Under the Work Health Safety legislation you are liable if you are aware of a safety problem that may affect employees but choose to do nothing about it. The responsible thing to do is to have an OHS survey done and then act on its findings. The irresponsible approach is to decide it doesn’t affect you and then have an accident and discover you were warned about the risk in the past.
You insurance is there for occasions when you make a mistake in good faith. Choosing to ignore problems, especially when they have been pointed out to you, is culpable negligence and would probably invalidate your insurance anyway.