IB Markets: The Ultimate Marketplace for Brokers

IB Markets connects brokers with leading underwriters and specialty insurers, offering access to 1,200+ specialty products. Find the right coverage faster, streamline your search, and connect with the right partners—all in one place.

Keep Your Details Up to Date and Stay Visible

Brokers are actively searching for specialty solutions—make sure they can find you. Keeping your IB Markets profile updated ensures maximum visibility and new opportunities. Contact [email protected] to update your profile today.

Maximise Your Exposure with an Enhanced Listing

Stand out to brokers actively searching for specialty coverage. An enhanced listing boosts visibility, increases leads, and positions your business as a go-to provider.

Contact: Sophie Knight - [email protected]

Business Insurance FAQs

Should I shop around for business insurance?

Yes, looking around helps with finding the right coverage at a reasonable price. Reviewing policies regularly keeps businesses protected as they grow and face new risks.  

Finding affordable insurance is important, and working with brokers can streamline the process. They have access to many providers and can negotiate customised coverage for clients. 

 

Steps brokers can take to guide clients through the process  

 

  1. assess risks: understand the client’s industry, operations, and specific risks  

  1. research options: use broker networks to gather quotes from multiple insurers  

  1. compare policies: check inclusions, exclusions, and coverage limits for suitability  

  1. negotiate: secure discounts or personalised coverage on the client’s behalf  

  1. educate clients: explain policy benefits, drawbacks, and cost-saving options  

This proactive approach helps brokers support clients effectively. 

What three insurances are businesses required to have by law in Australia?

Australian law requires businesses to have specific insurance types to ensure compliance and financial security: 

 

  • workers’ compensation insurance: mandatory coverage for businesses with any number of employees, it covers medical costs and wages for work-related risks
  • public liability insurance: required in industries interacting with the public, it protects against claims for injuries or property damage caused by business operations 
  • third-party personal injury insurance: this is compulsory for trades using vehicles. It covers liability for injuries caused to others during accidents. This type of business insurance is included in vehicle registration fees

While not mandatory for all businesses, professional indemnity insurance may be required in regulated industries such as accounting, law, and healthcare. 
 

How much does business insurance cost in Australia?

Business insurance cost depends on factors like industry, business size, and required coverage. Here are some average prices: 

 

Type of business insurance Average cost per month
Business insurance packages for retail around $96
Business insurance packages for food services $130
Public liability insurance $60 to $120
Professional indemnity insurance $75 to $150 for most industries

 

What insurance do I need as a sole trader?

Sole traders in Australia need insurance to protect their business and personal assets. Key types of business insurance for sole traders include: 

 

  • public liability insurance: covers claims for injury or property damage caused by business activities 
  • professional indemnity insurance: protects against mistakes or negligence in services or advice 
  • product liability insurance: covers claims for injuries or property damage from faulty or defective products sold or supplied by the business
  • Sole traders should also consider income and cyber protection, business equipment, or personal accident insurance to safeguard against various hazards.

What is the cheapest insurance for a small business?

The best small business insurance in Australia can offer the cheapest premiums:
 

Type of small business insurance Starts at
Public liability insurance $20 per month
Professional indemnity insurance $50 per month
Business property insurance $40 per month

 

These lower premiums offer basic coverage and may not suit all businesses.
Insurance brokers should assess each client’s needs to provide accurate, cost-effective business insurance rates.