Business Insurance Brisbane

Compare quotes for business insurance in Brisbane from a range of trusted insurance providers right here with Savvy.

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, updated on August 2nd, 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.

When it comes to safeguarding your business, finding the right insurance coverage is vital. Here at Savvy, we offer a comprehensive, 100% free comparison service for business insurance in Brisbane. Our trusted panel of insurers can provide a range of policies tailored to meet the specific needs of your business. You can easily compare different options through Savvy so that you can make an informed decision to protect your assets, finances, and reputation. From public liability to professional indemnity, we have the solutions you need. Don't leave your business unprotected—compare, choose, and secure the best possible insurance from our panel with Savvy today!

What types of insurance are available for businesses in Brisbane?

There are a range of different business insurance policies available to provide comprehensive coverage for different aspects of your Qld-based business. Some of the common types of business insurance options available in Queensland include:

Public liability insurance: This type of insurance protects your business from third-party claims for property damage or personal injury that may occur on your premises or as a result of your business operations.

Professional indemnity insurance: Professional services providers, such as consultants and freelancers, can benefit from this insurance, which covers claims arising from errors, omissions, or negligence in the services provided.

Commercial property insurance: This insurance safeguards your physical business assets, including the building, equipment, inventory, and furniture, against threats like fire, theft, or natural disasters.

Business interruption insurance: In the event of unexpected disruptions that halt your business operations, this insurance covers your loss of income and ongoing expenses while you recover.

Cyber liability insurance: With the increasing reliance on digital technology, this insurance helps protect your business from cyber-related risks, such as data breaches and cyberattacks.

Product liability insurance: If your business manufactures or sells products, this insurance provides protection against claims arising from any defects or harm caused by your products.

Management liability insurance: This type of insurance covers directors and officers of a company against legal claims related to their decisions and actions.

Workers' compensation insurance: It is mandatory for businesses with employees in Brisbane to have workers' compensation insurance, which provides benefits to employees who suffer work-related injuries or illnesses.

Accident and sickness insurance: This coverage provides financial support in the event of an accident or injury that prevents the policyholder from working.

Understanding your business's specific needs and risks can help you choose the right insurance to effectively protect your Brisbane-based business.

How much will insurance cost for my Brisbane business?

The cost of insurance for your Brisbane business will vary depending on a variety of different factors. Insurance providers consider things like the type and size of your business, the industry you work in, the level of coverage you need, the number of employees you have, and the value of your assets. 

For smaller businesses with low-risk operations, insurance premiums are usually quite affordable. On average, they could pay a few hundred to a few thousand dollars per year for basic coverage. For example, on average, small businesses in Brisbane pay around $55 per month for a public liability insurance policy (figure accurate as of July 2023.). However, larger businesses in riskier industries may have higher costs due to increased risk and potential liabilities.

To get accurate insurance quotes for your specific business, you can use Savvy's 100% free online comparison service. By comparing quotes from different insurers, you can find the best coverage at a competitive price, tailored to your specific needs and budget. Remember, having adequate coverage is crucial to protect your business effectively without overspending. Get started with Savvy to secure the right insurance for your Brisbane business today!

Does the cost of insurance vary across different parts of Queensland?

Yes, the cost of insurance can vary across different parts of Queensland. Several factors contribute to these variations, making insurance premiums differ from one location to another within the state.

  • Risk factors: Certain areas have higher risks associated with specific events or natural disasters, such as floods or bushfires. Insurers consider these risks when determining premiums, leading to potential cost differences between regions.
  • Local crime rates: Areas with higher crime rates may experience higher insurance costs, especially for property and business insurance, as insurers take into consideration the likelihood of theft or property damage.
  • Population density: Urban areas with higher population density usually have more significant risks related to traffic accidents, property damage, and liability claims, which do impact insurance pricing.
  • Property values: Insurance premiums for property-related coverage, like commercial property insurance, can vary based on property values in a particular region.
  • Business activity: For businesses, insurance costs differ based on the type of industry and the level of risk associated with the area's economic activities.

