Australian Business Podcast

Insurance for business owners: everything you need to know

Apr 10, 2025
Guest
Phil Thompson
Phil Thompson from Skye Private, an insurance expert for business owners and sole traders, shares valuable insights. He explains why insurance is crucial for protecting personal and business assets. The discussion highlights types of essential coverage, including income protection, life insurance, and buy-sell agreements. Phil elaborates on the complexities of structuring these insurances and the potential tax implications. Real-world examples illustrate common insurance gaps, making the case for tailored solutions that meet unique business needs.
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ADVICE

Why Business Owners Should Insure

  • Insure yourself if you have someone depending on your income or role in business.
  • Consider the impact on your family and business continuity if you were unable to work or passed away.
INSIGHT

Insurance Underwriting Explained

  • Insurance underwriting assesses your health and occupation risk before approving coverage.
  • Loading or exclusions can apply, affecting your premiums and coverage terms.
ADVICE

Key Business Insurances to Consider

  • Business owners should consider public liability, professional indemnity, and work cover insurance.
  • Industry-specific insurances are often required and vital for protecting employees and business operations.
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