Understanding Insurance, Part 3: Business Insurance

In part three of our guide to understanding insurance, we take a look at Business Insurance, the different kinds of cover available and how it can help protect your business.  

What is Business Insurance*? 

Business Insurance is designed to protect your business contents, stock and other assets against events like fire, storm, theft and accidental damage. Every business is unique and the type and level of cover you may need will depend on the nature of your business. 

Some of the types of Business Insurance coverages available include: 

  • Building 
  • Property 
  • Portable Equipment 
  • Business Interruption 

Why do I need to consider Business Insurance? 

Your business assets are what help you stay in operation. The cost of things like your furniture and electronic items can quickly add up if you have to replace them all. Business Insurance offers flexible coverage options so you can protect the things that matter most to your business. 

Depending on the location of your business, there is also an option to take out Natural Disaster cover**. This coverage protects against loss of damage caused by earthquakes and other natural disasters.  

What is typically covered? 

A) Material damage loss for your physical assets 

  1. B) Financial loss due to Business Interruptions as a result of an insurable event (under A)

What is typically excluded? 

  • Claims of negligence/breach of duty arising from an act, error or omission in the provision of  your professional services 
  • Claims arising from damage to third party property or personal injury 
  • Known claims and circumstances 

Business Insurance coverage types explained: 


Building insurance provides cover for physical loss or damage to  buildings  you own and out of which you operate your business, as a result of an insured event (such as fire, storm, flood and other perils). 

It will also cover: 

  • Fixed signs and lettering 
  • Tanks 
  • Poles 
  • Power lines and their supports 
  • Walls 
  • Gates 
  • Fences  
  • Landscaping 

Optional cover is available for natural disasters, including earthquake**. 

Property (Contents)* 

Property insurance provides coverage for loss or damage to your business contents, stock and equipment caused by fire and other perils. 

The policy may provide cover for:# 

  • Glass 
  • Money 
  • Theft 
  • Transit 
  • Equipment breakdown 
  • Seasonal stock increase 
  • Stolen keys 
  • Optional cover for natural disasters, including earthquake* 

Portable Electronic  Equipment* 

Portable electronic equipment insurance covers portable computer equipment and cell phones anywhere in the world for loss or damage. (for events such as fire, theft by forcible entry, explosion or storm), subject to policy sub-limits. 

Business Interruption* 

Business interruption insurance provides cover for the loss of income and increased costs of operating your business caused by a specified insured event (such as property damage or fire).  It is also designed to assist your business to recover from an insured event by paying ongoing expenses (such as wages or rent). 

Find out more 

Getting your business insurance sorted has never been easier. At BizCover, we keep the process paperwork and jargon-free, saving you time and stress. Jump online to find your business insurance today.  

*As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy wording.  The information contained on this web page is general only and should not be relied upon as advice. 

*Cover for natural disasters is subject to the location of your business and is not available to all postcode areas.
#Sub-limits and conditions apply. Refer to the policy wording.

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