Best Business Insurance

If you run a business, it’s important to know how you can protect it with business insurance. Learn about the different types of insurance (including public liability insurance and professional indemnity insurance) as well as how to choose a policy that meets the needs of your business and industry. Continue reading...

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Based on 1,378 reviews
Smart Business Insurance

Smart Business Insurance 🏆 2024

4.9  (175) Summary
Richard2 posts
Quick and easyQuick and easy process. From my initial on line request I was contacted straight away even though it was after hours- very impressive. And they found me a cheaper quote! Thank you Show details ·  1
BizCover Business Insurance

BizCover Business Insurance 🏆 2024

4.3  (569) Summary
CarlieNSW3 posts
Great price coverGreat price for great cover. Customer service was very helpful. Show details
Youi Business Insurance

Youi Business Insurance

4.6  (50) Summary
Sarah PatrickIf you want insurance and a number one consultant at Youi ask for Sarah Patrick and tell her what you want and she will make it happen. I decided because of Sarah to insure my whole fleet with her. Don’t waste your time with other insurance companies she is the absolute best in the industry. I just wished she worked for me. Show details
NRMA Business Insurance

NRMA Business Insurance

4.1  (52) Summary
AlbertNSW34 posts
Unhappy customerHad a public liability insurance and when the renewal email came, I responded that my business isn't trading and wanted to cancel the policy.
They kept deducting money from my account and after contacting NRMA they only offered to refund 1 month.
Another corporate grubby organisation Show details
NRMA Insurance
NRMA Insurance   DM   
CGU Business Insurance

CGU Business Insurance

3.7  (24) Summary
H Kang
CGU   DM   
Super Funds Awards 2022!
Super Funds Awards 2022!
Wendy Z.
Wendy Z.
Guild Insurance

Guild Insurance

2.9  (19) Summary
Lis58 posts
Can't fault them, made claim experience hassle freeCan't fault them. Been with them for about 5 years and never needed to make a claim. Last week after a bad storm i made a claim and within 2 days it was all approved and money sent. Josephine was fantastic. Customer service from the start was quick and efficient. Show details
FD Beck Insurance Brokers

FD Beck Insurance Brokers

5.0  (4) Summary
Fast actingGreat service and great outcome. happy to use them again Show details ·  1


1.9  (51) Summary
Name display
Name display
  Fair Incentive
I have three hands so I can give three thumbs down!Claims department supervisor got scared; may have lost comfort rug or dummy. Show details
Allianz Small Business Insurance

Allianz Small Business Insurance

3.3  (7) Summary
AnneVIC2 posts
Outstanding Customer ServiceI have dealt with Allianz twice in the past two weeks, and each time the phone is answered within seconds and in another second a real person. Both theses staff spoke spoke clearly and I could understand. Problem solved in around a minute. Great service, when great service is hard to find these days. Show details
AAMI Business Insurance

AAMI Business Insurance

2.0  (19) Summary
Hooman S.
Hooman S.New South Wales3 posts
Lucky You're NOT With AAMI!The manager canceled my public liability only business insurance I had for 6 years, because I work in a flood prone area. After keeping me waiting on the line for 40 minutes. Show details
Insure 247

Insure 247

4.0  (4) Summary
Betsie L.
Betsie L.2 posts
Not happyThe service is poor the people working there didn't do there work Show details
Consolidated Insurance Brokers

Consolidated Insurance Brokers

5.0  (2) Summary
Judy L.
Judy L.QLD
Fast, Easy and Professional ServiceConsolidated Insurance Brokers helped me get a competitive fit for purpose insurance policy in a fast and easy manner. Friendly and professional service, Debbie was such an amazing insurance broker to help me. Thank you. Show details
Chubb Business Insurance

Chubb Business Insurance

1.5  (17) Summary
tony slade
tony slade2 posts
Deliberate stalling. And unreasonable delaysHave a policy for my yacht with pantaneous and underwritten by Chubb.
Put in a claim when we suffered damage in February storms at Yamba.
Some 5 months later and I have had enough of the stall tactics.
Will be lodging a dispute with afca this evening.
Wouldn't waste my money dealing with either of these outfits
GIO Business Insurance

