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Business Insurance Tasmania

Compare quotes for business insurance in Tasmania 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.

Regardless of whether you’re operating a big business in Hobart or Launceston or running a small one in Penguin, you’ll be exposed to at least some ongoing risks which could leave your business out of pocket if they occur. That’s where business insurance can come in handy, as it’s designed to cater to those risks and offer protection for a range of unexpected circumstances.

By getting a quote through Savvy, you can compare a variety of business insurance policy offers in one place online. Simply tell us about your business and the type of coverage you’re after and you can receive instant, no-obligation quotes from a panel of trusted insurers. Get the wheels in motion on your business insurance with Savvy today.

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

Business insurance is a type of coverage which comes in many different shapes and forms, offering a level of protection for a variety of events included under your policy (which are subject to qualification criteria and terms and conditions). Some of the main options available to Tasmanian businesses 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. These can come with varied claim limits ranging from $5 million to $20 million or more (by individual negotiation).

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. Like public liability cover, this type of insurance can come with claim limits of 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 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 (though more may be available by individual negotiation with some insurers).

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. You may also be able to include policies such as public liability and professional indemnity cover under this bundle.

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

Because this is a bundle, some of the other types of insurance which you may also be able to add to your general business insurance package include:

  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. Rather than a lump sum benefit, you’ll receive an ongoing benefit worth up to 85% of your income (provided it meets your insurer’s qualification criteria) over either one or two years, which you’re able to select from. You’ll need to decide on a waiting period of between seven and 28 days in most cases.

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 Tasmania?

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 Tasmanian business?

There are several variables which insurers will account for when determining how much your premiums will cost, including the following:

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

Insurers will look at your industry first and foremost when determining the cost of your policy. This is because different industries come with different risk profiles, which results in insurers charging some more than others. For instance, if you’re a real estate agent, the cost of your professional indemnity insurance is likely to be significantly higher than that of a registered migration agent because of the varied and greater risks at play.

Furthermore, where your business is located can also impact the cost of your insurance. For example, public liability insurance in Tasmania’s smaller towns may not be as great as in Hobart’s city centre, due to higher foot traffic.

How do I compare business insurance in Tasmania with Savvy?

Some of the key comparison points to consider when choosing a policy for your Tasmanian business are:

  • Inclusions: before you buy, consider the areas of your business in which you need cover the most and look for policies that can accommodate these areas.
  • Exclusions: on the flip side, you may wish to rule out policies which come with exclusions for risks or events which you deem important to your business.
  • Payout limits: how much cover would your business need if a claim were to be made? Try to find a policy which can offer a covered amount that suits your needs.
  • Excesses: think about what you may need to pay as an excess upon making a claim (if anything) and look to set it at a level you’re comfortable with.
  • Cost: comparing offers based on cost can help you determine which policies can provide the coverage you’re after at the most affordable price.

Comparing business insurance policies is simple when you do it through Savvy. You can fill out our simple quote form to generate offers based on your business’ situation from a panel of industry-leading insurers. This allows you to compare offers side-by-side to help inform your decision on which is the best of the bunch.

Who may need business insurance in Tasmania?

Business insurance can benefit almost all businesses in one way or another. As such, it’s important to think about the risks you may face when weighing up which policy to take out. Some of the businesses which could benefit from insurance coverage include:

  • Anyone in finance, mortgage broking or accountancy professions
  • Professionals such as engineers, architects and consultants
  • Tradies, such as electricians and plumbers
  • 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
  • Cleaners and cleaning staff
  • Photographers, graphic designers and artists and IT consultants

Types of business insurance

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Frequently asked questions about business insurance in Tasmania

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

Yes – workers compensation insurance is a requirement for businesses who have employees and meet certain criteria in Tasmania. Additionally, you’ll also be required to have third-party personal injury insurance if you own a work vehicle. It’s important to note that there may be circumstances where other types of business are a requirement based on your industry or a contract you’re taking on, so you should be clear on what’s required before you buy your insurance.

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

Workers compensation insurance is a type of cover designed to protect employees who suffer a work-related injury or illness. In Tasmania, this program is run by WorkSafe Tasmania and requires employers to either take out a policy with a licenced insurer or apply to self-insure.

Will I have to visit a broker in Tasmania to take out business insurance?

There’s no need for you to visit a Tasmanian business insurance broker in person at any stage during the policy purchase process. This can all be done online with Savvy, meaning you may not have to leave the comfort of your home or office.

Can I purchase insurance for my business’ building or property?

There is a type of business insurance available to those who wish to cover their property and its contents, which is known as commercial property insurance. Other types of insurance won’t provide coverage in this area, so if you own your business’ premises and are looking for greater coverage, it may be worth exploring your commercial property insurance options with Savvy.

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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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