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How we picked these
Key takeaways
- Business insurance can be customised to cover risks like property damage, cyber attacks or legal costs.
- Public liability and professional indemnity insurance are often compulsory for many businesses.
- Premiums can start from around $30 per month, but vary widely by business type and coverage.
How does business insurance work?
Business insurance protects your company from financial losses due to unexpected events like property damage, lawsuits, employee injuries, and business interruptions. It works by transferring the risk of these losses to the insurance company in exchange for regular premium payments.
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 commercial property. Worried about an online hack? Add cyber insurance. Business insurance tends to be very customisable, which is great news for your business.
The value of business cover
"I'm a gigging musician alongside my work at Finder. That means moving a lot of expensive gear in and out of venues and studios, which brings with it some risk - to me as well as other people. My business insurance covers my instruments, amps and other gear for damage or theft, as well as for public liability. Even though it's not my entire income at stake, it's piece of mind that I couldn't do without."
According to recent data from Wise and major insurer reviews for 2025 and 2026, the top-rated business insurance providers in Australia include Allianz, QBE, NRMA, AAMI and CGU. QBE was recently recognised as the Large General Insurer of the Year for 2025. These providers are frequently compared based on their claim acceptance rates and the speed of their benefit payments, with Allianz and QBE consistently showing high performance in these areas (Source: Wise, QBE and SIRA).
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 |
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|
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| Professional indemnity |
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| Product liability |
|
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| Public liability |
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|
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| Business interruption |
|
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| Cyber |
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For small businesses looking for specific coverage structures, Allianz offers a Business Insurance Pack that allows owners to choose from 12 distinct cover types. These include Public and Products Liability, Commercial Motor, General Property (for mobile tools), Commercial Property, Business Interruption, Theft, Money (for transit or safe storage), Glass, Goods in Transit, Machinery Breakdown, Electronic Equipment and Management Liability. This modular approach allows for high levels of customisation depending on whether a business is home-based or operates from a dedicated commercial premises (Source: Allianz Australia).
CGU insurance specialises in providing tailored packages for specific Australian industries. Their primary focuses include specialised cover for trades (plumbers, electricians and painters), professional consultants, retail and market stalls, hospitality (cafes and restaurants) and health or medical services. With over 165 years of history in Australia, CGU typically distributes these products via a national network of brokers to ensure small business owners receive personalised advice for their specific sector (Source: CGU Insurance).
Key insurance categories for modern businesses
Management Liability insurance is a critical guide for directors and officers of Australian companies. Unlike public liability, which covers physical injury or property damage, management liability protects the company and its leadership from legal action related to management conduct. This includes claims for unfair dismissal, workplace bullying, sexual harassment, employee theft or breaches of statutory laws such as occupational health and safety regulations. It is considered an essential risk management tool for industries like construction, manufacturing and professional services where regulatory oversight from bodies like ASIC or the ACCC is high (Source: Berkley Insurance Australia and Master Builders Insurance Brokers).
General Property insurance is specifically designed for mobile business assets that are used away from the main business premises. This covers portable items such as laptops, mobile phones, iPads, projectors and specialised trade tools against accidental damage or theft following a break-in. This coverage is global in scope, making it vital for consultants, photographers and tradies who frequently travel for work (Source: Allianz and Steadfast).
Industry-specific selection criteria
When selecting coverage, different industry sectors require unique criteria. For the transport industry, comprehensive motor vehicle and goods in transit cover are the highest priorities. For independent contractors and sole traders, personal accident and sickness insurance is vital to cover lost income if they are unable to work. Retailers should prioritise glass breakage and theft, while IT professionals and consultants must focus on professional indemnity and cyber risk protections to safeguard against data breaches and professional negligence claims (Source: Small Business Development Corporation WA).
Is business insurance compulsory?
- Public liability insurance and professional indemnity are compulsory for certain professions. Without it, you 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 require that their suppliers or service providers have business insurance as part of their contract.
Must read
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