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Risk is the probability of being exposed to an unfavourable event which could result in financial or other loss. All businesses are exposed to risk, however insurance can be secured to help manage it.

There are three different types of insurance;

• Assets and Revenue insurance - that is insurance for protection of your assets and your ability to generate revenue
• People insurance - that is insurance that protects you and your employees from loss due to accident, injury or  illness
• Liability insurance - that is insurance that protects you against different forms of liability such as public liability, professional liability and product liability.

It is important to note that some insurance such as workers compensation is mandatory for all businesses in Australia. You can research and seek professional advice to determine the different types of insurance and the appropriate level of insurance cover you need for your business.

It is also worthwhile investigating each insurance provider, comparing policies. A good starting place is the Department of State and Regional Development's Small Business website which has an insurance finder where you can search for insurance cover relevant to your industry and business type.