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*iSelect’s partnered with BizCover Pty Ltd to compare a range of small business insurers and policies in the market. Not all policies are available at all times or in all areas. Our advice on this website is general in nature and does not consider your situation or needs. Consider if any advice is appropriate for you before acting on it. Learn more
Do you provide specialist or professional advice in your business? Professional Indemnity insurance could provide some protection for your business against certain claims for damages resulting from your negligent act, error, or omission while you're working for a client. Keep reading to learn if it’s suitable for your business.
More and more businesses are dependent on digital infrastructure, leaving you exposed to cybercrime. Cyber liability insurance can cover your business’s exposure due to data breaches, as well as theft or loss of customer information, from a cybercrime incident. Keep reading to learn what’s covered.
Are you the sole income earner in your family? Having Personal Accident insurance may be of benefit to you, should the unexpected happen. This product can cover you for lost income if you suffer an injury or illness that prevents you from performing your regular work and earning your usual income.
If you’re a tradesperson, it’s important to have suitable protection for yourself, your business, and your equipment should something unexpected occur. There are a variety of products which may be suitable for your business, including Public Liability cover, and insurance for your tools. Keep reading to learn more.
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Finding cover for your business is easy. You can compare business insurance quotes on offer from some of Australia’s leading insurers, and select one for your business.
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Running a business comes with a lot of risk. Business insurance is designed to minimise your exposure to that risk1. This could mean insuring not only your business, but your income and your commercial risk as well, which means you, your employees, and members of the public you interact with have protection.
Business insurance works in the same manner as other types of insurance, such as car or home and contents. You pay your insurance provider a premium, and if you need to make a claim they’ll cover you, subject to the terms and conditions of the policy, up to the agreed insured amount. Depending on the type of insurance, there may also be an excess you are required to pay.
There are several types of business insurance products. You may opt for different types depending on the type of business you run. Some are compulsory for all Australian businesses. Insurance requirements often vary depending on your business type and state licensing requirements. Compulsory business insurance policies include1:
There are many professions that are required to hold a minimum level of professional indemnity cover for the purpose of being registered (such as medical professionals). Additionally, there are also many other types of insurance that are worth considering to help protect you from risk.
Sources: 1. https://business.gov.au/risk-management/insurance/business-insurance#compulsory-insurance
Before you start comparing business insurance policies, it’s important that you understand the needs of your individual business. What works for another business may not work for yours – even if you’re in the same industry.
The Australian Government provides an Industry Factsheet, which can help clarify the types of insurance your business may require. For example, a company in the accommodation and food services industry will require workers’ compensation, but it may also need insurance for public liability, equipment and machinery, property and buildings, business interruption, and deterioration of stock.
When you start comparing options, questions to consider include:
Knowing the answers to these questions can help you to determine which business insurance policy and provider is suitable for you. It’s always very important to read your chosen insurance provider’s Product Disclosure Statement (PDS) or policy wording, so you know exactly where you stand before deciding to purchase the insurance.
For additional assistance, iSelect has partnered with BizCover to allow you to compare policies from a range of insurers online.
Sources: 1. https://business.gov.au/risk-management/insurance/business-insurance
There are many other types that are worthwhile considering to help protect you from risk. Below are some examples (each of which will be subject to the terms and conditions of the particular policy)1:
The cost of insurance for your business ultimately depends upon a few factors. You’ll need to consider the nature of your business, the risks involved, as well as its size and turnover.
Your industry can also play a huge role in the cost of your business insurance. For example, an administrative and support services company may have fewer insurance needs compared to a company in the building and construction industry.
When calculating your premium, your insurer may take into consideration factors such as:
Being aware of these factors is important when you’re looking for a small business insurance provider. To simplify matters, iSelect has partnered with BizCover to allow you to compare policies from different providers online.
Many business owners believe that because they have a home office, they don’t need business insurance – but this isn’t always the case. It ultimately depends on what type of business you run and the nature of your business as to whether you need business insurance.
