying annual wages with the relevant occupation code.  It is compulsory for all employers in NSW with a wage bill in excess of $7,500 per annum to carry workers compensation insurance.
  2. Personal Accident & Illness: Sole Traders & Partnerships are unable to purchase Workers Compensation for the principals, as they are not employees. This cover may be required if sub-contracting to others. It provides a weekly benefit following an injury.
  3. Business/Office/Trade Package Insurance: Most insurance companies will provide a range of covers bundled together under a package policy. The sections are;
  4. Fire & other Perils: sometimes referred to as material damage, is designed to cover the building, contents & stock of the business against perils such as fire, earthquake, lightning, storms, impact, malicious damage. Better policies also include cover for accidental damage. You must insure for the replacement value at today’s costs, otherwise a partial claim may be subject to the average provision.
  5. Business Interruption: loss of profits insurance. If the business is unable to trade due to a fire & perils event, this policy will pay business outgoings like wages and additional working expenses to keep the business operating whilst it is unable to trade.
  6. Burglary: Covers theft of stock & contents and damage to premise following a break-in.
  7. Money: If the business handles Money, it must be insured separately, policy can extend to include cover while at the insured home, and in transit to be banked.
  8. Public/Products Liability: covers your legal liability for compensation if someone who is not an employee or family member (third party) suffers injury/death & damage to others property as a result of negligence.  Product Liability covers injury/death or damage as a result of failure of your products. Please note, if you are importing products, you are deemed to be the manufacturer. Most commercial leases will require you to carry this insurance.
  9. Glass: Covers breakage of internal (bathroom) glass and external glass (doors and windows). Most commercial leases will require you to carry this insurance.
  • Professional Indemnity: Covers the financial loss incurred by your clients as a result of your errors & omissions in your advice. It is critical for businesses providing advice, if you charge a fee for design/advice, you should consider professional indemnity insurance.
  • Management Liability: Management Liability protects the individuals and the company in relation to the exposures associated with managing a company. Includes Directors & Officers Liability & Employment Practices Liability
  • Marine Transit: Covers your stock/goods whilst being imported, exported or shipped around Australia, by air, sea, road or train.
  • Contract Works Insurance: All builders who are the principal contractor should carry contract works insurance. It covers material damage to the job whilst under construction, and Public Liability.


The above list is a summary only, if you would like to discuss the needs of your individual business, or would like to obtain a quote please contact insurance@bib.com.au or phone 02 99349700.