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.
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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
assess risks: understand the client’s industry, operations, and specific risks
research options: use broker networks to gather quotes from multiple insurers
compare policies: check inclusions, exclusions, and coverage limits for suitability
negotiate: secure discounts or personalised coverage on the client’s behalf
educate clients: explain policy benefits, drawbacks, and cost-saving options
This proactive approach helps brokers support clients effectively.
Australian law requires businesses to have specific insurance types to ensure compliance and financial security:
While not mandatory for all businesses, professional indemnity insurance may be required in regulated industries such as accounting, law, and healthcare.
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 |
Sole traders in Australia need insurance to protect their business and personal assets. Key types of business insurance for sole traders include:
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.