Different Types of Insurance Every Australian Needs

Written by Sarah Davis

April 10, 2022

Life is unpredictable, and it is crucial to be prepared for the future. Insurance provides you with a financial safety net when life can hit you hard. However, most people do not understand how the different types of insurance work. Knowing this can help you get out of a difficult situation without losing all your savings in the process.
Insurance policies help you in times when financial troubles are most expected. Let us discuss some of the types to understand the damage cover that they offer.

Types of Insurance

Here are some types of insurance in Australia that everyone needs to consider.

Home and Contents Insurance

Seeing your home and belongings go through damage like fire, theft, or burglary can be very distressing. A home insurance policy helps protect you from the financial burden such traumatic incidents bring. If you are the owner of your home, you should also get content insurance along with home insurance. This type of insurance covers loss or damage to belongings at home.

Motor Vehicle Insurance

With so many vehicles and people out on the road, there are bound to be accidents. Motor vehicle insurance is essential because even when you are following every road safety rule, there’s a chance that you’ll get into an accident with someone who isn’t. Therefore, it is essential to have motor vehicle insurance to avoid the financial burden that comes if you ever get in an accident.

Business Insurance

Business comes with risks, and it is essential to protect your finances from them. Business insurance can reduce your worries of paying for costly damages that business owners often must pay by themselves.
You can tailor your insurance policy according to the nature of your business and its needs.
A general policy will protect you from fire, theft, or burglary on your site. You can further get more coverage for management liability, public liability etc. If your business involves working with different machinery or equipment, you can get cover for repairing or replacement of equipment in case of damage.

Trade Insurance

If you are a trades professional like an electrician, carpenter, plumber etc., you will need trade insurance for protection from third-party claims. There are different risks in a tradie’s work, and sometimes things can and do go wrong on the worksite. In some cases, your contractor may also require you to have insurance before you start work.
A tradie might injure a third-party or damage property during work, and tradie insurance will protect you from any resulting claims. It also provides cover for when your tools get stolen, lost, or damaged. This can come up to a large sum and be very inconvenient. Trade insurance will ensure that you have a safety net and can work without worrying about the financial risk.

Final Takeaway

There are so many different types of insurance policies available today that you can find ways to cover almost any kind of damage or loss that life might bring your way. If you are considering buying an insurance policy, be sure to do extensive research to make the right decision.

Get in touch with SB Protect today and get a free consultation. Our team of experienced insurance brokers can advise you on which insurance policies you need. You can count on us to minimise your costs and maximising your coverage. Reach out today to learn more.

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