What insurance do I need for my business?
The type of insurance you choose for your business is your decision. At Youi, we offer Small Business Insurance that automatically provides public and products liability cover, and we also have a number of optional covers4 you may want to consider. Start a quote online or get in touch with our Small Business Insurance team to see what we can do for you.
How much does business insurance cost?
The cost of a Small Business Insurance policy with Youi will depend on factors that are unique to you and your business. These include your business type and location, your expected annual revenue and if you employ any staff members. The best way to find out is to start a quote online or get in touch with our Small Business Insurance team.
Is car insurance for business more expensive?
How much it costs to insure your business vehicles will vary depending on a range of different factors. At Youi, we offer car insurance that can cover you for business use. To see what different levels of car insurance might cost for your work car, start a quote today.
How do I get Small Business Insurance?
With Youi, there are two ways to get your Small Business Insurance quote started. Either start a quote online or get in touch with our Small Business Insurance team to talk through your options.
Do I need public liability insurance?
Having public liability insurance for your business is not mandatory in all cases, but it can be very useful to protect you from potentially expensive compensation payments if something unexpected goes wrong. Youi Small Business Insurance covers compensation which you’re legally liable to pay to a third party in respect of property damage, personal injury or advertising liability, along with associated legal and defence costs.1
To see how we can help with your business’s public liability insurance needs, start a quote online or get in touch.
What is workers’ compensation insurance?
Workers’ compensation insurance covers payments made to employees if they’re injured on the job or become too sick to work. It can cover wages lost while unfit for work, as well as medical expenses and rehabilitation. It’s the responsibility of employers to purchase workers’ compensation for their business, and each state and territory has their own regulation which governs worker’s compensation insurance.12
Is workers’ compensation covered by business insurance?
Workers’ compensation is not typically covered by a business insurance policy. Generally, this is handled separately by the various state and territory governments’ workers’ compensation schemes. See the ‘Looking for workers’ compensation?’ section above for more details.
What is professional indemnity insurance in Australia and does Youi offer it?
Professional indemnity insurance protects businesses from third party claims of negligence or breach of duty. For example, if a client of a professional services business made a claim of negligence, this type of insurance would help to protect the business assets and reputation. It covers businesses against the consequences of alleged neglect, error or omission.
Professional indemnity insurance is not something we currently offer with our Small Business Insurance policies. If professional indemnity insurance is something you feel is essential for your business, the Insurance Council of Australia offers a way to find an insurer that may be suitable.
Do you need insurance as a sole trader?
Sole traders may need to be covered for professional indemnity, public liability and personal assets, income and property – depending on the business type and needs. As a sole trader, you typically can’t cover yourself as an ‘employee’ with workers’ compensation insurance,2 so you may need to explore other options.
Our Small Business Insurance can suit a range of different types and sizes of companies. From those that employ workers to others just looking for sole trader insurance, our cover is able to flex to fit varying business needs. For more info and to get an idea of what Youi Small Business Insurance might cost for you, start a quote online or get in touch.