Business insurance updates

We’ve been busy making updates to our business insurance cover to help make things a little clearer for you.

See what's changed

This table is a guide and lists the main changes to the Small Business Insurance Product Disclosure Statement (PDS). The information in the table does not replace or vary our PDS so please read the entire PDS for details of features and benefits and to ensure that this product is right for you. 

PDS section Page # Update type Change in the PDS PDS Effective Date
Important Information 5 - 9
Your responsibilities: 2. Notify us of any changes 7 - 8 Clarification You must notify us as soon as practically possible if any of the specified changes listed under ‘Notify us of any changes’ occur. 05 Jul 2023
Your responsibilities: 9. Treat our people with respect 9 Clarification If this requirement is not met, we can cancel any policy you have with us and, where relevant, we can remove you as an authorised person from any other Youi policy. 05 Jul 2023
How we settle your claim: 4. Rights of third parties 12 Clarification States the rights and limits of a third party if there is a third party interest noted on your policy. 05 Jul 2023
General exclusions 14 - 15
General exclusions: 6. Electronic data and cyber incidents 14 - 15 Reduction Exclusion extended to cyber acts and cyber incidents. 05 Jul 2023
Definitions 16 - 21
Business items 16 Clarification Includes non-standard vehicles and does not include standard vehicles or watercraft. 05 Jul 2023
Non-standard vehicle/s 19 Clarification New term defined. 05 Jul 2023
Standard vehicle/s 20 Clarification New term defined. 05 Jul 2023
COVER 22 - 36
Section 2 – Business Items 26 Clarification Business items includes non-standard vehicles, and does not include standard vehicles or watercraft – see changes to Definitions, above. 05 Jul 2023
26 Reduction What is not covered: Addition of eight new exclusions relating to: depreciation; delays; illegal items; storm surge and actions of the sea or tides; misuse; use of incorrect lubricants and fluids; wear, tear and deterioration; mould and rot; deliberate acts or omissions. 05 Jul 2023
Section 3 – Business Property Damage 27 - 28 Benefit The limit we will pay for each item has increased from $10,000 to $20,000, and items valued over $10,000 are no longer excluded (but are subject to the claimable limit of $20,000). 05 Jul 2023
27-28 Reduction No cover for storm surge, or actions of the sea or tides. 05 Jul 2023
Section 4 – Glass 29 Reduction Cover limited to glass which you are legally responsible for. No cover for storm. 05 Jul 2023
Section 4 – Glass: Extra Cover 1. Costs 29 Clarification Any amount paid under this extra cover for stock in trade reduces, if applicable, the insured value for that claim under Section 3 - Business Property Damage. 05 Jul 2023
PDS section Page # Update type Change in the PDS PDS Effective Date
Whole document 1 - 31 Clarification Policy document now titled ‘Small Business Insurance Product Disclosure Statement and Policy Wording’. 04 Sep 2021
1 - 31 Clarification New sections format: General Information / Cover (Sections 1-5, plus Extensions) 04 Sep 2021
Introduction 4 - 5
About this Product Disclosure Statement 4 Clarification Explanation of who retail customers are and when parts of the document form part of their PDS. 04 Sep 2021
Your duty of disclosure / When answering our questions 5 Clarification The Duty of Disclosure has been replaced with the duty of an insured “to take reasonable care not to make a misrepresentation when answering our questions”. 05 Apr 2021
Important information 4 - 9
Cancelling your policy 5 Benefit Cancellation fee reduced to $22, with clarity on when this will apply. 05 Apr 2021
What if I have a complaint? 6 Clarification Updated details regarding our complaints process. 04 Sep 2021
Your responsibilities 7 - 8 Clarification Improved transparency with expanded details on the requirement to maintain a valid email address. 05 Apr 2021
8 Clarification Additional 'Take reasonable precautions' requirement with an example to clarify the obligations. 05 Apr 2021
General claims conditions 9 - 12
