If you run a small business in Australia, there are a couple of insurance policies you’re required to have. You’ll need workers’ compensation insurance for your employees and a minimum of Compulsory Third Party cover (CTP) for any business vehicles.
Furthermore, some types of business insurance like public liability may be mandatory for some occupations. Business insurance can provide a financial safety net for a wide range of events as well as providing cover for liabilities and legal costs. This makes it easier for your small business to bounce back after a crisis.
The cost of business insurance for a small enterprise won’t be the same for everyone. This is because premiums are based on a number of different factors, including:
When comparing business insurance quotes with us, you’ll be able to see how much it costs annually or monthly.
Yes, business insurance premiums are generally a tax-deductible expense. As with other business tax deductions, you can claim the cost of insurance with other business expenses when filing your business’s taxes.
No single business insurance policy will suit every small business. Different organisations will have unique needs and concerns they’ll want cover for versus the premiums they’ll pay each month. It’s important to weigh up what liabilities you may face and what assets you need to protect.
It may be tempting to just buy the cheapest insurance policy you can find for a small business but that could leave you covered for fewer events, or with a lower limits on the amount you could claim.
Need help sorting out your business insurance? Give our friendly team of experts a call and they’ll be happy to assist you.