Why compare business insurance policies through Savvy?
We’ve partnered with BizCover to bring you a range of business insurance policies to help you compare them side by side.
should a covered event take place and set them back a significant amount of money. It can help provide owners and
operators with greater peace of mind that should circumstances occur which are included under your policy agreement,
you can claim part or all of the funds back.
You can compare business insurance offers from a panel of some of the country’s leading providers in one place with
Savvy. All you’ll need to do is fill out a simple online quote with information about your business and the type of
cover you’re after. Whether you’re based in Darwin, Alice Springs or anywhere else in the Top End, start the
comparison process with Savvy today.
What is business insurance and what types are available in the Northern Territory?
In simple terms, a business
insurance policy is designed to cater to the needs of businesses more closely, whether small, medium or
large. Under the business insurance umbrella, there are several key types of coverage to consider which offer
inclusions in different areas (subject to your insurer’s terms and conditions). These include:
Public liability insurance
Public liability insurance can cover your business if a member of the public is injured or their property is damaged
as a result of your business activity, subject to the terms and qualification criteria set by your insurer. In most
cases, you’ll be able to choose between $5 million, $10 million and $20 million worth of coverage (although you may
be able to access more by individual negotiation).
What it covers:
- Third-party personal injury claims
- Third-party property damage claims
- The legal costs of defending yourself
Product liability insurance
Product liability insurance may be able to offer your business protection against
claims a product you supplied, whether manufactured by you or imported and sold, caused harm to a third party or
damaged their property. Claim limits may vary with this type of insurance from $5 million up to $20 million or more.
What it covers:
- Claims that a product you supplied caused sickness or injury
- Third-party property damage claims
- Legal fees to defend yourself against such claims
Professional indemnity insurance
Professional indemnity insurance can offer cover against claims the advice you
gave or service you provided was negligent, sub-standard or caused loss or harm. It may also cover circumstances
such as mistakes, incorrect diagnoses, miscalculations and breach of duty. Cover can start at $250,000 and may go up
to $10 million (though more may be available by individual negotiation with some insurers).
What it covers:
- Payment of compensation
- Payment of damages
- Legal defence costs
- Cost of defending yourself during investigations
General business insurance
General business insurance is an insurance package which can offer coverage against other risks, such as those facing
your physical business premises and assets. This can sometimes offer the ability to bundle other cover like public
liability and professional indemnity into a single package.
What it covers:
- Fires, storms, water damage
- Explosions and impacts
- Accidental damage
- Theft following forceable entry into a locked building
- Theft of equipment which is securely attached to a vehicle
Some of the other types of insurance which you may also be able to add to your general business insurance package
include:
- Commercial property insurance (which may offer a higher level of protection for your business
premises) - Glass breakage (which is a common business insurance exclusion)
- Business interruption (which can cover your bills if you have to close your business while
recovering from an insured event) - Cyber liability insurance (which can protect you from many forms of cybercrime)
- Tax audit (which can cover some of your costs if you’re subject to an ATO audit)
- Management liability (which can offer cover to business owners and directors against claims of
mismanagement)
Accident and sickness insurance
Accident and sickness insurance can cover self-employed individuals who are injured or suffer an illness which
prevents them from working and earning a living. Under this type of insurance, the benefit you receive is an ongoing
payment which can be worth up to 85% of your income, generally for either one or two years. You’ll also have to
select a waiting period, which typically ranges from seven to 28 days.
What it covers:
- Loss of income as a result of illness
- Loss of income as a result of an accident
- Optional extras including death and disablement benefits
What isn’t covered by business insurance in the Northern Territory?
There are several common exclusions which may apply to business insurance policies. These may include:
- Unlawful activity
- Criminal negligence
- Intentional damage or reckless behaviour
- Flood damage
- Asbestos-related incidents
- The effects of pollution
- Incidents which happened before or after your cover period
- Prior or existing risks which were not declared at the time the policy was taken out
How much will insurance cost for my Northern Territory business?
There are several variables which insurers will account for when determining how much your premiums will cost,
including the following:
- The industry you’re in
- Your business location
- The structure of your business
- Your business size and turnover (whether you’re insuring a large or small business)
- The number of employees you have (if any)
- Your insurance history and whether you’ve made any recent claims
Different industries will come with different risk profiles for insurers, so this will be one of the most notable
factors when it comes to your policy’s cost. For instance, an online business may be deemed a lesser public
liability risk than one with a physical premises (though this will also depend on the nature of the online
business).
Your business’ location within the NT can also impact its cost. Costs for policies in densely populated areas, such
as insurance in Darwin, may be different from those for more rural businesses. It’s always important to compare your
options before you buy insurance to see how much your policy may cost you overall.
How do I compare business insurance in the Northern Territory with Savvy?
Some of the key comparison points to consider when choosing a policy for your NT business are:
- Inclusions: make sure the policy you’re buying offers the most suitable coverage for your
business in areas where you’re more likely to need it. - Exclusions: of course, you should always determine whether there are any areas of exclusion
which may negatively impact your business and leave you uninsured in important areas. - Payout limits: consider your business’ needs and see whether the policies you’re looking at
offer suitable coverage. - Excesses: determine what the potential excesses may be before you buy to help you find one
better suited to your situation. - Cost: it’s always crucial to compare similar policies based on cost, as doing so could help you
avoid overpaying for insurance and find a cheaper policy suited to your business’ needs.
You can compare a range of business insurance quotes through Savvy from our partner’s panel of leading companies. You
can compare offers based on your business’ details and if you find one you like, you can buy your policy online with
minimal fuss.
Who may need business insurance in the Northern Territory?
Most businesses will benefit from insurance in some form or another, as most will have certain types of risk they
face on an ongoing basis. Some of the businesses which are likely to need at least one type of insurance include:
- Health professionals, such as doctors and nurses
- Allied health professionals, such as physiotherapists and occupational therapists
- Anyone in finance, mortgage broking or accountancy professions
- Food businesses, cafes and restaurants
- Professionals such as architects, engineers and consultants
- Tradies, such as electricians and plumbers
- Retail businesses, including online and mobile companies
- Photographers, graphic designers and artists and IT consultants
- Cleaners and cleaning staff
