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Tick one more thing off the to-do list. Compare business insurance online or get help from one of our broker partners. You'll be all sorted in no time.
Start your online quote for business insurance
We can help. With Business Insurance Finder™ you can:
- Tailor policies to suit your business and your budget
- Get personalised quotes in a matter of minutes
- See a side-by-side price comparison of different policies
Talk to a broker about business insurance
Fill in the form below and an expert broker will get back to you with advice and options. Don't worry, we won't spam you or share your details with anyone other than our brokers.
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.
How does business insurance work?
You pay a regular fee and in exchange you'll get financial help in heaps of untoward situations. That could be anything from burglary and storm damage, through to legal costs and compensation if you find yourself on the wrong end of a lawsuit.
One of the best bits of business insurance is that you can pick and choose which types of cover you want. Don't have any stock? Scrap contents. Worried about an online hack? Add cyber.
Main types of business insurance
Which types of business insurance do you need?
If you're not sure which type of business insurance you need, we suggest chatting with an expert broker who will be able to help. However, we created the table below as a quick guide.
| Type | If your business... | You run the risk of... | Insurance can help you with... |
|---|---|---|---|
| Commercial property |
|
|
|
| Professional indemnity |
|
|
|
| Product liability |
|
|
|
| Public liability |
|
|
|
| Business interruption |
|
|
|
| Cyber |
|
|
|
Is business insurance compulsory?
Public liability insurance and professional indemnity are compulsory for certain professions. Without it, they may not be able to operate with a full licence.
Different states set requirements for liability insurance, as do professional associations and licensing bodies. Some even set minimum requirements for the amount of insurance needed.
Many businesses will also demand that their suppliers or service providers have business insurance as part of their contract.
However, the rules vary between different states and different professions, so it's best to check with an insurer, your own professional association or an expert broker.
If you employ at least one person, it's very likely you will need workers compensation insurance. Read specific requirements here.How much does business insurance cost?
That'll depend on how comprehensive your policy is, what type of business you're running and how big your turnover is – among a few other factors.
To give you an idea of just how much quotes can vary, we requested quotes for two of the most popular types of business insurance: public liability and professional indemnity.
Public liability
All quotes are for $10 million worth of cover, for businesses with the same Sydney address. It just goes to show how much prices can vary, even between insurers.
| Business type | Massage therapy | Domestic cleaning | Plumbing and gas | Coffee shop |
|---|---|---|---|---|
| Workforce | 1 worker | 2 workers | 3 workers | 4 workers |
| Annual revenue | $100,000 | $150,000 | $300,000 | $350,000 |
| Quote 1 | $24.15 | $63.33 | $82.57 | $42.73 |
| Quote 2 | $40.55 | $73.46 | $159.44 | $56.65 |
| Quote 3 | $68.80 | $115.97 | $257.24 | $208.62 |
Professional indemnity
All quotes are for $2 million worth of cover, with the same Sydney address. Only one insurance brand we looked at would provide quotes for every business, so we've only listed those prices.
| Business type | Land surveying | Bookkeeping | Migration agency | Mortgage brokerage |
|---|---|---|---|---|
| Workforce | 1 | 2 | 3 | 4 |
| Annual revenue | $100,000 | $150,000 | $300,000 | $350,000 |
| Quote | $158.13 | $108.99 | $96.59 | $71.50 |
What impacts the cost of business insurance?
Lots of factors affect the cost of business insurance, including:
Industry
Revenue
Workforce
Location
Amount of cover
Claims history
Tips for finding the best business insurance
You want the best for your business. When looking for insurance, keep these tips in mind:
Understand your risks
Different businesses need different types of insurance. We've given a brief overview further up this page, but it's worth taking the time to properly understand your risks.
Be completely honest
Never be tempted to bend the truth in order to save a few bucks. If you deliberately mislead your insurance company, you could find a claim is rejected further down the line.
Compare policies
Don't just settle for the first policy you find. Compare online and you could find more comprehensive cover, a better price or if you're really lucky, both.
Read the PDS
We know insurance documents aren't fun but they're super important. Invest your time in properly reading the PDS so you know exactly what you're covered for and what you aren't.
Consider a broker
Business insurance is tricky. Don't be put off just because you're not an expert. There are plenty of experts out there who can help you. Plus, it doesn't cost a cent to get advice from a broker.
Receive a business insurance quote
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Ask an Expert
Hi, could you please tell me if a sole trader who owns a mobile welding van needs business insurance or whether 10M Public Liability is enough?
Hi Olena,
Thanks for getting in touch! As your business is construction related this poses higher risks especially if this a mobile welding van. It would be best to speak to an insurance broker as they will be able to see the whole picture of your business and from there offer you the best insurance for your business.As a friendly reminder, carefully review the Product Disclosure Statement of the product before applying.
Hope this helps!
Best,
Nikki
Hi i am a snake handler and remove snakes from private residence’s . Would you be able to give me some prices on public liability insurance.
Hi Jaime,
Thank you for your inquiry.
The cost or premium of a public liability insurance would depend on some factors including but not limited to the nature, size, and location of your business. Insurers would also assess any potential risks associated with outsiders who use the premises when considering the cost.
With this in mind, you may go ahead compare the quotes for public liability insurance from different brands. There’s a form on that page, which you can fill out. Once you have submitted your information, someone will then get in touch with you and discuss the available options based on your needs. Moreover, you’ll also get more details on what are and aren’t covered by public liability insurance on that page.
Hope this helps.
Cheers,
May
Who has the cheapest public liability insurance for market store insurance of $20,000,000
Hi Kev,
Thanks for getting in touch.
I’m afraid I can’t provide you a specific answer as we don’t provide online quotes at this time. If you would like to get a quote from an adviser, you can do so by entering your contact details on our business insurance quote form.
All the best,
Richard
Hi, I have few q’s on public liability can some one get back to me please. Thank you.
Hi Jaymz,
Thanks for getting in touch. If you would like to speak with and adviser and receive a quote for public liability insurance, please complete the contact form above.
Cheers,
Richard
Please advise what insurer cover Market stall insurance, Public liability insurance, regarding Childrens temporary airbrush tattoos (non-invasive)
Hi Peter,
Thanks for getting in touch. Finder is a comparison service and can’t provide personalised financial advice. If you like to speak with an adviser, please complete the form above and someone will be in touch.
All the best,
Richard
I would like to obtain a quote for workers compensation insurance for a personal training business that employs 1 staff member with an annual turnover of $50,000 located in Canberra.
Hi Kristie,
You’ve come to the comparison service finder.com.au – we are not an insurer.
If you’d like to obtain a quote with an adviser simply fill out the form at the top of the page. For industry, you can select personal and other services.
I hope this helps,
Maurice