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Insurance for businesses in Western Australia
For small business owners from Perth to the Pilbara, business insurance is something you need to think about when protecting your business. It’s designed to protect all types of businesses from self-employed tradies to professional contractors and sole traders, just to name a few.
Business insurance is there to safeguard your business from the various types of risks that it could be faced with which could result in a claim or a loss and damage as a result of an insured event (such as fire, storm, wind). There are many types of business insurances to consider like Public Liability, Professional Indemnity, Business Insurance packs, Cyber Liability and other insurances* to help protect your business.
What does business insurance typically cover?
These are some examples of the main types of insurances and what they will typically provide cover for. Remember to always check your individual insurance policy as it will outline the specific details of what you are covered for in your policy wording.
Public Liability insurance
- Compensation costs for the personal injury suffered by a third party (e.g. a customer, supplier or member of the public)
- Compensation for damage to property owned by a third party due to your negligent business activities
- The legal and defence costs associated with a covered claim
- Compensation for damage of third-party goods not owned by you which are in your care, custody or control
Related: Public Liability Insurance
**Many public liability policies also provide cover for product liability.
Professional Indemnity insurance
- Providing your client with misleading or negligent advice
- Breaching your professional duty
- Confidentiality and other privacy breaches
- Defamation, libel or slander
- Loss of or damage to documents
- Infringement of intellectual property
- Payment of compensation as a result of a claim, including but not limited to Court awarded damages
- An award of legal costs against you
- Reasonable legal costs incurred in defending or responding to the claim
- Claim investigation costs
- Disciplinary proceeding costs
Depending on the type of Professional Indemnity insurance policy you have, it may extend to provide cover for public relation costs to help protect your business’ reputation.
– Material damage loss for your physical assets
– Financial loss due to Business Interruption
Related: Business Insurance
Cyber Liability insurance
- Business interruption costs
- Investigation and data recovery costs
- Fines and penalties
- Extortion costs
- PR and crisis management costs
Related: Cyber Liability Insurance
Who needs business insurance in Perth?
Most small businesses will require some sort of business insurance to help protect their business from unwanted challenges. These are examples of some of the typical types of businesses that may require business insurance:
Get quotes for your business insurance from anywhere
Mandurah, Rockingham, Bunbury, Broome, Northam, wherever your business calls home BizCover is there to help provide business insurance options to protect your Western Australian small business.
Business insurance requirements in Western Australia
Different industries will have different requirements when it comes the types of business insurance you may be required to have. If you’re unsure, it is always a smart decision to check with your industry body about what is required to make sure you have adequate cover in place.
These are some examples of when you may need business insurance for your business:
Public Liability insurance*
- May be required to work on certain contracts
- Required before you work on a construction site
- A requirement of a rental agreement
Professional Indemnity insurance*
- May be requested to hold a certain level of cover to work on contracts
- Required by your industry board or body to become a professional member
The types of business insurances* your Perth business may need
This is an overview of some of the different types of business insurances your Perth business may require:
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.
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).
Tool insurance (Portable Equipment):
Portable Equipment insurance (also known as General Property insurance) covers you for loss and damage to items of portable equipment associated with your business. These can include tools of trade and items of stock.
How much does business insurance cost in Western Australia?
There isn’t a one price fits all when it comes to business insurance for Western Australian small businesses, however these are some of the factors that are taken into consideration when calculating your business insurance premium.
Factors that impact the pricing of your business insurance policy:
- Your business annual turnover
- The size of your business
- The limit/ amount of coverage that you require for your business
- Your claims history
- The location of your business
- The nature of your business activities
Why choose BizCover for your Perth business insurance
Built for small business
We know insurance and what makes small businesses tick.
Clear and competitive pricing
You can compare and choose from a range of highly competitive prices right there on your screen. Seriously.
Cover to match your needs
You can tailor policies from selected Australian insurers to suit the needs of your business, and we are there to help!
Real people adding real value
Our friendly service team is on hand and on a mission to make you smile!
Frequently Asked Questions
If you interact with clients, suppliers or any other third-parties then your business is at risk if a potential claim were to occur at your business premises, even if this is at your home-based business. Public Liability insurance can provide peace of mind and protection from potential claims for accidental injury or damage to a third-parties personal property.
At BizCover you can get your business insurance sorted in the blink of an eye. Have the details of your Western Australian small business handy, jump online or give us a call and we’ll do all the shopping around for you. Choose from multiple quotes and get covered in minutes, without the hassle of countless forms to fill in and post back. Just insurance without the drama.