Find out how much your business insurance may cost and compare quotes here with Savvy.
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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.
The cost of business insurance is a small price to pay for the peace of mind you’ll gain by knowing your business is protected in case disaster strikes. However, no two policies are the same in terms of their price, with a wide range of factors determining how much you’ll pay for your insurance.
You can compare the cost of different business insurance policies here with Savvy. Consider a range of quotes from some of Australia’s most respected insurers with us today so you can find the best deal for your business at the most affordable price.
The cost of business insurance depends on a whole range of factors, with there being no one set cost for any particular type of insurance. However, according to BizCover, some of the average figures for types of business insurance in Australia are:
As can be seen from these average figures, the cost of business insurance varies widely, which is why it’s always important to compare policies so you find one that’s just right for your business needs.
By answering a few questions online with Savvy, you’ll be able to compare insurance quotes from leading insurers side-by-side based on cost, coverage and more. Our comparison service is free and comes with no obligations, so get your business protected by finding the right policy with Savvy today.
There are many factors which influence the overall cost of your business insurance policy, including:
However, perhaps the main factor which will affect the cost of your insurance is the industry you’re in. This is because all industries have known risk factors, which are well documented and used by all insurers to calculate the comparative risk of any one business type. The way that insurers classify risk is through a premium rating classification system. All industries in Australia are classified according to the risk their industry and type of business is known to pose.
For example, agriculture, forestry and fishing are considered the riskiest business in Australia in terms of claims of injury or damage to property. Transport industries and postal and warehousing businesses are also considered to be a higher risk, as are construction industries and manufacturing businesses. The lowest-risk industries are office-based workers such as IT professionals, financial advisors and legal professionals.
Risk ratings are used as a basis for any insurance quote. Set formulas are applied when calculating the cost of insurance premiums, so whichever insurer you ask, the cost for a fisherman to insure their business will naturally be higher than someone running a marketing business. Despite this, quotes can vary widely, which is why it’s important to compare offers frequently.
The location of your business is also important. Areas of northern Australia, including north Western Australia, the Northern Territory and Northern Queensland, are the most expensive places to get business insurance. This is because these areas are most prone to natural disasters such as cyclones, which can devastate large areas during the yearly cyclone season.
If you want to know the exact cost for any one type of small business insurance, you can apply online today to instantly get a range of quotes to compare. For example, if you just require product liability insurance, you can get quotes for that type alone or get product liability included as part of a general small business insurance package.
If you can afford it, paying your insurance annually, rather than monthly, could earn you a saving of between 5% and 10%. Most insurers give a healthy discount for policies which are paid upfront, so pay your premium in one hit and enjoy the saving you’ll be offered.
By bundling different types of insurance together under one umbrella, you can potentially save hundreds on your insurance. A general business insurance policy is often far cheaper than having several policies with separate insurers, as you can receive multi-policy discounts.
Don’t pay for insurance you don’t need. For example, if you know you only need $5 million of public liability insurance, don’t pay for a policy which offers $10 million in coverage, as you could be paying for cover that’s unnecessary. Also, avoid unnecessary policies if you’re buying an insurance package.
By choosing to have a higher excess, you’ll reduce the overall cost of your business insurance. With excesses ranging from $200 up to $800 or more, choose a policy with an excess which is comfortable for your business to manage while at the same time offering the protection you need.
Find the best possible insurance coverage for your business quickly and easily here with Savvy's 100% free comparison service.
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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.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
