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Compare Business Insurance

Compare free online quotes from leading insurers here with Savvy so you can find the best policy for your needs.

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, updated on July 17th, 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.

As a business owner, it’s vital to compare business insurance policies before purchasing your cover, as this will help you choose the right one for your business with more confidence to ensure you get the best deal.

Savvy helps you compare business insurance policies online so you can check out the market thoroughly and know what type of insurance you’re buying. Get a variety of quotes from leading insurance providers here and get your business protected today.

How do I compare business insurance policies?

Once you’ve figured out what type of insurance you need, it’s time to compare individual policies. Some of the key aspects of insurance policies to compare:

  • Cost: this is a vital element of any insurance policy, but don’t opt for the cheapest insurance policy just to save money. It’s more important to get an insurance option which offers you the protection you need to ensure your business thrives through all eventualities. Nonetheless, you should compare policies to make sure you aren’t paying more than you need to.
  • Inclusions: take a close look at what is and isn’t included in the policy. This will give you a clear idea of what sort of business insurance you need and whether the policy covers you for the risks you face.
  • Exclusions: these are just as important to consider as what aspect the policy covers you for. Don’t consider a policy which has one of your major risks as an exclusion. For example, if you’re a cabinet-maker and have built your own customer reception desk in your workshop, don’t get an insurance policy which excludes homemade furniture in your contents policy.
  • Maximum payout limits: make sure the insurance you take out is relevant to the size of your operation. Check the maximum payout limits to ensure they’ll offer you the peace of mind and protection you need. This can range from tens or hundreds of thousands to tens of millions of dollars.
  • Excess: this is the portion of the claim you’ll have to pay. A higher excess can result in lower premiums, but don’t make your excess so high that you can’t afford to pay it or are uncomfortable in doing so.

Getting a quote through Savvy is a great way to start comparing insurance policies. After answering a few short questions about your business, you’ll receive tailored quotes from some of Australia’s leading insurers to compare. It’s great to know that insurance protection for your business is just a few short clicks away, so start your enquiry with us today.

What types of business insurance should I compare?

There are many different types of business insurance available in Australia. Which ones you need will depend on the nature and size of your business, which industry you’re in and what risks your company faces. The main types of business insurance to compare are:

  • Public liability insurance: public liability insurance protects you and your staff against legal action in the event a third party is hurt or injured, or their property is damaged. This includes another person's property which was in your care or possession at the time it was damaged. Public liability insurance may be compulsory for some businesses and public events.
  • Professional indemnity insurance: professional indemnity insurance protects professionals from being held liable for damages. It covers the expense of defending yourself in court against claims of negligence, omission or breach of duty. This can include anything from unsuccessful surgery to giving financial or legal advice which turns out to be incorrect.
  • Product liability insurance: product liability insurance will protect you against claims that the goods you supplied are faulty, dangerous or caused harm to a third party. Note that you don’t have to have manufactured the faulty product from scratch yourself. You can still be found liable for supplying a faulty product if you import, package, advertise or retail a product that someone else made.
  • Business contents insurance: your basic assets are protected by business contents insurance from occurrences like storms, fires, impact damage and theft. Verify that mobile equipment like laptops and other devices that may not be at the workplace at the time of damage are covered by your contents insurance, as this may not always be the case.
  • Business interruption insurance: if your business is unable to earn money due to an insured event like a storm or fire, business interruption insurance will pay your workers’ wages and other costs while you get back on your feet. Other covered costs can include rent, your utility bills and the cost of relocation to a new building if you have to move whilst your usual business premises is being repaired.
  • Cyber liability insurance: this protects your computer systems and data from cyber attacks, which could involve hacking, client data being stolen, your website being hijacked or a ransomware demand. Cyber liability insurance will cover the cost of retrieving your stolen data and defending your company’s reputation through legal action or investigation should you suffer such an incident.
  • Small business insurance: this type of insurance is also known as general business insurance or business liability insurance. It’s a blanket term that can cover some or all of the above types of insurance but is also often advertised as a package of insurance policies bundled together. It’s often offered to small businesses that may not wish to have the detailed insurance offered by specific policies as described above, but who still need their basic risks covered. It will not include workers compensation insurance, while public liability insurance may be offered as an additional extra in some cases.
  • Workers compensation insurance: workers compensation insurance is compulsory for all employers in Australia. It covers the cost of workers' wages if they are unable to work because they are hurt or injured, and compensation if they suffer permanent injury or death due to a work-related accident. It also covers rehabilitation, and any modifications needed to the person's home or office to cope with a permanent disability.

