Navigating Business Insurance for Australian SMEs

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Running a small to medium-sized enterprise (SME) in Australia can be very rewarding, but it's not without its challenges, particularly when it comes to protecting your business against potential risks.

Insurance is a must-have for any business owner, and can ensure that you're protected should the unexpected happen. But not every business needs the same type and level of cover.

So, we've addressed the most common queries about business insurance to help you make informed decisions.

What Types of Insurance Do SMEs in Australia Need?

The types of insurance your SME might need can vary significantly depending on your industry, size, and specific business activities. However, some common policies that are often relevant include:

Public Liability Insurance: Covers your business against legal and compensation costs arising from third-party injuries or property damage.

Australian business insurance checklist

Professional Indemnity Insurance: Essential for businesses that provide advice or services, protecting against legal action from clients. Some examples of industries it is of particular benefit to include: consultants, financial advisors, architects, lawyers, real estate agents, healthcare professionals, and designers. 

Product Liability Insurance: Protects against claims of injury or damage caused by products your business sells or supplies.

Business Property Insurance: This covers the physical assets of your business, such as buildings, contents, and stock, against fire, theft, and other risks.

Business Interruption Insurance: Provides cover for loss of income and increased costs of operating your business due to unexpected events, such as a natural disaster. It's designed to help a business get back on its feet by covering operating expenses, such as rent, salaries, and other costs, while the business is unable to operate as usual.

Cyber Liability Insurance: With the rise of digital threats, this insurance protects against cyber-attacks and data breaches affecting your business.

Workers' Compensation Insurance: Mandatory in Australia, this covers costs related to employee work-related injuries or illnesses.

How Much Does Business Insurance Cost?

The cost of business insurance varies widely depending on your business's specific risk factors, including your industry, business size, type of coverage, and the amount of cover you need. To get an accurate estimate, it's best to consult with an insurance broker who can provide tailored advice and quotes.

Why Use an Insurance Broker for Your Business Insurance?

Trying to understand the complex world of insurance can be daunting for SME owners, which is where an insurance broker can really help.

Expertise & Advice: Brokers have in-depth knowledge of the insurance market and can find the best coverage options for your specific needs.

Time-saving: Finding the correct insurance, comparing the terms of a number of providers, servicing the account and managing claims can be an arduous, time consuming process. Brokers handle the legwork of comparing policies and negotiating with insurers, freeing up your time so you can focus on doing what you do best - running your business.

Customised Solutions: Businesses have unique needs, and off-the-shelf insurance policies might not provide the most effective coverage. Brokers can tailor insurance solutions to fit your specific business needs, ensuring comprehensive protection.

Cost-Effective: While brokers charge fees for their services, the overall cost of using a broker can be lower in the long run. They can help you secure competitive premiums and avoid costly gaps in coverage. Their expertise in risk assessment can also lead to lower premiums by implementing effective risk management strategies.

Claims Assistance: In the event of a claim, having a broker can be invaluable. They act as your advocate, navigating the claims process, and negotiating with the insurer on your behalf to ensure that you receive a fair and prompt settlement.

insurance broker with client

How Can SMEs Reduce Their Insurance Costs?

While insurance is a necessary expense for protecting your business, there are strategies to help manage costs:

Risk Management: Implementing effective risk management practices can lower your premiums by reducing the likelihood of claims.

Bundling Policies: Often, buying multiple policies from the same insurer can lead to discounts.

Review Annually: Regularly reviewing your insurance needs with your broker can ensure you're only paying for the coverage you need.

Insurance is a critical component of a solid business foundation, offering protection and peace of mind for SME owners. By understanding the types of insurance available, leveraging the expertise of an insurance broker, and adopting strategies to manage costs, you can ensure your business is properly protected against the unforeseen. Remember, every business is unique, so it's important to seek personalised advice to address your specific needs and concerns.

Contact our team of experienced brokers today to discuss your business's insurance needs.

If you'd prefer to give us a call, you can contact one of our three offices below:

Midland Carlton: 03 9349 2733

Midland Mount Eliza: 03 9775 2355

Midland Sydney: 02 9634 0900

Navigating Business Insurance for Australian SMEs

Navigating Business Insurance for Australian SMEs 

Running a small to medium-sized enterprise (SME) in Australia can be very rewarding, but it's not without its challenges, particularly when it comes to protecting your business against potential risks.

Insurance is a must-have for any business owner, and can ensure that you're protected should the unexpected happen. But not every business needs the same type and level of cover.

So, we've addressed the most common queries about business insurance to help you make informed decisions.

What Types of Insurance Do SMEs in Australia Need?

The types of insurance your SME might need can vary significantly depending on your industry, size, and specific business activities. However, some common policies that are often relevant include:

Public Liability Insurance: Covers your business against legal and compensation costs arising from third-party injuries or property damage.

