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As more and more companies rely on technology to run their businesses, there are many key areas to protect in the online space. If you run any sort of online business, it’s important to have the cover you need against cyber criminals and other risks which may threaten your online business assets.
You can compare quotes for many types of business insurance here with Savvy. Just answer a few simple questions about your business and the insurance you need and you’ll have a wide range of offers to consider instantly from some of Australia’s most respected insurers. Compare with us to help you get the best-value insurance for your online venture today.
There are several types of business insurance you should consider if you run an online business or retail goods online. These include:
Cyber liability insurance
Cyber liability insurance will protect your online business from all forms of cybercrime, as well as the risk of customers suing you if their personal data is stolen.
What it covers
Product liability insurance
Product liability insurance will cover you against third-party claims that a product you sold or supplied was faulty or caused material loss, sickness, injury or death. Cover starts from $250,000 and can be bundled together with public liability into a business insurance package.
What it covers:
General business insurance
General business insurance can include cover for portable equipment such as computers you may use to run your online business. Commercial vehicles aren’t included, so you may need separate commercial vehicle protection if you have a work car or ute.
What it covers:
Public liability insurance
Public liability insurance is essential for anyone who deals with the public or takes care of property belonging to someone else. This includes cyber property, such as a company’s website or social media site. This insurance can offer between $5 million and $20 million worth of coverage and is a compulsory form of insurance for many government contracts.
What it covers:
What isn’t covered under online business insurance?
Some of the main exclusions to look out for under these policies include:
There is no set cost for an insurance policy, as each applicant is different and faces unique risks. Many factors influence the cost of business insurance, including the following:
The main factor which will affect the cost of your insurance is the industry you’re in. All businesses in Australia are classified according to the risk their industry poses, and are allocated a risk ratio. These ratios are used by insurers to calculate the comparative risk of any one business compared to another. In general, online businesses fall into a low-risk category, so the cost of your insurance should be cheaper than some other, high-risk occupations.
You can find out how much insurance will cost for your business by comparing quotes right here with Savvy. Whether you need insurance for an e-commerce business or a recruitment consultancy, you’ll be able to find a policy which is perfect for your business needs right here.
You need insurance to protect the online business you’ve put so much time and effort into building up from unscrupulous cyber criminals. Imagine what would happen if hackers took over your e-commerce site or your social media and demanded a ransom be paid to regain control of them. All those years of building up your business could potentially be destroyed if you don’t have adequate business protection. It’s there to ensure your income continues whatever threat faces your business.
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Disclaimer:
Savvy is partnered with BizCover Pty Ltd (ABN 68 127 707 975, AFSL 501769) to provide readers with a variety of business insurance policies to compare. Savvy earns a commission from BizCover each time a customer buys a business insurance policy via our website. We don’t arrange for products to be purchased from these brands directly, as all purchases are conducted via BizCover.
Savvy does not compare all business insurance policies or providers currently operating in the market. Any advice presented above or on other pages is general in nature and doesn’t consider your personal or business objectives, needs or finances. It’s always important to consider whether advice is suitable for you before purchasing an insurance policy.
For any further information on the variety of insurers compared by BizCover or how their business works, you can read their Financial Services Guide.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
