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You pay a regular fee and in exchange you'll get financial help in heaps of untoward situations. That could be anything from burglary and storm damage, through to legal costs and compensation if you find yourself on the wrong end of a lawsuit.
One of the best bits of business insurance is that you can pick and choose which types of cover you want. Don't have any stock? Scrap contents. Worried about an online hack? Add cyber.
If you're not sure which type of business insurance you need, we suggest chatting with an expert broker who will be able to help. However, we created the table below as a quick guide.
| Type | If your business... | You run the risk of... | Insurance can help you with... |
|---|---|---|---|
| Commercial property |
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| Professional indemnity |
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| Product liability |
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| Public liability |
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| Business interruption |
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| Cyber |
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Fill in the form below and an expert broker will get back to you with advice and options. Don't worry, we won't spam you or share your details with anyone other than our brokers.
Public liability insurance and professional indemnity are compulsory for certain professions. Without it, they may not be able to operate with a full licence.
Different states set requirements for liability insurance, as do professional associations and licensing bodies. Some even set minimum requirements for the amount of insurance needed.
Many businesses will also demand that their suppliers or service providers have business insurance as part of their contract.
However, the rules vary between different states and different professions, so it's best to check with an insurer, your own professional association or an expert broker.
If you employ at least one person, it's very likely you will need workers compensation insurance. Read specific requirements here.That'll depend on how comprehensive your policy is, what type of business you're running and how big your turnover is – among a few other factors.
To give you an idea of just how much quotes can vary, we requested quotes for two of the most popular types of business insurance: public liability and professional indemnity.
All quotes are for $10 million worth of cover, for businesses with the same Sydney address. It just goes to show how much prices can vary, even between insurers.
| Business type | Massage therapy | Domestic cleaning | Plumbing and gas | Coffee shop |
|---|---|---|---|---|
| Workforce | 1 worker | 2 workers | 3 workers | 4 workers |
| Annual revenue | $100,000 | $150,000 | $300,000 | $350,000 |
| Quote 1 | $24.15 | $63.33 | $82.57 | $42.73 |
| Quote 2 | $40.55 | $73.46 | $159.44 | $56.65 |
| Quote 3 | $68.80 | $115.97 | $257.24 | $208.62 |
All quotes are for $2 million worth of cover, with the same Sydney address. Only one insurance brand we looked at would provide quotes for every business, so we've only listed those prices.
| Business type | Land surveying | Bookkeeping | Migration agency | Mortgage brokerage |
|---|---|---|---|---|
| Workforce | 1 | 2 | 3 | 4 |
| Annual revenue | $100,000 | $150,000 | $300,000 | $350,000 |
| Quote | $158.13 | $108.99 | $96.59 | $71.50 |
Lots of factors affect the cost of business insurance, including:
You want the best for your business. When looking for insurance, keep these tips in mind:
Different businesses need different types of insurance. We've given a brief overview further up this page, but it's worth taking the time to properly understand your risks.
Never be tempted to bend the truth in order to save a few bucks. If you deliberately mislead your insurance company, you could find a claim is rejected further down the line.
Don't just settle for the first policy you find. Compare online and you could find more comprehensive cover, a better price or if you're really lucky, both.
We know insurance documents aren't fun but they're super important. Invest your time in properly reading the PDS so you know exactly what you're covered for and what you aren't.
Business insurance is tricky. Don't be put off just because you're not an expert. There are plenty of experts out there who can help you. Plus, it doesn't cost a cent to get advice from a broker.
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Liability insurance is a broad term that describes a few types of business insurance cover. The type you need will depend on the nature of your business.
If you are a massage therapist, you’ll need to consider business insurance including professional indemnity cover.
There are various types of insurance to consider based on your specific business needs. Find out more in this guide.
If you are audited by the ATO there are costs involved even if you don't get fined. This is where accountancy insurance comes in.
Hi, could you please tell me if a sole trader who owns a mobile welding van needs business insurance or whether 10M Public Liability is enough?
Hi Olena,
Thanks for getting in touch! As your business is construction related this poses higher risks especially if this a mobile welding van. It would be best to speak to an insurance broker as they will be able to see the whole picture of your business and from there offer you the best insurance for your business.As a friendly reminder, carefully review the Product Disclosure Statement of the product before applying.
Hope this helps!
Best,
Nikki
Hi i am a snake handler and remove snakes from private residence’s . Would you be able to give me some prices on public liability insurance.
Hi Jaime,
Thank you for your inquiry.
The cost or premium of public liability insurance would depend on some factors including but not limited to the nature, size, and location of your business. Insurers would also assess any potential risks associated with outsiders who use the premises when considering the cost.
With this in mind, you may go ahead compare the quotes for public liability insurance from different brands. There’s a form on that page, which you can fill out. Once you have submitted your information, someone will then get in touch with you and discuss the available options based on your needs. Moreover, you’ll also get more details on what are and aren’t covered by public liability insurance on that page.
Hope this helps.
Cheers,
May
Who has the cheapest public liability insurance for market store insurance of $20,000,000
Hi Kev,
Thanks for getting in touch.
I’m afraid I can’t provide you a specific answer as we don’t provide online quotes at this time. If you would like to get a quote from an adviser, you can do so by entering your contact details on our business insurance quote form.
All the best,
Richard
Hi, I have few q’s on public liability can some one get back to me please. Thank you.
Hi Jaymz,
Thanks for getting in touch.
You may complete the contact form to get quotes and speak with an adviser for public liability insurance. Please make sure to read the eligibility criteria, features, and details of the policy, as well as the relevant Product Disclosure Statement of the policy before making a decision and consider whether the product is right for you. If necessary, speak to the insurance brand to verify any details.
Cheers,
Richard
Please advise what insurer cover Market stall insurance, Public liability insurance, regarding Childrens temporary airbrush tattoos (non-invasive)
Hi Peter,
Thanks for getting in touch. Finder is a comparison service and can’t provide personalised financial advice. If you like to speak with an adviser, please complete the form above and someone will be in touch.
All the best,
Richard