Business insurance safeguards your business from financial difficulties arising from (but not limited to):
Imagine if your premises was destroyed in a fire, or if critical machinery was stolen in a burglary? Or, perhaps, you may have accidentally given the wrong advice to a client, or maybe your customer data was stolen in a hack?
Different types of business insurance, as outlined further below, can cover these events. To help protect all you’ve worked for, it’s crucial you take out a policy well before your business opens its doors, whether it’s big or small, new or well-established.
The price of business insurance will differ depending on several factors, including:
When comparing quotes through our free comparison service, you’ll get to use our tool to compare prices on available policies based on the information you provide.
Yes, the premiums you pay on business insurance can be tax deductible as an operating expense, as noted by the Australian Taxation Office.
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 assets you want to safeguard.
Furthermore, some business insurance policies are legal requirements in Australia, depending on the nature of your industry. For example, financial advisors and architects are required to have professional indemnity insurance to operate.
While business insurance can cover storm damage and rainwater run-off, flood cover is often something that needs to be purchased as an additional extra, and typically isn’t included in standard business insurance policies. 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.
The types of business insurance you need will depend on your specific circumstances. For example, if your business property is open to the public, you may find public liability insurance beneficial. If you operate a workshop, you might want to get equipment and machinery breakdown and theft cover for your power tools.
To find a business insurance policy that aligns with your company and needs, you can try our online comparison tool. After telling us about your business, through our business insurance partner, BizCover, we’ll present you with a range of cover options from some of Australia’s leading insurers. With this, you can compare quotes, the excess payable when you make a claim plus conditions and exclusions.
To make comparing even easier, Bizcover will suggest and explain the types of business insurance policies that are generally taken out by others in your industry. We also give information on additional cover options that offer you a higher level of protection (e.g. cyber liability to cover losses from data breaches).
As you’re comparing these options, it’s important that you carefully weigh up what your business needs. Remember, the cheapest policy may not be the best insurance product for your needs, which is why it’s vital to compare policies to see what each one offers.
The comparison service we offer is free and you can purchase cover straight from our site immediately once you’ve made your selection. If you’d prefer to talk through your options, we have business insurance experts ready to take your call.
Generally, you can pay annually or monthly by banking card (credit or debit business cards for example). If you pay monthly there will 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, and you can purchase cover straight from the results page.
As our General Manager of Business Insurance, Stephen Zeller strongly believes in the protection and peace of mind that all types of Business Insurance provide business owners. Stephen says this type of cover can be the difference between a business staying afloat and going under if trouble arises.
With over 30 years’ experience in the financial services industry, including 27 years at the Bank of Queensland, Stephen is Compare the Market’s leading expert in business insurance. He’s also a long-time customer rights advocate and an allied member of the Australian and New Zealand Institute of Insurance and Finance (ANZIIF).