Insurance is vital to operating a successful business.

Some forms of insurance are compulsory, while other insurance requirements will vary considerably depending on the type of business you're in.

Seek help from a solicitor, insurance broker or insurance business when deciding on the best insurance for your business.

Essential inclusions checklist

The essential insurance package for a business should include:

• Fire: protecting your buildings, contents and stock.
• Loss of gross profit: providing cover if the business is interrupted through 'perils' such as fire, paying wages to employees, and meeting additional costs.
• Public liability: covering your potential liabilities to third parties for personal injury or damage to property if you are negligent.
• Employees liability: includes WorkCover.

Other inclusions to consider

Other insurance policy inclusions that may also be appropriate include burglary, products liability, professional indemnity, construction risks and motor vehicle insurance.

Some insurance companies also offer package policies, including:

• office pack policies for small, professional or commercial offices
• shop or retail pack policies for small to medium retailers.

Your industry association may provide you with very important industry-specific insurance advice.

Some associations can even organise insurance packages for their members.