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How much does business insurance cost?

  • integralmedia
  • February 27, 2022

In today’s unpredictable economy, it’s more important than ever to know that you’ll be protected if something unexpected happens to your business. That’s where business insurance comes in.

No matter whether you’re a small business owner or in charge of a large operation, you’ll be required by law to take out some form of baseline cover, whether it be workers’ compensation or public liability insurance.

Depending on the size and nature of your business, it may also be in your best interest to secure other types of business insurance, like cyber protection, as a way to minimise your business risk and protect your assets, employees and earnings.

Choosing the right cover for your business

Deciding what cover is right for your business can be a challenging exercise, especially when you have to make sense of the various policies that are available on your own. But with our team of specialist Insurance Brokers / Risk Advisers at Adroit Insurance and Risk, you don’t have to worry! We’ll assess your business’s situation and find the most suitable and cost-effective insurance cover for you.

We understand that for many business owners trying to find the right cover in these times, the most important feature of any insurance plan is price.

 

How much will it cost to upgrade my business insurance policy? Am I paying for something I don’t need? Is there a cheaper plan out there? If you’re asking all of these questions and more, you can contact our advisers today and get a tailored quote for your business.

 

While there’s no one-size-fits-all approach when it comes to the price of business insurance (a single business insurance policy can range from anywhere between $40 and $100 per month), there are a few notable factors that determine your insurance costs.

If you’re wanting to get the best value for your money, here’s what you need to know.

Factors that influence your business insurance costs

Your business type

Each business involves different degrees of risk, which ultimately affects how much your business insurance costs.

  • Higher risk business

For example, industries such as building and construction are considered high risk, as workers complete physically demanding tasks and operate potentially dangerous machinery, increasing your employees’ exposure to injury and accident. This means that you’ll likely need to pay more for workers’ compensation insurance.

Your business type also affects what specific business insurance policies you take out. Sticking with the construction example, if your employees are transporting expensive company tools from one job to another, your business might benefit from general property and tools of trade insurance, which helps recover some of the costs in the event your equipment is stolen, lost or damaged.

  • Lower risk business

On the other hand, if you’re operating in an objectively less risky industry, like sales, you’ll probably have cheaper workers’ compensation and public liability cover. But you may face higher costs for other types of policies, such as corporate travel insurance, if you want to safeguard your staff should they travel overseas for work.

 

At Adroit, we offer top-tier advice and business insurance solutions that are tailored to your business’s risk profile and area of work.

We’ll ensure that you’re ready for anything that comes your way, and won’t waste your money on coverage you don’t need.

 

Your number of employees

If you’re a medium-sized business that has a dozen workers, you can expect to pay more for insurance than a small company that only employs a few, regardless of your industry.

This is because every additional employee increases your business’s exposure to accidents that could result in a claim, which leads to higher rates of workers’ compensation cover. If your business’s clientele grows along with your number of employees, your professional indemnity insurance may also become more expensive.

By taking into account your business’s size, our Adroit insurance brokers adjust your policies based on each stage of your business’s development, helping to minimise your insurance costs and achieve optimal outcomes for your business.

Consider more than just price when it comes to finding an insurance provider

As a savvy business owner, you’ve undoubtedly heard the old adage “you get what you pay for”. This saying also applies to your business insurance.

You should first and foremost make sure you obtain comprehensive coverage for your business so that you’re not left vulnerable and underinsured in the event something goes wrong.

At Adroit, our advisers will assess your business’s individual needs and help you find the most appropriate coverage without breaking the bank.

 

By choosing Adroit, you’ll not only gain an insurance broker, but a partner who stays by your side and supports you to deal with unexpected claims.

Our unique commitment to customer service means that, unlike other insurance providers, we won’t dodge your calls or leave you on hold for hours. 

Instead we’ll address your situation in a timely manner, making sure you never have to face the big decisions alone.

Looking for someone you can trust to provide you with great business insurance at a competitive price? Get in touch with us today for a personalised quote or speak to one of our advisers for more information.

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