Risk management for a growing business: six types of insurance you need to have

RISK MANAGEMENT FOR A GROWING BUSINESS: SIX TYPES OF INSURANCE YOU NEED TO HAVE

June 10, 2025

BACKGROUND

As your business grows, so do your risks.

From expanding operations, hiring more staff to entering new markets, the growth of your business brings complexity—and with it, exposure to new risks.

However you can protect your business along the way, through taking steps to remove these threats and risks, or by minimising risks is by investing in the right insurance coverage.

Below are our six essential insurances that help to simply minimise risks in growing businesses.

INSURANCES TO CONSIDER

1. General Liability Insurance
What it covers: Bodily injury, property damage, and legal fees resulting from accidents or negligence.
Why it matters: Whether a customer slips in your office or a product causes harm, general liability insurance is your first line of defence against lawsuits and claims.

2. Professional Liability Insurance (PI)
What it covers: Claims of negligence, mistakes, or failure to deliver services as promised.
Why it matters: If your business provides professional advice or services—like consulting, design, or tech support—this coverage is often a requirement of trading, but also protects the business from costly legal challenges.

3. Commercial Property Insurance
What it covers: Damage to your physical assets, including buildings, equipment, and inventory, due to fire, theft, vandalism, or natural disasters.
Why it matters: Where a significant investment has been made into a business property or office, then this insurance helps you recover quickly and keep operations running.

4. Employee Liability Insurance
What it covers: Injury, medical expenses and other costs associated with employees injured on the job.
Why it matters: Most jurisdictions require this by law, and it also protects your business from lawsuits related to workplace injuries.

5. Cyber Liability Insurance
What it covers: Data breaches, cyberattacks, and the associated costs of recovery, legal action, and customer notification.
Why it matters: As businesses become more digital, cyber threats are on the rise. This insurance is crucial for protecting sensitive data and maintaining customer trust.

6. Business Interruption Insurance
What it covers: Lost income and operating expenses if your business is forced to close temporarily due to a covered event (like a fire or natural disaster).
Why it matters: Even a short disruption can have long-term financial consequences, particularly for deadline driven businesses, so this insurance will help your business continue to operate – while you recover from the event.

FINAL THOUGHTS

Insurance isn’t just a business expense or a simple safety net—it can often be used as a strategic business tool for managing risk and ensuring short or medium term stability.

Regularly review your insurance coverage as your business grows and evolves to ensure that it continues to mitigate or minimise current business risks.

NOT sure if you have the right level of insurance in place to best manage your existing business risks? Speak to us to arrange a review what you have and/or what you may require!