Compare Business Insurance

There are several types of business insurance options, including (but not limited to):

• Public liability insurance. This can cover your legal liability for personal injury to people (e.g. customers, suppliers or members of the public) or damage to third-party property in connection to your business activities. This includes compensation payments and associated legal fees.
• Professional indemnity insurance. This can cover your legal expenses and any compensation costs arising from claims of alleged professional error, negligence or breach of duty resulting from providing a professional service or advice to a client.
• Product liability insurance. This can protect your business against claims of personal injury, harm or property damage suffered by a third party because of your business’ product(s).
• Management liability insurance. This can cover fines for statutory breaches (e.g. occupational health and safety) and legal costs arising from claims of wrongful acts by management, such as alleged unfair dismissal, discrimination or harassment. It can also cover losses from employee theft and fraud.
• Cyber liability insurance. This can cover legal claims and remedy costs arising from data breaches and other cyber security issues. Specifically, it helps pay for damages to clients, hiring cyber forensics and lost revenue from business disruption.
• Statutory liability insurance. This type of cover provides insurance for legal expenses and can protect your business against liabilities for statutory fines and penalties issued by a government or regulatory body.
• Directors’ and officers’ insurance. This can protect directors and officeholders in your business against legal proceedings, inquiries or penalties incurred because of business decisions they made.
• Tax audit insurance. This can help cover professional fees in responding to a tax compliance audit or investigation notice.

In Australia, some types of insurance are required by law, including:

• Workers’ compensation insurance. If you have employees, this insurance can cover employees’ wages and medical costs for work-related injuries or illnesses.
• Public liability insurance. This insurance is compulsory for some industries or trades, including tradies like plumbers or electricians, under a state-issued license. It covers damages/loss or injuries to another person or property.

There are a couple of insurance policies you may be required to have if you have a small business, including public liability cover. Some industries may also benefit from additional insurance for cyber liability and machinery breakdown. Small business owners should assess their risks and take out cover accordingly.

Different industries also have different mandatory requirements for business insurance. For example, medical practitioners, financial advisors and architects must have professional indemnity insurance to cover their liability if something goes wrong with their professional advice or service to clients.

Flood cover isn’t typically included in standard business insurance policies, but some policies can cover repair costs to your building if storms and rainwater run-off damage it. You may need to purchase flood cover as an additional extra. Check your policy’s PDS for all inclusions and exclusions before taking out business insurance.

Most business insurance policies don’t cover commercial vehicles used by the business. Car insurance can cover vehicles for business use, and there are specialised insurance providers that offer commercial vehicle cover for industrial vehicles and company fleets.

You can generally pay for your business insurance annually or monthly by banking card (credit or debit business card, for example). If you pay monthly, a monthly administration fee may apply. You’ll be able to select whether you’re paying annually or monthly when using our comparison service to compare the prices available for both schedules.

Yes, the premiums you pay for business insurance can be deducted from your tax as an operating expense, according to the Australian Taxation Office (ATO).¹

Comparing business insurance with us is easy. It’s a four-step process:

1. Enter your occupation.
2. Provide a few details about your business (like revenue and number of employees) and choose which types of business insurance you want to take out.
3. Add your business address and choose the level of cover you need (i.e. monetary amount) for each type of insurance you selected.
4. Compare the quotes from our insurance providers.

You can view the policy wording for every quote you compare to get the full details, plus terms and conditions, before you buy.

It’s a good idea to consider comparing business insurance regularly to make sure you’re getting a good price and coverage that suits. Business insurance policies are renewed each year, so receiving your renewal notice can be a great reminder to adjust your policy – but you can compare any time of the year!