Insurance for Victorian Businesses
Business insurance is something that most Victorian small businesses need to consider. It can be tailored to suit the specific needs of small business owners from Melbourne to Port Fairy and everywhere in between. It’s there to shield different types of business structures like sole traders, contractors and self-employed businesses for example from unwanted challenges.
It is designed to protect your business from the different types of risks like a potential claim. There are a variety of different types of coverages like Public Liability, Professional Indemnity, Business Insurance packs, Cyber Liability and other insurances* to help safeguard your business.
What does business insurance typically cover?
These are some examples of the main types of insurances and what they typically provide cover for. Remember to always check your individual insurance policy as it will outline the specific details of what it specifically provides coverage for in the 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 Victoria?
The short answer is if you’re running a small business, there’s a good chance you’ll need some form of business insurance. Some of the most common types of occupations which may require business insurance include:
Get quotes for your business insurance from anywhere
BizCover provides business insurance options for a variety of different businesses from all corners of Victoria, from Ballarat to Bendigo, Melbourne to Mansfield, Geelong to Glen Waverley, St Kilda to Shepparton and beyond.
Business insurance requirements in Victoria
Every industry varies when it comes to the different insurance requirements it may have in place. It is always a wise move to check with your professional industry body to check what exactly is required to ensure you have all the right protections 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 Melbourne business may need
This is an overview of some of the different types of business insurances your Melbourne 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.
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.
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).
How much does business insurance cost in Melbourne?
There isn’t a one price fits all when it comes to business insurance for Victorian 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 Melbourne 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 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 Victorian 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.