How to find the best business insurance for your business

Choosing the right insurance for your business isn’t always straightforward. It’s not just about the cheapest premium or what sounds good on paper. The real question is whether the policy protects your business when it matters most. The risks you face, the exclusions buried in fine print, and the cover limits can make a big difference when things go wrong.

With so many insurers offering different cover options, comparing quotes can get confusing fast. We’ve put together a simple guide to help you make sense of it all, so you can find suitable cover at affordable rates that fit your business and budget.

From understanding what’s included in your policy to spotting hidden gaps in protection, we’ll walk you through what to look for before you buy.

Know your business and finances

Before buying a policy, understand your risks, cash flow, and the cost of potential claims. This could help you choose cover that matches your financial position and exposure level.

Why BizCover: BizCover simplifies this process with straightforward questions that help match your business size, industry, and turnover to the right type of cover—so you get protection that actually fits.

Check your policy limits and deductibles

Your policy limit is the maximum amount your insurer will pay for a claim, while your deductible (or excess) is what you’ll pay out of pocket first. Understanding both helps you balance cost and protection. Higher deductibles can reduce premiums, but make sure you can afford them if you ever need to claim.

Why BizCover: When you compare quotes with BizCover, you can easily see policy limits and deductibles side by side, helping you choose cover that fits your business and budget.

Understand policy inclusions and exclusions

Every insurance policy has inclusions (the things it covers) and exclusions (the things it doesn’t). Missing these details can leave you exposed to risks you assumed were covered. Always read the fine print and ask questions if something’s unclear.

Why BizCover: BizCover’s platform clearly lists what’s included and excluded in each policy, so you can compare coverage without confusion or guesswork.

Look for scalable and flexible options

Your insurance should adapt as your business grows. Policies that let you adjust cover levels, add new locations, or expand to cover new services can help you save time and stress later. Flexibility also means you only pay for what you need, when you need it.

Why BizCover: BizCover’s online platform gives you instant access to flexible business insurance options—like Public Liability to Professional Indemnity—so you can scale your protection as your business evolves.

Look for companies with experience

When comparing business insurance providers, experience counts. Established insurers understand the risks faced by different industries and offer cover that reflects real-world challenges. An experienced provider can also guide you through policy options and ensure you’re not paying for unnecessary extras.

Why BizCover: With over a decade of helping Australian small businesses, BizCover partners with trusted insurance partners to offer proven, reliable cover that suits your specific trade or profession.

Research their customer service

Good customer service makes a big difference, especially when you’re dealing with complex insurance terms or a claim. You need support that’s quick, clear, and easy to reach. Poor service can delay renewals or leave you unsure about your coverage.

Why BizCover: BizCover’s award-winning customer service team is ready to help by phone, chat, or email. You’ll get straightforward answers without the industry jargon.

Focus on self-service tools and access

Modern businesses expect 24/7 access to their policy details, renewal options, and certificates of currency. Self-service tools let you manage everything online without waiting on hold or sending forms back and forth.
Why BizCover: BizCover lets you compare quotes, update your policy, and download certificates online instantly, any time you need them.

Look for easy and hassle-free claims processing

Claims time is when your insurer truly proves its value. A smooth, transparent claims process saves you stress and helps your business recover faster. Avoid providers with complicated paperwork or slow turnaround times.

Why BizCover: With BizCover, lodging a claim is simple. Their dedicated claims team works directly with insurance partners to ensure a fast, hassle-free experience so you can get back to business sooner.

Consider more than just cost

The cheapest premium may not be the smartest choice for your business. Low-cost policies often have higher excesses, strict exclusions, or limited cover. The goal is to balance price, protection, and reliability to find cover that works best for your business needs.

Why BizCover: BizCover compares policies from multiple leading Australian insurance partners so you can easily see what you’re getting for your money and choose the best value cover for your business.

Compare multiple quotes

Getting several quotes helps you understand the price range, coverage differences, and benefits offered by various insurers. It’s the most effective way to find business insurance that offers value without compromising protection.

Why BizCover: BizCover compares quotes from multiple leading insurance partners in minutes, letting you view and choose the right option for your business online.

Popular cover options by industry

Unsure which types of insurance may suit your small business? Here are popular cover options for common industries in Australia:

• Hospitality: Public Liability and Business Insurance Packages to cover property damage, injury, and stock loss.
• Professionals/Services: Professional Indemnity and Cyber Liability cover against advice-related risks and data breaches.
• Retail and Shops: Business Insurance Packages, including Theft and Glass cover, to protect your storefront and contents.
• Trades and Construction: Public Liability and Tool Insurance (part of Business Insurance Package) to safeguard against onsite accidents and equipment loss.

*This information is general only and does not take into account your objectives, financial situation or needs. It should not be relied upon as advice. As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy wording. © 2023 BizCover Pty Limited, all rights reserved. ABN 68 127 707 975; AFSL 501769.