Business insurance
Business insurance quotes from licensed Australian brokers
Property, liability, interruption and the covers that only matter once something goes wrong. Tell us what you do and brokers will build it around the business.
- Licensed Australian brokers
- Free to use
- No obligation
Business insurance is not one product. It is a set of covers that get assembled around what a business actually does, what it owns and who it owes duties to. A cafe, a civil contractor and a software consultancy have almost nothing in common in what they need, which is why online quote engines struggle and brokers do not. CoverMy is free to use and takes about two minutes. Tell us about the business and licensed Australian brokers come back with options and an explanation of what they have included and why.
The covers most businesses start with
Almost every business ends up considering the same short list, then adding the covers specific to its trade. What matters is which of these your contracts, your landlord or your regulator require, and which ones would actually hurt if the event happened.
- Public and products liability for injury or damage you cause to others
- Property cover for premises, stock, plant and fit out
- Business interruption for the income lost while you cannot trade
- Workers compensation, which is a statutory requirement once you employ
- Cyber cover for data breaches, ransomware and system outages
- Professional indemnity where you give advice or provide a professional service
Business packs and when they fit
Many insurers offer a business pack, sometimes called a business insurance package, bundling property, liability, interruption, glass, money and theft into one policy. Packs are efficient for straightforward businesses: retail, offices, light trades and hospitality. They tend to run out of room where the risk is unusual, where sums insured are large, or where the trade attracts specific exclusions. Your broker will tell you whether a pack covers you properly or whether you are better off with sections placed separately.
The covers people find out about too late
Business interruption is the one most often left off and most often needed. Property cover rebuilds the shop, but it does nothing about the six months of trading you lose while it is rebuilt, and the wages you keep paying to hold your team together. Cyber is the other. A ransomware event stops most modern businesses just as effectively as a fire, and property policies do not respond to it. Neither is expensive relative to what they cover.
What underwriters want to know
Be specific about what the business does, because occupation drives everything. Turnover, wages, the trades you undertake, whether you work at heights or with heat, whether you export, and whether you use subcontractors all matter. Contracts with principals and landlords often specify minimum limits, so have those to hand. Underwriters will also ask about claims over the past five years, and being upfront about them almost always produces a better outcome than having them surface later.
How it works
- 1
Tell us what the business does and what you need covered
2 min form
- 2
Licensed brokers review and compete on your quote
- 3
Compare offers and choose
No obligation
Frequently asked questions
What insurance does a business legally need in Australia?
Workers compensation once you employ staff, arranged through your state scheme or a licensed insurer depending on where you operate. Motor vehicles need compulsory third party. Some occupations require professional indemnity under their licensing regime. Everything else is commercial rather than legal, though contracts and leases frequently make particular covers mandatory in practice.
How much does business insurance cost?
It depends almost entirely on what the business does. Turnover, the trade itself, the values at risk, the limits you need and your claims history all feed in. An office based consultancy and a roofing contractor are priced very differently. A broker can put your details to multiple insurers and come back with real figures.
What is a business pack?
A bundled policy combining property, liability, interruption and several smaller sections under one renewal. Packs suit straightforward businesses and are usually more efficient than buying the sections separately. They become limiting where the risk is unusual or the sums insured are large, which is when a broker will place sections individually.
Do I need public liability if I work from home?
Often yes. If clients visit, if you attend client sites, or if your work could cause injury or damage to someone else's property, the exposure exists regardless of where your desk is. Home policies generally exclude business liability. Many contracts and venues also require evidence of cover before you can start work.
What is business interruption and do I need it?
It covers the income you lose while you cannot trade after an insured event, plus the costs that continue anyway such as wages and rent. Whether you need it comes down to how long you could survive without revenue. For most businesses with premises, it is the section that decides whether they reopen.
Does CoverMy sell the insurance?
No. CoverMy passes your request to licensed Australian brokers who contact you directly. All advice, quotes and policies come from the broker you deal with. There is no cost and no obligation.
Get business insurance quotes
Tell us what the business does and licensed brokers will be in touch. Or call 1800 677 761.
Other cover you might need
This page is general information only. It does not take your situation into account and it is not a recommendation to buy any policy. Cover, limits and exclusions vary between insurers, so read the Product Disclosure Statement and Target Market Determination and refer to your broker for the full details of any policy.
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Important: CoverMy is not a comparison site and does not provide insurance. We connect you with licensed insurance brokers who provide advice and quotes based on your needs. All advice comes from your broker, using information you provide with your consent.
This page is general information only. It does not take your situation into account and it is not a recommendation to buy any policy. Cover, limits and exclusions vary between insurers, so read the Product Disclosure Statement and Target Market Determination and refer to your broker for the full details of any policy.
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