It is integral to have insurance to hedge yourself and your business against risk exposure. There are a variety of personal and business insurances you can consider and apply to ensure adequate insurance for your unique situation.

 Personal Insurances

 Our accountants work with clients to offer advice on personal insurances which ensure they are adequately personally insured. Some personal insurances include: 

• Life Insurance: payment on death to estate or nominated beneficiary
• TPD Insurance: total permanent disability insurance
• Trauma Insurance: if you suffer a trauma such as a heart attack, etc.

  A majority of the premiums for the above have the potential to come out of a superfund balance so you do not have to utilise after tax dollars. Ask your accountant for further advice on your personal insurance situation and how to maximise the benefits of your superfund balance.

 Business Insurances

 There is a range of business insurances available. Some include:

 Workers Compensation: A compulsory insurance for all businesses employing in each state and territory of Australia. It is to protect staff from sickness or injury while at the workplace or to and from home.

 Public Liability Insurance: This insurance protects you and your business against the financial risk of being found liable to a third party for death or injury, loss or damage of property or economic loss resulting from your negligence.

 Professional indemnity insurance: Professional indemnity insurance protects against advice-based businesses from legal action taken for the losses incurred as a result of professional negligence. It provides indemnity cover if your client suffers a loss, this could be material, financial or physical, directly attributed to negligent acts, errors or omissions.

 Liability Insurance: If you sell, supply or deliver goods, even in the form of repair or service, you may need cover against claims of goods causing injury, death or damage. Product liability insurance covers you if any of these events happen to another business or person by the failure of your product or the product you are selling.

 A good accountant does so much more than advise on tax affairs. We work with our clients as an extension to their business, and offer the support and expertise in so many aspects of business, including offering our expertise on the types of insurance ideal for your business. If you have any questions, please contact GMD Chartered Accounting Firm and we will be able to assist.