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What Insurance Do I Need for My Business?

Are you wondering what insurance you need for your business? Find out about the different types of cover available here with Savvy. 

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, updated on September 4th, 2023       

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Business Insurance Banner

As a business owner, one of the most important decisions you'll make is choosing the right insurance coverage to protect your business. With so many options available, it isn’t always easy to know exactly what insurance you need for your business.  

With Savvy, you can explore the various types of insurance coverage available to business owners in Australia. Find out more about the policies on the market in our comprehensive guide to help you determine which type of insurance may offer your business the most suitable protection for your needs. 

What insurance do I need for my business?

Business insurance consists of a range of different policies which can offer financial protection for a wide range of aspects of running a company. These include: 

  • Physical assets: protection for your company’s physical assets such as buildings, plant, stock, machinery, and equipment 
  • People: cover for people including workers, employees and customers against case of legal action, accidents or injuries 
  • The entity: protection for the company itself and its key personnel against theft, damage or legal action which could result in a reduction in revenue or ability to trade 
  • Intangible assets: protection of the company's intangible assets including software, intellectual rights and trade secrets against hacking, cyber-theft, ransomware or infringement 

Is business insurance compulsory? 

Some types of business insurance are compulsory in certain circumstances, such as: 

  • Public liability insurance – to safeguard businesses against legal action taken by members of the public in case someone or their property gets hurt (compulsory for certain professions) 
  • Workers' compensation insurance – to protect workers from accidents and injury 
  • Professional indemnity insurance – to protect against claims of professional negligence. This type of coverage is essential for legal and financial professionals, medical practitioners and engineers who need comprehensive indemnity insurance to practice or bid for contracts. 
  • Insurance for commercial vehicles 

Others forms of business insurance aren’t mandatory, but can provide much-needed protection and peace of mind for business owners. For instance, commercial property insurance is important to protect landlords who rely on receiving rent to cover their mortgage.  

It’s vital to get an insurance package that covers everything which is valuable and relied upon by your business. To ensure you get the best deal and policy (or policies) which suit your business needs, it’s important to get multiple quotes from different providers so you get a stronger understanding of what types of insurance are available, how much they cost and whether they’re suitable for you. This will help you make an informed decision about the type of business insurance that you need. 

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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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