There are other forms of business insurance, such as tax audit insurance and business expenses insurance, which are available if you feel these areas offer a particular risk to your company.

It always pays to compare different forms of insurance with Savvy to make sure you get the best coverage for your company. Having appropriate business insurance that protects you from the main risks your company faces can mean the difference between surviving and going under if a calamity does strike.

How much will my business insurance policy cost?

The cost of your policy will depend on many factors and there’s no ‘one-size fits all’ when it comes to insurance coverage. The factors that will affect your insurance cost will include:

  • what type of insurance you opt for
  • the industry you’re in
  • the size of your business
  • the number of your employees
  • which state you’re in
  • where your business is located (rural or urban environment)
  • your insurance history
  • whether you have any no-claims bonuses to be applied

The larger your company and the greater the risks you face, the higher your premiums will be. If you want to know the exact cost of a certain type of insurance for your business, you can get a quote through Savvy. From there, you’ll have a range of insurance quotes to compare.

How do I work out which insurance policy is best for my business’ needs?

There is a process to work through to determine which type of insurance will suit you the most. Think about the following areas to narrow down your search for the best insurance policy:

  • Assets: what are your main assets? Which ones can’t you afford to replace? Which ones would sink your business if they were lost? By having a clear understanding of what assets are important to you, it’s easier to understand what type of insurance you need.
  • People: if you’re an employer, it’s compulsory to have workers compensation insurance, so your employees are covered if they get injured in a work-related accident. What about your customers, clients and visitors? If you have members of the public visit your workplace, you’ll most likely need public liability insurance to protect you against any claims of injury from a third party.
  • Non-tangibles: these are things like your business reputation, your cyber security and your business secrets. Do you need to protect yourself in case your computers are hacked and either sensitive client data or valuable patented plans are stolen? If so, you should consider cyber liability insurance.
  • Benefit limits: make sure the insurance policy you choose offers adequate protection for your business.  Check the benefit limits for all categories of cover, and make sure they’re appropriate and offer you adequate protection. For instance, landlords will often require a certain amount of public liability insurance before you rent a commercial premises, and government contracts may also specify insurance requirements for a set amount. The amount of coverage you’re required to have can vary from a minimum of $5 million up to $20 million or more for larger companies. 

How to save on business insurance

Types of business insurance

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Frequently asked questions about comparing business insurance

Is the cheapest business insurance always the best?

No – the cheapest policy isn’t always the best one for your business. The cost of insurance does vary widely in Australia, which is why it’s important to always compare insurance policies based not only on cost but also coverage before deciding which one best suits your needs.

Is it best to buy my insurance through a broker?

Insurance brokers can assist a business if they have special insurance needs, as they handle most of the hard work for you. However, you won’t always have the greatest choice when buying through a broker. If you apply through Savvy, you can compare a range of insurance policies from different insurers before deciding which one is best. This way, you can get a clear idea of the range and type of insurance available by comparing no-obligation, free quotes.

Are business insurance premiums tax-deductible?

Yes – in almost all cases, you can claim the cost of your insurance premiums on your tax return as a deduction. Insurance premiums fall under the category of the cost of doing business.

Does business insurance cover flood damage?

No – flood insurance is generally excluded from most business insurance policies. However, the cost of water damage from leaking pipes, faulty fridges and freezers and tank rupture is typically included.

Are my commercial vehicles covered under my business insurance?

No – commercial vehicles such as utes, vans, trucks and tractors are typically insured separately under a commercial vehicle insurance policy. However, business tools and equipment such as tradie tools or laptops may be covered under your contents insurance in the event your vehicle is stolen.

Does public liability insurance cost the same all over Australia?

No – the cost of this insurance varies from state to state. For instance, public liability insurance in the Northern Territory won’t cost the same as for a business in New South Wales. For this reason, it’s important to compare a range of quotes from different insurers.

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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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