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Start your online quote for business insurance
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- 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
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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
Covers repairs if your property or its contents are damaged. Includes protection against fire, theft, storms, and vandalism.
Covers legal costs and compensation if your business gives inaccurate advice or poor service to a customer who later sues.
Covers legal costs and compensation if you cause injuries to someone or damage their property.
Covers lost income if your business is unable to operate. For example, a fire damages your store and can't open to customers.
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...|
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 license.
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.
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.
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|
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|
What impacts the cost of business insurance?
Lots of factors affect the cost of business insurance, including:
Amount of cover
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 so.
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.
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.
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- Money by Dimitry Miroliubov
- Claim by monkik
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