Accounting & Tax, Doing Business in Australia, Startups

Getting Business Insurance Right: BizCover review

Getting Business Insurance Right

Business insurance can get complicated — and expensive. Here’s how BizCover can help you find the best insurance solution for your business.

Getting business insurance right is complex but BizCover can help. Making sure your business has the right protection is critical. Finding the right business insurance package can be a time consuming process. It’s best to engage with an insurance provider that is able to provide a tailored solution that delivers a solution designed to address the unique risks of your industry.

What is BizCover?

BizCover is an insurance comparison platform designed to assist business owners in identifying cost-effective business insurance. The BizCover platform functions as an online service that allows users to compare and buy business insurance from the best business insurance providers in Australia.

BizCover prompts business owners to answer a series of questions related to their business through a short quiz. The platform then uses this information to find the most competitive insurance quotes available. BizCover typically provides users with a variety of different quotes in seconds, which can then be instantly purchased by business owners.

BizCover Features

One important aspect of getting business insurance right is ease of use. BizCover allows users to compare multiple insurance quotes online backed up by a price promise that ensures the quotes provided are as cost effective as possible. The BizCover platform has been used by over 125,000 Australian businesses to set up business insurance, and provides users with the ability to instantly access policy documents whenever they need them.

How Much Does BizCover Business Insurance Cost?

The BizCover platform delivers competitive Australian business insurance pricing by partnering with insurance providers. The BizCover platform itself charges a platform fee to cover operating costs, but the quotes provided by BizCover are typically some of the lowest in the industry.

Business insurance costs can vary greatly — the cost of business insurance differs across multiple businesses. Factors that influence the cost of business insurance can include the different types of cover taken by a business in a business insurance package and the number of options taken, or the nature of the business taking out insurance.

Other factors that influence the price of business insurance can include the value of the property insured, or the location of the business. BizCover data indicates that the cost of a business insurance package provided to a retail business in Australia through BizCover averages at $96 per month. Roughly one third of BizCover customers pay between $76 and $100 per month.

Food business insurance through BizCover is slightly more expensive, with monthly costs averaging at $132. Cover such as public liability insurance can increase the cost of insurance provided to food industry businesses in Australia.

What Does BizCover Business Insurance Cover?

BizCover business insurance can be used to cover the premises of a business or the content it contains against factors such as damage, loss, or theft. The business insurance that can be accessed via BizCover can be broken down into two broad types of protection — material damage loss of physical assets, or financial loss due to business interruption.

Australian businesses seeking insurance solutions can use BizCover to access different types of business insurance that focus on different areas of a business. BizCover allows business owners to compare quotes on building insurance, which covers physical buildings, or general property insurance, which covers business owners against theft or accidental equipment damage.

Other types of insurance that can be compared on BizCover includes office contents insurance, public liability insurance, glass insurance, tax audit insurance, and business interruption insurance.

What is the BizCover Price Promise?

BizCover provides users with a price promise that ensures business owners get the most competitive price possible for their business insurance.

A business owner that purchases a business insurance policy from BizCover and subsequently receives a cheaper quote for comparable insurance will be provided with the option to get a new policy from BizCover that beats the quoted price, or cancel their BizCover policy with a complete refund.

It’s important to note that the Price Promise can only be used by business owners within 7 days of taking out a policy with BizCover. Quotes used to compare must also have been obtained via an Australian broker or a competitor of BizCover.

The BizCover Claims Process

Making a claim with BizCover is extremely straightforward. BizCover provides users with an online claim form, which BizCover then lodges with the insurer on behalf of the business owner. In most cases, claims take between 5 to 10 business days to be assessed.

BizCover keeps business owners up to date on the progress of their claim and immediately informs users of their insurer’s decision regarding their claim. Notably, BizCover pursues insurers to ensure business owners receive payment as soon as possible.

Key Takeaways

BizCover streamlines the business insurance process, helping business owners save time on comparing policies by delivering a price promise that ensures quotes are as cost efficient as possible. A major advantage of the BizCover platform is the streamlined claims process, which helps business owners make claims and receive payment for successful claims as fast as possible.

Finding the right business insurance solution is an essential step in setting up a new business. If you’re currently setting up a new business or restructuring an existing business, reach out to Fullstack for comprehensive guidance today.

(Our team may be commissioned from this article.)

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