Business Insurance Queensland

Compare quotes for business insurance in Queensland 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.

No matter how careful you are in running your Queensland business, there’s a variety of risks which, if they occur, could leave you out of pocket hundreds, thousands or even more. That’s where business insurance can come in handy, offering a safety net for small, medium and large businesses across a range of covered areas.

You can compare competitive business insurance offers online with Savvy from some of Australia’s leading policy providers. Simply tell us a bit about yourself and the type of insurance you’re after to receive a set of quotes to compare side-by-side based on their cost, inclusions, benefits and more. Whether you’re looking for insurance for your business in Brisbane or further up the coast in Mackay, Townsville or Port Douglas, get a quote with us today.

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

Business insurance is a type of cover designed to protect businesses against certain unexpected events or circumstances which may pose a risk. There are many types of insurance available to businesses in Queensland, with each set of inclusions and exclusions subject to your insurer’s terms and conditions and qualification criteria. Some of the types of cover you can buy 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. In terms of how much you may be able to claim, it depends on whether you choose a $5 million, $10 million or $20 million limit (higher limits may be negotiated with your insurer).

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. It may come with similar claim limits to public liability, potentially ranging from $5 million to $20 million.

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 (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 physical business premises and assets. Because this is a package, you may also be able to bundle other policies such as public liability and professional indemnity together, with the level of cover dependent on the types of policy you buy.

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 other insurance types which may be included under your general policy, either for an added premium or automatically, 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)

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 can provide an ongoing benefit of up to 85% of your salary (subject to your insurer’s terms and conditions). A benefit period also applies, which may be one or two years, as does a waiting period, which may vary from seven to 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 Queensland?

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 Queensland business?

Some of the factors which may influence the cost of your insurance 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

The industry you’re in is the main factor here, as all businesses are allocated a risk ratio which insurers use to determine how much of a risk any one particular business poses. For instance, a small business which regularly runs public market stalls will present different public liability risks compared to a professional photographer, so they may pay more for their insurance.

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 business insurance in Brisbane may not be identical to that for a similar business further north in Cairns, due to the greater environmental risks at play.

How do I compare business insurance in Queensland with Savvy?

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

  • Inclusions: you should always strive to find an insurance policy which offers protection in the areas most important to you and your business wherever possible.
  • Exclusions: by comparing exclusions and areas which aren’t covered between insurers, you can gain a better idea of what you can and can’t claim for.
  • Payout limits: different types of policy come with different benefit limits, so it’s worthwhile looking for one which can offer your business the coverage it needs.
  • Excesses: consider how much you’d like to set as your business’ excess if you’re required to make a claim so you can compare requirements between providers.
  • Cost: comparing offers can help you avoid paying more than you need to for insurance, even though the cheapest public liability policy won’t always necessarily be the best for your situation, for instance.

It’s important to compare business insurance quotes thoroughly online with Savvy so you can be aware of the ins and outs of different policies before you buy. If you’re happy with one of the policies you find in your comparison, you can go ahead and purchase it online, with no need to visit an insurer or broker during the process.

Who may need business insurance in Queensland?

Most businesses and business owners can benefit from having at least some form of insurance protection, as it can give you greater peace of mind that you can be covered if an incident occurs which qualifies for coverage under your policy. Some of the businesses which may look to secure insurance include:

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

Do I have to get separate insurance for my business car in Queensland?

The business insurance policies listed above, as well as packages where multiple types of cover are bundled together, are unlikely to provide cover for business vehicles. As a result, you’ll typically have to take out a separate commercial car insurance policy if you wish to operate it in Australia.

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

Yes – in Queensland, workers compensation, public liability and product liability cover are all compulsory types of insurance for businesses. There may also be industry-specific requirements when it comes to insurance, such as your employer requiring you to take out professional indemnity cover as a nurse.

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
What is workers compensation insurance and who provides it in Queensland?

Workers compensation is a type of insurance designed to protect employees who suffer from a work-related injury or illness by covering their medical costs and wages. In terms of where to get this type of insurance in Queensland, it’s largely offered by WorkCover Queensland, though companies which employ 2,000 or more workers may be able to self-insure (though they’ll be required to comply with regulations in the Workers' Compensation and Rehabilitation Act 2003).

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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.