Business Insurance cost
Business Insurance, sometimes referred to as a Biz Pack, is an insurance policy designed to combine protection from property and liability risks all in one package. There are several different cover options available under a Business Insurance pack to protect things like your business premises, contents, stock and equipment, as well as financial loss due to business interruption. There is also the option to include your Public Liability cover in a Business Insurance pack.
The beauty of Business Insurance is that it can be tailored to suit the individual needs of any given business. For instance, the cover options needed to protect a business operating within the food and beverage industry will be entirely different to those required by a sole-trader business operating within the professional services industry.
One of the most common questions asked by business owners is: “How much does Business Insurance cost?” This is a difficult question to answer because there are so many different factors that can influence the cost, including:
- The type and number of cover options taken
- The nature of the business
- The value of the property insured
- Where the business is located
We know, sometimes you just want a quick idea of how much your insurance is actually going to cost. However, it’s important to note that the data included within this article was sourced from BizCover customer data during the financial year of 2024 and is intended as a guide only. It may not reflect pricing for your particular business as individual underwriting criteria will apply.
How much do retailers pay for their Business Insurance Pack?
The average cost of a Business Insurance package for a retail business is $98 per month*. The cost will vary from business to business and the types of product packaged in the policy. For example, Theft, Contents, Business Interruption, Glass and many more.
Most popular cover options taken out by retailers
Public Liability is a form of cover that many retail businesses choose due to their exposure to potential claims arising from personal injury caused to their customers, suppliers and members of the public. It is also generally a mandatory requirement under a commercial lease agreement, as is Glass cover. Other popular options among BizCover customers include Glass, Contents and Theft
How much do food businesses pay for Business Insurance?
The average cost of a Business Insurance package for businesses operating in the food industry is $147 per month*. This includes BizCover customers operating in food retail as well as food and beverages including manufacture and services.
Most popular cover options taken out by food businesses
Like retailers, Public Liability insurance is the most popular cover option taken out by food businesses. This is one of the highest risk areas for these types of businesses, with claims resulting from scenarios such as injury to third parties, including slips and falls to illness caused by food poisoning.
Contents and Glass cover are the next most popular cover options closely followed by Business Interruption. The latter is an important form of protection to help recover loss of income if the business was forced to close due to an unexpected event, such as a kitchen fire.
