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Business Insurance Adelaide

Compare quotes for business insurance in Adelaide from a range of providers here with Savvy.

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, updated on August 1st, 2023       

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We’ve partnered with BizCover to bring you a range of business insurance policies to help you compare them side by side.

Regardless of whether you’re operating a small business out in the suburbs of Klemzig or Kurralta Park or running a larger operation in Adelaide’s city centre, there are many areas of risk which you may be open to. That’s where business insurance can come in handy, offering protection across a range of claimable circumstances relating to negligent business activity.

You can compare many different types of business insurance policies from industry-leading providers with Savvy. Simply fill out our online quote form, telling us a bit about you and your business, and you can enjoy a high-quality comparison between competitive offers available on the market. Start the process with us today with a no-obligation quote.

What is business insurance and what types are available in Adelaide?

Business insurance is designed to offer coverage against a range of risks businesses may face. The events which can qualify for coverage under your policy will be outlined in your PDS and by your insurer. There are different types of insurance intended to cover different areas of risk which are available in Adelaide, including the following:

Public liability insurance

Public liability insurance can cover your business if a member of the public is injured or their property damaged as a result of your business activity, subject to the terms and qualification criteria set by your insurer. Some insurers will enable you to choose your claim limit of between $5 million, $10 million or $20 million (though you may be able to negotiate a higher claim limit should you need it).

What it covers:

  1. Third-party personal injury claims
  2. Third-party property damage claims
  3. The legal costs of defending yourself

Product liability insurance

Product liability insurance can offer your business protection against claims that a product you supplied, whether manufactured by you or imported and sold, caused harm to a third party or damaged their property. In terms of its claim limits, this may follow the same lines as public liability of between $5 million and $20 million, depending on your business and whether it meets your insurer’s requirements.

What it covers:

  1. Claims that a product you supplied caused sickness or injury
  2. Third-party property damage claims
  3. Legal fees to defend yourself against such claims

Professional indemnity insurance

Professional indemnity insurance can offer cover against claims that the advice you gave or service you provided was negligent, sub-standard or caused loss or harm. The claim limit you may be able to select can start at $250,000 and may go up to $10 million or more, depending on your insurer.

What it covers

  1. Payment of compensation
  2. Payment of damages
  3. Legal defence costs
  4. Cost of defending yourself during investigations

General business insurance

General business insurance (sometimes called small business insurance) is an insurance package which may offer cover against risks facing your physical business premises and assets, among other areas. Some insurers will enable you to bundle policies such as public liability and professional indemnity into this package, with claim limits determined by the types of cover you purchase.

What it covers

  1. Fires, storms, water damage
  2. Explosions and impacts
  3. Accidental damage
  4. Theft following forceable entry into a locked building
  5. Theft of equipment which is securely attached to a vehicle

Some of the additional coverage you can purchase as part of your general business insurance package can include:

  1. Commercial property insurance (which may offer a higher level of protection for your business premises than offered by a standard business insurance policy)
  2. Glass breakage (which is a common business insurance exclusion)
  3. Business interruption (which can cover your bills if you have to close your business whilst recovering from an insured event)
  4. Business expenses insurance (which can help you continue to pay eligible expenses if an insured event prevents you from returning to work)
  5. Cyber liability insurance (which can protect you from many forms of cybercrime)
  6. Tax audit (which can cover your costs if you are subject to an ATO audit)
  7. Management liability (which can offer cover to business owners and directors against claims of mismanagement)
  8. Drone insurance (which can offer protection for your commercial drone and its payload)

Accident and sickness insurance

Accident and sickness insurance can cover self-employed individuals who are injured or suffer an illness which prevents them from working and earning a living. This comes in the form of an ongoing benefit worth up to 85% of your salary (subject to your insurer’s qualification criteria), which you may be able to receive for a maximum of either one or two years. You’ll also have to choose a waiting period before your benefits can kick in, which you may be able to select between seven and 28 days.

What it covers

  1. Loss of income as a result of illness
  2. Loss of income as a result of an accident
  3. Optional extras including death and disablement benefits

What isn’t covered by business insurance in Adelaide?

There are several general exclusions which may apply to business insurance policies. These include:

  1. Unlawful activity
  2. Criminal negligence
  3. Intentional damage or reckless behaviour
  4. Flood damage
  5. Asbestos-related incidents
  6. The effects of pollution
  7. Incidents which happened before or after your cover period
  8. Prior or existing risks which were not declared at the time the policy was taken out

As outlined above, all coverage is subject to the qualification criteria set by your insurer and the terms and conditions of your insurance agreement. As such, it’s important to compare different PDS documents with Savvy so you can have a better grasp of what you can and can’t be covered for under different policies.

