SME insurance
SME insurance quotes from licensed Australian brokers
Small business cover without the guesswork. Tell us what you do once and brokers put together a pack that matches the trade rather than a generic template.
- Licensed Australian brokers
- Free to use
- No obligation
Small and medium businesses get served badly by generic insurance. Online forms ask a handful of questions and produce a policy built for an average business that does not exist, and the gaps only show up at claim time. A broker asks what you actually do, which contracts you sign and where the money comes from, then puts the risk to insurers who write that trade. CoverMy is free to use and takes about two minutes. Licensed Australian brokers come back to you with options.
What an SME package usually includes
Most small businesses end up on a business pack, which bundles the common sections under one policy and one renewal. You take the sections that apply and leave the rest, which keeps it affordable without leaving obvious holes.
- Public and products liability, commonly at ten or twenty million dollars
- Property, covering stock, contents, plant and fit out
- Business interruption for lost income after an insured event
- Theft, money and glass sections
- Portable equipment such as laptops, tools and phones used off site
- Tax audit and employment practices cover as optional extras
Sole traders and contractors
If you work for yourself, two things need attention. The first is liability, because most principals and head contractors will not let you on site without evidence of public liability at a specified limit, and many require professional indemnity as well. The second is you. Workers compensation generally does not cover a sole trader or a working director in most states, so if you cannot work, nothing replaces the income. Personal accident and illness cover fills that gap, and it is the piece most contractors overlook.
Getting the occupation right matters more than the limit
Insurers price and exclude by occupation, and the description on your policy decides what responds. A carpenter who also does some roofing, a cafe that starts doing catering, a consultant who begins designing rather than advising: each of those changes the risk, and a policy written for the original activity may not answer for the new one. Tell your broker about everything the business does, including the small side of it, and update them when the work changes.
When you outgrow a pack
Business packs have limits, both in the sums insured they will carry and in the trades they will accept. Growth in turnover, taking on staff, signing larger contracts with heavier indemnity clauses, or moving into a higher hazard activity are all signs it is time to look again. The transition is usually to sections placed individually with specialist insurers. A broker will tell you when you are near that line rather than letting you renew into a policy that no longer fits.
How it works
- 1
Tell us what the business does and its turnover
2 min form
- 2
Licensed brokers review and compete on your quote
- 3
Compare offers and choose
No obligation
Frequently asked questions
How much does SME insurance cost?
It turns mostly on the trade and the turnover. An office based consultancy with a few hundred thousand in revenue and a construction subcontractor with the same turnover sit in very different brackets. Claims history, the limits required by your contracts and the sections you take all move it. A broker can get you real figures quickly.
What public liability limit do I need?
Ten million dollars is a common baseline and twenty million is frequently specified by principals, government contracts and some councils. Check the contracts you sign, because the requirement usually comes from there rather than from law. Your broker can confirm the limit before you commit to the work.
I am a sole trader. Do I need workers compensation?
In most states a sole trader is not a worker of their own business and cannot be covered by the state scheme, so the answer is usually no, but the position differs between jurisdictions and changes as soon as you employ anyone. Personal accident and illness cover is the usual way sole traders protect their own income. Ask your broker about the rules where you operate.
Do I need insurance if I work from home?
Home policies generally exclude business activity, so business equipment, stock and liability arising from your work usually sit outside them. If clients visit, or you attend client sites, the liability exposure is real. A small business pack is usually inexpensive at this scale.
What happens if my turnover changes during the year?
Tell your broker. Several sections, particularly liability and business interruption, are rated on turnover or wages, and a significant change can affect both the premium and whether the cover is adequate. Most policies contemplate adjustment, and it is far easier to handle during the year than at claim time.
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 SME 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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