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Business Insurance is an insurance package designed to provide cover for your business contents, stock, tools and commercial premises when an insured event occurs (such as fire, storm, theft or even accidental damage). A Business Insurance package can also cover your portable equipment, glass and for loss of revenue due to business interruption in specified circumstances. In addition, cover is available for public liability, tax audit, employment practices and statutory liability risks.
According to the Australian Bureau of Statistics,1 there are 13,057 small businesses in Newcastle, with 1,945 additional new business entries in 2018 alone.
The main employing industry is Healthcare and Social Assistance, employing 18.4% of the population. The second largest employing industry is Retail Trade, employing 9.4% of the population, followed by Accommodation and Food Services, employing 8.6% of the population.
The sector with the largest amount of registered businesses is Professional Scientific and Technical Services, with 1,907 businesses registered. This is followed by Construction, with 1889 registered businesses, and Rental, Real Estate and Hiring Services, with 1,546 registered services.
Like all small business owners, they each have a responsibility to take reasonable steps for the safety of their customers, suppliers and the community and for their property.
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On average, small businesses in Newcastle pay around $71.06** per month for their business insurance package. Business insurance is one of the most popular types of insurance for small businesses in Newcastle. In fact, it is arguably important for almost every kind of business, from those that operate in the trades and service industries, to businesses that are predominantly office-based, such as consultancy occupations.
Given the various industries and occupations that business insurance can cover, the cost can vary greatly. This is due to several factors including: