Why Accountants Are Recommending Insurance Brokers
And Why It Matters for Small Business Owners
As a small business owner, your accountant is more than just the person who lodges your BAS or prepares your financial statements — they’re your strategic partner. They understand your growth trajectory, your cash flow, your risk profile, and your compliance obligations.
So when accountants increasingly recommend partnering with an insurance broker for small business, it’s not just advice — it’s a smart move toward protecting your livelihood.
Let’s break down what insurance you need as a small business owner, and why an insurance broker could be one of the most valuable people on your advisory team.
What Insurance Do You Need as a Small Business Owner?
Public Liability Insurance – If your business interacts with customers, suppliers, or the public, this is essential. It protects you against claims of personal injury or property damage.
Professional Indemnity Insurance – Crucial for service-based businesses. This covers you against claims of negligence, errors or omissions in your professional advice or services.
Business Interruption Insurance – Covers lost income and fixed operating expenses if your business is unable to trade due to an unexpected event (like a fire or natural disaster).
Cyber Liability Insurance – A growing essential. Even small businesses are at risk of cyberattacks or data breaches — this cover helps manage the financial fallout.
Workers Compensation Insurance – A legal requirement in Australia if you employ staff.
What Are the Advantages of Using an Insurance Broker for SMEs?
Accountants and small business advisers are increasingly advocating for SMEs to use brokers. Why? Because the advantages of using an insurance broker for SMEs go beyond just finding a policy. A broker brings deep insight, tailored service, and real-world experience.
Here are some of the benefits of using an insurance broker for SME businesses:
Tailored Coverage for Your Unique Risks
An insurance broker will take the time to understand your business operations, industry-specific risks, and future goals. Unlike comparison websites or direct insurers, brokers offer personalised advice — not just cookie-cutter solutions.
Access to a Wide Range of Policies
Brokers are connected with multiple insurers — not just one. That means they can source better policy options, more competitive pricing, and even niche products that suit your specific business model.
Support When You Need It Most: Claims
This is where brokers truly prove their value. If the unexpected happens and you need to make a claim, your broker becomes your advocate. They’ll liaise with insurers, manage the paperwork, and help ensure the process is as smooth and favourable as possible.
Ongoing Risk Management Advice
Your business evolves. So do your risks. A broker can conduct regular reviews to ensure your insurance keeps pace with your operations, staff changes, revenue growth, and new products or services.
Time and Headspace Saved
You didn’t start a business to read 30-page PDS documents or compare policy exclusions. A broker handles all the research and admin so you can focus on running your business.
Why Accountants & Brokers Are a Powerful Combo
As highlighted in The Adviser, small businesses benefit enormously when their accountant and broker work together. Accountants bring financial clarity and strategic insight. Brokers bring deep insurance knowledge and protection planning. Together, they help you make better decisions, manage cash flow, and minimise exposure.
Think of it like this: your accountant helps you grow your business, while your broker helps you protect it.
Final Word: Don’t Leave Risk to Chance
If you’ve ever asked, “What insurance do I need as a small business owner?” — you’re not alone. It’s a question every SME should be asking. And the answer is rarely simple, because every business is different.
That’s why more accountants are recommending their clients speak with an insurance broker for small business — not just to tick boxes, but to ensure they’re actually protected when it matters.
If you’re not working with a broker, now’s the time to start. Because when your business is protected properly, you can grow confidently.
Need guidance?
Talk to a broker who specialises in SMEs. It’s one of the smartest investments you can make in your business.