Webber Insurance Services Webber Insurance Services
Talk to an insurance broker

1300 932 237

Menu
  • Home
  • About
    • About Us

      Read more about our Business and Partners.

      Find out more about the team at Webber Insurance, what our clients say and who we partner with to enable us to provide you with superior insurance products.

      Contact Us
      • About Us
      • Careers
      • Compliance Hub
      • Webber Insurance Group
      • Steadfast Insurance
      • Testimonials
    • Close
  • Blog
    • Blog Posts & Ultimate Guides

      Read our latest blog posts plus get further information on key topics in our ultimate guide pages.

      At Webber Insurance, we work to expand our clients understanding of a wide range of business risk management topics

      Latest Blogs
      • Contractual Liability Essentials
      • Encryption Guide for Your Devices
      • Data Breaches In Australia
      • Risk Management Tips
      • The Ultimate Guide to Cyber Insurance
      • Ultimate Guide – Data Breach Notification
    • Close
  • Products
    • Insurance Products

      We will find you the right insurance product for your business.

      Use a qualified Insurance Broker to ensure that you have an insurance program that is tailored to your specific needs.

      Quick Quote
      • Asbestos Liability
      • Building Indemnity Insurance
      • Business Insurance
      • Commercial Legal Protection Insurance
      • Contract Works Insurance
      • Contractors Insurance
      • Corporate Travel Insurance
      • Cyber Insurance
      • Design & Construct Insurance
      • Excess Liability Insurance
      • IT Liability Insurance
      • Management Liability Insurance
      • Office Insurance
      • Plant & Equipment Insurance
      • Professional Indemnity Insurance
      • Public & Products Liability
    • Close
  • Occupations
    • Occupations

      We can source insurance for all kinds of occupations.

      As a specialist insurance broker, we have access to a range of local and overseas insurers who are capable of assisting with risks; large or small for all occupations

      Quick Quote
        • Accounting Insurance
        • Architect Insurance
        • Building Designer Insurance
        • Building Inspector Insurance
        • Consultants Insurance
        • Energy Raters Insurance
        • Engineers Insurance
        • Environmental Consultant Insurance
        • Hard To Place Insurance
        • IT Contractors
        • Interior Designer Insurance
        • Labour Hire / Recruitment
        • Landscape Architect Insurance
        • Project Management Insurance
        • Real Estate Agent Insurance
        • Tradies Insurance
    • Close
  • Schemes
    • Schemes

      Insurance schemes for various occupations and industries.

      Webber Insurance has a number of insurance schemes that we have developed for specific industries and occupations.

        • ABSA TPA Assessors
        • ATTMA Insurance
        • Building Designer Association Australia (BDAA)
        • Building Design Queensland (Formerly BDAQ)
        • Building Designer Insurance
        • Design Matters National (Formerly BDAV)
        • Energy Raters Insurance
        • Interior Designer Insurance
    • Close
  • FAQ’s
  • Get a Quote
    • Get A Quote

      We work to simplify the insurance process for our clients.

      Complete one of our online proposal forms today to receive a quote for your insurance requirements

