Best Business Insurance
BizCover Business Insurance 🏆 2026
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The policy was easy to set up, even better when doing it with such lovely people over the phone. Show details
Smart Business Insurance 🏆 2026
Really happy with the service I received from smart Business Insurance. Ezra was prompt to follow up from initial quote request to finalising our policy that provided substantial cost savings compared to our previous insurer. Would highly recommend Show details
Youi Business Insurance
Whilst Jim was extremely helpful on the phone, Youi will not cover our home business of a motor mechanic. So essentially, Youi is useless to me. Show details
FD Beck Insurance Brokers
We’ve been really impressed with FD Beck’s Insurance Brokers regarding their claims team. The process was smooth, communication was clear, and… Read more
everything was handled professionally from start to finish. It’s reassuring to know we can rely on a team that genuinely delivers when it matters. Highly recommended.
QBE Small Business Insurance
Easy, fast and economical. Completed everything online in less than 5 minutes. Show details
NRMA Business Insurance
It was with absolute joy that the staff member advised "you don't get another chance but as told me something incorrect in your ID check you now need… Read more
to email your ID check - incl DOB, full name, etc". What the heck! I am expected to open myself up to the hackers of the world via email... I recently moved and was one digit out with my new postcode. My bank account details have changed, and I now have no way to update them with the NRMA. The NRMA service was so appalling I have had to contact Bendigo and close my account to stop the NRMA from taking money. Needless to say, I have new business car insurance. It wasn't the fact that I made a mistake, but the joy in which the service centre took in advising I had no way of updating my details. Something simple turned so hard. Absolutely terrible customer service. Atleast send me an online, safe form to update? I am not sure if it is your policies that need updating, or your staff needs training. It is not ok, I am an honest person just trying to do the right thing and update my bank details, so my insurance continues.
Consolidated Insurance Brokers
Consolidated Insurances have been providing us with quality service and business insurances at competitive prices for several years. Whenever we need… Read more
to raise matters in need clarification, Consolidated Insurances, assist us with prompt professional advice. We highly recommend Consolidated Insurances and look forward to working with them into the future for all our business insurances. Graeme Hughes Director Elevator Consultancy Service Pty Ltd
CGU Business Insurance
they made errors in cover and policy then didn't own up to it. tried to cancel cover after taking money during their mistake Show details
Hi Phil, thank you for taking the time to share your… Read more
Insure 247
Excellent – Great service! It saved me money on my renewal and the claim was a breeze. Show details
Guild Insurance
After almost 5 years of insurance we had an event where my dog stole & swallowed a chicken bone recently that resulted in him heaving, retching,… Read more
vomiting & having trouble breathing. The vet made observations and based on everything concluded an obstruction was the probable cause but because gastroenteritis was the primary result and because we didn't spend thousands more CONFIRMING the bone was responsible, Guild/Coles call that INCONCLUSIVE. It's another way out of paying even though it's painfully clear what had occurred. In their response they made sure they referred to our cover as BASIC on numerous occasions, as though the few thousand I have paid out so far was peanuts and to highlight the fact BASIC doesn't cover any/all accidents. I don't give them a single star for denying my claim, the terrible review is for the fact the refusal is unfair and clutching at policy straws when the Vet made it quite clear it was an accident but the insurer demanded greater testing (which of course ultimately would have meant the insurer would have had to pay out a lot more). Why would I have demanded additional testing when I was clearly guided by the Vet and her treatment? She gave advice including additional testing if the blockage did not improve within 24-48 hours. In summary, get Pet insurance, just don't get their Pet insurance.
Allianz Small Business Insurance
Allianz are the biggest bunch of scum bags around. Years of paying $100s of thousands of dollars in premiums and when they are required, they squirm out of liability on a technicality. Lying pieces of garbage. Do not support this disgusting company. Show details
ProTrades Insurance
Recent took out public liability and tool insurance. Shivonne made the process so easy and afternoon getting multiple quotes these guys were the cheapest! Highly recommend Show details
WFI
Refuse to pay out until ACA ran a story on them. Disgusting. Show details
AAMI Business Insurance
Hopeless insurance company ever! – Accident at the end of Nov 2024, car was told to repairer, assassessment was submitted by the repairer on 09/12, no response from AAMI. Rang AAMI on… Read more
19/12, they claimed they never received it, but they towed my car to another repairer. On 09/01, rang them again, they said they are investigating coz they could not find my car. On 12/01, the new repairer rang me saying they found the car and subbmitted the assassesment same day. Till now, no response from AAMI.
Update: the case was solved after 2 weeks, no drama.
GSK Insurance Brokers
I have a claim with an insurer. They WILL NOT give me any way to confirm if I am even insured (GSK are a broker). I have asked multiple times for a… Read more
way to contact the actual insurer, but they just don't respond, or send the same email they sent before, which doesn't help.
First Class Insurance Solutions
Do not waste your time or money with this company. Their only interest is selling you a policy and collecting their commission. Once the policy is… Read more
issued, they show no concern for what happens next.
I have spent an enormous amount of time trying to resolve issues with them and with CGU, the insurer they arranged the policy through. Instead of providing support, they left me to deal with everything on my own.
To make matters worse, they assured me they would attend an interview with the insurance company to support my case. When the meeting time arrived, they completely disappeared and did not answer any of my calls.
This has been an extremely disappointing and frustrating experience. I strongly advise others to be cautious and consider alternative providers
Chubb Business Insurance
One of the worst, including Procare Group – One of the worst of the worst! Chubb have appointed an external company to handle and refute claims on their behalf in any incompetent way they see… Read more
fit! https://procaregroup.com.au/ [Name Removed] from their Melbourne office was obnoxious and incompetent. Constantly spoke over, failed to listen and requested the same information that was already provided to our broker. Repeatedly asked the same questions and was overall unpleasant. You have been warned, do not insure with Chubb or deal with The Procare Group. We will also be raising our concerns directly with Chubb Insurance. We now understand why they have a 1.5 star ⭐️ review rating!
Great advice and cover – It 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… Read more
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.
GIO Business Insurance
Worse of the worse insurance company – Worse of the worse insurance no empathy for customers they will hold your claim and make process as long as posible. I do not recommend this insurance. Show details
Allianz Workers' Compensation Insurance
Reimbursements for my treatment and medication were being paid, then suddenly stopped — with no clear or updated explanation. At the same time, they… Read more
hadn’t properly engaged my treating doctors, consent issues were left unresolved, and my escalation requests went unanswered. So decisions that directly impacted my treatment and finances were made before the process was properly completed or explained. Left me chasing answers while dealing with the injury. Claim Made: Yes Claim Resolution Time: 3+ months Claim Date: June 2022 Claim Approved: No
Trade Risk Business Insurance
they make you fill out all the information first then – They 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
Hi Tim. Thanks for your review,… Read more
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.
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.
Scalability
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.
Cost
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 - ProductReview.com.au. ProductReview.com.au 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. ProductReview.com.au 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.
Hi Amanda, thank you for sharing your experience —… Read more