Insurance for Small Business Owners
General insurance guidance for small business owners considering personal and business cover options.
Running a small business often involves personal financial responsibility for revenue, staff, clients and debts. Personal insurance is one way some small business owners consider managing the financial impact of illness, injury or the loss of an owner on the business and their family.
Small business owners may also have specific considerations, including business loans with personal guarantees, lease obligations and reliance on the work of a particular individual. Personal and business insurance options can be considered together, depending on the structure of the business.
How we work with small business owners
Business debts and personal guarantees
Where personal guarantees on business loans, leases or equipment finance exist, these can be relevant when considering personal insurance.
Key person and buy-sell considerations
Where a business has multiple owners, key person and buy-sell arrangements are options some businesses consider. We can outline how these typically work.
Income protection for business owners
Income protection for business owners is generally based on personal exertion income. We can outline how this is typically assessed and presented to insurers.
Business expense cover
Some income protection policies offer a business expenses option, which can help cover fixed business overheads during a period of incapacity.
How we work with small business owners
We take the time to understand your business structure, your role within it and the financial obligations that sit behind it. Whether you are a sole trader, partnership or company director, we can outline how cover options may apply.
We can also discuss considerations beyond personal income, such as business debts, dependencies on partners or staff, and the cost of keeping a business operating during a period of incapacity.
As your business changes, we can review your cover with you periodically.
Cover Options for Small Business Owners
We help small business owners find the right combination of cover from these four types of insurance.
Life Insurance
A lump sum for your family if you pass away or are diagnosed with a terminal illness.
Learn moreIncome Protection
Replaces up to 70% of your income if illness or injury stops you from working.
Learn moreTotal Permanent Disability (TPD)
A lump sum if you become totally and permanently disabled and can no longer work.
Learn moreTrauma Insurance
A lump sum on diagnosis of a critical illness like cancer, heart attack, or stroke.
Learn moreCommon Questions from Small Business Owners
Ready to Protect What Matters?
If you would like to understand the personal and business insurance options available to you, you are welcome to book a free, no-obligation conversation.
* Statistics and figures referenced on this page are sourced from Rice Warner Underinsurance Reports, ABS Lending Indicators, ASFA, and industry publications. Figures are approximate and individual circumstances vary.