Written by Business insurance is a form of cover which is designed to protect businesses against certain unforeseen circumstances (as outlined in your policy documentation and further subject to any qualification criteria as set by your insurer). Whether you're based in rural Victoria or the heart of Melbourne's CBD, it's essential to understand what policy is right for your business.
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Insurance can be a great way to provide your Victorian business with a level of protection for a range of covered events as outlined in your policy’s terms and conditions. Whether you’re running a cafe in central Melbourne or a hobby farm on the outskirts of Bendigo, there’s a variety of different policies available for you to choose from.
By comparing with Savvy, you’ll be able to consider offers from our providers, who comprise a selection of the leading insurers operating in Australia today. All you’ll need to do is fill out a quick, no-obligation quote about your business and what insurance you’re after and you’ll have real-time deals to consider. Get the process started with us today, wherever you are in Victoria.
What types of business insurance are available in Victoria?
Some of the different types of insurance available in Victoria 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 terms of how much you’ll be able to claim, you can generally choose between limit options of $5 million, $10 million and $20 million, though higher amounts may be available through negotiation with your insurer.
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 can offer your business protection against claims that a product you supplied (whether manufactured by you or imported and sold) caused harm to a third party or damaged their property. It may come with similar claim limits to public liability cover, though this will also depend on the nature of your business and how much you need.
What it covers:
- Claims that a product you supplied caused sickness or injury
- Claims that a product you supplied caused damage to a third party’s property
- Legal fees to defend yourself against such claims
Professional indemnity insurance
Professional indemnity insurance can offer cover against claims that the advice you gave or service you provided was negligent, sub-standard or caused loss or harm. Claim limits can start at $250,000 and can reach up to $10 million or more if required.
What it covers:
- Payment of compensation to a successful plaintiff
- Payment of court-awarded damages
- Legal defence costs
- The cost of defending yourself in formal investigations or enquiries
General business insurance
General business insurance (also called business owner insurance) is a package which can offer cover against a range of covered risks, such as those facing your physical business premises and assets (including portable equipment). It can also include elements of public liability, professional indemnity and product liability cover.
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
There are many add-ons available which you can purchase as part of a business insurance package, which include:
- Commercial property insurance (may offer a higher level of protection for your business premises than offered by standard business insurance)
- Glass breakage (which is a common business insurance exclusion)
- Business interruption (which covers 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 your costs if you’re subject to an ATO audit)
- Management liability (which can offer cover to business owners and directors against claims such as unfair dismissal or discrimination)
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. This comes in the form of an ongoing benefit which, if approved, can provide up to 85% of your salary (subject to meeting other insurer criteria).
You may also be able to choose your benefit period (up to two years with some insurers) and waiting period (may vary between seven and 28 days before you can make a claim).
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 Victoria?
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
As mentioned, all coverage under a business insurance policy will be required to meet your insurer’s terms and conditions, as well as any further qualification criteria, so it’s crucial to compare policies closely with Savvy so you can determine what your business is and isn’t likely to be covered for.
How much will insurance cost for my Victorian business?
There’s no one set cost of business insurance, as it’ll be determined for your business based on a set of factors, including:
- The industry you’re in
- Your business location (whether in rural or metropolitan Victoria, for instance)
- The structure of your business
- Your business size and turnover
- The number of employees you have (if any)
- Your insurance history and whether you’ve made any recent claims
Your industry is one of the most important factors, as insurers allocate risk ratios to different lines of work. For instance, a plumber or electrician working at people’s houses may be deemed a greater public liability risk than a rural hobby farm, which could mean insurance for that business would cost more.
The location of your business may also influence your insurance policy’s cost. For example, the cost of business insurance on the Gold Coast may not be the same as that for a similar business in Victoria.
How do I compare business insurance in Victoria?
An important part of figuring out what insurance your business needs is comparing a variety of factors with Savvy, some of which include:
- Inclusions: it’s essential to analyse what’s included in your coverage so you can be aware of the areas in which you may be able to make a claim.
- Exclusions: just as important as considering what’s included is thinking about what isn’t. For instance, if you run a vending machine business, it may be important to you to choose a policy which offers the option to add glass breakage cover.
- Payout limits: different policies have different claim limits, so it’s worthwhile considering how much you may need should you have to make a claim in different circumstances.
- Excesses: you can generally choose what excess you’re required to pay when making a claim, so consider whether different insurers can accommodate your preferred amount.
- Cost: being covered in the areas most relevant to your business remains crucial, but it’s still important to compare based on price to help you avoid overpaying for your policy.
Who may need business insurance in Victoria?
There's a wide range of businesses in Victoria which would benefit from having an insurance policy in place. This can provide a layer of security to owners and operators against a variety of unexpected events (should they qualify for coverage and be deemed claimable). Some of these businesses include:
- Professionals such as architects, engineers and consultants
- Services such as lawnmowing, landscaping and dog walking
- Food businesses, cafes and restaurants
- Anyone in finance, mortgage broking or accountancy professions
- Retail stores, including online and mobile businesses
- Tradies and sole traders including electricians and plumbers
- Health professionals including doctors and nurses
- Allied health professionals including physiotherapists, occupational therapists and alternative therapists
- Photographers, graphic designers and artists and IT consultants
The types of business insurance
Common business insurance questions answered
No – you don’t necessarily need to visit an insurance broker in person when buying your policy, as you can do so online through Savvy. There’s no need to travel or attend a meeting; simply fill out our simple quote form and you’ll be able to consider a range of insurance options instantly. If one meets your requirements, you can go ahead and buy it online.
No – cover for any form of business vehicle or trailer will need to be arranged through commercial car insurance, which is a separate type of insurance.
The information you’ll need when you contact your insurance company to make a claim will include:
- The name of the policyholder
- Your policy number and start date (which can be found on your Certificate of Currency)
- A detailed description of the incident (what happened to cause the damage or loss)
- Specific dates and times when the incident happened
- Contact details of any other parties involved (or witnesses to the event)
- Details of your police report number (if a crime took place)
- Details of the property lost or damaged (including its age and value)
- Your bank details for settling the claim
In Victoria, workers compensation insurance is provided by WorkCover Victoria and is compulsory for all employers who expect to pay more than $7,500 a year in wages. It’s of no consequence if the employee is full-time, part-time, casual or an apprentice; if you remunerate a worker, you must provide WorkCover insurance.
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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.
