Business insurance

Protect your interests with flexible business insurance cover for your small business

All types of cover for all business

Indemnity, liability, and general business insurance.

Are you in business? You need insurance

There is no excuse – if you are in any kind of business, be it retail, professional services, manufacturing, or trades, you will need business insurance. Insurance against professional indemnity and public liability are the most common and most valuable insurance policies your business can’t afford to be without. Our qualified and experienced brokers help you and your team find tailored, competitive, and comprehensive business insurance policies that extend to management liability, tax audit insurance, and business premises and contents insurance. We help you review current policies, increase your coverage when circumstances change, and assist with claims. Secure your business interests with business insurance today.

Protect your family and your staff

As a business owner, you have to protect yourself and your family if circumstances turn for the worse. Savvy offers a range of personal accident and injury insurance policies provided from a wide range of insurers. Business accident and injury insurance is designed to protect your income when you are unable to run your business due to illness or injury. We can also find premiums to protect your business against WorkCover or FairWork claims brought against you by staff or contractors. You can complete your application online or over the phone with one of your dedicated insurance consultants.

Why choose business insurance with Savvy

We use our extensive experience to find the best business insurance. You get a personalised consultant from start to finish.

Your business insurance questions answered

The answers to common questions about business insurance

What is public liability insurance?

Public liability insurance is cover against personal injury or injuries incurred by customers or members of the public. It also covers legal costs.

What is professional indemnity insurance?

Professional indemnity (PI) insurance protects you against claims of negligence or mistakes made as a professional, and the legal costs that may incur. Some associations such as the Chartered Practicing Accountants require members have PI insurance.

What is IT or cybercrime insurance?

Cybercrime insurance protects businesses against losses incurred by privacy breaches, IT disruption, or data recovery. It can also cover legal fines and costs associated with privacy act breaches.

What is management liability insurance?

This covers against fraud, breach of company director regulations, OH&S breaches, sexual harassment, defamation, and all associated legal costs.

Can I purchase injury insurance for myself?

Yes, however this is not business insurance, but a type of life insurance policy. Ask your consultant for more information.

What is tax audit insurance?

Tax audit insurance is a policy claimable when the ATO performs an audit on your business, covering costs of hiring legal and financial professionals.

I am a retail business, can I get more than one policy?

Yes, you can take out many types of policies including PI, public liability, tax audit, and cybercrime insurance. These can be bundled depending on need.

How do I know my insurer will honour my claim?

As a broker with many clients, we use our buying power as leverage over insurance companies that may not want to honour claims. It is in the insurance company’s interest to fulfil their obligation when dealing with a broker.

Will I pay an excess?

Like all insurance policies, there are options to reduce premiums with a claim excess. Ask your consultant for more information.

Do you sell policies to sole traders?

Yes – provided they have an active ABN or ACN.

Guides and tips for business insurance

More insight into business insurance

Cybercrime insurance – insuring business in the new era

If you’re in business, you are connected to the internet. It’s arguable that today’s currency isn’t money but information. Even if you have military grade encryption running on your infrastructure, every device is vulnerable to hackers, malware, and viruses. Cybercrime insurance insures your business against data theft and the legal implications arising from privacy breaches (e.g., database infiltration, credit card skimming, phishing), lost revenue due to IT failures, money spent on PR or crisis communications, and even extortion (such as encryption malware asking for money.) Even if your business just runs email and an EFTPOS machine, cybercrime insurance is still a must-have in this day and age.

Know the limits of professional indemnity insurance

If you are in professional services such as accounting, finance, marketing or even graphic design, it pays to have professional indemnity insurance when things go wrong, or mistakes get made. If we are dragged into court, it can cost thousands of dollars just to hire representation. PI insurance covers court costs, claims investigations, and even PR costs. However it has limits – it does not cover avoidable claims, fraud, dishonesty, accidental injury, or property damage. The two latter events are usually covered in public liability insurance, which are separate but equally important policies.

What happens if I expand mid-policy cycle?

Many of us have ambitions to take our businesses further and expand into new markets and opportunities. Sometimes this can happen “overnight” – and your business now has more premises, more employees, more inventory. So what happens to your insurance? If you have $2m worth of stock alone, a $500k policy will leave you hanging out to dry if there’s a problem. Even before you look to expand, you should contact your broker or consultant to extend your various policies – your policy should exceed the amount of value in your business for greater peace of mind. Even if you are unsure, always contact your insurer or broker.

What is tax audit insurance?

We hope it never happens to us, but the Australian Tax Office can spring a comprehensive tax audit on any business in Australia at any time. Even if your accounting practices are beyond reproach, you have to devote working capital toward hiring extra tax professionals or lawyers to get the job done. If (or when) the ATO audits your business, you can claim tax audit insurance to cover the costs of all these additional services and claim for any downtime incurred due to the disruption. Unfortunately, if you are fined, the insurance generally does not cover this cost.