Small Business Insurance

Each of the covers listed above is subject to specific definitions, the basis of cover and specific exclusions. In addition, there are general definitions, exclusions and conditions that apply to all sections of the policy. Read the QBE Small Business Insurance Policy Wording to decide if the product is right for you.

*Any period of time during the period of insurance that has turnover, sales or levels of stock at least 20% higher than the average turnover. 

Every business is different, so the industry in which you operate and the products and services you provide will determine the insurance required for your small business. Small business insurance can include business liability, business buildings and contents cover and more. QBE’s Small Business Insurance is available directly from QBE and is designed for thousands of occupations including trades and construction, professional services, food and beverage hospitality businesses, health and beauty providers and retail.

Some insurance covers are mandated by law – examples of this are workers compensation (if you have employees) or CTP cover if you have vehicles that travel on the road. Some work contracts also may require you to have certain levels of public liability cover before you can start work. Other insurance covers will be taken out at your discretion depending on your business needs, preferences and risk profile.

Whilst public liability insurance and product liability insurance are not mandated by law, they're covered as standard with our business liability cover.

QBE’s Small Business Insurance is designed for thousands of small business occupations including trades and construction, professional services, food and beverage hospitality business, and retail. It comes with business liability cover as your base, which includes public liability and product liability insurance. You can also choose optional cover for things like your building, contents and portable items, business interruption, theft, money, glass damage, machinery breakdown and tax audit.

Business liability is the only mandatory cover in our Small Business Insurance. It provides cover for public liability including third-party personal injury, property damage and advertising or product liability claims. The cost will depend on a number of factors, including the size of your business, the type of work you do, the excess you select and the limit of liability you choose; $5 million, $10 million or $20 million.

Underinsurance is when the insurance cover selected is not enough to put you back in the position you were before the loss. It’s critical to make sure your insured amounts – for example for your building and contents – are sufficient to enable you to rebuild and refurnish after a loss. With respect to your building, you should consider the full rebuild costs, not the current market value. Consider cost of materials and labour and other factors like removal of debris, professional fees and any new building regulations that may now be in force. Remember things like paved access roads and paths, fences and outbuildings. Getting a recent professional valuation is a good way to be sure of the amount you should be insured for.

Related article: How to avoid underinsurance in business