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Business Insurance Gold Coast

Looking to compare quotes for business insurance on the Gold Coast? Savvy can help you get instant quotes from a range of insurers.

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, updated on August 2nd, 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.

Running a business on the stunning Gold Coast, whether it's a tourist operation or a waterfront venture, demands proper insurance coverage to safeguard against unforeseen circumstances. Having the right business insurance for your Gold Coast company can be a lifesaver.

From vibrant Surfers Paradise to bustling Broadbeach and scenic Burleigh Heads, finding the best business insurance has never been easier than by using Savvy's 100% free insurance comparison service. Through us, you can conveniently compare a range of insurance offers all in one place. Fill out a no-obligation quote to explore different benefits, exclusions, claim limits, costs, and more. Secure the right protection for your business on the Gold Coast today!

What types of business insurance are available on the Gold Coast?

Business insurance is a crucial type of coverage specifically designed to meet the unique needs of businesses and their owners. It provides protection against a wide range of risks and events that businesses may face. The term ‘business insurance' encompasses various types of policies, each offering coverage for specific events and situations. Some key types of business insurance include:

  • Public liability insurance: This coverage protects your business if a member of the public is injured or their property is damaged due to your business activities. It typically includes third-party personal injury claims, property damage claims, and legal defence costs.
  • Product liability insurance: This type of insurance covers claims arising from harm caused by products you supply, whether manufactured by your business or imported and sold. It includes claims related to product-related sickness or injury, third-party property damage claims, and legal fees for defending against such claims.
  • Professional indemnity insurance: Professional indemnity insurance offers cover against claims related to negligent advice, sub-standard service, loss, or harm caused by the advice or services provided by your business. It can include compensation payments, damages, and legal defence costs.
  • General business insurance: A comprehensive insurance package that provides additional coverage for various risks, such as damage to your physical business premises and assets. It includes protection against fires, storms, water damage, explosions, accidental damage, theft following forceable entry, and theft of securely attached equipment.

Your general business insurance package may also include or offer additional types of coverage, such as:

  • commercial property insurance
  • glass breakage coverage
  • business interruption coverage
  • cyber liability insurance
  • tax audit coverage
  • management liability for owners and directors.

For self-employed individuals, accident and sickness insurance can be essential. It covers injuries or illnesses that prevent them from working and earning a living. This coverage provides ongoing payments up to 85% of their salary, subject to insurer requirements, with options for waiting periods and additional benefits like death and disablement coverage.

Having the right business insurance is crucial to protect your business from various potential risks and uncertainties. It provides financial security and peace of mind, allowing you to focus on running your business confidently.

To ensure you get the best coverage tailored to your business's specific needs, compare business insurance offers with Savvy. Just complete a no-obligation quick online form to start comparing different policies, benefits, exclusions, claim limits, costs, and more. 

How much does insurance cost for a Gold Coast business?

When determining the cost of your insurance premium, insurers consider various factors that can impact the price. These variables include:

  • Industry: The industry your business operates in plays a significant role in shaping the cost of your policy. For example, a Gold Coast roofing business may be considered a greater public liability risk compared to an online business with no public interaction. As a result, the roofing business might pay a higher premium for its public liability insurance.
  • Business location: Your business location is also taken into account. Public liability cover in Queensland, for instance, may not cost the same as in Victoria due to regional risk factors and local market conditions.
  • Business Structure: The structure of your business, whether it's a sole proprietorship, partnership, or company, can influence the insurance premium.
  • Business size and turnover: The size and turnover of your business, whether small or large, will impact your insurance premium.
  • Number of employees: If you have employees, the number of staff members may affect the cost of your insurance.
  • Your insurance history and claims: Your insurance history, including any recent claims you may have made, can also be a factor in determining the premium.

Understanding these factors and how they affect your insurance premium can help you make informed decisions when choosing the right coverage for your business. By comparing insurance quotes with Savvy, you can find suitable policies tailored to your specific needs at competitive rates, ensuring your business is adequately protected without overpaying for coverage.

How do I compare business insurance on the Gold Coast with Savvy?

There are many factors to consider when comparing business insurance policies with Savvy. These include:

  • Cost: while the cheapest policy won’t always be the best, it’s still important to consider different offers to potentially help you avoid paying more for the same coverage.
  • Inclusions: look carefully at the areas of inclusion under your policy agreement to make sure they’re worthwhile for your business.
  • Exclusions: in contrast, consider whether there are any key exclusions which may have a negative impact on your business, such as lack of cover in an area where you may experience high risk.
  • Payout limits: while different policies come with different claim limits, it’s important to consider your business situation to help determine how much coverage you might need.
  • Excesses: think about how much you’d be willing to pay as an excess upon making a claim, bearing in mind that higher excesses can often lead to cheaper premiums.

By getting a business insurance quote through Savvy, you’ll be able to compare a range of competitive offers from our partner’s panel of reputable insurance companies. By telling us about your business and the insurance you need, you can not only compare deals side-by-side but also go ahead and buy one online if you find a policy you’re happy with. There’s no need to visit a business insurance broker in person throughout the process.

Types of business insurance

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Frequently asked questions about business insurance on the Gold Coast

What types of business insurance are essential on the Gold Coast?

On the vibrant Gold Coast, businesses should consider several essential insurance types to protect themselves from potential risks and liabilities. Public liability insurance is crucial, covering third-party injury or property damage claims arising from your business activities. Professional indemnity insurance is recommended, especially for businesses providing advice or services, protecting against claims of negligence or errors. Commercial property insurance safeguards your business premises and assets from various perils like fires and theft. Additionally, product liability insurance can be vital for businesses that supply or sell products, covering claims related to product-related harm.

What is workers compensation insurance and who provides it on the Gold Coast?

Workers compensation can cover employees’ medical costs and wages if they’re injured or ill due to a work-related event. It’s offered by WorkCover Queensland, where it’s mandatory for all businesses. Businesses which employ 2,000 or more workers may be eligible to self-insure, provided they comply with regulations in the Workers' Compensation and Rehabilitation Act 2003).

Do I still need insurance if I run my business from home?

Depending on the nature of your business, cover may still be an option for you. For instance, if you run a dress modification business out of your home, you may look at public liability insurance to offer a level of protection if a customer’s wedding dress is damaged in your care.

Is public liability insurance mandatory for Gold Coast businesses?

While public liability insurance is not legally mandatory on the Gold Coast, it is highly advisable for businesses that interact with the public. This insurance provides financial protection in case a third party, such as a customer or a member of the public, sues your business for injury or property damage caused by your business activities. Having public liability coverage can help safeguard your business from costly legal claims and potential financial setbacks.

Can I get business insurance for my start-up on the Gold Coast?

Certainly, insurance providers offer coverage options tailored to the needs of start-ups on the Gold Coast. Protecting your new business venture with insurance is essential to safeguard against potential risks and uncertainties during its early stages. By obtaining business insurance, you can mitigate financial liabilities and focus on growing your start-up with confidence, knowing that you have comprehensive protection in place.

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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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