Business insurance · Australia · Head-to-head
NRMA Business vs Upcover
Two Australia business insurance options, compared side by side for Australia trades.
Which should you choose?
NRMA Business and Upcover are both Tier A, which every business insurance entry without a reputation warning receives, so the tier does not separate them. Weigh the pros, cons, pricing and Australia-specific notes below against your trade and region.
NRMA Business
Tier A · ListedBusiness and tradie insurance sold direct by NRMA Insurance, a brand of ASX-listed IAG
NRMA Insurance is a retail brand of Insurance Australia Group (IAG), and its policies are issued by Insurance Australia Limited trading as NRMA Insurance. Its business insurance range includes contractor and tradie insurance, public liability and professional indemnity, sold direct rather than through a broker. For tradies, NRMA lists public liability cover options of $5 million, $10 million, $15 million or $20 million, with optional cover for tools, materials and vehicles.
Pros
- + Tradie public liability options of $5 million, $10 million, $15 million or $20 million
- + Optional cover for work tools, materials and vehicles
- + Bought direct, including online, with no broker in between
- + Issued by Insurance Australia Limited, part of ASX-listed IAG
Cons
- − No published premiums; every policy needs a quote
- − Sells only its own policies, so there is no comparison with other insurers
- − Cover terms and exclusions sit in the Product Disclosure Statement, which needs a careful read before buying
Australia note
Policies are issued by Insurance Australia Limited ABN 11 000 016 722 AFSL 227681, trading as NRMA Insurance. The NRMA motoring club says it is separate and independent from the insurer and acts only as a referrer under an agreement with it.
Upcover
Tier A · ListedSydney online insurance platform: tradie public liability and tools cover, quoted and bought online
upcover is a Sydney-based online insurance platform that arranges business insurance with selected insurers and underwriters; it says it has more than 80 insurance partners and more than 70,000 small-business customers. Its trades and construction page offers public and products liability, tools of trade, commercial motor and fleet, and tax audit cover, quoted online. Business News Australia reported in February 2025 that it raised a $19m Series A in debt and equity.
Pros
- + Quotes and purchase online; upcover says quotes take minutes
- + Tools of trade cover for theft, damage or loss of tools and equipment, including power tools and machinery
- + Proof of insurance can be sent as soon as the policy is bought, upcover says
- + Monthly instalment option
Cons
- − No public prices; a quote is needed
- − Monthly instalments carry an instalment administration charge (a flat percentage of the total cost), per its terms
- − Service fee of $0 to $300 (ex GST) per policy on top of the premium, per its terms
- − Acts as agent of the insurer, not the customer, when it effects a policy
Australia note
upcover Pty Ltd (ABN 17 628 197 437) is a Corporate Authorised Representative (CAR 1299211) of Experience Insurance Services Pty Ltd, AFSL 539078. Its terms say it acts as agent of the insurer, not the customer, when it effects a policy, and its site says it does not compare all insurers in the market.
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