Australian business insurance checklist

Professional Indemnity Insurance: Essential for businesses that provide advice or services, protecting against legal action from clients. Some examples of industries it is of particular benefit to include: consultants, financial advisors, architects, lawyers, real estate agents, healthcare professionals, and designers. 

Product Liability Insurance: Protects against claims of injury or damage caused by products your business sells or supplies.

Business Property Insurance: This covers the physical assets of your business, such as buildings, contents, and stock, against fire, theft, and other risks.

Business Interruption Insurance: Provides cover for loss of income and increased costs of operating your business due to unexpected events, such as a natural disaster. It's designed to help a business get back on its feet by covering operating expenses, such as rent, salaries, and other costs, while the business is unable to operate as usual.

Cyber Liability Insurance: With the rise of digital threats, this insurance protects against cyber-attacks and data breaches affecting your business.

Workers' Compensation Insurance: Mandatory in Australia, this covers costs related to employee work-related injuries or illnesses.

How Much Does Business Insurance Cost?

The cost of business insurance varies widely depending on your business's specific risk factors, including your industry, business size, type of coverage, and the amount of cover you need. To get an accurate estimate, it's best to consult with an insurance broker who can provide tailored advice and quotes.

Why Use an Insurance Broker for Your Business Insurance?

Trying to understand the complex world of insurance can be daunting for SME owners, which is where an insurance broker can really help.

Expertise & Advice: Brokers have in-depth knowledge of the insurance market and can find the best coverage options for your specific needs.

Time-saving: Finding the correct insurance, comparing the terms of a number of providers, servicing the account and managing claims can be an arduous, time consuming process. Brokers handle the legwork of comparing policies and negotiating with insurers, freeing up your time so you can focus on doing what you do best - running your business.

Customised Solutions: Businesses have unique needs, and off-the-shelf insurance policies might not provide the most effective coverage. Brokers can tailor insurance solutions to fit your specific business needs, ensuring comprehensive protection.

Cost-Effective: While brokers charge fees for their services, the overall cost of using a broker can be lower in the long run. They can help you secure competitive premiums and avoid costly gaps in coverage. Their expertise in risk assessment can also lead to lower premiums by implementing effective risk management strategies.

Claims Assistance: In the event of a claim, having a broker can be invaluable. They act as your advocate, navigating the claims process, and negotiating with the insurer on your behalf to ensure that you receive a fair and prompt settlement.

insurance broker with client

How Can SMEs Reduce Their Insurance Costs?

While insurance is a necessary expense for protecting your business, there are strategies to help manage costs:

Risk Management: Implementing effective risk management practices can lower your premiums by reducing the likelihood of claims.

Bundling Policies: Often, buying multiple policies from the same insurer can lead to discounts.

Review Annually: Regularly reviewing your insurance needs with your broker can ensure you're only paying for the coverage you need.

Insurance is a critical component of a solid business foundation, offering protection and peace of mind for SME owners. By understanding the types of insurance available, leveraging the expertise of an insurance broker, and adopting strategies to manage costs, you can ensure your business is properly protected against the unforeseen. Remember, every business is unique, so it's important to seek personalised advice to address your specific needs and concerns.

Contact our team of experienced brokers today to discuss your business's insurance needs.

If you'd prefer to give us a call, you can contact one of our three offices below:

Midland Carlton: 03 9349 2733

Midland Mount Eliza: 03 9775 2355

Midland Sydney: 02 9634 0900

Request A Quote
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Gary Perera

Senior Insurance Broker

With 35 years’ experience in the insurance industry, Gary is a Senior Insurance Broker at Midland with extensive knowledge across a wide range of business sectors. He specialises in insurance for breweries, distilleries, cafés, restaurants, and manufacturing businesses, bringing a depth of practical insight to every client engagement.

Known for his thorough and considered approach, Gary takes the time to understand how each business operates before delivering clear, tailored insurance solutions. A committed professional, he has completed numerous industry qualifications and is a proud member of ANZIIF, maintaining his expertise through ongoing education and regular engagement with industry developments.

Outside of work, Gary is an avid sports enthusiast who enjoys running, football, and cricket. He remains driven by a simple principle: continuous improvement and delivering the highest standard of advice to his clients.

Angus Matheson

Angus Matheson

Senior Insurance Broker

With more than 21 years’ experience in the insurance industry, Angus is a Senior Insurance Broker specialising in Road Freight Transport insurance. He is recognised for his deep understanding of the transport sector and his ability to deliver tailored risk solutions that address the operational and commercial challenges faced by transport businesses.

Angus takes an empathetic, client-first approach, investing the time to understand each business, its priorities, and its risk profile before providing advice. A committed professional, he holds accreditations with NIBA, ANZIIF, CIP, and QPIB, and remains actively engaged with industry developments through ongoing education and professional involvement. His focus is on delivering reliable protection that supports business continuity and long-term confidence.

