Business Theft Insurance

Business theft insurance can cover more than just your stock and contents. Make sure you're fully protected by comparing quotes with Savvy. 

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, updated on July 17th, 2023       

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The peace of mind that comes with knowing your business is protected against all common risks is priceless. That’s why choosing great business theft insurance is a priority for many businesses. It’s important to make sure your business has comprehensive protection against this risk, not only for goods lost but also for damage caused by thieves to your doors and locks.   

You can compare a range of offers for theft insurance from some of Australia’s most respected insurers right here with Savvy. Get multiple quotes in minutes just by answering a few simple questions about your business. Start the process with us today and compare policies all in one place. 

What is business theft insurance and what does it cover?

Business theft insurance is a type of business insurance that is usually offered in a package with other types of insurance, such as public liability insurance, professional indemnity insurance and protection against fire and storm damage. 

Theft insurance covers your valuable property for losses incurred due to any of the following events: 

  1. Theft 
  2. Attempted theft 
  3. Break-ins causing damage 
  4. Armed hold-ups 

These are the items typically covered by theft insurance: 

  1. Machinery, plant and business equipment 
  2. Tools, instruments and utensils 
  3. Fixtures and fittings 
  4. Furniture, carpets, curtains and blinds 
  5. Computers and other data-storage electronic equipment 
  6. Business stock 
  7. Advertising and display equipment 

It can also cover the cost of repairing physical building damage caused by theft or attempted theft, such as door frames and locks being damaged, roof sheeting lifted and wall panels being cut. 

There may be limits placed on the value of individual items which can be replaced, which is why it’s important to compare insurance policies carefully to find out exactly what the terms and conditions are.

There are certain requirements to ensure your commercial property is well secured for theft insurance to cover you. The stolen items must have been securely stored before the theft occurred and there must be evidence of forcible entry in the commission of the theft. 

What isn’t covered by business theft insurance?

Items which typically aren’t covered by theft insurance include: 

  1. Property not contained in a locked building 
  2. Cyber business identity theft 
  3. Patterns, plans or designs (unless specified in your insurance policy as listed items) 
  4. Models, moulds or creative documents 
  5. Money or negotiable instruments (such as cheques, land titles, drafts and notes offering payment) 
  6. Jewellery, furs, bullion 
  7. Property made of gold or silver or containing precious stones (unless listed and specified in your policy) 
  8. Glass (which is often covered by optional glass breakage insurance) 
  9. Tobacco, cigarettes or cigars (unless itemised as stock in your policy) 
  10. Motor or commercial vehicles (which are usually covered under another commercial vehicle insurance policy) 
  11. Animals or livestock (unless specified in your policy as listed items) 

So-called ‘internal’ theft carried out by employees is also usually covered by other forms of insurance, known as employee dishonesty cover. 

Knowing what’s not included in your theft insurance is just as important as being aware of what is, as it could mean you need additional insurance protection. For example, if you run a pet shop business, it’s valuable to know the cost of animals is not generally covered by theft insurance. Therefore, if your stock includes valuable tropical fish or rare birds, you may need to get other forms of insurance to protect your investment in livestock. 

How much does business theft insurance cost?

As mentioned above, theft insurance is usually offered as a package along with other forms of insurance. How much your insurance will cost depends on the options you choose and the other variables which influence the cost of insurance, such as: 

  • Which industry your business is in 
  • Where your business is located 
  • The size of your business 
  • The number of employees you have 
  • Your insurance history 

Naturally, the type of business you run will have a strong influence on the cost of theft insurance. For example, if you run an electronics store which contains many high-value computers, your insurance premiums will be far higher than if you are a yoga teacher and just have rubber mats as your main stock item. 

The state you live in and your postcode will also influence the cost of your theft insurance. For example, a business located in South Australia out in the country will typically be offered cheaper insurance than an identical one located in the centre of Sydney, as risk loadings are higher for an urban location in NSW than they are for rural SA. 

It’s for this reason that comparing insurance policies which cover theft is so important. Savvy’s simple comparison service is free of charge and allows you to receive a range of high-quality quotes to consider within minutes without having to visit an insurance broker

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More of your questions about business theft insurance

Do I need business theft insurance?

The business insurance you need will depend very much on the type of business you run, and the risks posed to your business by theft. For example, if you're a landscaper, you may not have much stock which is vulnerable to fire or theft, but you still may have trade tools which need insuring.  

Do I have to file a police complaint to claim on my theft insurance?

Yes – a police report will usually be required to provide evidence of forced entry and to explain how the thieves gained entry to your secured premises.  

Are there special packages to insure shops and retailers against theft?

Yes – these specialist packages are offered by insurers who concentrate on providing protection to the retail industry. Although shoplifting is the most common cause of loss for retailers, it isn’t usually possible to insure your shop against shoplifting, unless you can prove a theft has occurred. 

Is the theft of cash included in general small business insurance?

No – cash isn’t usually included in general small business insurance packages. However, there are other forms of insurance which can cover cash sums, particularly if you regularly store or transport large sums of cash as part of your business operation. It’s also possible to include a specified amount of cash as an optional extra in your business insurance package. 

Does business theft insurance cover cyber theft?

No – cyber theft isn’t generally covered by general theft clauses. However, cyber liability insurance will offer this cover. If you take out this type of insurance, you’ll be covered for a variety of cybercrimes, including: 

  • Data theft, including the criminal release of customer data 
  • Theft of sensitive files including trade secrets and patents 
  • Spyware and ransomware attacks 
  • Website hijacking 
  • Business identity theft 
  • Extortion threats 
  • Business interruption due to any of the above events 

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