GIO Business Insurance

1.3  (23) Summary
BJNWA4 posts
Trade Risk Business Insurance

Trade Risk Business Insurance

2.3  (3) Summary
TimNSW2 posts
they make you fill out all the information first thenThey make you fill out all the informations first tell you the monthly amount then change it all when it comes to pay monthly saying you have to pay admin fee on top very misleading information that should be given before to make fair comparison  Show details
Trade Risk Business Insurance
Trade Risk Business Insurance   DM   
Chloe U.
Chloe U.QLD2 posts
Great advice and coverIt was great to finally speak with someone who genuinely showed care in my business. I spoke with a number of brokers while looking to get quotes and half of them didn’t even call me back. It was great speaking with Priority Insurance Brokers, they really made everything so easy for me.
QBE Small Business Insurance

QBE Small Business Insurance

1.0  (10) Summary
Bluleu10 posts
QBE   DM   

Hi, we're so sorry to hear about your experience, definitely not the one we want you to have. We have sent you a message with regard to this. ^Bianca

UselessCase managers make errors but don’t fix the mistakes, escalated to complaints department and that was a waste of time. Allianz being worksafe agents don’t abide by the legislation regarding claims and process. No duty of care towards injured workers Show details
joshNSW32 posts


No reviews
Tank Insurance

Tank Insurance

No reviews
Vero Insurance

Vero Insurance

1.5  (109) Summary
Robert tikulin
Robert tikulinSA
Vero unfairNot happy at all been with vero for 13 years they decided not to renewal my insurance because I’m renovating my property which has been unoccupied for over 2 years.i have full security visit property everyday and because of that I’m a high risk and plus I’ve been paying very high premium for years this is total star rating is zero.
AIA Australia

AIA Australia

1.4  (236) Summary
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Ali A.
Ali A.3 posts
  Income Protection

Two men sitting at a table and talking business.

This guide should not replace professional financial advice.

What is business insurance and how does it work?

There are lots of risks involved in running a business. To protect against this risk, business owners take out business insurance policies in the event that something happens.

There are many different types of business insurance policies, but depending on what policy you have, business insurance can cover your business for lost income, legal liability, damage to property, and more.

Some types of business insurance are compulsory, either by law (such as worker’s compensation insurance) or because those you deal with may require it.

Compulsory insurance for businesses in Australia includes:

  • Worker’s compensation insurance (if your business has employees)
  • Public liability insurance (compulsory in some industries)
  • Third-party personal injury insurance (if you own a motor vehicle)

You may require other compulsory insurance depending on the industry or sector your business operates in. Talk to a business adviser or business insurance broker to learn more about what insurance you need.

What happens if you don’t get business insurance?

If you don’t take out business insurance and it’s mandatory for your business, you could be fined or even face jail time.

That aside, if you don’t have business insurance, you’ll have to pay out of pocket for all the things you don’t have cover for. Depending on the incident, what you owe can add up fast. For more serious events, you could be liable for a huge payout, particularly if you need to pay for legal costs, lost income, or repairs.

Types of business insurance

There are many different types of business insurance, so what you need will depend on the law, the nature of your business, and what you want cover for.

Here’s a quick overview of some of the more common insurance types. Note that This is not an exhaustive list.

Worker’s compensation insurance

Worker’s compensation insurance is compulsory if your business has employees. It covers the business for costs it’s liable for if employees suffer a work-related accident or illness. In most cases, an employer will have to provide worker’s compensation through an authorised insurer.

If you’re a sole trader, you can’t cover yourself with worker’s compensation insurance, as this insurance is for employees. This means sole traders need to insure themselves against death, disability, or illness.

Public liability insurance

Public liability insurance provides protection for you, your staff and your business for legal costs and other expenses if, while you’re running your business, a third party gets injured or their property is damaged on your premises, because of your products, or if you’re negligent.

An example is if your business causes injury or death, such as a customer slipping on your premises. While it’s not compulsory in Australia, some contracts may require your business to have it for your business to operate.

Professional indemnity insurance

If you provide a service or give professional advice, professional indemnity insurance covers you if there are financial losses as a result of your advice. It may cover breaches of a contract, such as not achieving the results of a contract or providing negligent advice.

Product liability insurance

If your company sells, supplies, or delivers goods (this can mean products, repairs, or services), then you may want to consider product liability insurance. This insurance covers third-party damages if your products cause injury, property damage, economic loss, nervous shock, or death.

Third-party personal injury insurance

Third-party personal injury insurance covers for death and injury when you or the person driving your vehicle is at fault in an accident. This insurance is compulsory if you own a motor vehicle, and applies whether your vehicle is for business or personal use.

