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Business Insurance Quotes

Compare a range of business insurance quotes here with Savvy so you can get the business protection you need today. 

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, updated on July 17th, 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 quotes can vary widely across Australia. If you’re after the best policy for your business, it’s important to compare offers from a variety of different insurers to make sure you understand the cover to ensure that it’s right for your business.  

Savvy can help you compare insurance quotes online from some of Australia’s most trustworthy insurers. By answering just a few questions about your business and the cover you’re after, you can have a range of options available to compare side-by-side in just minutes. Start your insurance journey here with Savvy today. 

What is business insurance?

Business insurance is a blanket term that describes a range of different types of insurance which cover businesses if things go wrong. It offers financial protection in the event disaster strikes and losses are incurred. The type of events that business insurance can protect against are varied and could include: 

  • Natural disasters such as fire, rain, storms or lightning causing damage to a business premises or assets 
  • Impact to a building or property caused by a falling tree or an out-of-control speeding car 
  • Theft or vandalism to business property or equipment 
  • Accidents, illness or injury to workers and key executives 
  • Business interruption caused by events like supply chain breakdowns, power outages or misfortune falling on key suppliers or customers 
  • Legal action brought against the company by a third party 
  • Investigations or audits by statutory authorities like the ATO 

Essentially, just about anything that can go wrong for a company can be covered by business insurance, which is why there is such a wide range of insurance to choose from. It is insurance for any business to provide cover and offer protection against unexpected events.

How do I get a business insurance quote and how do I compare them?

You’ll be able to get a quote tailored to your specific needs right here through Savvy. To get a quote, simply answer a few simple questions about your business and you’ll receive a range of online offers to compare. From there, the elements you should compare to help you decide which one is best are:  

  • Cost:

    of course, you’ll be looking for the cheapest insurance, but you shouldn’t simply choose the cheapest quote if it doesn’t offer you the coverage your business needs. It’s worth paying a few dollars more for a great insurance policy that will help you sleep peacefully at night, rather than go for the cheapest option and find you aren’t covered when something goes wrong. 
  • Inclusions:

    this is the most important aspect of your business insurance. Make sure the policy you’re considering covers all aspects of risk your business faces. Look closely at what is included in the insurance and make sure it’s appropriate to your needs. 
  • Exclusions:

    it’s important to check out what is excluded from the policy, too. For example, flood damage caused by a river or the sea is a standard exclusion from most policies, but damage from other sources of water may be included. Read the exclusions carefully and make sure they aren’t in areas where you need cover.  
  • Maximum claim limits:

    claim limits apply to almost all types of insurance. It may be the total amount you’re covered for under your public liability insurance or the maximum payout limit for any one insured event. Interruption insurance may be offered for a set number of weeks. Compare these limits side by side to see which quote offers the best value. 
  • Excesses:

    look at the excess amounts on offer and decide how large an excess you are willing to pay if you do need to make a claim. Excesses range from $200 up to $700 or more, so choose an amount that you feel comfortable with. 

What different types of business insurance can I get a quote for?

The main types of insurance available for businesses to get a quote for through Savvy include: 

Public liability insurance 

Public liability insurance protects you and your staff against legal action in the event a third party is hurt or injured, or their property is damaged. This includes another person's property which was in your care or possession at the time it was damaged. It’s compulsory for some businesses and public events. Like all insurance premiums, the cost of public liability insurance is tax-deductible. 

Building and contents insurance  

This insurance covers your basic business assets from threats such as storms, fires, impacts, theft and malicious damage. You may not need building cover if you rent your business premises. However, you will almost certainly need building contents insurance, which can cover all the business equipment in your shop, factory or office. 

Product liability insurance 

Product liability insurance will protect you against claims that your goods are faulty, dangerous or caused harm to a third party. It can include any type of claim from an allegation of food poisoning to a building collapse. You can still be found liable if you packaged, advertised or retailed it on behalf of the manufacturer. The insurance will cover your legal costs and the cost of any compensation you’re ordered to pay the injured party. 

Professional indemnity insurance 

Professional indemnity insurance covers the expense of defending yourself in court against claims of negligence, omission or breach of duty by a third party. This can include anything from unsuccessful surgery to giving financial or legal advice which turns out to be incorrect. The insurance will cover your legal costs and compensation you’re forced to pay if the case goes against you. 

Business interruption insurance 

This will protect your business and help it recover from any catastrophic event which prevents you from making money.  This could be a fire, storm, major incident or even a catastrophic event happening to your main supplier or customer. It can cover your workers' wages, your utility bills and the cost of relocation and rent if you have to move whilst your usual place of business is being repaired or replaced. 

Cyber liability protection 

This insurance protects all your online systems and data from cyber attacks. This could involve a hacking attempt, ransomware attack, your website being hijacked, defaced or stolen or client data being compromised. It can cover the cost of repairing the damage, retrieving your stolen data and defending your company's reputation. 

Types of business insurance

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More of your questions about business contents insurance

Can I get a 100% online quote for business insurance?

Yes – you can get business insurance quotes 100% online right here with Savvy from the comfort of your home. There’s no waiting around for a broker to call you back or having to travel to meet your insurer. You’ll be able to compare a range of quotes and choose one which best suits the needs of your business.   

Can all types and sizes of business get business insurance?

Yes – insurance policies are available for all types of businesses, from sole traders to partnerships and any other type of business. It doesn’t matter whether your business is in Tasmania or Sydney; you’ll still be able to find relevant insurance for your business’ needs. 

Small business insurance is often advertised as a package that may include elements of several policy types. It’s usually possible to tailor the package to the needs of an individual business by choosing which elements are included or excluded from the cover. 

For example, you may be given a choice as to whether glass breakage is included in your cover. If you’re a hairdresser, this may be vital cover, but for an engineer who works from home, it’s almost certain to be far less important.

Can I take out business insurance to cover my commercial property and assets?

Yes – building and contents insurance will offer cover to your commercial property and the contents of your business premises. 

How do I calculate my business insurance premiums?

The quotes you receive through Savvy will tell you what the cost of the policy is per year and how much this equates to if you choose to pay for your insurance in monthly instalments. As such, there’s no need for you to calculate the premiums yourself. Some of the factors which will affect the cost of your premiums include the size of your business, your industry and which state you’re operating in.  

How do I get a workers compensation insurance quote?

Workers compensation is compulsory insurance in Australia, so to get a quote go to your state government website. All states and territories have their own separate workers compensation insurance arrangements, which are regulated by the relevant state or territory government. For example, in NSW the scheme is called icare, and in the NT it’s known as NT Worksafe.  

This insurance covers the cost of workers' wages if they're unable to work because they are hurt or injured, and pays compensation if they suffer permanent injury or death due to a work-related incident. It also covers rehabilitation and modifications to their home or office to help them cope with a permanent disability.  

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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.

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