Business Insurance Canberra

Compare quotes for business insurance in Canberra 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.

Insurance can provide a much-needed safety blanket for small and large businesses for a range of different circumstances which qualify for coverage. It doesn’t matter whether you’re based in Canberra’s city centre or out in the suburbs of Aranda, Deakin or Gungahlin; you can compare policies across a variety of areas with Savvy.

We’re backed by a panel of some of the best business insurance providers in Australia to enable you to compare top offers in one place. All you’ll need to do is fill out our simple quote form with information about your business and the cover you’re looking for and you can consider instant offers side-by-side based on their cost, inclusions, added benefits and more. Get the wheels in motion on securing cover for your Canberra business with Savvy today.

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

As the name suggests, business insurance is a product aimed at businesses to help cover a diverse range of risks. Different types of policies are designed to cater to different areas (with all coverage being subject to your insurer’s terms and conditions and eligibility requirements), so it’s worth taking the time to work out which is most suitable for your business. The coverage types available in Canberra and Australia more widely include:

Public liability insurance

Public liability insurance can cover your business if a member of the public is injured or their property is damaged as a result of your business activity, subject to the terms and qualification criteria set by your insurer. Available covered amounts can include $5 million, $10 million, $20 million and, in some cases, more (by negotiation with your insurer).

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 may be able to offer your business protection against claims a product you supplied, whether manufactured by you or imported and sold, caused harm to a third party or damaged their property. The covered amounts available under this type of cover are generally similar to those of public liability policies.

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 the advice you gave or service you provided was negligent, sub-standard or caused loss or harm. It may also cover circumstances such as mistakes, incorrect diagnoses, miscalculations and breach of duty. Cover can start at $250,000 and may go up to $10 million (though more may be available by individual negotiation with some insurers).

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 is a package which can offer coverage against other risks, such as those facing your physical business premises and assets. As a bundle, you can often choose to add multiple policies into your general business insurance, including public liability and professional indemnity.

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 other cover types you may be able to include as part of your package include:

  1. Commercial property insurance (which may offer a higher level of protection for your business premises)
  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 while recovering from an insured event)
  4. Cyber liability insurance (which can protect you from many forms of cybercrime)
  5. Tax audit (which can cover some of your costs if you’re subject to an ATO audit)
  6. Management liability (which can offer cover to business owners and directors against claims of mismanagement)

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. Under this type of cover, benefits are ongoing and can be paid for up to one or two years (you can generally choose this period) and are worth as much as 85% of your income (subject to meeting your insurer’s criteria). You can also typically select a waiting period of 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 Canberra?

There are several common exclusions which may apply to business insurance policies. These may 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

How much will insurance cost for my Canberra business?

There are several variables which insurers will account for when determining how much your premiums will cost, including the following:

  • The industry you’re in
  • Your business location (such as whether you need business insurance in Canberra or for a more rural ACT business)
  • The structure of your business
  • Your business size and turnover (whether you’re insuring a large or small business)
  • The number of employees you have (if any)
  • Your insurance history and whether you’ve made any recent claims

Perhaps the most notable factor in shaping your business’ insurance premium is the industry you’re in. Insurers will consider the type of work you do closely, as different types of businesses face different (and sometimes greater) risks. For instance, the cost of public liability insurance for a retail business may be higher than for a legal services company. This is because insurers may deem them a greater risk of making a claim.

How do I compare business insurance in Canberra with Savvy?

When comparing business insurance quotes through Savvy, it’s important to keep the following factors in mind to boost your chances of finding the best Australian policy for your business’ needs:

  • Inclusions: of course, you should always prioritise policies which offer protection in the areas you’re looking for, as there’s little point in selecting cover which isn’t relevant to your business’ needs.
  • Exclusions: you should have an idea of the key areas which are most important to secure cover for, which will help you avoid picking policies which come with exclusions in these areas.
  • Payout limits: consider the amount your business might need to claim if an unexpected event does take place. For instance, a small home business likely won’t need $20 million worth of public liability cover.
  • Excesses: think about how much you’re comfortable paying as an excess, which you may be required to fork out when you make a claim. Greater excesses will often lead to less expensive premiums.
  • Cost: by comparing offers based not only on their coverage but also their cost, you can increase your chances of locking in a policy which strikes the right balance between the two.

When you take out a business insurance policy with Savvy, there’s no need for you to pay a visit to an insurance broker based in Canberra. The entire comparison and purchase process takes place online, meaning you can keep dedicating time to your business.

Who may need business insurance in Canberra?

Virtually all businesses face risks which are covered by at least one type of business insurance. As such, having a policy in place can not only help you avoid significant out-of-pocket expenses in claimable situations but also provide peace of mind that your business can be covered in such situations. Some of the businesses which may need insurance include:

  • Food businesses, cafes and restaurants
  • Health professionals, such as doctors and nurses
  • Allied health professionals, such as physiotherapists and occupational therapists
  • Anyone in finance, mortgage broking or accountancy professions
  • Professionals such as engineers, architects and consultants
  • Tradies, such as electricians and plumbers
  • Retail businesses, including online and mobile companies
  • Cleaners and cleaning staff
  • Photographers, graphic designers and artists and IT consultants

Types of business insurance

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Frequently asked questions about business insurance in Canberra

Are there any types of business insurance which are compulsory in Canberra?

Yes – in Canberra, workers compensation insurance is mandatory for businesses who employ workers. However, other types of insurance may be required in other situations, such as certain industries and positions requiring either public liability or professional indemnity. As such, if you’re unsure about whether you need a particular type of policy, you should check with your relevant industry body.

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

Workers compensation insurance is a type of cover designed to protect employees who suffer a work-related injury or illness. The way this operates in Canberra and the ACT is slightly different to some other parts of Australia, as WorkSafe ACT appoints a set of insurers to offer policies to business owners.

If my business’ situation changes, should I update my insurance policy?

If the risks your business faces have changed over time, such as opening up another storefront or expanding your operations, it may be worth assessing your current insurance policy to determine whether it’s still suitable to cover your business’ needs today. You may need to increase the level of coverage you previously had or add further policies to your bundle. As a general rule, you should review your business insurance regularly (at least annually) and after major changes.

How often will I have to pay my insurance premiums?

You can typically choose between annual and monthly business insurance payments. It’s important to select the option which is most comfortable for your business to manage, though monthly payments are generally slightly more expensive than a single upfront payment each year.

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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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