Scale strong › Growing Business Insurance
Your business is scaling. Your insurance needs to scale with it.
Growth changes everything: bigger contracts, more revenue, and increased exposure. Here’s how to adjust your cover so you’re protected at every stage without overpaying.
Why growing businesses get insurance wrong
Most founders set up insurance at launch, then don’t touch it for years. But as your business grows, your risks evolve, and your Day 1 cover won’t protect your Year 3 business.
The risk
You think you’re covered, but when you claim, you discover you’re underinsured or excluded. That’s expensive.
1
Coverage limits too low for current revenue or contract sizes
2
New services or activities not listed on the policy
3
Physical assets (equipment, stock) are now worth insuring
4
Cyber exposure from increased digital operations
What changes as you grow
Coverage limits need to increase
Your Public Liability and Professional Indemnity limits should roughly track your revenue and project sizes.
What to do
Review limits annually. As revenue grows, increase coverage proportionally.
Business Property & Stock become relevant
Once you’ve invested in equipment, stock, or fitout, you need to protect it.
What it covers
- Laptops, tools, equipment
- Stock and inventory
- Shopfitting and leasehold improvements
- Theft, fire, accidental damage
Cyber risks increase
As you grow, you collect more customer data, process more payments, and rely more on digital systems.
What Cyber Insurance covers
- Data breach response costs
- Ransomware and cyber extortion
- Business interruption from system downtime
- Legal costs from privacy breaches
- Customer notification and credit monitoring
Workers' Compensation becomes mandatory
The moment you hire your first employee (even part-time, even casual), you must have Workers’ Compensation. This is non-negotiable in Australia.
What it covers
- Medical expenses if an employee is injured at work
- Lost wages during recovery
- Rehabilitation costs
- Legal costs if an employe sues you
Step 1: Benchmark your current position
- What’s your annual revenue now vs. when you last updated your policy?
- What’s the largest contract or project value you’re working on?
- How many employees do you have?
- What physical assets do you own?
Step 2: Identify gaps
- Are your coverage limits still appropriate?
- Are all your current activities covered under your policy?
- Have you added services, products, or locations not listed?
Step 3: Get updated quotes
- Compare your current cover against what you need now
- Look at both increased limits and additional policy types
- Consider bundling policies for better pricing
Step 2: Identify gaps
- Update your policy mid-year if necessary (don’t wait for renewal)
- Obtain updated Certificates of Currency for clients/suppliers
- Notify your team about any changes to cover
Common questions
From growing businesses
How often should I review my insurance?
Annually at a minimum. But also review mid-year if you experience significant growth, hire employees, add locations, or change your business model.
Can I increase my cover mid-year, or do I have to wait for renewal?
What if I can't afford to increase my limits right now?
Do I need to tell you every time something small changes?
Useful resources for founders scaling strong
Guides:
Insurance When You Hire Your First Employee – What changes and what you need
How Much Coverage Do You Actually Need? – Decision framework for limits
What happens next
Once you’re launched and making sales, your needs will change. As you grow, you’ll add team members, increase revenue, and take on bigger risks. That’s when you move from Start Smart to Scale Strong.