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Finding the right insurance for your business comes down to weighing up all your options. Compare a range of policies online with us.

Cover to suit your business

Whether you’re a well-known business or just opening your doors; you can explore business cover products and features that protect customers, suppliers and your business.

Experts ready to help

Ready to learn more about business cover? Our experts are happy to answer any questions you have about public liability, professional indemnity, management liability, and more.

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Why go to multiple websites when you can compare a range of business insurance quotes with us at no cost? Plus, there are no hidden fees or markups when you buy with us. Learn more.

What is business insurance?

Business insurance safeguards your business from financial difficulties arising from (but not limited to):

  • your legal liability (e.g. a customer trips and falls on your premises)
  • equipment or machinery breakdown or theft
  • incorrect advice you offer a client
  • theft of customer data
  • business interruptions (e.g. unable to operate due to natural disaster).

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.

Different types of business insurance

Public liability insurance

Public liability insurance covers you should customers, suppliers or members of the public be injured or have their property damaged because of your business operation. It provides a financial safety net for any compensation payments and legal fees.

Professional indemnity insurance

If you accidentally provide misleading or incorrect advice or services that result in a negative outcome for your client, this type of policy will safeguard you and your business. This kind of insurance covers you for possible legal expenses and any compensation costs you need to pay.

Management liability insurance

Management liability covers your business for any wrongful acts from senior managers, which can result in lawsuits, fines and legal costs. With this cover, you can have peace of mind and focus on your business.

Cyber insurance

If you rely on information technology (IT) systems, you might wish to consider cyber liability insurance. It provides insurance if your business is hacked, hit with a ransomware attack or suffers a data breach.

Statutory liability insurance

This type of cover provides insurance for legal expenses and any fines your business could be liable for if it’s penalised by a government or regulatory body.

Directors and officers insurance

Directors and officers of companies and corporations can have insurance for their own liabilities, as there is additional scrutiny on these important roles. This includes cover for legal defence, inquiries and penalties.

Frequently asked questions

How much does business insurance cost?

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; and
  • your business’ location.

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.

Is business insurance tax deductible?

Yes, the premiums you pay on business insurance can be tax deductible as an operating expense, as noted by the Australian Taxation Office.

What’s the best type of business insurance?

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.

Does business insurance cover flood damage?

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.

a cafe preparing for a flood covered by business insurance

What type of business insurance do I need?

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.

How do I compare business insurance policies?

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.

What payment options are available?

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.

Stephen Zeller, General Manager

Meet our Business Insurance expert, Stephen Zeller

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).

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