Business Insurance Sydney

Compare quotes for business insurance in Sydney 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.

Whether you’re running a business in Sydney’s CBD or by the water in Manly, ensuring you have the right insurance policy is a crucial step for any owner or operator. However, locking in your policy isn’t always as simple as choosing the first the first one which pops up in front of you, as there’s a wide range of options on the market.

Savvy can help you compare offers online so you can find the best deal available among our trusted providers. You’ll be able to get a no-obligation quote to help you consider a range of different insurance options, all from the comfort of your home, office or while you’re on the go, with no need to visit a business insurance broker in person. From Bondi to Redfern to Strathfield and everywhere in between, get a quote for your Sydney business today.

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

Business insurance is, as the name suggests, a type of insurance which can offer cover for a range of unforeseen circumstances (as outlined in your PDS and subject to your insurer’s qualification criteria). Whether you’re running a small, medium or large business, there’s a variety of insurance types on offer, which 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. The claim limit attached to your policy may vary from $5 million up to $20 million (or sometimes more, which can be discussed with your insurer if you need it).

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. There are some insurers which may enable you to claim up to between $5 million and $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 that 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 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 is an insurance package which can offer coverage against risks facing your physical business premises and assets, with some including cover such as public liability and professional indemnity. The level of cover on offer will depend on the types of cover you choose to take out for your business.

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 your package, such as:

  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). Some insurers enable you 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, 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 Sydney?

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 policy coverage is subject to terms and conditions and specific eligibility criteria set in place by your insurer. As such, it’s important to compare business insurance offers thoroughly so you can determine what you can and can’t be covered for, which you can do online with Savvy without the need to visit a business insurance broker.

How much will insurance cost for my Sydney 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 example, a cabinet maker may present a higher public liability insurance risk than an IT contractor, as they use tools and dangerous machinery on a regular basis.

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 Western Australia may not be the same as that for a business in NSW.

How do I compare business insurance in Sydney with Savvy?

When considering what insurance you need for your business, some of the key factors to think about while comparing business insurance with Savvy are:

  • Inclusions: it’s crucial to familiarise yourself with what’s included in your policy before you buy.
  • Exclusions: it’s just as essential to determine what the exclusions are to see if they may impact your business. For example, if you’re a martial arts instructor and have full wall-length mirrors in your studio, a policy without an option to add glass cover may not be the best one for your business.
  • Payout limits: consider if the payout limits offered with the policy you’re looking at are sufficient for your business’ needs.
  • Excesses: consider how much you’d like to set as your business’ excess if you’re required to make a claim and see whether any insurers will enable you to do so.
  • Cost: although the cheapest insurance policy may not always be the best for your business, it’s still important to compare offers so you can avoid overpaying for insurance.

Who may need business insurance in Sydney?

Most businesses in Sydney will benefit from some form of insurance protection, whether in the event of a covered incident or providing owners and operators with greater security that they’ll be able to claim for a range of unforeseen circumstances (as outlined in their policy). Some businesses which may require cover 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

Types of business insurance

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Frequently asked questions about business insurance

Will my business insurance cover my work vehicle too?

Probably not – generally, business insurance doesn’t cover work vehicles, so you’ll need to take out commercial vehicle insurance. This can offer protection for your vehicles, as well as any trailers or mobile work vans you may have.

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

There are insurance companies which allow you to decide how often you pay your business insurance premiums, either monthly or annually. By doing so less frequently, you may be able to cut down slightly on your premium, due to the reduced administrative costs.

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)
Who provides workers compensation insurance in NSW?

In New South Wales, all workers compensation insurance is provided by iCare, which is the NSW Government agency responsible for workers compensation.

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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.