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TASMANINSURANCE GROUP
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Business Insurance

Business insurance is a broad term for the policies that help protect a business from financial loss. Many small and medium businesses use a package policy, which groups several sections of cover under one schedule.

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A cafe owner standing in the doorway of a sandstone shopfront

Each section is usually optional. Your broker can help you work out which sections are relevant, how much cover to consider and where gaps might sit.

Who this insurance may suit

  • Retail shops, cafes and hospitality venues
  • Offices and professional practices
  • Small manufacturers and workshops
  • Wholesalers and distributors holding stock
  • Home-based businesses with equipment or visiting customers
  • Growing businesses moving into new premises

Why this cover may be important

A single event such as a fire, break-in or customer injury can create costs that are hard to absorb from cash flow. Insurance is one way to transfer part of that financial risk.

Landlords, lenders and larger customers may also ask for evidence of certain covers before signing a lease or contract. Knowing what you hold makes those conversations easier.

Potential areas of cover

Cover varies between insurers and policies. Depending on the policy, cover may include:

  • Building and contents

    Cover may include fit-out, furniture, equipment and stock against events such as fire, storm or impact, depending on the policy wording.

  • Theft

    Some policies respond to theft following forcible entry. Conditions around locks, alarms and stock limits often apply.

  • Business interruption

    This section may help with lost income and extra costs if an insured event disrupts trading, subject to the indemnity period you select.

  • Public liability

    Liability cover may respond to claims for injury to others or damage to their property arising from your business activities.

  • Glass

    Shopfront windows, internal glass and signage can often be included as a separate section.

  • Money and portable equipment

    Optional sections may cover cash on premises or in transit, and items such as laptops or tools taken off site, within stated limits.

Common risks

  • Fire or smoke damage to premises and stock
  • Storm, water or impact damage
  • Break-in, theft and malicious damage
  • A customer or visitor injured on site
  • Loss of income while repairs are carried out
  • Breakdown of essential equipment

What may not be covered

Every policy has exclusions, limits and conditions. Some common considerations include:

  • Sums insured should reflect realistic replacement costs. Underinsurance can reduce what a policy pays.
  • Flood, wear and tear, gradual deterioration and poor maintenance are commonly excluded or limited.
  • Changes to your business activities, premises or turnover may need to be disclosed to the insurer.
  • Each section has its own excess, limits and conditions, so it is worth reading the schedule closely.
  • Workers compensation is not part of a business package. It is arranged separately through state schemes or authorised insurers.

Always read the Product Disclosure Statement and policy wording. Your broker can explain how they apply to you.

Why work with Tasman Insurance Group

  • We take time to understand your business or circumstances before discussing cover.
  • Where applicable, we approach suitable insurers and compare the options available.
  • We explain exclusions, limits and excesses in plain English before you decide.
  • We help with changes during the year, renewals and claims.

Business Insurance FAQs

What is a business package policy?

It is a single policy that groups several types of business cover, such as property, theft, interruption and liability. You generally choose the sections you need, and each section has its own limits and excess.

Is business insurance compulsory in Australia?

Most business insurance is not required by law, although workers compensation is compulsory for employers and is handled through state-based arrangements. Leases, contracts and industry bodies may also require certain covers, such as public liability.

How do I decide on a sum insured?

A sum insured is usually based on the cost to replace or rebuild, not the original purchase price. A broker can talk through your situation and explain how the insurer treats valuation and underinsurance.

Does a home-based business need its own cover?

Home and contents policies often limit or exclude business equipment, stock and business activities. Depending on what you do from home, separate business cover may be worth considering.

Related insurance solutions

Ready to talk about business insurance?

Request a quote or call us. We'll ask about your circumstances and discuss the options available.

Get a QuoteCall 0470 349 217
Call 0470 349 217Get a Quote