Business Insurance

Business Insurance

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The business of Business Insurance*

Whether you have just served your first customer or you have been in your business for many years, you have put a lot of time and effort into building your business. Don’t risk wasting all this effort by not protecting your business assets from unexpected events. No matter how much you plan and prepare for things, sometimes there are circumstances that are out of your control – you need to ensure you have a plan to protect your business today to ensure you’ll be in business tomorrow.

Business Insurance can provide financial cover for your business, including the premises and contents, against loss, damage or theft as well as cover against any resulting financial loss from an insured interruption to the business. The type of cover and amount will depend on the nature of your business and what areas you think you are the riskiest for you. Pick and choose the cover options that suit you best. And you can include Public Liability Insurance to ensure you are not financially responsible for the costs of a legal claim should a third party get injured or suffer property damage whilst you are doing business.

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What is included?

A) Material damage loss for your physical assets
B) Financial loss due to Business Interruption

Choose cover options below!

What is typically NOT covered?

  • Negligence/breach of duty arising from an act, error or omission as a result of your professional services
  • Flood damage is generally excluded from standard policies
  • Known claims and circumstances

Get the cover that is right for you

Your business may be considered ‘small’ but it’s big to you and big to us. That’s why we want to make sure you have the right protection. We offer various cover options to suit a variety of businesses.  Take a few minutes to consider some of the following risk areas and think about which ones impact you and how much cover your business would need should things not quite go to plan.

Frequently Asked Questions on Business Insurance

Business Insurance provides you with protection if your business  assets or premises are t damagedstolen  or if you sustain financial loss due to  an insured interruption to your business.  

Business insurance usually falls into three categories: 

a) Material damage loss for your physical assets
b) Financial loss due to business interruption
c)Personal injury/property damage claims against you

When it comes to Business Insurance, there are multiple coverage options to select from. Each type of cover is designed to protect against different risks that your business may be exposed to. Some of the main kinds of Business Insurance coverage options include: 

Building Insurance* which  covers you for loss and damage to buildings you own, as a result of an insured event (such as fire, storm, wind). 

General Property Insurance* which covers against theft and accidental damage of equipment, such as tools, laptops and mobile phones, while you are away from your office. 

Office Contents Insurance* which covers you against burglary, theft and accidental damage of office equipment such as chairs, desks and computers. 

Public Liability Insurance* which covers you if a third-party claim that your negligent business activities caused them injury or property damage. This includes defence costs cover. 

Glass Insurance* which covers you for damage to internal and external glass, mirrors, porcelain and signage at your business premises. 

Tax Audit Insurance* which covers fees of any accountants engaged in connection with an audit by the Australian Taxation Office. 

Business Interruption* which covers you  for the loss of income and increased costs of operating your business caused by a specified insured event (such as property damage or fire). 

Business Insurance is a packaged solution designed to protect your business from property, business and liability risks. There are different coverage options available under a Business Insurance pack, sometimes referred to as a Biz Pack. 

The great thing about Business Insurance is that you can select the type of coverage that is tailored to the needs of your  business. Different businesses require their own unique forms of cover to protect them from the unique risks of their industry.  For example, the types of risks a restaurant owner faces will be different to  a dog groomer. 

common question SME operators ask is, “How much does Business Insurance cost?”. Unfortunately, there’s no  one-price fits all answer. Some of the factors that can influence the cost of a Business Insurance policy include: 

  • the type of cover and cover options taken 
  • the nature of your business 
  • the value of the property insured 
  • where your business is located 
  • the number of employees you have 
  • your  annual turn over 
  • claims history 


Have a chat to our BizCover sales team about the different kinds of Business Insurance we have available from some of Australia’s leading insurers to get an accurate cost of your Business Insurance policy.  

While your office space may not the typical set up, just because you are working from home doesn’t mean that things can’t go wrong. Regardless of the type of work you are doing from marketing to managing an online store, different occupations each come with their own level of risks. 

