Business Insurance New South Wales

Compare quotes for business insurance in New South Wales 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.

A business can be as prepared as possible for a wide range of unexpected circumstances, but no owner can comprehensively cover themselves for all risks they may face on their own while in operation. As such, business insurance can come in handy to offer you protection in a variety of different areas which may fall under your policy’s inclusions.

With Savvy, you’ll be able to compare free online quotes from a panel of leading business insurers in one place. You’ll be able to consider their cost, inclusions, exclusions, claim limits and more before you buy. Whether you’re running a large or small business in Sydney, Newcastle, Casino or Broken Hill, you can start the process with us today.

What is business insurance and what types are available in New South Wales?

As you may expect, business insurance is designed to offer cover to businesses against some of the risks they may face on a day-to-day or ongoing basis. This spans a wide range of insurance types, each of which can insure a different set of unexpected circumstances (subject to the terms and conditions of your agreement). These may 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. Some insurers will enable you to set your own claim limits at $5 million, $10 million or $20 million (or even more by individual arrangement) to help cover any compensation required to be paid or legal fees associated with the case.

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. You may also be able to set your claim limit at between $5 million and $20 million with this type of 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 (with more potentially available with some insurers should your business require it).

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, such as those facing your physical business premises and assets. As well as common types of insurance such as professional indemnity and public liability, you may be able to include a range of other types of coverage, including:

  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)

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

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 set your benefit at up to 85% of your current salary (depending on how much you earn and your insurer’s terms and conditions) for a benefit period, which is usually either one or two years, with an additional period which generally requires you to wait between seven and 28 days. You can typically select both of these periods, with longer benefit periods and shorter waiting periods tending to cost more.

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 New South Wales?

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 New South Wales business?

There are several variables insurers look to when determining the cost of your insurance, which include the following:

  • 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

Perhaps the most influential factor in this calculation is your business’ industry. Different industries will present different risks, both to their assets and their customers. For example, a home business dealing in financial advice will likely be deemed a greater professional indemnity risk than a retail business, whose risk generally lies largely in other areas.

Your business’ location will also be an important factor, both within New South Wales and in the wider context of Australia. For instance, a business looking for insurance in Sydney’s CBD may pay more for cover than a small rural operation in Cowra but may pay less than a similar business in Far North Queensland due to the additional environmental factors present in that area.

How do I compare business insurance in New South Wales with Savvy?

There are many factors to consider when comparing your business insurance options with Savvy, including the following:

  • Inclusions: it’s crucial to have a strong idea of where your business may be covered before you buy so you can look for insurance which can offer the protection you’re looking for.
  • Exclusions: it’s also essential to know where you won’t be covered. Comparing policies based on their exclusions can help you weed out those which don’t offer the cover your business needs.
  • Payout limits: businesses come in many shapes and sizes, so each will have different needs when it comes to payout limits. As such, it’s important to look for policies which may accommodate your needs.
  • Excesses: you may have to pay an excess upon making a claim, so consider how much you’d be comfortable paying and see if there are insurers which can facilitate it.
  • Cost: while cost isn’t the most important factor for insurance coverage, it’s still important to look for the policies which are most affordable for you and also offer the coverage you’re looking for.

By comparing quotes with Savvy, you can find the best policy for your business among the competitive offers from our partner’s panel of lenders. Best of all, there’s no need for you to visit a business insurance broker based in New South Wales, as the whole quote process can be done online, saving time out of your busy day.

Who may need business insurance in New South Wales?

There’s a vast range of businesses operating in New South Wales, each of which faces unique risks. As such, most small, medium and large businesses may benefit from some form of insurance, including the following:

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

Types of business insurance

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Frequently asked questions about business insurance in New South Wales

Are there any types of business insurance which are compulsory in New South Wales?

There are certain types of insurance which are compulsory in New South Wales in certain situations. Firstly, workers insurance is a requirement for most businesses which employ workers. This is a type of insurance which can cover costs such as salary and medical expenses if someone is injured or falls ill due to a work-related incident. Additionally, there are certain professions where public liability may be a requirement, but it isn’t mandatory across the board. As such, it’s important to check with your industry body or union to see whether you’ll need to purchase it.

Is business insurance tax-deductible?

If you’re unsure about whether your business insurance premiums are tax-deductible, it’s important to seek professional advice in this area. You can generally claim most expenses relating to your business’ operation as tax deductions, which may include insurance premiums, but this isn’t necessarily a blanket rule.

What is the New South Wales stamp duty exemption for small businesses?

In New South Wales, eligible small businesses can apply for an exemption on the stamp duty charged on certain business insurance products. These can include commercial vehicle, occupational indemnity and product and public liability insurance. There’s a set of eligibility criteria to meet in order to qualify for this exemption, such as having a total turnover of less than $2 million over the previous financial year and expecting the same for this financial year, so it’s important to check whether your small business is eligible for an exemption.

Who provides workers insurance in New South Wales?

In New South Wales, workers insurance policies are administered by icare, which is a government body. All employers who are set to pay more than $7,500 in wages over the course of the year or who employ an apprentice are required to take out a workers insurance policy.

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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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