Find out what the requirements are to get a business insurance policy and compare quotes with Savvy today
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We’ve partnered with BizCover to bring you a range of business insurance policies to help you compare them side by side.
Whether you’re starting up a small business, buying an established company or renewing your current policy, identifying the requirements for purchasing business insurance is an important first step to take. That’s why it’s vital to understand your business risk and identify what sort of insurance policy you need.
You can simplify this process and compare policies from a range of respected Australian insurers right here with Savvy. Compare different options side-by-side and choose the cover which will satisfy your business’ needs. Get your business protected by getting a quote with us today.
There are several key steps you need to take when buying insurance for your business. The key requirements to keep in mind are:
Provide information about your business
Are you a sole trader, a first-time business owner or wanting to know how to decide what type of business insurance you need? Before offering an insurance policy tailored to your needs, your chosen insurer will need to know specific details about your business. The details you’ll be asked to provide will include:
Find the best type of insurance for your business
There are three main areas you need to think about when deciding which insurance policy is right for your business. These are:
1) Your assets, including building, contents and stock
These are all the things you value which can be bought, sold or rented. Regarding your business, think about your building and its contents, your stock and equipment and your tools and machinery. The best types of business insurance which can cover your assets include:
These types of insurance, which can come as part of a general business insurance package, will protect your assets from threats such as fire, storms and impact damage (such as a tree falling or an out-of-control vehicle damaging your building).
2) Your people
Next, consider the people associated with your business who need insurance cover. The types of insurance which can protect you, your business and employees if something goes wrong are:
3) The business risks you face (your liabilities)
Think about all the risks your business faces, ranging from third-party claims for damages to accusations of mismanagement or being selected for a tax audit. There are many different types of insurance that can protect you from a variety of liabilities, including:
Compare quotes before making your final selection
Additionally, there’s a variety of areas that are important to consider when comparing insurance offers. These include:
Because there are so many choices available, it’s crucial to compare a range of offers with top business insurers around Australia, which you can do right here with Savvy. Our service is free and comes with no obligation, so you can consider as many different offers as you need to find one which is a perfect match for your business.
Carrying out a risk assessment is a great way to identify the areas your business is vulnerable to. Think about all the risks you could face and the worst-case scenarios which could happen if they eventuate. For example, if you identify fire as one potential risk, the worst-case scenario would be that your business premises burned down.
Next, think about how and why the risk could happen and how you, your staff and customers would be affected. Consider what might happen if you or an employee made a mistake or were negligent in providing a service.
Here are some key questions to help you identify the risks you may face:
In assessing all the risks you’ve identified, think about:
By asking yourself these key questions, you can get a clearer idea of the type of insurance which is right for your business, and the main risks you need protection against. This should help you choose a policy that will cover the risks you’ve identified as most important.
First, check that you’re eligible to make a claim. Read the inclusions and exclusions on your insurance policy to make sure the event you’re claiming for is covered. For example, if vandals have smashed the front window of your shop, check that glass breakage is covered in your policy. If you run a candle business, check that fires resulting from lit candles are not an exclusion in your policy.
If you have to make a claim, it’s important to notify your insurance company as soon as possible after the incident occurs. Don’t wait several days before informing them an insured event has occurred. This is because the insurer may want to send out an assessor to check on the damage or inspect the site where thieves have gained entry.
The details you’ll need to supply as part of your claim will vary depending on your insurer and the event you’re claiming for, but may include the following:
In some situations, you may need to supply a brief ‘notice of intention to claim’ before you submit your full claim, which lists the exact value of all which has been lost or the damage that’s been caused.
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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.
