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Workers Compensation

This is compulsory for all businesses employing staff. Workers Compensation insures employees against injury or death caused in the workplace. The Workers Compensation system in NSW is administered by WorkCover.^[1]

Personal accident and illness

If you are self employed you won't be covered by workers compensation, so you need to cover yourself for accident and sickness insurance through a private insurer.

There are several types of life insurance. Some are investment-type funds where you contribute over a certain time and get back your investment plus interest earnings at the maturity date. Others are designed to cover risk - things that could happen to you:^[2]

• Income protection or disability insurance - covers part of your normal income if you are prevented from working through sickness or accident.
• Trauma insurance - provides a lump sum when you are diagnosed with one of several specified life threatening illnesses. 
• Term life insurance or whole of life cover - provides your dependents with a lump sum if you die.
• Total and permanent disability insurance - provides a lump sum only if you are totally and permanently disabled before retirement.

Superannuation

If you are running a business or employing people, you are likely to have superannuation obligations to your employees. If you are self-employed you also need to provide for your retirement - superannuation is generally used to provide for a retirement plan.

^{[1] NSW Small Business
[2] Business.gov.au}