Solutions

Protecting my business

Taking out the right insurance will help protect your business and minimise its exposure to risk.

Compulsory insurances

Your insurance requirements will vary according to the type of business you are operating, but you should be aware that some forms of insurance are compulsory, such as:

  • Workers Compensation: You must provide accident and sickness insurance for your employees, (workers compensation), through an approved insurer. Workers compensation is covered by separate state and territory legislation. Refer to www.business.gov.au for more information. If you are self employed you won’t be covered by workers compensation, so you should consider accident and sickness insurance through a private insurer. We offer several types of Life and income insurance.
  • Motor vehicle: It is compulsory to insure all company or business vehicles for third party injury liability. Compulsory third party (CTP) - covers you for claims made against you for personal injuries and legal costs arising from the use of your car. You must obtain this insurance to register your car.

What are my insurance options?

When you’re in business you deal with a variety of potential risks each day. Risk is not something you can avoid, but it is something you can manage through business insurances.

When thinking insurance it’s often best to think 'worst case scenario'. Whilst not pleasant, this is the purpose of insurance - to help protect you against the worst case, giving you peace of mind to focus on building your business.

Optional insurances you should consider include:

  • General property (Fire and other perils)
  • Business Interruption and loss of profits
  • Burglary
  • Machinery breakdown
  • Loss of money
  • Electronic equipment
  • Professional indemnity
  • Public and Product liability
  • Damage to goods
  • Vehicle.

What should I look for in a policy?

When checking out policies look at things like:

  • What is and what is not covered
  • Are you under insured?
  • Terms of replacement
  • Claims procedure, can you rely on straight forward and prompt service?
  • Reputation
  • Renewal Conditions, is increase in value built into the policy?

Review your options

Things you should know
  • Westpac Banking Corporation (the Bank) refers customers to insurance companies which provide the types of insurances described in this document. The Bank is not the representative or agent of any of these insurance companies, nor does the Bank arrange the insurances. The insurances are not investments in or deposits with the Bank. No Westpac Group company has any liability in connection with policies issued by the insurance companies referred to. The Bank does not guarantee payments under the insurances. The Bank is entitled to up to 15% commission on premiums for all insurances issued following referrals made by the Bank.
  • A Product Disclaimer Statement for these insurance products should be obtained from the insurer.
  • An investment in any of these products is not an investment in, deposit with or any other liability of Westpac Banking Corporation ABN 33 007 457 141 (the Bank) or any other company in the Westpac Group. It is subject to investment risk, including possible delays in repayment of withdrawal proceeds and loss of income and principal invested. The Bank is not the issuer of the products. Neither the Bank nor any other company in the Westpac Group stands behind or otherwise guarantees the capital value or investment performance of any of the products.
  • A Financial Services Guide can be obtained by downloading here, by calling 132 142 or from any Westpac branch.
  • Westpac Income Protection and Westpac Income Protection Plus are issued by Westpac Life Insurance Services Limited ABN 31 003 149 157 (Westpac Life). Westpac Life is a subsidiary of Westpac Banking Corporation ABN 33 007 457 141 (Bank). This policy is not an investment in or deposit with the Bank. Neither the Bank nor any member of the Westpac Group (other than Westpac Life) guarantees this insurance. A Product Disclosure Statement and Policy Document (PDS) is available for Westpac Income Protection and Westpac income Protection Plus and can be obtained by downloading it here, by calling 131 817 or visiting any Westpac branch. Conditions, limits and exclusions on cover apply and are explained in the PDS. Before making a decision about these policies, you should obtain and consider the PDS.
  • Westpac Business Overheads is issued by Westpac Life Insurance Services Limited ABN 31 003 149 157 (Westpac Life) . Westpac Life is a subsidiary of Westpac Banking Corporation ABN 33 007 457 141 (Bank). This policy is not an investment in or deposit with the Bank. Neither the Bank nor any member of the Westpac Group (other than Westpac Life) guarantees this insurance. A Product Disclosure Statement and Policy Document (PDS) is available for Westpac Business Overheads and can be obtained by downloading it here, by calling 131 817 or visiting any Westpac branch. Conditions, limits and exclusions on cover apply and are explained in the PDS. Before making a decision about these policies, you should obtain and consider the PDS.
  • This information is current as at 15 November 2010.