Compare business insurance quotes with Savvy to find the best policy for your bakery business.
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Do you make the best meat pies and cream buns in your neighbourhood? Even if you run a thriving bakery, you also face a range of risks that could put your business at risk if you don’t have the right insurance policy to protect you from a variety of incidents. That’s why it’s important to compare your options right here with Savvy.
By answering a few simple questions about your business and the insurance you need, you’ll have a range of quotes from some of Australia’s most respected insurers to compare all in one place. Use our quick and easy comparison service to make sure you get the best-value insurance for your bakery today.
Unfortunately, bakers face numerous risks in their everyday lives. From the risk of burns, scalds and other bodily injuries to the liability risks of serving the public food, bakers traditionally need several different types of insurance. These include:
Product liability insurance
Product liability insurance will cover you against third-party claims that a product you supplied caused material loss, sickness, injury or death. This type of insurance is important for anyone who sells freshly cooked food, as anything which is eaten carries with it the risk of bacteria and virus transmission. Cover starts from $250,000 and can be bundled together with public liability and other insurances into a business insurance package.
What it covers:
Public liability insurance
Public liability insurance is essential for anyone who runs a bakery, market stall or shop. It’ll cover you against claims that your business activity caused sickness or injury to a member of the public, or damaged their property. You’ll be covered if anyone should slip or fall in your bakery, for instance. Public liability insurance can offer between $5 million and $20 million worth of coverage.
What it covers:
General business insurance
General business insurance may also be worthwhile to protect the equipment and machines you use in your bakery, such as industrial food mixers, blenders, ovens and fridges. Bakers usually have plenty of specialist business equipment which needs covering, so make sure you have the correct policy to insure all of your expensive assets.
What it covers:
Accident and sickness insurance
Because you’re working in a high-risk environment all day, surrounded by burning ovens and hot oil, it’s worth considering what might happen to you and your family if you were unable to work for an extended period due to an accident.
Accident and sickness insurance can provide cover for you if you become unable to work, providing a weekly replacement income and helping you pay your bills if you're injured or suffer a serious accident.
What it covers:
Optional extras can include:
What isn’t covered under my bakery business insurance?
The most common general exclusions for these types of policies include:
There is no set cost for an insurance policy, as each applicant is different and faces unique risks. There are many factors that influence the cost of business insurance, including the following:
The main factor which will affect the cost of your insurance is the industry you’re in. All businesses in Australia are classified according to the risk their industry poses, and are allocated a risk ratio. These ratios are used by insurers to calculate the comparative risk of any one business compared to another.
Another factor which will play a part in the cost of your insurance is your location. There may be two almost identical bakeries, one in Queensland and the other in the ACT, but the insurance for the business in Brisbane may cost more simply because of the environmental risks posed by that location.
You can find out how much insurance will cost for your business by comparing quotes right here with Savvy. Whether your bakery is located in a rural town or a suburban shopping centre, you’ll be able to find a policy which is perfect for your business needs here.
The reason you need business insurance as a baker is because you face multiple risks in your everyday job. There are not only the obvious risks such as sustaining a burn but also those due to the constant bending, lifting and twisting associated with being a baker. In addition, there’s the risk of running a shop with a large number of people visiting daily, so the chances of a slip, a fall or a trip are increased.
You’ve worked hard to set up your business, so it makes sense to protect your business and its reputation from anything that can go wrong. Business insurance offers protection in case anything happens to threaten your livelihood. If something unexpected does happen and you have adequate insurance to protect your business, you’ll have a much better chance of recovering quickly and getting back on your feet.
Find the best possible insurance coverage for your business quickly and easily here with Savvy's 100% free comparison service.
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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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© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
