A Mumpreneurs Guide to Understanding Business Insurance

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The art of juggling parenthood while running your own business is anything but an easy feat. There’s always something screaming for your attention, from managing client requests and orders, packing the kid’s lunches, managing the books, setting marketing campaigns, sending packages, oh and maybe squeezing in 5 minutes for a lunch break!

We want to take one thing off your hands, and that’s the stress of trying to make heads or tails of business insurance. Understanding the different kinds of coverages your business needs shouldn’t be complicated or overwhelming. It’s a fundamental part of running your own business, helping to safeguard it from unforeseen risks.


Protecting your business with the right kind of coverages is a crucial part of staying in business for the long-haul. A claim can not only have a devastating impact on your hip-pocket but on your hard-earned reputation too.

Whether you run an online empire, provide expert advice on marketing strategies or have the best smelling candle stand at the local markets, business insurance is something all businesses need to think about.

So pour yourself a tea or coffee, turn off Zoom and sit back with our jargon-free guide for mumpreneurs on some of the more common types of business insurance.


One of the main types of business insurances to consider is Public Liability and Product Liability insurance. These are particularly worth considering if you interact with customers and create your products.

Public Liability insurance covers legal fees and compensation costs if a customer, member of the public, or a supplier sues you for injury or damage to their property as a result of your alleged negligent business activity.

If you sell products that you make, you may need to consider Product Liability insurance. Product Liability insurance protects your businesses against claims by third parties relating to property damage or personal injury caused by your products.

If you deliver professional advice or services in your business, you need to think about Professional Indemnity insurance. Even the most experienced professionals can make accidental mistakes, and that’s where Professional Indemnity insurance can help.


Professional Indemnity (PI) insurance* is a vital form of protection for businesses that provide specialist services or professional advice.  It is designed to respond to claims against your business for losses as a result of actual or alleged negligent acts or omissions in the provision of your professional service or advice. Professional Indemnity insurance will also assist with the legal costs associated with responding to or managing claims which are covered by the policy.

Some of the  professions that typically take out Professional Indemnity insurance may include:

  • Accountants
  • Medical professionals
  • Architects
  • Marketing specialists
  • IT professionals
  • Various types of consultants

Indeed, for many professions, having a professional indemnity policy is a prerequisite for registration.

A common misconception is that your home contents insurance policy will cover items such as retail stock and any business assets you may have within your home. Unfortunately, this is often not the case and you may need to check your PDS or policy wording.


If you run an online store or market stall, you might keep all your stock in a spare room or garage. If an insured event like a fire or storm were to cause damage, take the time to consider the possible financial impact of having to replace  all your stock..

Contents and Stock insurance policies provide coverage for loss of or damage to items such as business equipment, stock, plant and machinery, records and furniture belonging to you at the insured location. This is a separate policy to your personal home contents insurance.

Many mumpreneurs have embraced the flexibility of the internet and started an online business. When it comes to cyber-crime, hackers don’t discriminate and can attack anything from an accountant’s sensitive client information to an online clothing store’s financial details.

With so many systems and information stored online, Cyber Liability is there to provide an extra layer of security and protection for your online business.

Cyber Liability insurance safeguards you from claims and supports your profitability in the event of a cyber breach or attack.


Some of the types of businesses that may benefit from Cyber Liability insurance include:

  • Businesses that operate via a website or online platform
  • Businesses that communicate via email
  • Any kind of business that deals with customer data
  • Retailers who use EFTPOS machines (market stallholders for example)

If your business hits the road to visit clients, make deliveries or operates outside of your business premises, consider protecting your vital business assets. Can you imagine trying to run your business without things like your mobile phone, laptops and payment equipment like EFTPOS machines? It’s a nightmare you can do without.

That’s where Portable Equipment comes into play. Sometimes referred to as General Property insurance, you can cover specified items such as tools, business equipment or electronic items or unspecified items of lower value.

At FE, we understand how busy you are, so we like to keep things hassle-free. If you would like to receive more information or a quote for cover, our friendly team is only a mouse click or phone call away. We deliver multiple quotes in minutes from some of Australia’s leading insurers, so you can compare and save in minutes. Experience insurance made easy today.

 


*As with any insurance, cover is subject to the terms, conditions and exclusions contained in your policy document.  The information contained on this webpage is general only and should not be relied upon as advice.

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