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All businesses want to keep their overhead costs to a minimum, so finding cheap business insurance is an important task. The cost of insurance can vary widely across Australia, which is why it’s important to find a policy that offers great value for money.
You can compare a range of quotes for business insurance right here with Savvy. Our free, no-obligation quote service can help you find the cheapest insurance policy which offers the protection your business needs. Consider offers from Australia’s leading insurers to help you find the most appropriate policy for your business today.
There are many factors in the business insurance process which can reduce the cost of your policies. Some of the key ways to help you find the cheapest business insurance are:
Compare quotes
Perhaps the simplest and most effective way to find the cheapest business insurance is to compare quotes from a wide range of insurers, which you can do right here with Savvy.
By considering a variety of options, you’ll maximise your chances of finding the best policy for your business needs. Comparing could help you save money in the following ways:
By answering a few simple questions about your business, you can compare a variety of insurance options through us. Our insurance quotation service is free and there’s no obligation. Save yourself time and effort by applying for your business insurance through Savvy today.
Bundle your insurance
You may be able to save money by bundling all your insurance needs into one business insurance policy, rather than having several different policies from a range of insurers in place. This can often lead to a multi-policy discount that wouldn’t otherwise apply.
Increase your excess
The excess is the amount you are required to pay when you make a claim. By choosing a higher excess (such as $500 instead of $200), you can reduce the overall cost of your insurance premium, as you’re taking on more of the risk yourself.
Avoid unnecessary claims
Consider carefully if it’s worth claiming on your insurance policy if you have a more minor incident occur. For example, imagine you have a shop and your front window is smashed. The replacement cost for the glass is $1,000. You have a $500 excess on your insurance policy, so that means it will only cover the cost of $500 worth of repairs. You may find that losing your no-claims bonus, and potentially having the cost of your insurance rise the following year, is a most expensive option than paying the full cost of the broken window yourself.
When assessing how much risk is posed by your company, most insurers use standard risk classifications which assign a value based on the industry you are in. For example, insurers know that mining, forestry and manufacturing industries pose a higher risk of claiming than financial or banking service companies.
Some of the factors which will affect the cost of your business insurance include:
It’s because there are so many contributing factors to the risk posed by a company that insurance quotes can vary so widely from one insurer to the next. For this reason, it’s important to compare offers before deciding which one best suits your organisation, which you can do right here with Savvy.
When you’re deciding which type of business insurance you need, it’s important to first look at which insurance is compulsory and build up your needs list from there. The main types of insurance in Australia you may need are:
Workers compensation insurance
If you employ anyone in Australia, you have to have workers compensation insurance. It doesn’t matter whether your workers or employees are full or part-time, permanent or temporary: they must all be covered. The premium you’ll pay is based on a percentage of your wages bill, which varies from state to state but will generally range from 1.2% to 2.2%.
Public liability insurance
Public liability insurance is commonly a compulsory requirement to protect businesses against third-party personal injury or illness claims. Government organisations and departments often specify this insurance is held before submitting a tender or quote for work.
If you’re in a trade, some site owners require all their sub-contractors to have public liability cover, and if you wish to hold a public event (such as public market stalls or a street parade), you’ll probably need this cover too. This is one of the most common policies to cover small and medium businesses from claims made by people whilst on their property.
Professional indemnity insurance
Professional indemnity insurance is compulsory for some occupations, such as doctors, nurses and allied health professionals. In addition, if you’re a doctor running a general practice in Australia, it’s also compulsory to have personal practitioner indemnity insurance to renew your medical registration.
Therefore, check if there’s any type of insurance which is compulsory for your profession or registration or membership of any associations. Even if it isn’t compulsory for you, it’s worth being covered if you give professional advice or provide a service to the public.
Building and contents insurance
If you have an office or shop within a larger shared building, such as a shopping mall or office block, the landlord or owner may require each tenant to have certain types of insurance which could include building and business contents cover.
As another example, glass breakage insurance is a common type which some landlords insist their tenants have. Check the requirements for insurance with your building owner, landlord or strata corporate body to find out if any insurance is compulsory for you as a tenant or shared occupier of a business premises.
Once you’ve identified the types of insurance which may be compulsory for your industry, profession or business, look at the risks your business faces. A formal risk assessment process can help you identify which risks you face, and the likelihood of that risk occurring as a worst-case scenario. Your risk assessment should cover all aspects of your business, including:
All of these elements should be considered in your risk assessment and should inform you what type of insurance coverage is most vital to your business.
No – the cheapest insurance isn’t always the best and can actually be less value for money than a more expensive policy. This is because the cheapest policies can sometimes offer less coverage, lower payment limits or have more exclusions than those which may be just a few dollars a year more expensive.
When comparing insurance policies, look at the following aspects and compare what’s on offer side by side:
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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.
