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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 13 201 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.
“Emily was amazing to deal with, she was very friendly and understanding that this was one of my first experiences with insurance. I felt confident with my great deal.”
Patricia B., Beauty Salon Owner
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: