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Business insurance in Australia

The right cover for your business type

Say what your business does. Get back what the regulators say is required of it, what only a landlord, council or client asks for, and the source for every line.

The 9 cover types, and who requires each

Three kinds of obligation get confused everywhere else, so each row says which one applies: required by law, required by law of some occupations only, required by a contract rather than a law, or required by nobody. Every row is sourced on its own page and was checked on 3 November 2026.

CoverRequired?By whom
Public liability insurancenot required by law; required by contract where someone makes it a conditiona landlord, a council, a venue, a market operator, a head contractor or a client, as a condition of a lease, permit, site induction or hire agreement
Professional indemnity insurancerequired by law of some occupations onlyan occupation's own regulator, for the occupations that regulator registers
Workers compensation insurancerequired by lawthe workers compensation scheme of each state and territory the business employs in - eight separate schemes, eight regulators
Business insurance packnot required by law or by any standard conditionnobody
Product liability insurancenot required by law or by any standard conditionnobody, as insurance
Cyber insurancenot required by law or by any standard conditionnobody, as insurance - but the notification duty is statutory
Tools and equipment insurancenot required by law or by any standard conditionnobody
Commercial motor insurancerequired by lawthe state or territory that registers the vehicle, through compulsory third party personal injury cover
Residential building warranty insurancerequired by lawthe residential building regulator of each state and territory the business builds in - seven schemes in eight jurisdictions, each with its own law, its own name for the cover and its own threshold

Workers compensation: 8 schemes, 8 regulators

The one cover where the answer genuinely differs by where the business trades. Each row's trigger is the regulator's own wording, read from that regulator on the day shown.

WhereRegulatorWhat triggers the obligation
NSWthe State Insurance Regulatory Authority (SIRA)most employers must hold a policy, and SIRA says an exemption exists without publishing its terms in the page we could read; read 3 November 2026
VICWorkSafe Victoriamost businesses must register for WorkCover insurance, and registration must reach WorkSafe within 60 days of first meeting the eligibility requirements; read 3 November 2026
QLDWorkCover Queenslandemploying a worker in Queensland is the whole of the trigger: WorkCover Queensland states the obligation with no threshold attached; read 3 November 2026
SAReturnToWorkSAcover must be registered within 14 days of employing; read 3 November 2026
WAWorkCover WAcover is required for anyone the legislation defines as a worker, and must include liability at common law; read 3 November 2026
TASWorkSafe Tasmaniaan employer must either take out a policy with a licensed insurer or hold a permit from the WorkCover Tasmania Board to self-insure; read 3 November 2026
NTNT WorkSafea policy must be arranged if the business employs a worker, and NT WorkSafe tests who is a worker against the Australian Taxation Office's employee-or-contractor guidance rather than what the contract is called; read 3 November 2026
ACTWorkSafe ACTa current policy must be held for all workers in the ACT, and a company with one or more workers is caught; read 3 November 2026

No wage threshold is published here for any state. Several schemes set one and we could not read a single threshold from the scheme that sets it, so each row links its regulator instead of quoting a figure. Workers compensation insurance in full.

Every kind of business with a page

Each one says which covers that kind of business is required to hold and who requires them, with every claim traced to a regulator or a government source and dated. Classifications are the Australian Bureau of Statistics' Australian and New Zealand Standard Industrial Classification (ANZSIC), 2006 (Revision 2.0).

Questions

Each answer carries the source inside it and the day it was checked (3 November 2026).

What business insurance is compulsory in Australia?

Workers compensation insurance, once a business employs anyone, and compulsory third party personal injury cover for any vehicle the business registers. business.gov.au, the Australian Government's business information service states that "Employers must get workers compensation insurance from an authorised insurer", that "The laws vary in each state and territory", and that third party personal injury cover is needed by law where "your business uses motor vehicles" and "is often part of your vehicle registration fee", all checked on 3 November 2026. Professional indemnity insurance is compulsory for some occupations through that occupation's own regulator. Nothing else is compulsory anywhere in Australia.

Is public liability insurance compulsory for a sole trader in Australia?

No. No Australian law requires public liability insurance of businesses generally, including sole traders, as stated by business.gov.au, the Australian Government's business information service, checked on 3 November 2026; business.gov.au lists it among the insurances a business "may need by law" with the qualification "which some states and territories need for certain occupations", and separately says a business "may need certain types of insurance by law or because people you deal with need it". In practice a sole trader is asked for it by a landlord, a council, a venue, a market operator, a head contractor or a client, and that party's condition - not a statute - sets the sum insured.

How much does business insurance cost in Australia?

OpenStream publishes no premium for any business cover, and no range, no "from" figure and no typical cost: business insurance is underwritten per risk from the trade, the turnover, the premises and the claims history, so there is no list price to read, and no Australian regulator publishes business premiums the way the Private Health Insurance Ombudsman publishes every open health policy's premium. OpenStream will not print a figure it cannot read from a public source, so these pages carry none. What this page can do is say which covers a business of this kind is required to hold and who requires them, with the source for each, so a quote can be asked for against the right list.

Which business types have a page here, and which do not?

Every one of the 506 classes in the Australian Bureau of Statistics' Australian and New Zealand Standard Industrial Classification (ANZSIC), 2006 (Revision 2.0) is held here, so a class never looks missing when it is only unwritten. 117 have a page of their own; 81 were looked at and deliberately refused one, each with its reason; the remaining 308 answer with the ABS's definition of the class and the plain statement that nothing specific to them has been written yet. A class earns a page only when at least two of its covers can be stated from its own ABS definition or from a regulator that registers its occupation. Checked 3 November 2026.

Does OpenStream sell or recommend business insurance?

No. OpenStream is not an insurer, not a broker and holds no Australian financial services licence; it names no insurer, ranks no policy and gives no advice about business insurance. What it does is set out what the law and the usual contracts require, with sources, and offer a qualification check whose output goes to a licensed broker who contacts the business.

Which insurance an Australian business is required to hold depends on what the business does, so OpenStream answers it by business type: for 117 kinds of business it names the covers a law requires, the covers only a landlord, council, venue or client requires, and who that party is, every claim traced to the regulator or government source it came from - business.gov.au, the ABS's ANZSIC classification and the state regulators - and dated; it publishes no premium, because business insurance is underwritten per risk and no Australian regulator publishes business premiums, as checked on 3 November 2026.

Sources

General information only, not advice. OpenStream is not an insurer, not a broker and holds no Australian financial services licence. It does not sell, arrange or recommend insurance, and nothing here is a recommendation or a quote. Everything on this page is built from public sources - regulators, government bodies and the providers' own published material - each named and dated where it is used, so you can check it yourself. It does not take account of your circumstances. How OpenStream works · Corrections and complaints

Open pricing means Australians can be better informed, and save more.

Most comparison sites show a fraction of the market: the providers that pay to be listed. OpenStream tracks every NBN brand on NBN Co's register, 149 NBN brands on the register, with 427 priced NBN plans re-read every hour. Nothing is promoted, every price links to the page it came from, and the whole dataset is free to download.

  • 149
    NBN brands on the register
  • 427
    priced NBN plans
  • 0
    promoted rows
  • 100%
    of prices cite their source