      Get A Quote
      • Accountants
      • Asbestos Liability
      • BAS Agent
      • Bookkeeper
      • Building Inspector
      • Business Insurance
      • Commercial Legal Expenses
      • Consultants
      • Contract Works – Annual
      • Contract Works – One Off
      • Contractors Insurance
      • Corporate Travel
      • Cyber Insurance
      • Energy Raters
      • Engineers
      • Environmental Consultant
      • Interior Designers
      • IT Liability
      • Labour Hire
      • Management Liability
      • Office Insurance
      • Plant & Equipment
      • Professional Indemnity
      • Project Manager
      • Public Liability
      • Real Estate Agent
      • Tax Agent
      • Tradies
    • Close
  • Claims
  • Contact
  • Pay Premium
Webber Insurance Services Webber Insurance Services
Call Menu
  • Get a Quote
  • Make a Claim
  • Products
    • Asbestos Liability
    • Building Indemnity Insurance
    • Business Insurance
    • Commercial Legal Protection Insurance
    • Contract Works Insurance
    • Contractors Insurance
    • Corporate Travel Insurance
    • Cyber Insurance
    • Design & Construct Insurance
    • Excess Liability Insurance
    • IT Liability Insurance
    • Management Liability Insurance
    • Plant & Equipment Insurance
    • Professional Indemnity Insurance
    • Public & Products Liability
  • Occupations
    • Accounting Insurance
    • Architect Insurance
    • Building Designer Insurance
    • Building Inspector Insurance
    • Consultants Insurance
    • Engineers Insurance
    • Energy Raters Insurance
    • Environmental Consultant Insurance
    • Interior Designer Insurance
    • Labour Hire & Recruitment Insurance
    • Real Estate Agent Insurance
    • Tradies Insurance
  • Schemes
    • ABSA TPA Assessors
    • ATTMA Insurance
    • BDAA
    • BDAWA
    • Building Design Queensland
    • Design Matters National
    • Energy Raters Insurance
  • Contact
  • FAQ’s
  • About
    • Testimonials
  • Blog
    • Contractual Liability Essentials
    • Data Breaches In Australia
    • Encryption Guide
    • The Ultimate Guide to Cyber Insurance
Oct 05

Avoid These 7 Insurance Mistakes as a Small Business Owner

  • October 5, 2023
  • Chris Webber
  • Insurance Tips

Starting a small business in Australia is an exciting venture. However, ensuring your business is adequately protected against unexpected problems is crucial to success. Insurance can seem complicated, especially if you’re new to it. This article breaks down 7 common insurance mistakes and how to avoid them to protect your business.

1. Not Getting to Know Your Business Risks

Underestimating Risks

All businesses face risk. It is essential to take the time to understand the different types of risks that your business could face. This might include physical loss or damage to your property, errors or omissions in your advice as a professional, accidents at your workplace, or even cyber-attacks.

Forgetting About Liability

Liability is a broad term that essentially means your responsibility for something. Liability may mean a situation where someone slips in your shop and gets hurt, and you could be held responsible for their medical costs. It could also indicate, if you are a professional service provider, that you have a liability under contract to provide adequate service and/or advice.

Not Thinking About Business Interruption

Sometimes, events like floods, fires, or even a global pandemic can stop your business from operating for a period. Thinking about and planning for potential interruptions could ensure you can get back on your feet. Business Interruption Insurance can also help cover financial losses when your business cannot operate at standard capacity.

Overlooking Online Threats

In the digital age, cyber threats are real. Hackers can steal or compromise data (or even money) if your business and systems are not adequately protected.

2. Not Having the Right Insurance

Inadequate Coverage

Another common insurance mistake small businesses make is to have less insurance than they need or not have the right insurance coverage in place at all. It is crucial to ensure your insurance covers the total value of your assets. Speaking with an insurance broker about your requirements can help protect you. 

The Impact of Underinsurance

Some insurance policies have a co-insurance or underinsurance clause, which can reduce your claim amount if you don’t have enough insurance. This could lead to significant out-of-pocket expenses when you least expect it.

Having less insurance than needed can strain your finances and, in the worst-case scenario, could lead to closing your business. Regularly reviewing your insurance coverage can help avoid this.

3. Skipping Business Interruption Insurance

When unexpected events like fires, floods, or even severe electrical faults happen, they can stop your business from operating. This is where Business Interruption Insurance comes in handy.

It helps replace the lost income when your business can’t operate. This insurance can also cover additional costs, like renting a temporary location.

Many new business owners might overlook this insurance, but having it can be a lifesaver, keeping the financial wheels turning even when your doors are temporarily closed.

4. Ignoring Liability Insurance

Imagine someone slipping on a wet floor in your cafe and getting injured or a product you sold causing unexpected harm to a customer. These situations can lead to legal claims against your business.

