What is the difference between BizCover and an insurance broker?
BizCover is an online business insurance service. Small businesses compare quotes from selected Australian insurers and buy cover online, or speak with BizCover's customer service team by phone six days a week. BizCover is not a broker. It has operated since 2008 and reports that more than 300,000 Australian small businesses are covered through its service.
An insurance broker like Tank Insurance operates differently:
- We assess your situation and provide general guidance on cover that may suit your occupation and contract requirements.
- We explain policy wording, exclusions, and extensions before you buy.
- We act as your advocate if you need to make a claim.
The core difference is the relationship. BizCover helps you compare and buy from its panel of insurers. A broker is engaged by you to advise on what to buy and why, and to act for you after the policy is in place. Both are legitimate ways to arrange cover. Which one suits you depends on your business.
Can I find my occupation on BizCover?
BizCover supports more than 6,000 occupations, so most trades and professions will find a match. If you cannot identify an occupation that reflects your business, BizCover asks that you contact them directly for assistance rather than selecting one that does not fit.
Getting the occupation description right matters. The description on your policy should accurately reflect the work you actually do, because that is what the insurer has agreed to cover.
A broker tends to be most useful when your work does not sit cleanly under one heading. At Tank Insurance, we work with underwriters who allow custom occupation descriptions and we know which policy wordings suit non-standard professions. This is particularly relevant for:
- Consultants operating across multiple disciplines.
- Emerging professions that do not yet have an established category.
- Businesses with hybrid service offerings.
Do I get advice with BizCover?
BizCover is not a broker. It is an online business insurance service where you compare quotes from selected insurers and buy the cover you choose, either online or with help from its customer service agents by phone. For what that service does and does not include, refer to BizCover's Financial Services Guide.
A broker is engaged to advise you. This is important if you are unsure about:
- What type of cover you need.
- Which policy extensions are relevant to your contracts.
- How exclusions might affect a future claim.
If those questions are open for your business, a broker works through them with you before you buy. That is a core part of what a broker does.
What happens when I need to make a claim?
Both BizCover and Tank Insurance lodge and manage claims with the insurer. The difference is who is handling it and how much they already know about your business.
With BizCover: You lodge your claim online. BizCover's claims team lodges and manages it directly with the relevant insurer, and you can track the progress of your claim with BizCover.
With Tank Insurance: You notify your broker or their team, the same people who placed the cover and know your contracts and how your business operates. We manage the claim with the insurer, and if a coverage question or dispute arises, we put your position to the insurer and argue it on your behalf.
For straightforward claims, both models work. For complex or disputed claims, having someone who acts for you, already understands your risk and can put your case on the policy wording can make a difference.
Who is BizCover best suited for?
BizCover is a strong option for:
- Businesses whose operations fit clearly within one of its occupation categories.
- Owners who are comfortable comparing quotes and choosing cover themselves, online or with phone support.
- Those who prioritise speed and price, and do not need tailored advice on their specific risks.
For many small businesses, that is exactly the right fit.
Who is Tank Insurance best suited for?
Tank Insurance suits businesses that want advice and representation built into the process:
- Professional services firms with complex risk profiles.
- Occupations that do not fit neatly under a single category.
- Business owners who want policy wording reviewed before purchase.
- Anyone who values having a dedicated contact for claims and renewals.
If you have ever read a policy document and felt unsure what is actually covered, that is the kind of question a broker is there to work through with you.