These are some examples of the type of home-based businesses we cover: 

  • Administrative support services 
  • Answering & reception services 
  • Beautician 
  • Consultants 
  • Dog walking 
  • Dog grooming 
  • Graphic designer 
  • Hairdresser 
  • Online shops 
  • Photographer 
  • Writers 
  • Web developer 


Common types of insurance for home based businesses 

Public Liability* 

One of the basic insurances to consider is Public Liability insurance. Public Liability insurance is designed to provide protection* for you and your business in the event a customer, supplier or a member of the public are injured or sustain property damage as a result of your negligent business activities. 

If you have clients visit your home based office or you visit them off site do you have protection in place if you were to accidently cause injury to them or damage to their personal property? 

Cyber Liability* 

Consider the outcomes if the client data you have stored was compromised. The impact could be destructive to your business.  Cyber liability insurance is a type of business insurance product, which protects your business against both the legal costs and expenses (including compensation payments) related to cybercrime incidents. Your coverage may generally include cover for expenses and legal costs relating to the following: 

  • Data breaches 
  • Theft or loss of client information 
  • Business interruption costs 
  • Forensic investigation 
  • Data recovery 
  • Extortion 
  • Fines and penalties 
  • Crisis management costs (to restore your businesses reputation after an attack or data breach) 
  • Legal costs from any ensuing civil action taken against you or your company 


Personal Accident & Illness* 

Being self-employed, means you need to ensure you have protection for your most important asset, you. This is where Personal Accident and Illness insurance comes into play, especially when you don’t have access to sick leave.  Personal Accident and Illness insurance can provide cover should you become permanently disabled or pass away as a result of an accident. Cover can also include a weekly benefit for loss of income if you are unable to work as a result of an unexpected injury or illness (even if it occurs outside of your employment). 

If you have purchased sickness/illness cover as part of your personal accident insurance you may be able to claim if you are diagnosed with COVID-19 and that diagnosis results in you being unable to work. Your cover will need to have been in place before you contracted the disease.  

Employment Practices Liability* 

Employment Practices Liability (EPL) Insurance is designed to help employers minimise the risk and potential cost of claims taken against them by employees. Covered claims may relate to allegations of discrimination, unfair dismissal and sexual or workplace harassment. 

Business Insurance* 

Options include (but are not limited to): 


Having a home based business means there are certain business assets that you will require to perform your day job. Contents insurance provides cover for loss of or damage to items such as business equipment, stock, plant and machinery, records and furniture belonging to you at the insured location. 

Portable Equipment* 

If you are on the road and need items like your laptop, tools and equipment to perform your profession, then consider protecting your items with Portable Equipment cover. 

Portal 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. 

Public Liability and Professional Indemnity insurance are two fundamental forms of cover that both protect against very different risks. The main difference is the type of duty of care that each cover seeks to provide protection for. 

Public Liability insurance* is designed to provide protection for you and your business in the event a customer, supplier or a member of the public are injured or sustain property damage as a result of your negligent business activities. 

It also provides protection for legal and defence costs associated with a covered claim. 

Professional Indemnity (PI) insurance* provides protection for businesses that provide specialist services or professional advice.  It is designed to respond to claims against your business for losses as a result of actual or alleged negligent acts or omissions in the provision of your professional service or advice. PI Insurance will also assist with the legal costs associated with responding to or managing claims which are covered by the policy.  

Product Liability insurance* commonly forms part of a Public Liability insurance policy, providing protection for your business against claims by third parties relating to property damage or personal injury caused by your products.  

The term ‘Product’ is typically defined as anything that has been manufactured, constructed, erected, assembled, installed, grown, extracted, produced, processed, treated, altered, modified, repaired, serviced, bottled, labelled, handled, sold, supplied, re-supplied, distributed, imported or exported by you, or on your behalf.  

Product Liability insurance is designed to support you when your products cause a third party to sustain personal injury or property damage.  Product Liability insurance is intended to cover  compensation payable to a third party and your defence costs (these are the reasonable costs incurred while investigating and defending a covered claim including legal fees, experts fees and court costs).  

Product Liability insurance is there to help you from the moment an allegation of negligence relating to your product is made.   

Always check the limit of cover offered by your policy and any exclusions or geographical limitations.  

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*The information provided is general only and should not be relied upon as advice. No guarantees are provided as to pricing for individual risks.
*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.

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