Liability Insurance helps cover the legal costs and any compensation you might need to pay. Without it, a lawsuit could cost a fortune, making a significant dent in your business finances. It is a crucial cover to have to ensure the safety of your business and your peace of mind.

5. Not Updating Your Insurance Policies

Your business is like a growing child; its needs change as it grows. Maybe you started with a small shop and have expanded to multiple locations. Or perhaps you’ve begun offering new services or products.

All these changes can affect the type of risks your business faces. Regularly checking your insurance policies is essential to ensure they still fit your business needs.

A simple annual review with your insurance broker can help adjust your coverage, ensuring that you are protected no matter how your business evolves.

 

6. Not Checking Insurance Before Signing Contracts

Getting Advice Beforehand

Before you sign any contracts, it is wise to get advice to understand how it affects your insurance. An insurance expert can guide you on this.

Making Sure Your Insurance Fits

Contracts can bring new responsibilities and risks. Ensure your insurance covers these new aspects of your business.

7. Letting Someone Else Handle Your Insurance

Insurance is critical to safeguarding your business. It’s not just about purchasing a policy but understanding what it covers and ensuring it suits your business needs.

Letting an employee with little experience handle your insurance can lead to misunderstandings and inadequate coverage.

As a business owner, taking charge of your insurance ensures you have the proper protection in place. It’s about making informed decisions that shield your business from unexpected financial blows.

Conclusion

Avoiding these common insurance mistakes can save you time, money, and a lot of stress. Remember, insurance protects your hard work and helps your business thrive through thick and thin. If you’re unsure, reaching out to a trusted insurance broker like Webber Insurance can set you on the right path. 

So, don’t let insurance jargon scare you. With the proper guidance, you can make informed decisions to keep your business safe and thriving. To learn more about the different insurance coverages and get a quote, visit our Business Insurance page.

  • Facebook
  • Twitter
  • Reddit
  • Pinterest
  • Google+
  • LinkedIn
  • E-Mail

About The Author

Chris Webber is the Director of Webber Insurance Services. Chris has been in the insurance industry for 20 years and is an SME business insurance specialist. The information on this blog and website is of a general nature only. It does not take into account your individual financial situation, objectives or needs. You should consider your own financial position and requirements before making a decision. We recommend you consult a licensed insurance broker in order to assist you.

Comments are closed.

Recent Posts

  • Insuring Principal Supplied Materials
  • Insurance Cover for Existing Structures: A Guide for Builders
  • Understanding Policy Parameters in Contract Works Insurance
  • Understanding Contract Works Insurance: Turnover (Transfer) vs. Run-Off Policies
  • Single Project vs. Annual Contract Works Insurance Policies: Understanding the Differences
  • Commercial Drone Insurance: Everything You Need to Know
  • Daniel Webber Named Elite Broker for 2024
  • What Australia’s 2023–2030 Cyber Security Strategy Means for You
  • Securing Customer Data for Small to Medium Businesses [Australian Cyber Security Centre]
  • ‘Active’ Cyber Insurance – The Future for Small Businesses

Contact us

  • Make an enquiry
  • Get a Quote
  • 1300 932 237
Webber Insurance Services
  • Terms of Use
  • Privacy Policy
  • Financial Services Guide
  • Complaints & Disputes Handling
  • Code of Practice
  • Compliance Hub
© Copyright 2025 Webber Insurance Services

328A Magill Road, Kensington Park SA 5068

Webber Insurance Services Pty Ltd | ABN: 88 648 036 929 | CAR No: 413233

Authorised Representative of Webber Insurance Group Pty Ltd | AFSL: 488465 | ABN: 70 612 339 894 All rights reserved

Get a BDAA Insurance Quote

New insurance quotes or renewals for BDAA members who provide building design or energy rating (or similar) services.

"*" indicates required fields

BDAA Insurance Renewal
Energy Rater Insurance Renewal
New Energy Raters Insurance Quote
This field is for validation purposes and should be left unchanged.

Request Insurance Advice

Have a question or need advice from a qualified insurance broker?