Business Owner Insurance
Compare comprehensive insurance packages for small business owners here with Savvy.
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As a business owner, comparing insurance policies to find the right cover is an important task to make sure your company is protected if anything goes wrong. From public to product liability, business contents to professional liability, you can find the right insurance for your small business in a matter of minutes here with Savvy.
Just answer a few straightforward questions about your business and the coverage you need and you’ll have multiple quotes to compare from some of Australia’s leading insurers within minutes. Finding the right business owner’s insurance has never been easier, so get the process started today.
What is business owner insurance?
Business owner insurance is a package of business insurance which provides most of the cover and protection a business owner may need. Business insurance packages are designed to give you the cover you need with the convenience of bundling them all into one single document. The package can include elements of the following types of insurance:
Public liability insurance
Public liability insurance defends companies against third-party claims brought against them due to an injury or property damage. These claims are most frequently brought by clients, customers or members of the public who are hurt or have their property damaged while on your property (or in a public area where you’re in charge of maintaining safety). Such third-party damage claims may also be brought about by one of your employees' actions or by any harm they accidentally cause to someone or their property. In most cases, you can also have product liability included, which offers the same protection but for any products you make or sell.
Professional indemnity insurance
Professional indemnity insurance covers an individual or business against claims that the advice they gave or service they offered was negligent or breached their duty of care. It’s a compulsory type of insurance for many professions, including surgeons, doctors, nurses, many allied health professionals and those occupations offering financial advice. For example, if you’re an accountant, having $2 million worth of professional indemnity cover is compulsory to join CPA Australia, which is the industry association for accountants in Australia.
General business insurance
While the two types of insurance above protect against business liability, general business insurance protects your small business assets. It can cover your property, stock, equipment and tools in case an insured event such as a fire, storm or impact damage negatively affects your business. Business insurance is a package which may also offer elements of:
- business equipment insurance
- business assets insurance
- business contents insurance
- business interruption insurance
Rather than having several different insurance policies, a business owner insurance package can be tailored to include the types of insurance most needed by your small business. It’s often cheaper to get a package rather than go to an insurance broker or purchase multiple different policies separately online or through an insurance broker. For example, if you run a martial arts school, you may need substantial public liability insurance to protect your clients in case they get injured, but also protection for your business premises and contents too, so bundling all your insurance needs into one package would make sense.
What other types of business insurance can I choose from as an owner?
The other types of business insurance you may need for your business include the following:
- Workers compensation insurance – which is compulsory in Australia for all employers to cover their employees if they are hurt or injured at work. All states and territories have their own legislation covering this type of compensation
- Glass insurance – to cover breakage of shopfronts, reception desks, signs and advertising. Glass breakage may be an exclusion in certain types of general property insurance
- Cyber liability insurance – offering protection to your online data and systems in the event you are subject to a hacking attempt, cyber ransom attack or data theft
- Management liability insurance – which covers owners, managers and directors against claims of mismanagement or legislative breaches. It can also cover executives against claims including unfair dismissal, sexual harassment, discrimination or defamation
How to purchase business owner insurance through Savvy
Answer a few simple questions
Because the cost of insurance depends on factors such as the industry you’re in and the size of your company, we need to know a few simple facts about your business before providing quotes.
Choose the insurance type you’d like
There are many options available, so tell us the type of insurance you’re after so we can help provide quotes which are tailored to your needs and include the type of insurance options you’re looking for.
Pick your options and any add-ons you need
Select the options you want and look closely at any add-ons you may need. This could include additional cover for glass breakage, for example. By bundling your insurance needs together, you can save money compared to buying individual insurance policies.
Get multiple quotes
Once you’ve given us the information required, you’ll receive multiple quotes online to compare. You’ll be able to get further information about all the policies on offer to help you choose the best one for your business.
Decide on the best cover and buy it
All that’s left is to decide which is the best policy on offer for your business’ needs and within a few minutes, you’ll be ready to purchase your policy and get confirmation of the cover you need to protect your business.
Types of business insurance
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More of your questions about business owner insurance
Business insurance by industry
Helpful guides on business insurance
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.
