Business Package Insurance.
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Whether you are a new business looking to put a business package insurance policy in place or you have a policy and looking for a better deal, we have you covered. We focus on providing you with a good balance between competitive pricing and great cover.

Don’t spend countless hours shopping around, we provide you the most competitive options the first time.

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What you need to know about

Business Package Insurance cover for your business

A business package insurance policy is one of the most common business insurance policies that you may be familiar with. The idea of the business insurance being a package is that it allows multiple sections of cover be combined into one simple packaged policy.

A business package policy can include; Public Liability, Building/Contents cover, Business Interruption insurance, Theft, Glass, Machinery Breakdown, Electronic Equipment, Portable Tools plus more, depending on the insurer.

As this policy is the most common policy taken out by business owners, it is still extremely important that you understand the policy that you are purchasing and how you are covered should you need to make a claim.

Being apart of the Steadfast Broking Network we have been able to secure industry leading levels of cover and specific policy wordings only applicable to Steadfast Brokers. Steadfast provides us with a contested quoting platform with the insurers and Steadfast working together to agree on suitable policy wordings that are favourable for the client as well as the insurer.

As a business insurance broker we can tailor a business package insurance policy that covers your business appropriately should a claim arise.

Why Priority Insurance Brokers?

Why should you use Priority Insurance Brokers to arrange your Business Package Insurance

Have questions about your business package insurance?

We have the answers

The policy is referred to as a business package insurance policy because it is a policy which has a number of different sections which can be combined under the one policy. The policy offers a strong level of cover as well as a convenient option for business owners that require multiple covers for their business operation.

Cheap commercial insurance is usually a good idea up until a significant loss occurs and you realise just how under-insured you are.

We define cheap commercial insurance as a good balance between comprehensive cover and quoted premium from an insurer. Your business package insurance policy could be the difference of whether you can re-commence trading after a claim or not.

Business contents insurance can usually be defined as equipment, fit out, stock (under our Steadfast policy wordings) and machinery. The business contents insurance section will typically only cover you for fire, perils and accidental damage. Things like mechanical breakdown and theft need to be added seperately.

This is entirely dependent on your business and its needs. There is not a single answer that can be provided and each policy should be specifically tailored to your business. We specialise on working with business owners to determine their level of risk and the cover required to transfer that risk in the way of insurance.

Need a Business Package Insurance Broker? We've got you covered.

We understand that running a business takes a lot of work and as a business owner you’re expected to be across all of the different aspects of your business operation. We have tried to make our process as simple as possible and all of our Brokers work with each business owners to have a strong understanding of your business and whats required to be in place to ensure that there are no nasty surprises. We pride ourselves on not hiding behind the fine print. 

A common claim example

Why you should have a Business Package Insurance policy?

A restaurant owner owned a shop in the city and one night after the restaurant closed a pipe had burst which then flooded the store. This water damaged his stock and also some of the fitout work that had taken place. The restaurant was closed for a period of 6 weeks while the renovations took place. The restaurant owner had various sections of a business package insurance policy in place including contents/stock cover which covered the replacement of stock, contents and the damage to the fitout. The owner also had business interruption insurance in place which covered the compensation for the loss of trade income while the rectification work took place.

A business package insurance policy allows you to combine multiple sections of a policy into one simple and affordable policy. It is beneficial to policy owners to combine different sections as most policies will have cross-section triggers that will extend to other sections of the policy depending on the loss that has occured.

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    Our Process

    How to get a quote for your Business Package Insurance

    We review your current policy

    The easiest way that we can assist is by reviewing your current policies. When we review your policy, we can usually identify ways in which we can save you premium or notify you of any potential exclusions that could impact your business.

    Re-market your insurance 

    This is the part where you can sit back and relax and leave the work to us. Once we have the information needed, we then contact our panel of insurers to request their quotes. In most cases, we gather a minimum of 10 quotes.

    Present you with options

    Once all quotes are to hand and they have been reviewed, we will get back in contact with you to present our options. During this time we will explain the cover and the benefits to you. We never just blindly send these policies to you and expect you to completely understand. We will dedicate our time to discuss these options with you in detail.

    Organise payment options

    Once we have your instructions to proceed with the policy we will then organise payment of the policies. Policies can be paid annually or via our monthly premium funding options.

    Sections of a Business Package Insurance Policy you should consider

    business package insurance policy

    Fire and Perils Cover

    Fire and Perils cover of a business insurance policy will typically cover you for fire, storm damage, flood (only if approved by insurer), accidental damage and any other damages specified under the policy. The fire and perils section of the policy should include building, contents, stock and fitout costs

    Theft Cover

    Theft cover is not automatically included under a business insurance. Theft is usually a specified amount by the policyholder and is the maximum claimable amount under this policy section.

    machinery breakdown business package insurance

    Machinery Breakdown

    Machinery breakdown typically covers any machinery at the premises that is specified. This could be ducted air-conditioning, cold room motors, manufacturing equipment. Sub-sections can also be taken under this section for things like loss of trade.

    business package insurance electronic equipment

    Electronic Equipment

    Electronic equipment set up can cost a signficant amount of money should a loss occur. Electronic equipment cover is designed to cover your equipment for breakdown and the costs incurred in getting back up and running should your equipment malfunction due to an insurable event.

    portable equipment cover

    Portable Tools of Trade

    Portable tools cover allows you to cover items that are continually taken away from the premises. These items can be specified for larger valued items or unspecified to have a blanket sum (usually $2,500 to $3,000) of cover per single item.

    business package insurance glass cover

    Glass Cover

    Most commercial leases will require you to cover plate glass at the premises. The glass section of a business insurance policy will typically cover internal and external glass along with applicable signage that was on the glass before it was damaged.

    Frequently asked questions about Public Liability Insurance

    Yes, you can put your own business package insurance policy in place directly with insurers. There are a few considerations that you should consider before doing this as there are a lot of different sections of a policy that you need to understand otherwise it could cost you dearly. Are you comfortable doing this yourself? Are you familiar with how much cover you need? In most cases, you aren’t saving in money by putting a policy in place on your own. In most situations, you’re actually reducing your cover.

    No, you don’t. For full transparency of our remuneration, insurers pay us an agreed commission when you proceed with the policy. This is not in addition to what you pay and in most cases we are able to pass on a cost reduction to our clients by finding a more competitive policy or by reducing the impact of their quoted renewal premiums. 

    A business package insurance policy has the following sections which can be bundled and included under the one policy:

    • Property damage
    • Business interruption
    • Theft
    • Money
    • Glass
    • Public and Product Liability
    • Transit
    • Equipment Breakdown
    • Machinery breakdown
    • General property
    • Tax audit
    • Employee dishonesty

    The best thing to do is to work with an Insurance Broker who can work with you to determine what sections you should include in the policy and what value you should be insuring for. We have access to tools and calculators that can assist you in making decisions like determining the rebuild cost of a commercial building.

    Surprisingly not, bundling the sections together allows you to have some control over the specific limits that you are insured for and most additional sections only make minor differences to the premium. The actual cost is only a small amount compared to the loss that could occur.

    We are a full service brokerage which means that we don’t just place the policy for you and leave you to it. We manage any ongoing changes, renewals and even claims that could arise. This is where our advice is best utilised to ensure that you are insuring yourself correctly and that we can help you recover everything that you are entitled to should a claim occur. We also handle a lot of the administrative tasks that arise during this time

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