Compare business insurance quotes with Savvy to find the best policy for your candle-making business
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The warm glow and sweet scent of a flickering candle can bring romance to any dinner setting – but it also introduces the danger that accompanies an open flame, with the ever-present risk of setting other things alight. For this reason, those who produce and distribute candles need good business insurance to protect them in case anything goes wrong, such as a claim that a faulty candle caused a damaging fire.
You can compare quotes for all types of business insurance here with Savvy. Just answer a few simple questions about your business and the insurance you need, and within minutes you’ll have multiple quotes from a range of respected insurers to compare. Use our quick and easy comparison service to make sure you get the best-value insurance for your candle business today.
It doesn’t matter whether you make your own candles or wax melts, or have a thriving online business selling candles, there are several types of business insurance you should consider to protect your business. These include:
Public liability insurance
Public liability insurance is essential for anyone who has a shop, or who sells their products at a market stall. It will cover you against claims that your business activity caused injury to a member of the public, or damaged their property. It’s too easy for a customer to accidentally trip over a power lead you may have placed on the floor, which could lead to a claim for personal damages or injury. Public liability insurance can offer between $5 million and $20 million worth of cover, and is compulsory for retailers and market stallholders in many cases.
What it covers:
Product liability insurance
Product liability insurance will cover you against third-party claims that a product you sold was faulty or caused material loss, sickness, injury or death. This type of insurance is important for anyone who sells candles, wax melts, fragrances, or any skin or beauty products, as anything which is ingested or put on the hair or skin carries the additional risk of intolerances, allergies and bacterial infection. 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 may also be worthwhile if you have candle-making equipment and stock to protect as part of your retail business. It’s possible to get a bundle of general business liability insurance (which includes elements of public liability and product liability insurance), so that you have all your business insurance requirements in the one policy. Commercial vehicles aren’t included under business insurance, so you may need separate commercial vehicle protection for your work vehicle.
What it covers:
What isn’t covered under my candle business insurance ?
Some of the most common general exclusions include:
There is no set cost for an insurance policy, as each applicant is different and faces unique risks. There are many factors that influence the cost of business insurance, including the following:
The main factor which will affect the cost of your insurance is the industry and occupation 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. Therefore, the cost of insurance for a business in Adelaide specialising in candles, soaps or wax melts may be similar to that for the same type of business in Melbourne.
You can find out how much insurance will cost for your business by comparing quotes right here with Savvy. Whether you need a long-term insurance policy or cover for a one-off event, you’ll be able to compare your options to help you find the policy best suited for your business needs.
You’ve no doubt worked hard to build up your reputation and gain a network of clients who love your products, so it makes sense to protect all that hard work in case things go wrong. Product liability insurance is there to protect you and your business against a range of claims that a product you supplied caused harm in some way. It doesn’t matter whether you have a retail outlet, or sell your products online through a home business, you still need liability insurance to protect you.
Most small businesses have some contingency funds put aside for rainy days, but these emergency funds are rarely sufficient to cover the cost of a major catastrophe. If this happens and you have adequate insurance to protect all aspects of your business, you’ll have a much better chance of getting back on your feet quickly.
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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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© 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.
