Compare quotes for business insurance in Melbourne from a range of providers 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.
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.
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:
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:
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:
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:
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:
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:
What isn’t covered by business insurance in Melbourne?
There are several common exclusions which may apply to business insurance policies. These may include:
There are several key factors which may play a role in determining the cost of your business insurance. These include:
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.
When comparing business insurance with Savvy, some of the key factors to consider are:
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.
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:
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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.
