A business contents insurance policy can repair or replace belongings kept or used for your business if they are damaged, destroyed or stolen.
Contents means just about every business-related item, from expensive equipment and store merchandise all the way down to office furniture and carpets.
What are business contents?
Business contents are everything you use in the office or wherever you operate your business. This can include computers, office equipment, furniture and equipment, as well as the personal belongings of customers for which you are responsible.
If you add portable contents cover to your policy (sometimes known as portable equipment insurance) business contents can also include the items you take out and about with you, like your laptop, mobile, camera and tablet.
What's covered by business contents insurance?
Business contents insurance is designed to protect the possessions and equipment kept at your business's premises. It can cover you for loss or damage caused by:
Covered
Storms
Lightning
Earthquakes
Theft
Explosions
Breakage of glass
Not Covered
General wear and tear
Theft if doors or windows were left unlocked
Loss or damage to electronic data
Loss or damage due to intentional acts
Unoccupancy (unless they agree otherwise with you)
Known defects
Optional add-ons
Cover for items at a different location. You can also take out cover for contents that have been temporarily moved to a different location away from your business premises.
Breakdown of machinery. Breakdown of machinery and electronic equipment can be added on with some policies.
Make sure you read the general exclusions section of the insurer's PDS
2022 Finder research shows that 23% of Australians can't be bothered reading the PDS. It may be boring but it's worth it in the long run.
How much does business contents insurance cost?
If you're looking to take out insurance cover for your business contents, keep in mind that there are a wide range of factors that can influence just how much your policy will cost. Of course, the amount of insurance you wish to take out is obviously going to have a bearing on how much you have to pay for premiums, so it's important to work out exactly what level of cover you need and can afford.
Size of Business
The nature and size of your business will also play a big role in determining your premiums. Some businesses, for example a firm that specialises in earthmoving services, will most likely need cover for a range of heavy machinery that is much more expensive than the cover needed for a small office supplies business. Some industries obviously attract larger sums insured, while it also stands to reason that larger businesses will have more to insure.
Claims History
Insurers will take your business's claims history into account when assessing your application. If storm damage or burglary have caused problems for you in the past, this could affect the cost of your future insurance premiums. In addition, your business contents insurance could cost more depending on where your business is located. As an example of this, storm damage can pose much more of a regular threat in some areas of Australia than it can in others.
Other types of insurance to be aware of
If you run a business, there are a few other important types of insurance you need to consider:
Workers compensation insurance. If you have employees, you're required to have this to protect them in case they're in an accident or get ill.
Public liability insurance. This is often compulsory for certain types of businesses and if you're self-employed. It also covers you for third-party death or injury.
Business interruption. Business interruption can cover you for losses if an insured event stops your business from operating.
Third-party personal injury insurance. If your business uses vehicles as part of your business, you need to have compulsory third party (CTP) insurance to cover you against personal injury claims.
Talk to a broker about business contents insurance
Frequently asked questions
If you run a business, you can apply for business contents insurance. A broker can help tailor cover to your needs. When applying for cover, you'll generally need to provide:
Information from past claims
Security measures you have in place to prevent burglary
The number of employees you have
The value of your items
Your address
Your revenue
Brokers will take the time to understand the ins and outs of your business, and then match you with an insurance policy that suits your unique needs.
Business contents insurance safeguards your tangible business assets, such as equipment, furniture, stock, and supplies. It provides financial protection against unforeseen events like fire, theft, storm damage, and accidental breakage. This can help your business recover more quickly and minimize financial losses in the event of such incidents.
A business package insurance offers a comprehensive solution, typically combining essential coverages like business contents, public liability, and business interruption insurance. This provides financial protection against property damage, legal claims arising from third-party injury or property damage, and loss of income due to unforeseen events that disrupt business operations. It simplifies your insurance portfolio and offers cost-effectiveness compared to purchasing individual policies.
The cost of business assets insurance varies depending on several factors, including the type and extent of coverage chosen, the nature of your industry, the value of your assets, and your business location. However, online quote comparison tools are readily available from reputable Australian insurers, allowing you to quickly obtain personalized estimates and find the most competitive coverage for your specific needs.
Gary Ross Hunter is an editor at Finder, specialising in insurance. He’s been writing about life, travel, home, car, pet and health insurance for over 6 years and regularly appears as an insurance expert in publications including The Sydney Morning Herald, The Guardian and news.com.au. Gary holds a Kaplan Tier 2 General Advice General Insurance certification which meets the requirements of ASIC Regulatory Guide 146 (RG146). See full bio
Gary Ross's expertise
Gary Ross has written 739 Finder guides across topics including:
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