Business Insurance Darwin

Compare quotes for business insurance in Darwin 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.

Whether you’re operating a small business in Darwin’s city centre or running a stall at the Parap or Nightcliff Markets, having a business insurance policy can be a great way to bring peace of mind that you can be covered for a variety of incidents which are included under your policy. It’s important to compare your options before you buy, which you can do with Savvy.

With our partner’s panel of trusted insurers behind us, you can compare a range of competitive quotes in one place before you buy. Consider offers based on their cost, inclusions and exclusions, claim limits and more and complete your purchase online with Savvy today.

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

Business insurance is a form of coverage tailored more specifically to the needs of businesses, offering protection in risk areas which they may face on a day-to-day basis. There are different types of business insurance to consider, so think about which of the following may be the best fit for your Darwin business (or if you should buy multiple policies to boost your coverage):

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. You can generally choose the level of coverage you receive under this type of insurance, which can range from $5 million to as much as $20 million or more in some cases.

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. Like public liability, you may be able to choose a covered amount of between $5 million and $20 million.

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. Some insurers may enable you to bundle together your public liability and professional indemnity policies as part of your general business package.

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 in your insurance bundle 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. You may be able to receive up to 85% of your income as an ongoing benefit (subject to your insurer’s terms and conditions) for a period of up to one or two years (which you can typically choose yourself). This type of cover also enables you to choose your waiting period before your benefits kick in, which can range from seven to 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 Darwin?

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 Darwin business?

There are multiple factors which insurers will consider when determining the cost of your insurance policy, which include the following:

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

Your industry is one of the key factors in shaping the cost of your premium. This is because some businesses will face greater risks than others by nature. For example, you’re likely to find that the cost of public liability insurance in Darwin for a wholesaler is greater than that of a chiropractor (based on data from BizCover from the 2018-19 financial year).

How do I compare business insurance in Darwin with Savvy?

There’s a variety of areas you should consider when comparing business insurance quotes through Savvy, including the following:

  • Inclusions: consider the areas where your business needs coverage the most and look to target policies which provide suitable protection.
  • Exclusions: once you have the cover your business needs in mind, you can begin to rule out policies which don’t offer inclusions in these areas.
  • Payout limits: think about the amount of cover your business may need in different areas should you make a claim. Bear in mind that higher covered amounts will result in costlier premiums.
  • Excesses: when you make a claim, you may need to pay an excess, so consider how much you’re comfortable setting as an out-of-pocket contribution.
  • Cost: while coverage is still the most important factor, it’s worthwhile taking the time to compare policies based on their cost to help you avoid paying more than you need to.

The business insurance policy quote and purchase process is simple when you do it with Savvy. All you’ll need to do is fill out a form with information about your business and the coverage you’re after and you’ll have offers to compare from a panel of some of the best insurers operating in Australia. You can get the wheels in motion on your business insurance by getting a quote with Savvy.

Who may need business insurance in Darwin?

There are very few businesses which wouldn’t benefit from insurance in some way, whether that be to save them from paying large sums out of pocket or simply to bring owners and operators peace of mind that they can be covered should a claimable event take place. Some of the businesses who could benefit from insurance in Darwin include:

  • Tradies, such as electricians, plumbers and cabinet makers
  • Photographers, graphic designers and artists and IT consultants
  • Food businesses, cafes and restaurants
  • Retail businesses, including online and mobile companies
  • 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
  • Cleaners and cleaning staff

Types of business insurance

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Frequently asked questions about business insurance in Darwin

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

Yes – the Northern Territory Government requires businesses who employ workers to have an active workers compensation insurance policy, as well as third-party personal injury insurance if they own any commercial vehicles. There may be other situations where you’re required to take out a certain type of insurance, but this will be dependent on the nature of your work.

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

Workers compensation insurance is a type of cover designed to protect employees who suffer a work-related injury or illness. This can include protection for lost wages, medical expenses and rehabilitation which qualify for coverage. In Darwin, NT WorkSafe approves a set of insurers to provide businesses with policies.

What is a business insurance broker and do I need to visit one in Darwin?

A traditional business insurance broker provides advice to clients and helps them through the process of purchasing their policy. However, an increasing number of brokers now operate online, such as Savvy’s partner BizCover, which largely automate the process and enable a relatively smooth and simple purchase. As such, there’s no need for you to visit a broker in Darwin when you can buy insurance online through Savvy.

Can I receive business insurance cover for cyclones?

Some insurers can offer cover for a range of natural disasters, including cyclones, which are important to consider if you’re operating in northern parts of Australia such as Darwin. Compare offers to see which can provide you with the most suitable coverage for your business.

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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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