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How to compare business insurance

by Grant Bendeich
General Insurance Broker
July 28, 2022
5 min read

When it comes to business insurance, there’s no one-size-fits-all policy. Businesses have different needs, and therefore require different types of coverage.

That’s why it’s important to compare business insurance quotes and find a policy that fits the specific needs of your company.

We know that navigating the world of insurance can be complex and confusing.

Obtaining the right business insurance is an important part of establishing a reputable and sustainable business, and minimising risk. Without the right business insurance, you may be unable to trade or have large out-of-pocket expenses, which could result in having to close your business.

Your type of business and daily activities will determine the insurance cover needed. From a financial perspective, it’s important to research the types of insurance required so these costs can be included in your overall budget.

Find out how much it costs to get covered.

Business insurance quotes

In order to obtain business insurance quotes, you’ll need to provide information about your business activities in order for us to tailor a package to suit your specific needs, and could include:

  • Type of business
  • Estimated annual turnover
  • Number of people working in the business (including you)
  • Full contact details of the business, including ABN

How to compare business insurance quotes

As with any purchasing decision, it’s best to source several quotes to compare prices, service and reputation. Our brokers will manage this process with you and ensure you understand what your insurances cover.

1. Check what is covered and what is excluded

When you are reviewing business insurance quotes, it is important to know what is covered and what is not. Most policies have a long list of exclusions, which means that something is not covered under the policy. It’s important to read through your policy carefully and compare quotes from different insurers to make sure you are getting the best coverage possible.

We help you through this process to ensure you become a more empowered buyer, with a better understanding of the internal risks you can transfer through insurance and risk management planning.

2. Check if there are any adjustments you need to make to ensure your policy will be valid

You may need to make some adjustments to your situation to ensure your policy is valid. For example, you may need to install better security at your business premises or change some internal procedures to ensure you are not open to cyber risk.

When insurance policies require changes that significantly impact internal procedures, these changes should be communicated to staff to ensure they are understood.

3. Be aware of any exclusions or limitations in the policy

Finally, make sure you are aware of any exclusions or limitations in the policy. By familiarising yourself with your insurance policy, you can be sure that you are covered in the event of a claim.

4. Consider the excess on the policy

An excess is set by insurance companies to reduce the number of minor claims. The larger the excess, the lower your premium will be.

How much does business insurance cost?

Business insurance cover starts at as little as $1,000 annually. On average most small businesses will spend less than $2,000 annually on insurance. Policies can be paid monthly, to assist with cashflow.

Be aware of cheap business insurance

It’s important to be aware of cheap business insurance when comparing business insurance options.

There’s no point in having cheap business insurance if the policy is not going to provide the level of coverage that you and your small business needs. This is where qualified business insurance brokers such as NewSure can help, as we know each policy well and can tell you whether the cheaper policy is still adequate for your needs or if it should be avoided.

Business insurance quotes

Our business insurance brokers compare the myriad of insurance options on the market for you, providing expert advice to implement your chosen plan.

We combine the best knowledge and strategic thinking with technology-driven data to provide tailored insurance solutions to protect your business. This allows our business insurance brokers to tailor an insurance program to your business and anticipate needs as your business approaches new stages of growth.

Our job doesn’t stop when your policy is in place. We help you through the claims process, working with you to ensure you receive an efficient and fair settlement.

Our aim is to give you peace of mind as you take the risks that enable your business to thrive.

We offer complete insurance solutions for all types of businesses – from start-ups to medium and large size enterprises. Let us help you.

Talk to us or request a callback.


Important notice – NewSure Insurance Brokers Pty Ltd

This article provides information rather than financial product or other advice. The content of this article, including any information contained in it, has been prepared without taking into account your objectives, financial situation or needs. You should consider the appropriateness of the information, taking these matters into account, before you act on any information. In particular, you should review the product disclosure statement for any product that the information relates to it before acquiring the product.

Information is current as at the date the article is written as specified within it but is subject to change. NewSure Insurance Brokers Pty Ltd make no representation as to the accuracy or completeness of the information. Various third parties have contributed to the production of this content. All information is subject to copyright and may not be reproduced without the prior written consent of NewSure Insurance Brokers Pty Ltd.


Small business insurance explained

As a small business owner, you are likely to be aware of the importance of having insurance. But what type of cover should you have?

Do I need insurance as a sole trader?

As a sole trader, it is important to protect yourself and your business. This means that you need to have the right sole trader insurance in place.

Insurance made radically easier

Call us on 02 4969 8100 or request a call back.

We know that navigating the world of insurance can be complex and confusing. Our brokers compare the myriad of insurance options on the market for you, providing expert advice to implement your chosen plan.

We empower thousands of Australian businesses to focus on what they do best, knowing they’re protected against any possible eventuality.