Business Insurance Perth

Compare quotes for business insurance in Perth 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.

Business insurance can offer protection to your business in Western Australia in the event an incident takes place which is covered by your policy. However, finding the right business insurance in Perth isn’t always easy, with a wide range of insurance companies and policies to choose from.  

No matter whether your small business is located in Perth, Broome or Bunbury, Savvy can help you by providing a range of 100% free insurance quotes from some of Australia’s leading insurers to compare. Just answer a few simple questions about your insurance needs and you’ll have a range of quotes to consider instantly. Get started today with a free, no-obligation quote. 

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

Business insurance is designed to protect businesses from the economic effects caused by a wide range of unforeseen circumstances. There are many different types of business insurance available for small businesses in Perth and WA, including:  

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. It's available in amounts of $5 million, $10 million or $20 million, although higher levels of cover can be organised for certain situations (such as a builder who is constructing a multi-million-dollar block of units, for example). Many Perth landlords insist on their tenants having public liability insurance before a lease agreement will be signed.  

What it covers: 

  1. Third-party personal injury claims 
  2. Third-party property damage claims 
  3. Certain legal costs related to defending yourself 

Product liability insurance 

Product liability insurance can offer your business protection against claims that a product you supplied, whether manufactured by you or imported and sold, caused harm to a third party or damaged their property. This form of insurance is vital for anyone who supplies food, beverages, hair, beauty or skin products or services to the public. It is also available in amounts ranging from $5 million to $20 million. 

What it covers:  

  1. Claims 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 that the advice you gave or service you provided was negligent, sub-standard or caused loss or harm. It also covers mistakes, incorrect diagnoses, miscalculations and breach of duty. Cover starts at $250,000 and can go up to $10 million or more if required. 

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 (also called business owner insurance) is an insurance package which can offer coverage against many of the risks facing your physical business premises and assets. It can offer protection to your building from insured events and also to your business assets such as portable equipment. The level of cover on offer will depend on your business’ circumstances. 

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 are many add-ons available which you may be able to purchase as part of a business insurance package. A business package often also includes elements of public and product liability and professional indemnity insurance. Some insurers may allow you to add more specific types of insurance you feel are necessary, such as:  

  1. Commercial property insurance (which may offer a higher level of protection for your business premises than offered by a standard business insurance policy) 
  2. Glass breakage (which is a common business insurance exclusion) 
  3. Business interruption (which covers your bills if you have to close your business whilst recovering from an insured event) 
  4. Cyber liability insurance (which can protect you from many forms of cybercrime) 
  5. Tax audit (which can cover your costs if you are subject to an ATO audit) 
  6. Management liability (which can offer cover to business owners and directors against claims such as unfair dismissal or discrimination) 

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. It’s intended to provide cover for business owners, sole traders, self-employed people and any other workers who aren’t covered by workers compensation insurance. 

You may be able to choose your benefit period, ranging from one to two years, and also the length of any waiting period before any benefits are paid to you, ranging from 7 days to 28 days. Some insurers may also offer the ability for you to choose the size of death benefit your family will receive, which may start at $50,000 and can go up to $2 million or 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 Perth?

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

Naturally, all insurance policies are subject to terms and conditions and specific eligibility criteria set by your insurer. You should carefully compare the product disclosure statement of each policy you’re considering to help you determine which available offers provide the most suitable cover.

How much will insurance cost for my Perth business?

The cost of any business insurance policy isn’t set in stone, but will rather depend on a variety of factors, as each applicant and their situation are unique. Some of the factors which will influence the cost of your insurance will include: 

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

The industry you’re in is the main factor which will affect the cost of your insurance. All businesses are allocated a risk ratio, which insurers use to determine how much of a risk any one particular business poses, as opposed to a similar-sized business in another industry. For example, a building company would typically present a higher public liability insurance risk than a graphic design business.  

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 New South Wales may not be the same as that for a business in WA, while a business in the centre of Perth may be considered at a greater risk than a similar business located rurally.

How do I compare business insurance in Perth with Savvy?

There are several elements you should compare when you’re thinking about what insurance you need for your business.  These are: 

  • Inclusions: what’s included in the type of insurance you’re considering is essential to determine before you purchase your policy. 
  • Exclusions: are there any vital areas of coverage you need but are excluded from the policy you’re considering? For example, if you’re a yoga teacher and have full wall-length mirrors in your gym or studio, a policy which excludes glass coverage may not be the right one for you. 
  • Payout limits: consider if the payout limits offered with the policy you’re looking at are sufficient for your needs. 
  • Excesses: compare the excess payment options you have available to choose from if you submit a claim and consider if these are in line with your budget. 
  • Cost: naturally, we all want to find the cheapest deal on our insurance, but the cheapest insurance policy may not always be the best policy for your business if it offers less suitable cover. Comparing offers side-by-side may help you avoid paying more than necessary for your insurance. 

Who may need business insurance in Perth?

Most businesses in WA will need some type of insurance. If you employ anyone, workers compensation insurance is compulsory, while your Perth landlord may insist that you have public liability insurance as a condition of offering you a lease on your business premises. The types of businesses that may need insurance include: 

  • Food businesses, cafes and restaurants 
  • All retail stores, including online and mobile businesses 
  • Tradies and sole traders including electricians and plumbers
  • Health professionals including doctors and nurses 
  • Allied health professionals including physiotherapists, occupational therapists and alternative therapists 
  • Photographers, graphic designers and artists and IT consultants 
  • Anyone in finance, mortgage broking or accountancy professions 
  • Professionals such as architects, engineers and consultants 

Types of business insurance

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Frequently asked questions about business insurance in Perth

Do I need to visit an insurance broker to find the best business insurance in Perth?

No – you don’t necessarily need to visit an insurance broker in person in Perth, as Savvy enables you to access 100% free, no-obligation quotes from a variety of Australia’s leading insurers right here online. There’s no need to travel or attend a meeting: just answer a few simple questions and you can be presented with a range of insurance options instantly.  

Can my work vehicle also be covered under my business insurance policy?

No – insurance for any form of work motor vehicle or trailer will need to be arranged through commercial car insurance, which is a separate type of insurance. 

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

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
How often will I need to pay my business insurance premiums?

You generally have a choice as to how often you pay for your insurance. Some insurance companies will allow you to pay your insurance premiums monthly, but if you are able to pay for your insurance on an annual basis you may be able to save between 5% and 10% on the overall cost. 

What is workers compensation insurance and how does it work in Perth?

Workers compensation insurance can cover workers (whether full-time, part-time, casual or on contract) if they’re injured at work or suffer a work-related illness. It provides weekly payments to workers whose claims are approved to cover loss of earning capacity whilst they’re sick or injured.  

It's available on a state-by-state basis, as each state in Australia has its own health and safety laws. In WA, there is an approved list of insurers who are permitted by WorkCover WA to provide workers compensation insurance through a Standard Employer Indemnity Policy, which can be issued by any of the approved insurance companies. 

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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.