Business insurance* for Small businesses in Wollongong

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 13 201 small businesses in Wollongong, with 2,089 additional new business entries in 2018 alone. 

The main employing industry is Healthcare and Social Assistance, employing 14.8% of the population. The second largest employing industry is Education and Training, employing 11.8% of the population, and Retail Trade, employing 9.5% of the population. 

The sector with the largest amount of registered businesses is Construction, with 2541 businesses registered. This is followed by Professional Scientific and Technical Services, with 1,727 registered businesses, and Rental, Hiring and Real Estate Services, with 1,355 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. 

How much does Business insurance cost? 

On average, small businesses in Wollongong pay $70.12** per month for their business insurance package. Business insurance is one of the most popular types of insurance for small businesses in Wollongong. 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 business insurance can cover, the cost of it can vary greatly. This is due to several factors including:  

Given the various industries and occupations Public Liability insurance can cover, the cost of it 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 

*As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy wording. The information contained on this web page is general only and should not be relied upon as advice. 

**We know, sometimes you just want a quick idea of how much your insurance is actually going to cost.  However, it’s important to note that the data included within this article was sourced from BizCover customer data during 2018/2019 and is intended as a guide only.  It may not reflect pricing for your particular business as individual underwriting criteria will apply.  Get a hassle-free quote for your business here. 

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1 This data is for 2018 and sourced from the ABS. https://itt.abs.gov.au/itt/r.jsp?RegionSummary&region=111&dataset=ABS_REGIONAL_ASGS2016&geoconcept=ASGS_2016