How much business insurance costs in Australia varies widely by business type, size, revenue and risk, but there are typical ranges for small businesses. Business insurance is usually a pack that includes public liability, professional indemnity if you provide advice, contents and stock, and business interruption. For a sole trader or small business with low risk like a consultant, cleaner, graphic designer or tradie working from home, public liability insurance alone costs $300 to $600 per year for $5M cover, or $500 to $900 per year for $10M cover. A full business insurance pack for a small retail shop, cafe or tradie with $50,000 to $100,000 contents and $5M to $10M public liability costs $800 to $1,800 per year. For a cafe or restaurant with higher fire and theft risk, $1,500 to $3,500 per year. For a construction trade like builder or electrician, public liability $10M to $20M plus tools cover can cost $1,200 to $3,000 per year due to higher risk. Professional indemnity for consultants, accountants and IT professionals costs $500 to $2,000 per year for $1M to $2M cover. Workers compensation is separate and mandatory if you have employees, costing 1% to 8% of wages depending on industry risk. Factors that increase cost include high-risk industries like construction, high foot traffic premises, previous claims, high revenue over $1M, and location in flood or cyclone prone areas. Providers like BizCover, AAMI, QBE, Allianz and NRMA offer online quotes.
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