Small Business Insurance Types

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Common small business insurance claims and how to prevent them

... Business Insurance customer claims, and tips on how to prevent them. 1. Theft Theft is unfortunately common for small businesses ... stolen. While most small businesses can't afford to implement the type of high security a ...

Business Insurance

... Consultants Restaurants Retailers Social Workers Tax Agents Tradesmen Tutors Yoga Teachers Get the right type of Business Insurance Your business may be considered 'small' but it's big to you and big to us. That's why we ...

Business Insurance in Townsville

... going wrong! How much does business insurance cost? Business insurance costs vary depending on many factors, including the type of cover you are after. For example, a Townsville small business may pay around $34 per ...

Business Insurance in Geelong

... 100% be recommending.” Stephanie C. Beauty Salon Operator Types of Business Insurance in Geelong Every small business is unique and has unique risks and business insurance needs. BizCover makes protecting your Geelong ...

Business Insurance on the Gold Coast

... on the Gold Coast pay  $ 75 a month ** for  their business insurance , which is one of the most common types of insurance for small businesses on the Gold Coast . In fact, it is arguably important for almost every ...

Business Insurance in Toowoomba

... in Toowoomba pay $60.97 ** per month for  t heir business insurance packages . Business  insurance is one of the most popular types of insurance for small businesses in Toowoomba . In fact, it is arguably important for ...

Business Insurance in Parramatta

... in Parramatta pay $71.30 ** a month for their business insurance package. Business insurance is one of the most popular types of insurance for small businesses in Newcastle. In fact, it is arguably important for almost ...

Business Insurance in Newscastle

... pay around  $ 71.06 ** per month for  their business insurance  p ackage . Business insurance is one of the most popular types of insurance for small businesses in Newcastle . In fact, it is arguably important for ...

Business Insurance in Melton

... in Melton pay  $ 79.55 ** a month for  their business insurance package . Business  insurance is one of the most popular types of insurance for small businesses in Melton . In fact, it is arguably important for almost ...

Business Insurance in Mackay

... cost? On average, small businesses in Mackay pay around  $ 68.55 ** per month for  their bu siness insurance package . Business  insurance is one of the most popular types of insurance for businesses in Mackay . In ...

Business Insurance in Launceston

... L iability insurance cost? On average, small businesses in Launceston pay  $ 52.8 **for  their business insurance packs . Business  insurance is one of the most popular types of insurance for businesses in Launceston ...

Business Insurance in Cairns

... Cairns pay around $73.93 * * a month for a Business insurance package . Business insurance is one of the most popular types of insurance for small businesses in Cairns. In fact, it is arguably important for almost every ...

Business Insurance in Bundaberg

... Bundaberg pay around $60.51 * * a month for a Business insurance policy . Business insurance is one of the most popular types of insurance for small businesses in Bundaberg. In fact, it is arguably important for almost ...

Business Insurance in Bunbury

... in Bunbury pay around $54 * * a month for a Business insurance policy. Business insurance is one of the most popular types of insurance for small businesses in Bunbury. In fact, it is arguably important for almost every ...

Business Insurance on the Central Coast

... ? On average, small businesses on the Central Coast pay around  $ 68.66 a month **for a  Business insurance policy. Public Liability insurance is one of the most popular types of insurance for businesses. In fact, it ...

Business Insurance In Wollongong

... How much does Business insurance cost? On average, small businesses in Wollongong pay  $ 70.12 ** per month for  their business insurance package . Business  insurance is one of the most popular types of insurance for sm ...

Business Insurance the Smart Way

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Business Insurance FAQs

... cover? What is Goods in Transit cover? What is Product Liability Insurance? What is Product Liability Insurance? Ready to sort out your Business Insurance? Your small business is a big deal to us. Get the right cover by ...

Business Interruption Cover*

... to Business Insurance Business Interruption Insurance Most small business owners ... Business Interruption cover*. An example of a type of business that may benefit from Business Interruption insurance is a retail business ...

No Dramas

... understanding and accessing the appropriate types of insurance for your business hassle-free. As examples, if ... a full refund** so that you can save on insurance for your small business. Get a quote today, it only takes a ...