With this in mind, it’s important you consider the overall picture. Take into consideration the following factors1:
Once you’ve considered these factors, you’ll be able to better determine what forms of business insurance you may require. Some insurance providers offer policies that may be particularly relevant for home businesses. These typically include cover for the following things2:
If you’re looking to purchase insurance for your small business, your insurer will require a range of information and evidence from you.
Requirements ultimately depend upon the type of insurance you’re applying for. For example, if you’re applying for building and contents insurance, you may be required to have smoke alarms in your building. For machinery breakdown insurance, you may be required to regularly service and maintain your equipment.
Before signing up for an insurance policy, you should have a clear understanding of your business requirements. You may want to speak with your financial advisor or accountant to determine how much different risks could cost you, such as public liability, business interruption, equipment failure, or theft.
Once you know what you need, your next step is to ensure you maintain detailed and accurate records. It’s important to note that some of the evidence required for obtaining business insurance may not actually need to be provided to your insurer until you need to make a claim. Depending on the circumstances of the claim, the evidence required may include1:
Public liability insurance is designed to provide protection for you and your business in the event a customer, supplier, or a member of the public make a claim because they are injured or sustain property damage as a result of your negligent business activities.
It covers both compensation payable as a result and legal costs incurred in defending the claim. Negligence is the failure to take proper care of something where you have an obligation to do so, which leads to reasonably foreseeable harm. This can include:
Ultimately, it’s important for your business to have appropriate risk management processes in place. If you’re a builder, for example, ensuring you follow appropriate safety procedures and Australian Standards will help to minimise your risk.
However, accidents do still happen, particularly if you have employees who may potentially make decisions in the heat of the moment that you otherwise might not have. This is why public liability insurance is so valuable to many businesses in a range of industries.
It’s also important to note that your public liability insurance requirements may vary depending on your industry. A building and construction company, for example, may have a larger liability requirement than an accounting business.
For some, business insurance can feel like just another expense on an already growing pile, especially if you’re just starting your business. After all, what are the chances you’ll be taken to court? Or if you work from home, surely your home and contents insurance covers you for any mishaps?
Unfortunately, this isn’t always the case, and accidents do happen. That’s why business insurance can be a very valuable product. Some of the key benefits of having business insurance include:
One of the common questions business owners have is: how much does business insurance cost? Most people want to find the cheapest insurance option there is, after all, what’s the likelihood of an earthquake occurring, really?
Your business insurance premiums will depend upon your company’s individual requirements and the insurer’s assessment of the risk associated with your business. For example, a retail business will probably have different insurance needs compared to a construction company or an administrative company.
It’s also important to note that while the cheapest insurance might seem like the ideal option at first, it may not be when it comes time to make a claim. By opting for the cheapest insurance premium, you may find that your excess payment is significantly higher than average. What you’re covered for may also be severely limited.
Some questions to ask yourself when deciding on the business insurance are:
Consideration of these types of questions, should help you to work out how much risk your business has. Once you understand your risk, you’ll be able to better assess what type of business insurance you need – and the amount you need your business insurance to cover.
Starting and running a business always comes with risk, but not having insurance is one risk you shouldn’t take. Not only does having suitable business insurance help to mitigate some common risks many businesses face, certain types of insurance are also mandatory in Australia and often vary depending on your business type and state licensing requirements. These include:
Aside from the mandatory requirements, there are many other factors business insurance can cover you for. These include:
The impact of these risks can place significant financial strain on your business, which could ultimately lead to reduced profits, a loss of income, going out of business, and even a legal case against you. No business owner wants to be taken to court, but it’s even worse if you don’t have the financial security of insurance to protect you from compensation claims.
Ultimately, when you run a business, you should always do your due diligence and part of that means seeking out suitable types of insurance to protect your assets, income, and employees. iSelect has partnered with BizCover to help you compare policies from a range of insurers.
Please note that all insurance is subject to the terms and conditions set out in the policy wording or PDS. The information set out above is general only and should not be relied upon as advice.