Insurance is essential, irrespective of the type business structure (company, sole trader or partnership) that is used to run a business.
Advice should be sought from a reputable insurance broker, as there are often industry-specific options available as a package. Without insurance, a business may find itself unable to cope when things go wrong, whether or not it is a problem with a customer or supplier, or if plant and equipment or business premises are damaged.
Some types of insurance are mandatory, like paying workers compensation premiums through the Return to Work scheme.
See the section on Insurance for more information about insurance generally.