Business contents insurance

From special gear to stock, business contents insurance protects all those items that your business uses every day.

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A business contents insurance policy can repair or replace belongings kept or used for your business if they're damaged, destroyed or stolen. 'Contents' means just about every business-related item, from expensive equipment and store merchandise all the way down to office furniture and carpets. You can get covered by clicking through for an online quote or filling out the broker form below.

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If you are ready to speak with a consultant about different business insurance options available, simply enter your details in the form. Keep reading if you want to learn more about the different types of cover available.
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What are business contents?

Business contents are everything you use in the office or wherever you operate your business. This can include computers, office equipment, furniture and equipment, as well as the personal belongings of customers for which you are responsible.

If you add portable contents cover to your policy (sometimes known as portable equipment insurance) business contents can also include the items you take out and about with you, like your laptop, mobile, camera and tablet.

What's covered in business contents insurance?

Business contents insurance is designed to protect the possessions and equipment kept at your business's premises. It can cover you for loss or damage caused by:

  • Storms
  • Lightning
  • Earthquakes
  • Theft
  • Explosions
  • Breakage of glass

Optional add-ons

  • Cover for items at a different location. You can also take out cover for contents that have been temporarily moved to a different location away from your business premises.
  • Breakdown of machinery. Breakdown of machinery and electronic equipment can be added on with some policies.

Are there any key exclusions?

Yes. You will find that business contents insurance doesn't usually cover the following:

  • General wear and tear
  • Theft if doors or windows were left unlocked
  • Loss or damage to electronic data
  • Loss or damage due to intentional acts
  • Unoccupancy (unless they agree otherwise with you)
  • Known defects

For a full list of exclusions, make sure you read the general exclusions section of the insurer's product disclosure statement (PDS).

How much does business contents insurance cost?

If you're looking to take out insurance cover for your business contents, keep in mind that there are a wide range of factors that can influence just how much your policy will cost. Of course, the amount of insurance you wish to take out is obviously going to have a bearing on how much you have to pay for premiums, so it's important to work out exactly what level of cover you need and can afford.

Size of Business

The nature and size of your business will also play a big role in determining your premiums. Some businesses, for example a firm that specialises in earthmoving services, will most likely need cover for a range of heavy machinery that is much more expensive than the cover needed for a small office supplies business. Some industries obviously attract larger sums insured, while it also stands to reason that larger businesses will have more to insure.

Claims History

Insurers will take your business's claims history into account when assessing your application. If storm damage or burglary have caused problems for you in the past, this could affect the cost of your future insurance premiums. In addition, your business contents insurance could cost more depending on where your business is located. As an example of this, storm damage can pose much more of a regular threat in some areas of Australia than it can in others.

What do I need to apply for business contents insurance?

If you run a business, you can apply for business contents insurance. A broker can help tailor cover to your needs. When applying for cover, you'll generally need to provide:

  • Information from past claims
  • Security measures you have in place to prevent burglary
  • The number of employees you have
  • The value of your items
  • Your address
  • Your revenue

Brokers will take the time to understand the ins and outs of your business, and then match you with an insurance policy that suits your unique needs.

Other types of insurance to be aware of

If you run a business, there are a few other important types of insurance you need to consider:

  • Workers compensation insurance. If you have employees, you're required to have this to protect them in case they're in an accident or get ill.
  • Public liability insurance. This is often compulsory for certain types of businesses and if you're self-employed. It also covers you for third-party death or injury.
  • Business interruption. Business interruption can cover you for losses if an insured event stops your business from operating.
  • Third-party personal injury insurance. If your business uses vehicles as part of your business, you need to have compulsory third party (CTP) insurance to cover you against personal injury claims.

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