Business Insurance in Australia: What SMEs Often Miss and How to Fix It
For many small business owners, taking out insurance is something they do once, then forget. A policy is signed, the certificate is saved, and that’s the end of it.
But business risk changes. Your operations evolve, you take on new clients, add new services, or invest in new equipment. If your insurance hasn’t kept up, there’s a good chance you’re either underinsured or paying for cover that no longer applies.
Here’s what business insurance should include, what it often misses, and how to know if your current policy actually has your back.
What Business Insurance Actually Covers (And What It Doesn’t)
Many business owners assume their policy covers everything, but the reality is often more complex.
Typical types of business insurance include:
Public liability insurance for injury or damage caused to third parties
Property and equipment cover for physical assets
Professional indemnity for service-based businesses providing advice
Cyber insurance for data breaches or IT system compromise
Business interruption for loss of income after a major disruption
The catch? Most policies have exclusions. For example, flood damage might not be included, or cyber events might only be partially covered. Some clients believe their landlord’s building insurance covers their stock or fit-out, which may not be the case.
Common Gaps We See Every Week
These are real examples from AB Phillips clients before they came to us:
A retailer discovered their stock wasn’t insured after water damage from a storm.
A tradie lost thousands in tools after a break-in. His policy didn’t include tools of trade cover.
A consultant had no cyber cover, despite storing sensitive client data online.
These oversights are common and can cost you thousands of dollars in what could have been insurable events, but they’re also avoidable with the right support.
Why Comparison Sites Don’t Cut It
Comparison platforms are great for checking prices but they don’t know your business. They can’t help you think through what might happen in a worst-case scenario. And if you enter incorrect details, you’re still responsible.
Worse, at claims time, you’re often on your own.
A business insurance broker like AB Phillips helps you understand your risks, recommends cover that actually matches your operations, and stands by you when it’s time to claim.
What You Get with AB Phillips
We work differently.
We don’t start with a quote. We start by getting to know your business – how you operate, what you sell, what tools you rely on, and where the real risks are. That’s how we match you with a tailored business insurance policy that actually works when you need it.
And if something does go wrong, we manage the claim from start to finish. We deal with the insurer and keep you updated, not just hand you a number to call.
When to Review Your Policy
You should review your business insurance:
Annually, even if nothing has changed
After hiring new staff or moving premises
After buying new equipment or vehicles
If you’ve taken on new clients or started offering new services
If your industry or regulatory environment has shifted
If you’ve never had a broker assess your cover
If you’re not really sure what you’re covered for.
A quick review can often save you money, improve your protection, and in most cases, both.
Final Word: Don’t Leave It Too Late
It’s easy to forget about business insurance until something happens. But by then, it’s too late to fix what your policy didn’t cover.
At AB Phillips, we help businesses get the right insurance and reduce gaps in their cover without the overwhelm. And if your current policy is already working well, we’ll tell you that too. Because the goal is simple: to make sure you're really covered.
Reach out to AB Phillips today for business insurance review you can rely on.