Personal or loss of income insurance

There are different types of personal or loss of income insurance that cover you or your business in different situations.

This includes, but isn’t limited to:

  • Income protection or disability insurance covers part of your income if you’re unable to work because you’re suffering a sickness or have had an accident.
  • Life insurance gives your beneficiarites either a lump sum or a series of payments if you die. This type of insurance helps your family meet their financial obligations if you can no longer provide for them.
  • Total and permanent disability insurance gives you a lump sum payment if you become permanently disabled before retirement and can no longer work.
  • Business interruption insurance protects you if your business suffers damage to property by certain insured events, helping you pay your ongoing expenses and maintain profits.
  • Employee dishonesty or fidelity insurance covers losses caused by employee theft or fraud.
  • Management liability covers your personal assets when a manager at your business acts in an illegal or unethical way, which results in losses to individuals or businesses.
  • Tax probe or tax audit insurance covers the fees of professionals and accountants if financial or tax affairs of your business are audited by the ATO or another agency.

Stock, products and asset insurance

If your business has stock, property, products, and assets, there are a variety of insurance policies that can protect you if something goes wrong.

This includes, but isn’t limited to:

  • Building and business contents insurance covers against events like fire, earthquake, floods, and malicious damage.
  • Burglary insurance covers business assets and is particularly useful for retailers who have a business property that isn’t always staffed.
  • Deterioration of stock covers your business when a fridge or freezer breaks down and chilled, refrigerated or frozen stock rots.
  • Machinery breakdown covers your business when mechanical and electrical machinery at your work site break down.
  • Goods in transit covers the goods you buy, sell or use while they’re being transported.

Three people sitting around a table and talking business.

What to consider when choosing business insurance

The needs of your business

Before seeking out a policy, you should sit down and think about:

  • The needs of your business
  • The risks your business faces
  • What could go wrong with your business (and how likely these are to happen)

When thinking about things that could go wrong, you should try to evaluate the consequences of each risk and, if possible, try to assign a monetary value to them. This will help you decide what you need cover for (as if it happened it may bankrupt your business) and what you might not need cover for (such as the theft of some low-value stock).

Get advice from a licensed expert

Insurance is a tricky topic, so it’s a good idea to get advice from a business adviser or business insurance broker. You can check an insurance broker’s license on the Australian Securities & Investments Commission’s (ASIC) register.

You should also check information on insurance in the state or territory your business operates in, as rules and regulations can vary.

What the policy does (and doesn't) cover

Make sure you clearly understand what you’re covered for under your different policies, and make sure you have an appropriate level of cover. Claims may not be approved if you’re underinsured.

Read the Product Disclosure Statement (PDS) of your policy

Your policy’s Product Disclosure Statement will outline what’s covered in your policy, and will also detail your policy’s exclusions, excess, limits and more.

Terms and conditions

Sometimes an insurer will have certain things you need to do so that the policy remains valid. For example, some insurance policies require you to install locks on windows to protect you against theft. Follow these terms to help increase the chance of success of any claims you submit.


Whether or not you expect your business to grow and its needs to change, consider the scalability of an insurance policy. For example, can you upgrade or adjust your policy if you increase or reduce the size of your team? Can you add on extras later down the track?

Renewal period

Most business insurance policies renew annually, however you may be able to choose a shorter renewal period - some policies offer a 6 month renewal period.

Make sure you know when your policy is due for renewal so you can look over your policy and see whether you need to make changes to it (particularly if your business has undergone important changes) or if you might want to look for a better deal.


The price of business insurance will vary depending on a number of factors, including the type of business you have, the level of cover you need and want, and the level of risk your business faces.

Shop around and get quotes from different providers to get a good idea of what a suitable policy will cost you. It’s also worth noting that you can claim tax deductions for most expenses you incur in operating your business.

The bottom line

Before you meet with a business adviser or business insurance broker, it’s important to have a good think about the nature of your business and the needs of your business. Being well prepared before talking to an expert will help ensure you choose insurance that’s right for your business.

Remember to review your insurance cover:

  • Before you renew it
  • When you acquire or dispose of assets
  • When major or important changes happen in the business
Disclaimer: The information on this website is for general information only. It should not be taken as constituting professional advice from the website owner - is not a financial adviser. You should consider seeking independent legal, financial, taxation or other advice to check how the website information relates to your unique circumstances. is not liable for any loss caused, whether due to negligence or otherwise arising from the use of, or reliance on, the information provided directly or indirectly, by use of this website.

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