Understanding the business basics

Insurance is important for everyone. But when you’ve got a business, a family, and employees relying on you, it’s even more crucial to get the right financial protection.

What types of insurance are there for business owners?

When you’re a business owner, it can be hard to separate your personal finances from your business. And there’s no doubt one can have a significant impact on the other. So make sure you've got all your bases covered.

You’ve got a life of your own to protect, and no doubt there are people around you who would be impacted if something happened to you.

Life insurance can help you protect your family, your income, and your debts. This may include cover for death, total and permanent disability, and trauma conditions like cancer and heart attack. Click here to find out more.  There are also a number of ways you can use life insurance to help you secure the future of your business. See Tips, tools and strategies for more.

What insurances are available for my employees?

Insurance can be a valuable benefit you provide your employees – helping you attract and retain the best people. It can be provided within your employer super fund, or as a stand-alone benefit outside super.

Generally speaking, there are three types of ‘group insurance’ available:

  • Group Life cover
  • Group Salary Continuance cover
  • Group TPD cover

What insurances do I have to provide my employees?

If you contribute to a default super fund for your employees, you are generally required to provide a minimum level of death cover. To meet these requirements: the premium paid to the fund must be at least $0.50 per week (or equivalent) for members under age 56, or the fund must provide the minimum age-based level of cover as set out in the table below;

Age of member (years) Minimum level of death cover required













56 +


While this requirement relates to your super obligations, you may be able to provide a similar level of cover outside super to meet these requirements.

Unlike death cover, Group TPD and Group Salary Continuance cover are not required by law. But they can provide a valuable additional benefit for your employees.

How can a financial adviser help me?

A financial adviser can help you design an insurance plan that suits the needs of your family, your business, and your employees.

They can also help you implement a number of strategies to make your insurance more cost-effective.

For more information on the financial advice process, or to find an adviser in your area, click here.