Compare a range of business assets insurance quotes from leading Australian insurers with Savvy today.
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Protecting your small business’ assets is one of the most important things to consider to ensure the long-term survival of your company. Business assets insurance will provide coverage for those things you value the most and help you recover if disaster strikes.
You can get a range of quotes for business assets insurance from some of Australia’s leading insurers here today with Savvy. Compare policies, choose the one that’s right for you and get your business protected today with our one-stop shop insurance quote service.
Business assets insurance, also referred to as commercial property insurance, protects businesses from economic loss in the event of damage or theft to their valuable resources. These resources typically include business premises, contents, and stock. However, it's important to note that separate insurance policies are required for company vehicles, such as commercial vehicle insurance.
Business assets insurance can be purchased separately or as part of a broader business insurance package. It covers two main types of losses: physical damage to property, and financial loss resulting from business interruption. Common events covered include fire, storm damage, accidental damage, and theft.
It's worth noting that flood coverage is often not included in standard assets insurance policies. However, businesses have the option to obtain separate flood insurance or add it as an additional inclusion in their business insurance.
The physical items you can protect with assets insurance include:
Most of these items are routinely covered by business asset insurance, but some policies come with exclusions for some of the above. One of the most common exclusions is glass, so when comparing policies, check your policy carefully to see whether glass breakage is included.
You’ve worked hard to build your business, so you’ll want to protect it if something goes wrong. Assets insurance offers coverage to protect your bottom line in case of a major catastrophe. It’s there to ensure your business can continue to thrive even if you suffer an adverse event.
Most small to medium-sized businesses will have some contingency funds for use if something goes wrong, but those funds will rarely cover the cost in the event of a catastrophe, such as your entire business going up in flames. If this should happen to your business and you have business assets insurance, the cover will help you get back on your feet and start trading again.
This type of insurance is unlikely to be the only one your business needs, though. There’s a range of other policies which can help your business stay open and cover potentially costly claims, including:
Not all businesses require all these types of insurance. For example, if you run an online business from home, you may not need glass insurance. However, glass insurance may be vital for a hairdresser, whose entire salon walls are covered in mirrors.
You can decide exactly which type of insurance is right for your business and pick the cover which is relevant to your circumstances right here with Savvy. By comparing quotes with us, you can consider a range of different policies and find one which offers all the cover you need, without paying for insurance that isn’t relevant to you.
The cost of assets insurance varies from business to business as it depends on multiple factors, including:
Since each Australian state and territory has its own laws and regulations, insurance costs will differ based on your location. For instance, electricians in Queensland require business insurance with specific public liability coverage that includes consumer protection. Plumbers in Victoria need public liability insurance with plumbers' warranty coverage. Therefore, where you live will impact your insurance costs.
Furthermore, having multiple policies with the same insurer may qualify you for a multi-policy no-claims bonus, reducing the cost of your insurance. When inquiring about new coverage, mention your existing policies with the insurer, as being an existing customer can lead to lower costs compared to new clients.
When comparing insurance policies, read all the fine print in detail so you know exactly what sort of insurance coverage you are buying. Make sure the policy covers all the areas where you feel your business is at risk but doesn’t include too many areas you feel are irrelevant to your particular circumstances.
As well as understanding what’s included in your policy, it’s important to know what’s excluded too. Damage by flood is a common exclusion, as is coverage for anything to do with asbestos. Glass breakage may or may not be covered in your policy, so check out this common exclusion too.
Naturally, the cost of the insurance you’re considering is a major factor to consider and compare. However, it shouldn’t be your primary deciding factor, as making sure you are adequately covered for the risks facing your business is the most important consideration.
Some landlords will specify how much assets insurance a tenant must have before moving into a rented building. This may be coverage of up to $500,000 or $1 million. Check that the claim limits under your asset insurance are reasonable and in line with your expectations and needs.
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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.
