Compare Business Insurance

There are many different types of business insurance available in Australia. Which ones you need will depend on the nature and size of your business, which industry you’re in and what risks your company faces. The main types of business insurance to compare are:

• Public liability insurance: public liability insurance protects you and your staff against legal action in the event a third party is hurt or injured, or their property is damaged. This includes another person's property which was in your care or possession at the time it was damaged. Public liability insurance may be compulsory for some businesses and public events.
• Professional indemnity insurance: professional indemnity insurance protects professionals from being held liable for damages. It covers the expense of defending yourself in court against claims of negligence, omission or breach of duty. This can include anything from unsuccessful surgery to giving financial or legal advice which turns out to be incorrect.
• Product liability insurance: product liability insurance will protect you against claims that the goods you supplied are faulty, dangerous or caused harm to a third party. Note that you don’t have to have manufactured the faulty product from scratch yourself. You can still be found liable for supplying a faulty product if you import, package, advertise or retail a product that someone else made.
• Business contents insurance: your basic assets are protected by business contents insurance from occurrences like storms, fires, impact damage and theft. Verify that mobile equipment like laptops and other devices that may not be at the workplace at the time of damage are covered by your contents insurance, as this may not always be the case.
• Business interruption insurance: if your business is unable to earn money due to an insured event like a storm or fire, business interruption insurance will pay your workers’ wages and other costs while you get back on your feet. Other covered costs can include rent, your utility bills and the cost of relocation to a new building if you have to move whilst your usual business premises is being repaired.
• Cyber liability insurance: this protects your computer systems and data from cyber attacks, which could involve hacking, client data being stolen, your website being hijacked or a ransomware demand. Cyber liability insurance will cover the cost of retrieving your stolen data and defending your company’s reputation through legal action or investigation should you suffer such an incident.
• Small business insurance: this type of insurance is also known as general business insurance or business liability insurance. It’s a blanket term that can cover some or all of the above types of insurance but is also often advertised as a package of insurance policies bundled together. It’s often offered to small businesses that may not wish to have the detailed insurance offered by specific policies as described above, but who still need their basic risks covered. It will not include workers compensation insurance, while public liability insurance may be offered as an additional extra in some cases.
• Workers compensation insurance: workers compensation insurance is compulsory for all employers in Australia. It covers the cost of workers' wages if they are unable to work because they are hurt or injured, and compensation if they suffer permanent injury or death due to a work-related accident. It also covers rehabilitation, and any modifications needed to the person's home or office to cope with a permanent disability.

There are other forms of business insurance, such as tax audit insurance and business expenses insurance, which are available if you feel these areas offer a particular risk to your company.

It always pays to compare different forms of insurance with Savvy to make sure you get the best coverage for your company. Having appropriate business insurance that protects you from the main risks your company faces can mean the difference between surviving and going under if a calamity does strike.