Business insurance quote and renewal checklist for Australian small businesses
A step-by-step checklist for getting and comparing business liability quotes in Australia, from the information to gather to the renewal timeline and final checks.
To get comparable business liability quotes in Australia, start four to six weeks before your renewal date, write down an accurate description of every activity the business carries out, gather your turnover, wages, subcontractor payments and five-year claims history, and confirm the limit your leases and contracts require. Then ask each insurer or broker to quote the same activities, limit and excess, and compare the total payable (premium, GST, stamp duty, fees and any funding interest) together with the exclusions. Accept only once you have read the wording and answered the proposal accurately, because the duty of disclosure applies at every renewal.
This is the overview guide for the worked quotes and checklists section. Track your progress with the quote preparation checklist tool.
Timeline before the renewal date
| When | What to do |
|---|---|
| 6 weeks before | Review what changed in the business this year: new activities, staff, sites, products, contracts |
| 5 weeks before | Gather figures and documents (see below); check contract and lease requirements |
| 4 weeks before | Request quotes from your current insurer or broker and at least one alternative |
| 2–3 weeks before | Compare quotes like for like; ask questions about exclusions and excesses |
| 1–2 weeks before | Accept, pay or set up premium funding; request a certificate of currency |
| Renewal date | Confirm cover is in place; send certificates to anyone who needs them |
Do not let the policy lapse while you wait for a quote. If a decision is delayed, ask your current insurer about a short extension.
Information to gather
About the business
- Legal name of the insured entity and ABN (a company, trust, partnership and sole trader are different insureds)
- A full description of activities, including occasional ones such as installing goods, working at heights or hiring equipment
- Locations and states where you work
- Years in business and relevant experience
Figures
- Actual turnover for the last financial year and estimate for the next
- Wages, number of employees and use of labour hire
- Payments to subcontractors, and whether each holds their own public liability
- Export sales, especially to the USA or Canada
History
- Claims, incidents and complaints for the past five years, including those with no payment
- Any insurer that declined, cancelled or imposed special terms
Contracts
- Lease, head contract, council permit or venue agreement insurance clauses
- Any indemnity or hold harmless clauses you have signed
Comparing the quotes
Put each quote into a table with these columns:
| Item | Quote 1 | Quote 2 | Quote 3 |
|---|---|---|---|
| Insurer and underwriting agency | |||
| Limit of liability (per occurrence) | |||
| Products liability limit and whether aggregate | |||
| Property damage excess | |||
| Special excesses (for example, for particular activities) | |||
| Activities covered as described in the schedule | |||
| Key exclusions | |||
| Extensions (principal's indemnity, property in care, tools) | |||
| Base premium | |||
| GST, stamp duty and fees | |||
| Total payable |
Then test the quotes against a realistic claim using the liability quote comparison tool. The worked comparison guide shows the full arithmetic.
Decisions to make along the way
Each of these has its own guide:
- Which limit to choose: $5 million, $10 million or $20 million
- How high an excess to accept
- Whether to pay by premium funding
- Whether to use a broker or buy direct
- How to manage subcontractors and certificates of currency
Worked example: a renewal review
An illustrative painting business in Perth renews each 1 July. In the past year it hired two subcontractors, started painting two-storey exteriors from scaffolding and lifted turnover from $380,000 to $520,000.
- Changes to disclose: new subcontractors, work at height, higher turnover.
- Renewal notice: $1,480 including GST and duty, $10 million limit, $500 excess. The renewal schedule still describes the business as "interior painting".
- Action: the owner tells the insurer about the exterior and scaffold work. The revised renewal is $1,690.
- Alternative quote: $1,560 with a $20 million limit, a $750 excess and a height limit of 15 metres, which covers two-storey work.
- Decision: the alternative is $130 cheaper, has a higher limit, and the $250 higher excess would cost more only if the business made a property damage claim. The owner checks that the head contractor accepts the insurer and switches.
The key step was correcting the business description. Renewing at $1,480 with "interior painting" on the schedule could have led to a reduced or declined claim for a scaffold accident.
Final checks before you accept
- The insured name matches your legal entity and ABN.
- The business description covers everything you do.
- The limit meets every contract and lease.
- You understand each exclusion that could affect your work.
- Your answers to every proposal question are accurate.
- You have a certificate of currency and know the renewal date.
- Your premium funding contract (if any) shows the total payable and what happens if a payment is missed.
Frequently asked questions
How many quotes should I get?
At least two or three, for the same cover. More is useful if your occupation is hard to place or your premium is large.
Can my insurer refuse to renew?
Yes, an insurer can decide not to offer renewal. Start early so you have time to find alternative cover.
Do I have to disclose things at renewal if nothing changed?
The duty of disclosure applies again at renewal. If something relevant changed, or you discover something you should have disclosed before, tell the insurer.
What is a certificate of currency?
A document from the insurer or broker confirming that a policy is in force, with its period, limit and policy number. Clients and landlords often ask for it.
Sources
- ASIC — insurance conduct, brokers and claims handling
- business.gov.au — guidance on business insurance
- Australian Small Business and Family Enterprise Ombudsman — support and information for small businesses
- Federal Register of Legislation — Insurance Contracts Act 1984
