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Top 3 things to know about business insurance


Your occupation can influence your business insurance needs

Different industries and types of businesses may need different insurance. Luckily, there’s a range of business insurance products available to protect your company.

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Protect your business from costly legal claims

If a customer brings a claim against your company, your business insurance could take care of the legal fees.

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Get cover for your virtual business

Have online systems or store data on a network? You can get business insurance to cover your cyber presence too, not just your storefront.

It pays to compare

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Ratings as of 05/12/2023.

A guide to business insurance

Updated February 5, 2024
Written by Eliza Buglar
Reviewed by Adrian Taylor

Expert tips for finding the right business insurance

Our business insurance expert, Adrian Taylor, shares tips on choosing the right insurance for your business needs.

Adrian Taylor
Executive General Manager – General Insurance

Compare regularly

Review your business insurance often; the insurer or policy you started with may not be a great fit as your business grows.

Understand your policy

Be certain that you understand what you’re covered for through your business insurance policy. It’s important to read the Product Disclosure Statement (PDS) or talk to your insurer if in doubt.

Know what type you need

There are many different types of liability cover in business insurance, so take the time to understand what they are and whether your business needs that cover. Each policy comes with a Target Market Determination, which outlines who the policy is suitable for.

Know your legal requirements

Depending on the type of work you do, business insurance may not only be recommended to protect your company, but it may also be legally required. Make sure you understand which business insurance you must have before you buy.

Cheaper isn’t always better

Prioritise the cover you need over what it costs. You don’t want to be missing critical coverage because you purchased a cheaper business insurance policy that didn’t suit your needs.

What is business insurance?

Business insurance can protect businesses from financial losses caused by damage or loss to buildings and contents, liability claims for personal accidents or property damage, theft, fraud, other legal proceedings, cyber breaches and more.

Types of business insurance

What's the best type of business insurance?

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.

Is business insurance compulsory?

Does business insurance cover flood damage?

Does business insurance cover business vehicles?

How much does business insurance cost?

You can’t always estimate the cost of business insurance because it will differ widely between companies and depend on several factors, including:

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

What payment options are available?

Is business insurance tax deductible?

Why compare business insurance?

Business insurance is a critical expense, so it pays to get it right. Comparing business insurance regularly can benefit you in several ways by:

  • Reducing costs. Comparing can help you save money by finding a better price for business cover, which will help reduce your overheads.
  • Finding better value. You might find a better policy with more suitable coverage and value by comparing business insurance, giving you extra bang for your buck.
  • Getting the coverage you need. Comparing business insurance makes it easy to weigh up the benefits and make an informed choice on the type of coverage your business needs.

How do I compare business insurance policies?

How often should I compare business insurance?

Meet our business insurance expert, Adrian Taylor

As our expert on business insurance, Adrian Taylor strongly believes in the protection and peace of mind that all types of business insurance provide business owners. Adrian says this type of cover can be the difference between a business staying afloat and going under if trouble arises.

As the Executive General Manager of General Insurance at Compare the Market, Adrian Taylor has over 13 years’ experience in the financial services industry. Adrian specialises in customer experience and is dedicated to helping customers better understand insurance products so they can save money on their household bills.

Sources: 1 Australian Taxation Office – Claiming a tax deduction for other operating expenses. Accessed May 2023.