Compare quotes for business insurance in Tasmania from a range of providers here with Savvy.
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Regardless of whether you’re operating a big business in Hobart or Launceston or running a small one in Penguin, you’ll be exposed to at least some ongoing risks which could leave your business out of pocket if they occur. That’s where business insurance can come in handy, as it’s designed to cater to those risks and offer protection for a range of unexpected circumstances.
By getting a quote through Savvy, you can compare a variety of business insurance policy offers in one place online. Simply tell us about your business and the type of coverage you’re after and you can receive instant, no-obligation quotes from a panel of trusted insurers. Get the wheels in motion on your business insurance with Savvy today.
Business insurance is a type of coverage which comes in many different shapes and forms, offering a level of protection for a variety of events included under your policy (which are subject to qualification criteria and terms and conditions). Some of the main options available to Tasmanian businesses include:
Public liability insurance
Public liability insurance can cover your business if a member of the public is injured or their property is damaged as a result of your business activity, subject to the terms and qualification criteria set by your insurer. These can come with varied claim limits ranging from $5 million to $20 million or more (by individual negotiation).
What it covers:
Product liability insurance
Product liability insurance may be able to offer your business protection against claims a product you supplied, whether manufactured by you or imported and sold, caused harm to a third party or damaged their property. Like public liability cover, this type of insurance can come with claim limits of between $5 million and $20 million.
What it covers:
Professional indemnity insurance
Professional indemnity insurance can offer cover against claims the advice you gave or service you provided was negligent, sub-standard or caused loss or harm. It may also cover circumstances such as mistakes, incorrect diagnoses, miscalculations and breach of duty. Cover can start at $250,000 and may go up to $10 million (though more may be available by individual negotiation with some insurers).
What it covers:
General business insurance
General business insurance is an insurance package which can offer coverage against other risks, such as those facing your physical business premises and assets. You may also be able to include policies such as public liability and professional indemnity cover under this bundle.
What it covers:
Because this is a bundle, some of the other types of insurance which you may also be able to add to your general business insurance package include:
Accident and sickness insurance
Accident and sickness insurance can cover self-employed individuals who are injured or suffer an illness which prevents them from working and earning a living. Rather than a lump sum benefit, you’ll receive an ongoing benefit worth up to 85% of your income (provided it meets your insurer’s qualification criteria) over either one or two years, which you’re able to select from. You’ll need to decide on a waiting period of between seven and 28 days in most cases.
What it covers:
What isn’t covered by business insurance in Tasmania?
There are several common exclusions which may apply to business insurance policies. These may include:
There are several variables which insurers will account for when determining how much your premiums will cost, including the following:
Insurers will look at your industry first and foremost when determining the cost of your policy. This is because different industries come with different risk profiles, which results in insurers charging some more than others. For instance, if you’re a real estate agent, the cost of your professional indemnity insurance is likely to be significantly higher than that of a registered migration agent because of the varied and greater risks at play.
Furthermore, where your business is located can also impact the cost of your insurance. For example, public liability insurance in Tasmania’s smaller towns may not be as great as in Hobart’s city centre, due to higher foot traffic.
Some of the key comparison points to consider when choosing a policy for your Tasmanian business are:
Comparing business insurance policies is simple when you do it through Savvy. You can fill out our simple quote form to generate offers based on your business’ situation from a panel of industry-leading insurers. This allows you to compare offers side-by-side to help inform your decision on which is the best of the bunch.
Business insurance can benefit almost all businesses in one way or another. As such, it’s important to think about the risks you may face when weighing up which policy to take out. Some of the businesses which could benefit from insurance coverage include:
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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.
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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.
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© 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.