Sarah Grose

Sarah Grose

Senior Insurance Broker

With more than 17 years’ experience in the insurance industry -including 16 years with Midland - Sarah brings deep expertise and a genuine commitment to helping clients protect what matters most. Having held a range of roles across the business, including management positions, she has a well-rounded understanding of both client needs and the broader insurance landscape.

Sarah specialises in small to medium-sized business insurance, with particular expertise in the film and television sector, self-storage, and, more recently, breweries and distilleries. Her approach is focused on making insurance clear, practical, and tailored to each client’s circumstances. Known for her approachable and solution-focused style, Sarah builds long-term relationships grounded in trust, reliability, and understanding.

She holds a Diploma of Insurance Broking and remains actively engaged in ongoing professional development to ensure her advice stays current and relevant.

Andrew Woff

Andrew Woff

Senior Insurance Broker

With close to 20 years’ experience in the insurance industry, Andrew is a Senior Insurance Broker at Midland specialising in heavy vehicle and equipment insurance, as well as cover for breweries and distilleries. He is particularly well regarded for his ability to secure tailored, cost-effective solutions for assets involving motors, wheels, or tracks, alongside his strong understanding of the risks unique to alcohol production businesses.

Andrew works with a wide range of clients, from sole traders through to large-scale operations, and is known for his clear communication, flexible approach, and commitment to personalised service. A QPIB-accredited broker and member of NIBA, he maintains high professional standards and remains focused on delivering practical, well-considered advice.

Outside the office, Andrew is a proud father of three and an active community volunteer. His interests in music, electronics, mechanics, and brewing reflect the same curiosity and hands-on mindset he brings to his professional work.

Scott McMurtrie

Scott McMurtrie

Senior Insurance Broker

Scott is a Senior Insurance Broker with over 12 years’ experience supporting Australian small and medium-sized businesses. He specialises in tailored insurance solutions across the Film & Entertainment, Transport, and Manufacturing sectors, delivering advice that reflects each client’s specific risks and operations.

With a strong focus on understanding how businesses work in practice, Scott provides clear, relevant cover recommendations backed by ongoing professional development and industry engagement.

Outside the office, he enjoys AFL, soccer, and music, and values building long-term client relationships founded on trust and reliability.

Beau Runnalls

Beau Runnalls

Senior Insurance Broker

Beau is a senior insurance broker at Midland with seven years of industry experience supporting businesses across Australia. He works across a broad range of sectors, with particular expertise in earthmoving, heavy equipment, trades, and the winery industry.

Known for his attention to detail and measured approach, Beau focuses on delivering insurance solutions that are clear, practical, and free from unnecessary complexity. He remains actively engaged in professional development, ensuring his advice reflects current industry standards and best practice.

Beau places strong value on collaboration and long-term client relationships. Outside of work, he enjoys golf and football, reflecting his team-oriented mindset and active approach both professionally and personally.

Alex Petkovic

Alex Petkovic

Senior Insurance Broker  |  Development & Service

With 27 years of experience in the insurance industry, Alex is a senior broker at Midland, recognised for his depth of knowledge, attention to detail, and straightforward approach. While he works across a broad range of businesses, he has a particular focus on clients in the construction and building sectors.

Committed to keeping insurance clear and practical, Alex places a strong emphasis on honesty and client-first advice. He remains actively engaged with industry developments through ongoing professional development and research, and is also a natural mentor, regularly supporting and guiding emerging brokers within the team.

Joshua-Kerr

Joshua Kerr

National Sales Manager

Joshua is Midland’s National Sales Manager, with more than two decades of experience in the insurance industry. His expertise spans a wide range of insurance solutions, with particular depth in the winery and brewery sectors.

Taking a considered, people-focused approach, Joshua works closely with clients to understand how their businesses operate and the risks they face, allowing him to deliver insurance solutions that are both practical and relevant. He is known for his ability to make complex insurance concepts clear and approachable.

Outside of work, Joshua has a strong connection to community, having spent several years coaching junior basketball and serving as Vice President of a children’s basketball club. Staying closely attuned to industry developments, he is committed to helping clients make informed insurance decisions that support their long-term success.

Justin-Lane

Justin Lane

Director

Justin is a Director at Midland and has been part of the business since 2003. With more than two decades of experience, he works closely with small businesses across Australia, helping them secure insurance solutions that genuinely reflect the way they operate.

Known for his practical, solution-focused approach, Justin places strong emphasis on clarity, reliability, and long-term client relationships. His depth of industry knowledge and consistent, hands-on service have seen him become a trusted adviser to many business owners over time.

Damien Lane

Director

Since 2001, Damien has been central to Midland’s evolution, bringing more than two decades of industry experience and a strong commitment to client-focused service. His expertise spans a wide range of sectors, with recognised depth in the brewery and distillery space.

Working with independent brewers across Australia, Damien helps clients navigate complex operational risks with practical, grounded advice. He is known for his industry knowledge, clear communication, and ability to build enduring client relationships.

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