Business Insurance in Parramatta
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Business insurance* for small businesses in Parramatta
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 25,704 small businesses in Parramatta, with 5589 additional new business entries in 2018 alone.
The main employing industry is Healthcare and Social Assistance, employing 12.5% of the population. The second largest employing industry is Professional Scientific and Technical services, employing 11.4% of the population, and Financial and Insurance Services, employing 7.2% of the population.
The sector with the largest amount of registered businesses is Construction, with 4,236 businesses registered. This is followed by Professional Technical and Scientific Services with 3,746 businesses, and Rental, Hiring and Real Estate Services, with 3,092 registered businesses.
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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How much does Business insurance cost?
On average, small businesses in Parramatta pay $71.30** a 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:
- The type and nature of your business
- Your business turnover and size
- The amount of insurance cover your business needs