What is general insurance? It is the broad term for non-life insurance that can help protect a business’s property, vehicles, legal liabilities and day-to-day operations. It is not one policy: it is a program of covers selected to suit the risks a business actually carries.
What Is General Insurance? Types of Cover for Australian Businesses
A well-structured general insurance program may include business assets and interruption cover, public and products liability, commercial motor, cyber, management liability, marine transit, plant and equipment, or contract works. The right mix depends on your work, contracts, locations, assets, staff and customers.
- Damage to buildings, stock, contents, tools or equipment
- Claims alleging injury or property damage
- Loss of income following an insured interruption
- Theft, transit loss, cyber incidents or equipment breakdown
- Specialist risks created by your industry or contractual obligations
Start with the risks your business carries
The best starting point is not a generic checklist. A builder, retailer, transport operator, hospitality venue and professional practice face very different exposures. For example, a contractor may need a combination of contract works insurance, liability cover and plant protection; a shop may place more weight on stock, contents, business interruption and public liability.
ABS Insurance Brokers can help businesses review the covers available within a general insurance program and identify which questions matter before a policy is arranged or renewed.
Why insurance limits and wording matter
A policy is not simply a price. The sum insured, excess, sub-limits, exclusions, conditions and the way a business is described can materially affect how cover responds. Underinsurance can also leave a business carrying part of a loss itself. Accurate information and regular review are essential, particularly when turnover, assets, contracts or operations change.
General insurance for construction businesses
Construction businesses often have multiple moving parts: contracts, project sites, subcontractors, plant, tools, vehicles and third-party exposures. ABS’s construction insurance experience is useful where business risks overlap and insurance needs to be considered as a program rather than as isolated policies.
Speak with a Sydney general insurance broker
Whether you are establishing cover, reviewing an existing program or preparing for renewal, a discussion with an insurance broker in Sydney can help clarify the information insurers may need and the covers worth considering.
This article provides general information only and does not take account of your objectives, financial situation or needs. Insurance availability, terms, conditions, exclusions and premiums depend on the insurer and your circumstances. Consider the relevant policy wording and seek personal advice before making a decision.
