Business Assets Insurance

Compare a range of business assets insurance quotes from leading Australian insurers with Savvy today.

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, updated on July 7th, 2023       

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Protecting your small business’ assets is one of the most important things to consider to ensure the long-term survival of your company. Business assets insurance will provide coverage for those things you value the most and help you recover if disaster strikes. 

You can get a range of quotes for business assets insurance from some of Australia’s leading insurers here today with Savvy. Compare policies, choose the one that’s right for you and get your business protected today with our one-stop shop insurance quote service.

What is business assets insurance?

Business assets insurance, also referred to as commercial property insurance, protects businesses from economic loss in the event of damage or theft to their valuable resources. These resources typically include business premises, contents, and stock. However, it's important to note that separate insurance policies are required for company vehicles, such as commercial vehicle insurance.

Business assets insurance can be purchased separately or as part of a broader business insurance package. It covers two main types of losses: physical damage to property, and financial loss resulting from business interruption. Common events covered include fire, storm damage, accidental damage, and theft.

It's worth noting that flood coverage is often not included in standard assets insurance policies. However, businesses have the option to obtain separate flood insurance or add it as an additional inclusion in their business insurance.

What does business assets insurance cover?

The physical items you can protect with assets insurance include: 

  • Your building (if you own your business premises) 
  • Plant and machinery 
  • Furniture and other business equipment 
  • Your stock 
  • Portable equipment (which can include generators, tools and electrical machinery) 
  • Glass (such as your display windows, cabinets and signs) 
  • Electronic equipment (such as computers, printers and copiers)

Most of these items are routinely covered by business asset insurance, but some policies come with exclusions for some of the above. One of the most common exclusions is glass, so when comparing policies, check your policy carefully to see whether glass breakage is included. 

Why is business assets insurance important for businesses?

You’ve worked hard to build your business, so you’ll want to protect it if something goes wrong. Assets insurance offers coverage to protect your bottom line in case of a major catastrophe. It’s there to ensure your business can continue to thrive even if you suffer an adverse event. 

Most small to medium-sized businesses will have some contingency funds for use if something goes wrong, but those funds will rarely cover the cost in the event of a catastrophe, such as your entire business going up in flames. If this should happen to your business and you have business assets insurance, the cover will help you get back on your feet and start trading again. 

This type of insurance is unlikely to be the only one your business needs, though. There’s a range of other policies which can help your business stay open and cover potentially costly claims, including: 

  • business interruption insurance will cover the cost of moving your business to another premises, as well as your rent and utility bills while your original premises is being repaired or replaced 
  • public liability insurance will protect you in case a third party is injured, or their property is damaged, while they’re visiting your business 
  • product liability insurance will offer you protection in case a product you supply causes injury or harm to a third person 
  • workers compensation insurance is compulsory in Australia and protects your workers or employees if they are injured whilst at work 

Not all businesses require all these types of insurance. For example, if you run an online business from home, you may not need glass insurance. However, glass insurance may be vital for a hairdresser, whose entire salon walls are covered in mirrors. 

You can decide exactly which type of insurance is right for your business and pick the cover which is relevant to your circumstances right here with Savvy. By comparing quotes with us, you can consider a range of different policies and find one which offers all the cover you need, without paying for insurance that isn’t relevant to you. 

How much does business assets insurance cost?

The cost of assets insurance varies from business to business as it depends on multiple factors, including:

  • The industry you operate in
  • The nature of your business
  • The location of your business
  • Your business turnover
  • The number of employees you have
  • The level of coverage you require
  • The chosen excess amount
  • Your claims history with insurance

Since each Australian state and territory has its own laws and regulations, insurance costs will differ based on your location. For instance, electricians in Queensland require business insurance with specific public liability coverage that includes consumer protection. Plumbers in Victoria need public liability insurance with plumbers' warranty coverage. Therefore, where you live will impact your insurance costs.

Furthermore, having multiple policies with the same insurer may qualify you for a multi-policy no-claims bonus, reducing the cost of your insurance. When inquiring about new coverage, mention your existing policies with the insurer, as being an existing customer can lead to lower costs compared to new clients. 

Top tips for comparing business assets insurance

Look at exactly what is covered

When comparing insurance policies, read all the fine print in detail so you know exactly what sort of insurance coverage you are buying. Make sure the policy covers all the areas where you feel your business is at risk but doesn’t include too many areas you feel are irrelevant to your particular circumstances. 

Check out the exclusions

As well as understanding what’s included in your policy, it’s important to know what’s excluded too. Damage by flood is a common exclusion, as is coverage for anything to do with asbestos. Glass breakage may or may not be covered in your policy, so check out this common exclusion too. 

Compare the cost of premiums

Naturally, the cost of the insurance you’re considering is a major factor to consider and compare. However, it shouldn’t be your primary deciding factor, as making sure you are adequately covered for the risks facing your business is the most important consideration. 

Consider if the limits are reasonable

Some landlords will specify how much assets insurance a tenant must have before moving into a rented building. This may be coverage of up to $500,000 or $1 million. Check that the claim limits under your asset insurance are reasonable and in line with your expectations and needs. 

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More of your questions about business assets insurance

Are there any exclusions or limitations in business assets insurance policies?

Business assets insurance policies may have exclusions or limitations that vary depending on the specific policy and insurer. Common exclusions can include acts of war, intentional damage, and certain natural disasters. It's important to carefully review the policy documentation to understand any exclusions or limitations that may apply to your coverage.

Can business assets insurance be customised to fit specific business needs?

Yes, business assets insurance can often be customized to meet the specific needs of a business. Insurers offer flexible options to tailor coverage based on factors such as the type of assets, business operations, and desired coverage limits. Working with an insurance professional can help ensure that the insurance policy adequately reflects the unique requirements of the business.

Is it best to get a business insurance package?

A general business insurance package can offer great value for a small business owner, as it bundles together several forms of insurance. It’s often possible to select which types of insurance you wish to be packaged together in your business bundle. The overall package can prove to be far cheaper than if you purchase each type of policy separately. 

Is business assets insurance compulsory in Australia?

No – unlike workers compensation, it is not compulsory to take out assets insurance in Australia, but any company which has substantial assets should consider this form of insurance to protect their livelihood. By comparing quotes with Savvy today, you’ll see how affordable business insurance can be. 

Can I choose my excess when I take out business assets insurance?

Yes – most insurers allow the policyholder the opportunity to choose the size of their excess, or they are given a choice about the excess they prefer. Make sure the excess you choose is affordable on top of the cost of your premiums.  

Are contents insurance and assets insurance the same thing?

They can be – assets insurance usually covers the contents of a business premises if that building is damaged or destroyed by an insured event, such as a fire or a storm. However, asset insurance can also include additional coverage for other types of assets too, including loss of income, commercial vehicles and people in some policies. For this reason, always check your insurance policy carefully so you know exactly what is covered by the policy you buy. 

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