Business Owner Insurance

Compare comprehensive insurance packages for small business owners here with Savvy. 

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, updated on July 17th, 2023       

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We’ve partnered with BizCover to bring you a range of business insurance policies to help you compare them side by side.

As a business owner, comparing insurance policies to find the right cover is an important task to make sure your company is protected if anything goes wrong. From public to product liability, business contents to professional liability, you can find the right insurance for your small business in a matter of minutes here with Savvy. 

Just answer a few straightforward questions about your business and the coverage you need and you’ll have multiple quotes to compare from some of Australia’s leading insurers within minutes. Finding the right business owner’s insurance has never been easier, so get the process started today.  

What is business owner insurance?

Business owner insurance is a package of business insurance which provides most of the cover and protection a business owner may need. Business insurance packages are designed to give you the cover you need with the convenience of bundling them all into one single document. The package can include elements of the following types of insurance: 

Public liability insurance 

Public liability insurance defends companies against third-party claims brought against them due to an injury or property damage. These claims are most frequently brought by clients, customers or members of the public who are hurt or have their property damaged while on your property (or in a public area where you’re in charge of maintaining safety). Such third-party damage claims may also be brought about by one of your employees' actions or by any harm they accidentally cause to someone or their property. In most cases, you can also have product liability included, which offers the same protection but for any products you make or sell.

Professional indemnity insurance 

Professional indemnity insurance covers an individual or business against claims that the advice they gave or service they offered was negligent or breached their duty of care. It’s a compulsory type of insurance for many professions, including surgeons, doctors, nurses, many allied health professionals and those occupations offering financial advice. For example, if you’re an accountant, having $2 million worth of professional indemnity cover is compulsory to join CPA Australia, which is the industry association for accountants in Australia.  

General business insurance 

While the two types of insurance above protect against business liability, general business insurance protects your small business assets. It can cover your property, stock, equipment and tools in case an insured event such as a fire, storm or impact damage negatively affects your business. Business insurance is a package which may also offer elements of: 

Rather than having several different insurance policies, a business owner insurance package can be tailored to include the types of insurance most needed by your small business. It’s often cheaper to get a package rather than go to an insurance broker or purchase multiple different policies separately online or through an insurance broker. For example, if you run a martial arts school, you may need substantial public liability insurance to protect your clients in case they get injured, but also protection for your business premises and contents too, so bundling all your insurance needs into one package would make sense.

What other types of business insurance can I choose from as an owner?

The other types of business insurance you may need for your business include the following: 

  • Workers compensation insurance – which is compulsory in Australia for all employers to cover their employees if they are hurt or injured at work. All states and territories have their own legislation covering this type of compensation 
  • Glass insurance – to cover breakage of shopfronts, reception desks, signs and advertising. Glass breakage may be an exclusion in certain types of general property insurance 
  • Cyber liability insurance – offering protection to your online data and systems in the event you are subject to a hacking attempt, cyber ransom attack or data theft 
  • Management liability insurance – which covers owners, managers and directors against claims of mismanagement or legislative breaches. It can also cover executives against claims including unfair dismissal, sexual harassment, discrimination or defamation 

How to purchase business owner insurance through Savvy

Types of business insurance

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More of your questions about business owner insurance

Is workers compensation insurance ever included in a business package?

No – workers compensation is offered on a state-by-state basis, so check your state government’s website to see the arrangements in place for your state or territory. For example, the insurance offered to a company in Darwin to protect their workers will be very different to a policy for a business located in Queensland. 

Is it cheaper to pay for my business owner insurance annually?

Yes – annual payments are usually between 5% and 10% cheaper if you pay for your cover in a lump sum, rather than in monthly premiums. However, insurers understand that not all businesses can afford to pay their insurance in a lump sum, so monthly premiums are most commonly offered.  

Is the cost of a business insurance package tax-deductible?

Yes – the ATO considers the cost of business insurance to be a legitimate expense of doing business, so you can claim the cost of your premiums as a tax deduction. 

What happens to my insurance if I sell my business?

If you decide to sell your business, you can cancel your insurance policy, as it’s issued to you as the business owner rather than belonging to the business as an entity. The new owners will need to arrange their own insurance to cover the business they’ve just purchased.  

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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.

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