How much will insurance cost for my Adelaide business?

Some of the factors which can impact the cost of your business insurance premium include the following:

  • The industry you’re in
  • Your business location
  • The structure of your business
  • Your business size and turnover
  • The number of employees you have (if any)
  • Your insurance history, and whether you’ve made any recent claims

The nature of your business is perhaps the most important variable here, as insurers grade industries based on the level of risk they pose of having a claim made against them across different areas. For instance, a building company is likely to be graded a higher public liability risk than a small retail business, thus the former may pay more for its insurance.

The location and postcode of your business will also play a major part in determining the cost of your insurance, as not all suburbs are considered to be at the same risk of a claimable incident. Additionally, the cost of business insurance in the ACT may not be the same as that for an equivalent business in SA.

How do I compare business insurance in Adelaide with Savvy?

There are several elements you should compare with Savvy when you’re thinking about what insurance you need for your business, including the following:

  • Inclusions: it’s always essential to compare policies based on their inclusions, as you should look for those which provide protection in the areas most important to your business.
  • Exclusions: just as important is analysing potential exclusions which may impact your business. For example, if you’re a hairdresser and have wall-length mirrors in your salon, a policy without any scope to cover glass breakage may not be best for your business’ needs.
  • Payout limits: different policies have different payout limits, so look for those which may provide sufficient coverage for your business.
  • Excesses: compare offers to see what their excess options are and whether these suit your business’ needs.
  • Cost: although the cheapest insurance policy may not always be the best for your business, it’s still important to compare so you can potentially avoid paying overs.

Who may need business insurance in Adelaide?

Most businesses in Adelaide can benefit from at least one type of insurance for a range of reasons. The types of businesses which may need insurance include:

  • Health professionals including doctors and nurses
  • Allied health professionals including physiotherapists, occupational therapists and alternative therapists
  • Anyone in finance, mortgage broking or accountancy professions
  • Food businesses, cafes and restaurants
  • All retail stores, including online and mobile businesses
  • Tradies and sole traders including electricians and plumbers
  • Photographers, graphic designers and artists and IT consultants
  • Professionals such as architects, engineers and consultants

Types of business insurance

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Frequently asked questions about business insurance in Adelaide

Do I need to visit a business insurance broker in Adelaide to find a policy?

No – you don’t necessarily need to visit a business insurance broker in Adelaide, as you can compare and purchase your policy 100% online with Savvy. You won’t have to worry about travelling for a meeting, as you can choose your policy to buy as soon as you’ve filled out a quote.

What information will I need to make a business insurance claim?

The information you’ll need when you contact your insurance company to make a claim will include:

  • The name of the policyholder
  • Your policy number and start date (which can be found on your Certificate of Currency)
  • A detailed description of the incident (what happened to cause the damage or loss)
  • Specific dates and times when the incident happened
  • Contact details of any other parties involved (or witnesses to the event)
  • Details of your police report number (if a crime took place)
  • Details of the property lost or damaged (including its age and value)
  • Your bank details for settling the claim
If my business circumstances change, can I update my coverage?

Yes – if your business situation changes, such as experiencing rapid growth or purchasing valuable assets which aren’t presently covered, you can contact your insurer to update the terms of your current agreement.

What is workers compensation insurance and how do I get it in Adelaide?

Workers compensation insurance can cover workers (whether full-time, part-time, casual or on contract) if they’re injured at work or suffer a work-related illness. It can provide weekly payments to cover loss of earning capacity whilst they’re sick or injured from a covered event. In South Australia, such insurance is provided by ReturnToWorkSA, which was established by the Return to Work Act 2014.

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Disclaimer:

Savvy is partnered with BizCover Pty Ltd (ABN 68 127 707 975, AFSL 501769) to provide readers with a variety of business insurance policies to compare. Savvy earns a commission from BizCover each time a customer buys a business insurance policy via our website. We don’t arrange for products to be purchased from these brands directly, as all purchases are conducted via BizCover.

Savvy does not compare all business insurance policies or providers currently operating in the market. Any advice presented above or on other pages is general in nature and doesn’t consider your personal or business objectives, needs or finances. It’s always important to consider whether advice is suitable for you before purchasing an insurance policy.

For any further information on the variety of insurers compared by BizCover or how their business works, you can read their Financial Services Guide.

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