Business Insurance on the Gold Coast
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Gold Coast small business insurance
The Gold Coast is home to over 78,000 registered businesses as of 20231, and business insurance may be essential for many of them.
Like any small business owner, Gold Coast businesses may seek different types of business insurance to help protect their finances. BizCover offers insurance options to cover your business, stock, equipment, professional reputation, and much more.
“Exceptional service. I am quite impressed with my helpful & informed representative, who politely persevered through my busy schedule to make sure he called back exactly when I requested, twice, which is a big part of why you got my business, along with your value for money & reputation among fellow business owners. To be honest though, many broker agencies just didn’t engage as well with me, well done with your service training, I’m very happy with your staff & while I hope I never need to make a claim, I feel confident he would make my interaction as painless as possible if I did. Thank you.”
Anna-Marie W., Pottery manufacturer
What types of business insurance does your Gold Coast business need?
There are many types of insurance available to Gold Coast small business owners. Popular cover types include:
Public Liability insurance
This covers legal fees and compensation costs if a customer, member of the public, or a supplier claims against you for injury or damage to their property as a result of your alleged negligent business activity.
Professional Indemnity insurance
This protects you against losses claimed by a third party due to alleged or actual negligence in your professional services or advice. Subject to applicable limits, your Professional Indemnity insurance will meet the associated compensation payable to a third party together with your defence costs (which can include legal costs, investigator costs and expert fees).
Business Insurance Pack
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.
Cyber Liability insurance
This covers losses from claims arising from data breaches, business interruption and remediation costs following an actual or threatened data breach.
Personal Accident & Illness insurance
This provides a weekly income benefit following an accidental injury or illness once signed off from work by a medical practitioner for a set amount of time.
Who needs Gold Coast business insurance?
Business insurance is often essential for small businesses in every industry, including those in area’s top employing industries:
- Healthcare and Social Assistance – This sector includes disability and aged care workers, counsellors, nurses and other health professionals who may consider Public Liability, Professional Indemnity and other forms of insurance.
- Construction – Tradies of all types, from plumbers and electricians to contractors and handypeople, may need insurance to become licensed, work with clients, and protect their tools and equipment.
- Retail – Public Liability insurance may be required to lease shop space. They may also consider a Business Insurance Pack to help protect their stock and equipment and prepare for unplanned business interruptions.
No matter what industry you work in, business insurance could be an important way to protect your finances from unexpected bills and claims.
How much does business insurance cost?
Every business is different, so the cost of business insurance can vary greatly. Insurers use a variety of factors to determine how much you will pay for your insurance. These factors include:
- The type and nature of your business
- The types of cover you choose
- Your business turnover and size
- The amount of insurance cover your business needs
1 https://economy.id.com.au/gold-coast/number-of-businesses-by-industry
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