An insurance premium is the price charged for cover under a policy. A cheaper premium is not enough to establish that two offers provide equivalent protection. Read the schedule and disclosure documents alongside the quote.
Use the same information for each quote
Supply the same activities, locations, asset values, claims history and requested cover. Ask whether each quote uses the same excess, limits and policy period. If the assumptions differ, the prices are not a straightforward comparison.
Ask what changed at renewal
Compare the proposed schedule with the current one. Check the premium, fees, excesses, sums insured, exclusions and any changed business details. Ask the insurer or broker to explain changes rather than assuming a general market trend explains your price.
Annual versus instalment cost
Ask for the total amount payable, including any instalment or premium-funding costs. Check the cancellation terms and whether a funding agreement is separate from the insurance contract.
Avoid reducing cover blindly
Before changing a limit or excess, ask how the change affects a plausible claim and any contract or licensing requirement. A lower premium can transfer more cost to you.
There is no reliable generic industry price
A published “typical” price without a dated source, sample and explanation is not a quote for your business. Cockatoo has removed unsupported premium estimates from its industry insurance copy. Start with business.gov.au’s insurance guide and take your actual business details to a licensed provider. See the insurance hub for a referral enquiry.