What is industry-specific insurance, and why does it matter?

Choosing a ‘one size fits all’ insurance policy for your business is a risky decision.

What if your business has unique and complex risk management needs that other ‘less complex’ companies don’t have? To avoid perilous gaps in your insurance policy, it’s a good idea to investigate what risks a company in your industry is likely to face.

What is industry-specific insurance?

Industry specific business insurance is uniquely designed and tailored to meet your needs. For example, a large business in the construction industry faces very different risks to a small hairdresser at your local shopping centre. So why would you insure them in the same way? With industry-specific business insurance, you can sleep easy at night knowing that your business is protected from any unexpected and unforeseen catastrophes.

Types of industry-specific insurance

You can get customised insurance policies for businesses in a number of different industries. Some of the most common types of industry-specific insurance policies apply to: aviation, agriculture, community care, construction, hospitality, entertainment, manufacturing, marine, property, retail, trades, transport, logistics, wholesale, and professional services (e.g. accountants, architects, solicitors, marketing agencies, and finance brokers).

Allsafe has brokers who specialise in specific industries including;

  •  Industrial/ warehousing businesses in boat, auto and manufacturing industries and property managers (Todd Ferguson)
  • Prestige cars, home-based businesses, entrepreneurs and professional services (Juan Ahumada)
  • Transport companies, road pilots, road construction and suburban businesses (Brian Carrington)
  • Food trucks, home styling and equipment hire companies (Sara Stotyn)
  • Newsagencies, Tobacconists, Australia Post outlets and shopping centre retail (Kathryn Austin)
  • Not-for-profit, Real Estate Agents, Property Developers (Amy Morrison)

Get protection from the risks you might be unaware of

One of the main advantages of selecting an industry specific insurance policy over a more generalised insurance product, is that your insurance broker will provide advice on the things you might never have even thought of. With a comprehensive understanding of your industry and years of experience, your broker will work with you towards building an insurance program to suit your needs and in doing so, seek out the unexpected monsters in your closet, putting a lid on them before they get the chance to wreak any havoc. Just think of your insurance policy as the guard dog that sits watch at the foot of your bed every night!

Why does it matter?

There is nothing worse than realising that the insurance policy you thought was good, actually doesn’t suit your business at all (or that the guard dog you trusted is actually afraid of the dark). And from our point of view, it seems like a lot of people wait until after the worst has happened to figure this out. Our advice? Don’t wait until your business is on fire to discover that your policy contains gaps. Choosing the right insurance policy for your business is an important decision that can affect your future.

Call us on 1300 908 404, or contact us today to find out how we can help you protect your business from the unexpected.


General Advice Disclaimer
The information in this article is to be regarded as general advice. Your personal objectives, needs and financial circumstances were not taken into account when preparing this content. We recommend that you consider the suitability of this general advice, in respect of your objectives, financial situation and needs before acting on it. You should obtain and consider the relevant product disclosure statement and Financial Services Guide from Allsafe Insurance Brokers before making any decision to purchase a financial product.