Compare Business Insurance

The price of business insurance will differ depending on several factors, including:

• The type and amount of cover you need
• Your business’ size and annual revenue
• The industry you’re in
• Your business’ location.

This is why the amount you pay for business cover will likely be different to what the business across the road from you pays. If you’d like an idea of what you could potentially pay for business insurance, you can complete a quote through our free comparison service and compare a range of policies and prices side-by-side.

Comparing business insurance with us is easy. It’s a four-step process:

1. Enter your occupation.
2. Provide a few details about your business (like revenue and number of employees) and choose which types of business insurance you want to take out.
3. Add your business address and choose the level of cover you need (i.e. monetary amount) for each type of insurance you selected.
4. Compare the quotes from our insurance providers.

You can view the policy wording for every quote you compare to get the full details plus terms and conditions before you buy.

It’s a good idea to consider comparing business insurance regularly to make sure you’re getting a good price and coverage that suits. Business insurance policies are renewed each year, so receiving your renewal notice can be a great reminder to adjust your policy – but you can compare any time of the year!

Yes, the premiums you pay for business insurance can be deducted from your tax as an operating expense, according to the Australian Taxation Office.¹

^{1 Australian Taxation Office – Claiming a tax deduction for other operating expenses. Last updated November 2019. Accessed April 2022.}

As business needs will differ between companies and industries, there is no definitive business insurance policy that’s best for every business owner. When taking out business insurance, it’s a good idea to consider the biggest risk factors you should insure against – and the assets you want to safeguard.

For example, if you make a product for sale, Product Liability insurance could help cover your legal liability if customers are injured by your products. If you own an office, you might need Building, Business Contents, and Glass cover for the building’s structure and any business assets or electronic equipment you keep there.

Depending on the policies you choose, business insurance may cover:

• Insured events like fire, storm damage, property damage on the business premises
• Business interruptions that cause a loss of income
• Machinery breakdown for critical tools (suitable for tradies)
• Tax audits
• Personal accidents
• Cyber attacks
• Lawsuits from members of the public
• Wrongful acts by management.

Furthermore, some business insurance policies are legal requirements in Australia, depending on the nature of your industry or the company you work for. For example, financial advisors and architects are required to have Professional Indemnity insurance to cover their liability if something is wrong with their professional advice and services to clients.

While some types of business insurance can cover the cost of repairs to your building if it’s damaged by storms and rainwater run-off, flood cover isn’t typically included in standard business insurance policies, so you may need to purchase it as an additional extra. It’s important you check the policy’s Product Disclosure Statement (PDS) so that you’re aware of all inclusions and exclusions before taking out insurance.

Most business insurance policies don’t cover commercial vehicles used by the business. Car insurance can cover vehicles for business use, and there are specialised insurance providers that offer commercial vehicle cover for industrial vehicles and company fleets.

Generally, you can pay annually or monthly by banking card (credit or debit business cards, for example). If you pay monthly, there may be a small monthly administration fee as well. You’ll be able to select whether you’re paying annually or monthly when using our comparison service to compare the prices available for both schedules.