Business Insurance Melbourne

Compare quotes for business insurance in Melbourne 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.

If you’re running a large company in the heart of Melbourne’s CBD or a small business in St Kilda, chances are that there are clear risks which may present themselves to you as an owner. Business insurance can be a great way to help your business obtain a level of coverage for a variety of included circumstances, which you can compare with Savvy today.

With offers from our partner’s panel of leading business insurance companies to compare side-by-side, you can consider policies based on their inclusions, exclusions, cost, claim limits and more in one place before you buy. Simply fill out a free, no-obligation quote and you can have a range of available deals at your fingertips. Start the process with us today.

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

If you’re wondering what business insurance is for, it’s a type of policy designed to offer cover to businesses for business-related risks. This can come in a variety of shapes and forms, each of which can serve a different purpose and include protection for a separate set of unexpected circumstances (provided they meet your insurer’s qualification criteria and terms and conditions). Some of the policies which are available to Melbourne businesses 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. You can generally choose your level of coverage, which will generally either be $5 million, $10 million, $20 million or a greater sum as negotiated with your insurer if you need it.

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. This type of insurance may come with similar levels of cover available to public liability insurance.

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).

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 an insurance package which can offer coverage against other risks facing your business, such as your physical premises and assets.

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

There’s also a variety of insurance types which can be included under your general policy, which may include public and product liability and professional indemnity insurance. There are other insurance types which may be included either for an added premium or automatically, such as:

  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. The way the benefit works is slightly different to other policies in that it can offer an ongoing payment worth up to 85% of your income (provided it meets your insurer’s terms and conditions). You may be able to choose a benefit period of either one or two years and 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 Melbourne?

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 Melbourne business?

There are several key factors which may play a role in determining the cost of your business insurance. These include:

  • The industry you’re in
  • Your business location
  • The structure of your business
  • Your business size and turnover (whether you’re a small or large business)
  • The number of employees you have (if any)
  • Your insurance history and whether you’ve made any recent claims

Business insurance providers classify different industries and occupations based on the level of risk they pose across a range of areas. For example, those working in nursing are likely to be considered a greater professional indemnity risk than a bakery or cafe business due to the different natures of their work and would subsequently likely pay more for that type of insurance (though cafes may not need professional indemnity).

The location and postcode of your business will also play a major part in determining the cost of your insurance. For example, the cost of public liability insurance in Victoria’s busier metropolitan areas may not be the same as for an equivalent small business in a more rural location for factors such as potentially reduced foot traffic.

How do I compare business insurance in Melbourne with Savvy?

When comparing business insurance with Savvy, some of the key factors to consider are:

  • Inclusions: making sure your chosen policy offers your business cover which is relevant to its needs is essential in the insurance comparison process.
  • Exclusions: consider different policies and insurers to determine whether there are any key areas which aren’t covered by certain insurers.
  • Payout limits: you’ll likely experience a wide range of offers for cover limits depending on your insurer and the type of policy you choose, so work out how much your business may need before you buy.
  • Excesses: you may be required to pay an excess upon making a claim, so determine how much you’d like to pay (greater excesses generally lead to cheaper public liability premiums, as well as other insurance types).
  • Cost: while it’s most important to have adequate coverage, you should also consider a variety of offers to make sure you aren’t paying more than you need to for your policy.

You can simplify the comparison process by getting a no-obligation quote with Savvy. All you’ll need to do is fill out a quote form telling us about your business and the type of coverage you’re after and you can compare offers from a panel of leading insurers side-by-side in one place. There’s no need for you to take time out of your busy day to visit a business insurance broker or specialist in Melbourne: the process is 100% online.

Who may need business insurance in Melbourne?

There’s a wide range of businesses who can benefit from an insurance policy. Whether that be for greater peace of mind for owners that there are certain covered incidents which can be claimed for if they occur or providing a much-needed safety net for small businesses, some of the professions where business insurance could be highly beneficial include:

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

Types of business insurance

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Frequently asked questions about business insurance in Melbourne

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

Yes – workers compensation insurance and third-party injury liability cover for commercial vehicles are both a requirement for business owners in Melbourne. However, workers compensation is only a requirement in certain situations, so it’s important to determine whether your business is obligated to take out a policy. There may also be industry-specific situations where you need certain types of insurance, such as professional indemnity for working with government bodies, so you should check this also.

Who provides workers compensation insurance in Melbourne?

In Victoria, workers compensation insurance is administered by WorkSafe Victoria and is known as WorkCover insurance. You’re required to take out WorkCover insurance if your business is expected to pay more than $7,500 in remuneration per year or has one or more apprentices/trainees. It’s worth checking to see if you’re required to take it out if you’re unsure.

How often can I pay my business insurance premiums?

Some insurers will enable you to choose whether to make your insurance premium payments on a monthly or annual basis. There are others who may also allow you to pay these fortnightly, though this isn’t the case across the board. Less frequent premium payments may result in a cheaper overall cost, though it’s important to compare offers to see which is most affordable for you.

What information will I need to make a business insurance claim?

You can make your claim online without the help of a business insurance broker or specialist based in Melbourne. The information you’ll need when you contact your insurance company to make a claim will include:

  • The name of the policyholder
  • Your policy number and start date (which can be found on your Certificate of Currency)
  • A detailed description of the incident (what happened to cause the damage or loss)
  • Specific dates and times when the incident happened
  • Contact details of any other parties involved (or witnesses to the event)
  • Details of your police report number (if a crime took place)
  • Details of the property lost or damaged (including its age and value)
  • Your bank details for settling the claim

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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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