Authorised persons on your claim 9 Clarification Updated to describe (1) how to add an authorised person and (2) conflict of interest. 05 Apr 2021
How we settle your claim 11 Clarification Updated to provide clarity on how we settle claims. 05 Apr 2021
Quality guarantee 11 Benefit New part describing our quality guarantee on authorised works. 05 Apr 2021
Excess 12 Clarification What you need to provide for us to waive your excess. 05 Apr 2021
Actions of others 12 Benefit New part describing circumstances where cover may not be limited by the actions of other people. 04 Sep 2021
General exclusions 13
Electronic data 13 Reduction Added general exclusion for electronic data. 04 Sep 2021
Definitions 14 - 18
Business 14 Benefit Definition added and removal of $100,000 limit on businesses involved in the maintenance and/or repair of buildings. 05 Apr 2021
Consequential loss 15 Clarification New definition added. 04 Sep 2021
Goods in care 16 Clarification New definition added. 05 Apr 2021
Insured person 16 Clarification New definition added to clarify principals and other interested parties in Section 1. 04 Sep 2021
Storm 18 Clarification New definition added. 05 Apr 2021
Third party 18 Clarification New definition added. 05 Apr 2021
Vehicle/s 18 Clarification Updated definition to exclude the requirement for the trailer to be attached. 05 Apr 2021
You / your / yours 18 Clarification Removed reference to "employee/s and any persons acting for the policyholder or business". Updated to clarify principals and other interested parties in Section 1. 05 Apr 2021
COVER 19 - 31
Section 1 – Public and Products Liability 19 Benefit Added cover for Advertising Liability 04 Sep 2021
19 Benefit Update to ‘territorial limits’ extending liability cover for incidents occurring overseas (excluding North America). 04 Sep 2021
- Benefit Removed exclusion of ‘household member’. 05 Apr 2021
- Clarification Removed reference to ’joint insureds’. 05 Apr 2021
20 Benefit Narrowed exclusion for the failure to insure business premises despite it being required by the lease agreement. 05 Apr 2021
20 Benefit Narrowed exclusion for legal liability assumed under any contract or agreement. 05 Apr 2021
20 Clarification Updated cover for legal liability claims brought by workers against the business. 05 Apr 2021
22 Benefit Goods in Care cover now noted as an Extra Cover, and increased limit from $50,000 to $100,000. 04 Sep 2021
22 Clarification Clarify how goods in care are treated under legal liability. Replaces reference to 'custody and control'. 05 Apr 2021
Section 2 – Business Items 22 Benefit Expanded cover to include business items worldwide and removed the 45-day limit. 05 Apr 2021
22 Benefit Increased the business item limit to $2,500. 05 Apr 2021
22 Clarification Clarifying that cover is for ‘portable’ business items. 04 Sep 2021
Section 3 – Business Property Damage 23 - 24 Benefit New cover section, which includes cover for Stock in Trade, Business Contents and Flood. 04 Sep 2021
23 Reduction Added 72 hours cover exclusion for flood, storm or bushfire events. 05 Apr 2021
23 Reduction Additional exclusions added to include pets or livestock, growing crops or pastures and mechanical, electrical or electronic (including computer software) breakdown or failure. 05 Apr 2021
Section 4 – Glass 24 Benefit Removed exclusion under ‘What is not covered’ to glass that was cracked or imperfect prior to the loss or damage for which you are claiming. 05 Apr 2021
25 Benefit Costs now noted as an Extra Cover, and extended to include materials attached to the broken glass, such as burglar alarm tape/wiring or reflective/shatter proofing film and glass/plastic/Perspex in external signage. 04 Sep 2021
Section 5 – Money 25 Benefit Added cover for ‘safe or strongroom’. 04 Sep 2021
Extensions of Cover to Section 1 26 - 31
Queensland Electrical Contractors Cover (Consumer Protection) 26 - 28 Clarification Updated to reflect to current regulation. 05 Apr 2021
28 Reduction Notification period of cancellation by us reduced from 30 days to the standard 3 days. 04 Sep 2021
Victorian Plumbers Warranty Cover (Warranty) 28 - 31 Clarification Updated to reflect to current regulation. 05 Apr 2021