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Business contents insurance

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

What you need to know

  • A business contents insurance policy can repair or replace belongings kept or used for your business if they are 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.

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 by 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:

Covered

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

Not Covered

  • 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

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.
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Make sure you read the general exclusions section of the insurer's PDS
2022 Finder research shows that 23% of Australians can't be bothered reading the PDS. It may be boring but it's worth it in the long run.

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.

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.

Talk to a broker about business contents insurance

Frequently asked questions

More guides on Finder

  • Home Warranty Insurance

    Home warranty insurance, also known as builders warranty insurance and home indemnity insurance, is designed to offer protection for homeowners against faulty building work.

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