What is Business Insurance?

... : a) Material damage loss for your physical assets b) Financial loss due to business Interruption There are many different types of Business Insurance cover options, each designed to protect different areas of a ...

How much does Business Insurance cost?

... out by food businesses Like retailers, Public Liability insurance is the most popular cover options taken out by 96% of food businesses, as this is one of the highest risk areas for these types of businesses, with claims ...

Machinery Breakdown*

... not Things to consider Back to Business Insurance Machinery Breakdown* This insurance covers the cost to repair or ... are a number of types of breakdown which are not covered by an insurance policy such as those related ...

Employment Practices Liability

... s covered & what’s not Things to consider Back to Business Insurance Employment Practices Liability Cover* Employment Practices Liability (EPL) Insurance is designed to help employers minimise the risk and potential cost ...

Money Cover*

What’s covered & what’s not Things to consider Back to Business Insurance Money Cover* Money insurance protects your business money (which will include not only cash and cheques, but also items such as lottery tickets, ...

Theft Cover*

... not Things to consider Back to Business Insurance Theft Cover* This option can cover your contents and stock from theft, attempted theft or armed hold up. It is not uncommon for theft insurance to require the item stolen ...

Statutory Liability*

What’s covered & what’s not Things to consider Back to Business Insurance Statutory Liability* Statutory Liability insurance covers the company, senior management and employees for allegations of wrongful breaches of key ...

Portable Equipment*

... s covered & what’s not Things to consider Back to Business Insurance Portable Equipment* Portal Equipment insurance (also known as General Property insurance) covers you for loss and damage to items of portable equipment ...

Goods in Transit

... Items that are generally not covered by this type of insurance include: Money Jewellery, watches, furs, antiques, ... skilled and experienced? ← Back to Business Insurance *As with any insurance, cover will be subject to the ...

Small Business Insurance Price Index Q3

... are holding on to pricing gains made last quarter. The latest Quarterly BizCover Small Business Insurance Price Index has shown insurance rates dropping back two points. Despite this drop, some insurers have managed to ...

Small Business Insurance Index Q2: 5 point increase, largest in 10 quarters

The Quarterly BizCover Small Business Insurance Index has shown that Australian SME's may have enjoyed the end of declining insurance premiums with an increase of 5 points in the second quarter of FY2015/2016, the first ...

The Business of Love: Small Business Couples Tell All – Part 2

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6 things you didn’t know about small business insurance

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The Business of Love: Small Business Couples Tell All – Part 1

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7 Common Types of Small Business Insurance

... you need to protect your assets is Small Business Insurance. But what kind of insurance do you actually need? There's no ... to note that some types of insurance are compulsory for many kinds of businesses, whether it's a ...

Small Business Insurance: Why you might want to ensure you’re covered!

... and peace of mind. The types incidents and claims that a small business could come up against vary greatly ... the rise, cyber insurance may be required Many small businesses think their business is too small to attract cyber ...

Top tips to boost your small business insurance confidence

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5 steps for creating your small business budget

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10 small businesses share what they love about their small business

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The Other Virus – Making Your Small Business Cybersafe When Working From Home

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How long does it take for a small business to become profitable?

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8 tips to grow and transform a small business into a big business

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8 small business start-up ideas for 2023

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11 highly profitable small business ideas in Melbourne

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The Art of Being a Creative Small Business

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How to make your small business more sustainable

... these types of products ... small business today. *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 ...

Cyber Security For Small Business

... types of cyber incidents by industry How can small businesses protect themselves? What is the Notifiable Data Breaches Scheme? What to do in the event of a cyber attack or data breach What is Cyber Liability Insurance ...

How to set up your small business sustainability plan

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How to protect your small business reputation

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How to prepare your small business for unexpected risks

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5 productivity tips for small business owners

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Top 4 Profitable Small Business Ideas in Adelaide

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Small Business Financial Health Guide

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How to hire quality tradesmen for your small business with Oneflare

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9 key goals for your small business this financial year

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What are the benefits of a trade mark for a small business?