It's crucial to consider these regional variations when seeking insurance coverage in Queensland.

How do I compare different business insurance policies?

As you compare different business insurance policies through Savvy, it's essential to thoroughly look at several key factors to ensure you get the most suitable coverage for your unique business needs.

Inclusions: One of the crucial areas to look into is the range of inclusions offered by each insurance policy. Take the time to understand whether the policy covers the areas most important to your specific business operations. It's essential to have comprehensive coverage that protects you from all likely potential risks and liabilities, leaving no gaps that could leave your business vulnerable.

Exclusions: On the flip side, it's equally important to determine any events or situations that you would like to be covered for, but aren't included. Pay close attention to the policy's exclusions, as this information will give you a clear idea of what potential risks might not be covered by the insurance, allowing you to make an informed decision.

Payout limits: The amount you can receive as a benefit from an insurance policy will depend on the type of policy you select and the nature of your business. Be sure to look for a policy that aligns with your specific coverage needs. Understanding the payout limits will give you confidence that the policy will provide adequate support in case you need to make a claim.

Excesses: An excess is usually required to be paid when making an insurance claim. It's essential to carefully consider how much excess you would be comfortable paying out of pocket should the need arise. Finding the right balance between the excess amount, and the overall premium will ensure you have a policy that aligns with your financial capacity.

Cost: Comparing a variety of insurance policies is important to gain a better understanding of the most affordable options available for your business, without compromising on essential coverage. Consider your budget and the value offered by each policy when comparing different options. 

Getting multiple insurance quotes through Savvy helps you to compare policies across these critical areas that matter most to your business's long-term sustainability and well-being. 

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Frequently asked questions about business insurance in Brisbane

Do I have to have public liability insurance for my Brisbane business?

Yes, in some circumstances, public liability insurance is compulsory for Brisbane businesses. If your business operates in public spaces, interacts with customers, or conducts public events, you may be required to have public liability coverage by the Brisbane City Council. It is always best to consult with the council before organising any event involving the public.

Can I get flood insurnace for my Brisbane business?

There may possibly be some insurers in the market that may allow you to purchase flood cover for your Queensland business. However, flood cover is a common exclusion on standard policies as Brisbane is so prone to flooding, especially during heavy rainfall periods and cyclone season. It’s important to compare your options and find out exactly what you can be covered for by reading different PDS documents (which can define what is and isn’t considered a flood for the purposes of insurance).

If I have a commercial-use drone, can I cover it under my business insurance policy?

Yes, some insurers do offer protection for commercial drone usage. This may be relevant to you if you’re a photographer or videographer using the drone as part of your job. Where coverage is offered, these will generally be included under public liability or equipment insurance. If you’re looking for protection for your drone, compare drone insurance policies to see whether they offer the cover you’re after.

What is workers compensation insurance and who provides it in Brisbane?

Workers compensation can cover employees’ medical costs and wages if they’re injured or ill due to a work-related event. In Queensland, it’s offered by WorkCover Queensland, where it’s mandatory for all businesses. Businesses which employ 2,000 or more workers may be eligible to self-insure, provided they comply with regulations in the Workers' Compensation and Rehabilitation Act 2003).

Can I get a customised insurance package for my business needs in Brisbane?

Absolutely! Insurance providers understand that each business is different and has specific needs. They offer customised insurance packages that cater to the unique requirements of your Brisbane business. By working with insurers, you can tailor coverage options, policy limits, and the excess amount to ensure your business is adequately protected from potential risks and liabilities.

How do I determine the right level of insurance coverage for my business?

Determining the right level of coverage for your business involves assessing the specific risks, liabilities, and needs of your company. Conduct a thorough risk assessment to identify potential risks specific to your business, so that you can get the right level of coverage for your business's unique requirements.

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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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