Business Insurance New South Wales

Whether you're living in the heart of Sydney or the scenic regions of Newcastle, Wollongong or Byron Bay, having the appropriate car insurance is essential for all New South Wales residents. That's why it's important to compare different insurance options to find the policy that suits your needs.

Providers you can compare

What car insurance options can I choose from in New South Wales?

The main car insurance options available to drivers in New South Wales are:

• Green Slip: known as CTP insurance in other states, a Green Slip is mandatory in New South Wales and is designed to cover your liability for personal injury or death caused by your vehicle to others. It doesn’t cover vehicle or property damage. This scheme is regulated by the State Insurance Regulatory Authority (SIRA) and policies are offered by a list of approved insurers.
• Third party property damage (TPPD) insurance: this can cover damage caused by your vehicle to someone else's property. However, it doesn’t cover any damage to your vehicle, making it a cheaper car insurance option than other third party or comprehensive cover.
• Third party fire and theft (TPFT) insurance: this type of cover can include protection from fire and theft damage to your vehicle, along with damage caused by your vehicle to someone else's property.
• Comprehensive car insurance: comprehensive insurance can insure your vehicle against a range of covered risks, such as accident, collision, theft, fire, vandalism and weather events (all subject to your insurer’s terms and conditions). It can also cover damage to third party property you're liable for.

*Not all weather-related incidents are covered under a comprehensive car insurance policy. Check your PDS to find out what's covered and what isn't.

How do I compare car insurance offers in New South Wales?

When comparing car insurance deals as a driver in New South Wales, it's crucial to consider multiple factors to make an informed decision:

• Policy coverage: it’s crucial to thoroughly review the inclusions and exclusions of each policy. Understand any driver restrictions, limitations on vehicle types and potential additional coverage options which may be available to you. This can help you avoid an unwanted surprise when you go to make a claim.
• Cost of the policy: comparing premium rates is essential. Look for a balance between affordability and adequate coverage to meet your needs, ensuring you're not compromising on essential features while avoiding breaking the bank wherever possible.
• Optional extras: consider the available add-ons offered by insurers. These may include things like roadside assistance, cover for personal effects in your vehicle and a choice of repairer. Think about which extras you need, whether they’re offered and if other extras are necessary or not worth the added investment.
• Excess options: check what each insurer’s excess options While higher excesses can lower premiums, it’s crucial to ensure it's an affordable amount for you in case of a claim. Consider potential out-of-pocket expenses and strike a balance between savings and financial feasibility.
• Discounts and bonuses: look for discounts and bonuses which can help you save. These may range from discounts after signing up online or a longer-term price drop for bundling more than one policy with the same insurer, such as car and home insurance. Understand the eligibility criteria for each discount and assess their long-term value.
• Payment options: consider the flexibility of payment plans provided by insurers. Determine if you can pay premiums monthly or annually, comparing any discounts or benefits associated with each option. It’s important to choose a payment schedule which aligns with your financial situation and budgeting preferences.
• Agreed or market value cover: in the event of a write-off, you can insure your car for market value or an agreed value. The former sees your insurer paying a lump sum based on its value at the time of the write-off, while the latter involves agreeing a sum with your insurer. Agreed value is generally more expensive and isn’t available with all insurers, so it’s worth comparing policies if you want a choice in this area.

By considering these factors, you can compare policies more effectively and pick out the best possible one for your needs and budget with more confidence.

What are the requirements for car insurance in New South Wales?

In New South Wales, it is a legal requirement for all registered vehicles to have a Green Slip. As outlined above, this type of insurance can provide coverage for personal injury or death caused by your vehicle to other individuals, protecting you against covered compensation claims.

Although there’s no legal requirement in Australia for drivers to hold a comprehensive or third party car insurance policy, you may choose to take out one of these policies because of the extra protection it can provide you and your savings beyond what CTP can offer.

Comparing quotes from different insurers is a prudent approach to finding the best possible coverage available for your profile and premiums that most closely align with your requirements and financial situation.

Types of business insurance

Workers compensation insurance

Mandatory in Australia, this covers the wages of employees who are unable to work due to injury or illness incurred while on the job.

Public liability insurance

Covers legal costs and compensation claims if a third party is injured or their property is damaged due to your business activities.

Professional indemnity insurance

Protects against claims of professional negligence or errors in your work, providing financial coverage for legal costs and damages.

Product liability insurance

Provides coverage if a product you supply, sell or manufacture causes injury or property damage, covering legal costs and compensation claims.

Commercial property insurance

Protects your business property and assets from damage or loss due to events like fire, theft or natural disasters.

Business contents insurance

Covers loss or damage to your business equipment, stock and contents due to events like theft, fire or natural disasters.

Business interruption insurance

Financial protection if your business is unable to operate due to a covered event, covering lost income and ongoing expenses.

Management liability insurance

Protects directors and officers from legal claims related to their management decisions and actions, covering legal costs and damages.

Business equipment insurance

Covers loss or damage to your business equipment and machinery including portable items due to events like theft, fire or accidental damage.

Cyber liability insurance

Protects against financial losses and liabilities arising from cyber-related incidents, including data theft, cyber attacks and ransomware demands.

Tax audit insurance

Insurance that covers the cost of professional fees associated with responding to tax audits, including accountant fees and legal representation costs.

Small business insurance

A comprehensive policy combining public liability, property and contents insurance, tailored for small businesses.