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5 Ways Digital Marketing Can Help Your Small Business During COVID

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Risky behaviour: the things keeping small business owners up at night

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A small business owners guide to staying motivated

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Triumph after Tragedy for QLD Fitness Trainer Latest Winner of Bizcover.com.au $60,000 'Small Business Buddy Program'

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Small Business Index July 2015

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Doggone Great! Local QLD Business Selected in the $60,000 'Small Business Buddy Program'

Small Business Champions

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6 tips to take your small business to the next level

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5 essential steps to protect your small business from a lawsuit

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Small business opportunities in the NDIS workforce

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POP Business: How can small businesses get through tax time?

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Small Business Insurance Index

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Top seven tips for comparing business insurance quotes

... the most common types of business insurance for Australian small business owners include: Public Liability insurance Professional Indemnity insurance Cyber Liability insurance Business insurance pack Commercial Property ...

Progressive Distillery in Hobart Tasmania, defeats hundreds of others Small Businesses Nationwide to become the latest winner of BizCover's $2000 grant, BizGiver.

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1 in 10 Insured Small Businesses use BizCover

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BizCover expands business insurance offering by partnering with Chubb

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Business Insurance Melbourne

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A practical guide to understanding business insurance

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What are some types of insurance available for small businesses?

... and your revenue. Related: 7 Types of Insurance Your Small Business Should Consider Public Liability insurance A fundamental type of insurance that most businesses (even home-based businesses) can consider is Public ...

Business Insurance Perth

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5 Common Mistakes to Avoid When Buying Business Insurance

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Benefits of insurance for small businesses

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5 questions to ask yourself before buying Insurance for your small business

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What is Business Risk? Types, Examples, Strategies

... types of business risks There are many different types of risks that threaten small businesses. Knowing what type of business ... your business by getting a Public Liability policy . A type of business insurance, Public ...

What are business assets? Types, properties, valuation, importance

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How to adapt your business insurance as your business grows

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... Consider a Business Insurance policy Insurers sometimes bundle different types of cover into a single insurance policy. ... how simple, quick, and easy buying small business insurance can be! *This information is general ...

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... types of Business Insurance coverages to consider: Business Interruption* Business Interruption ... certificates of insurance online, 24/7. If you're tired of feeling confused by small business insurance, or concerned ...

Home Based Business Insurance

... was compromised. The impact could be devastating 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 ...

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What’s included & what’s not?

Get the right cover

Business Insurance Coverage

When looking for cover for your business there are a range of business insurance products that can provide financial cover for your business, some main types of coverages include:

Public Liability insurance
Professional Indemnity insurance
Business Insurance

A business insurance pack can provide cover for your business 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 business insurance and amount of cover you select will depend on the nature of your business and what areas you think you are the riskiest for you. Pick and choose the right business insurances that will 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.

What is typically covered by Business Insurance?

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

What is typically not covered by Business Insurance

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

Industries that may require Business Insurance

Across Australia there are many different types of small businesses that help the economy going, from personal trainers to IT wizards, coffee shop owners, cleaners and the trusty tradies. While your day to day operations as a business may be different, there is always an element of risk when your run your own business. This is a snap shop of some of the typical type of businesses that may require business insurance.

Get the right type of Business Insurance

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.

For some types of businesses, business insurance may be a requirement, for example:

You may need to have your own Public Liability insurance sorted before you step onto a construction site
If you work on contracts you may be required to have a minimum level of Professional Indemnity insurance in place
If you are renting your business premises, your landlord may require you to have your own Public Liability and in some instances Glass cover sorted

Business Insurance Fact Sheet

Compare Business Insurance quotes

Frequently Asked Questions on Business Insurance

What is business insurance*?

Business Insurance provides you with protection if your business assets or premises are damaged, stolen 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 small 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 small 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).

How much does business insurance cost?

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 small 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.

A 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.

Why do Home Based Businesses need insurance?

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):

Contents*

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.

What is the difference between Public Liability and Professional Indemnity insurance?

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. 

What is Product Liability insurance?

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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* 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.