Business Design and Distribution Obligations

Business insurance updates

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

Read the Small Business Insurance PDS

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
Whole document 1 - 31 Clarification Policy document now titled ‘Small Business Insurance Product Disclosure Statement and Policy Wording’.
1 - 31 Clarification New sections format: General Information / Cover (Sections 1-5, plus Extensions)
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.
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”.
Important information 4 - 9
Cancelling your policy 5 Benefit Cancellation fee reduced to $22, with clarity on when this will apply.
What if I have a complaint? 6 Clarification Updated details regarding our complaints process.
Your responsibilities 7 - 8 Clarification Improved transparency with expanded details on the requirement to maintain a valid email address.
8 Clarification Additional 'Take reasonable precautions' requirement with an example to clarify the obligations.
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.
How we settle your claim 11 Clarification Updated to provide clarity on how we settle claims.
Quality guarantee 11 Benefit New part describing our quality guarantee on authorised works.
Excess 12 Clarification What you need to provide for us to waive your excess.
Actions of others 12 Benefit New part describing circumstances where cover may not be limited by the actions of other people.
General exclusions 13
Electronic data 13 Reduction Added general exclusion for electronic data.
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.
Consequential loss 15 Clarification New definition added.
Goods in care 16 Clarification New definition added.
Insured person 16 Clarification New definition added to clarify principals and other interested parties in Section 1.
Storm 18 Clarification New definition added.
Third party 18 Clarification New definition added.
Vehicle/s 18 Clarification Updated definition to exclude the requirement for the trailer to be attached.
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.
COVER 19 - 31
Section 1 – Public and Products Liability 19 Benefit Added cover for Advertising Liability
19 Benefit Update to ‘territorial limits’ extending liability cover for incidents occurring overseas (excluding North America).
- Benefit Removed exclusion of ‘household member’.
- Clarification Removed reference to ’joint insureds’.
20 Benefit Narrowed exclusion for the failure to insure business premises despite it being required by the lease agreement.
20 Benefit Narrowed exclusion for legal liability assumed under any contract or agreement.
20 Clarification Updated cover for legal liability claims brought by workers against the business.
22 Benefit Goods in Care cover now noted as an Extra Cover, and increased limit from $50,000 to $100,000.
22 Clarification Clarify how goods in care are treated under legal liability. Replaces reference to 'custody and control'.
Section 2 – Business Items 22 Benefit Expanded cover to include business items worldwide and removed the 45-day limit.
Section 2 – Business ItemsSection 2 – Business Items 22 Benefit Increased the business item limit to $2,500.
22 Clarification Clarifying that cover is for ‘portable’ business items.
Section 3 – Business Property Damage 23 - 24 Benefit New cover section, which includes cover for Stock in Trade, Business Contents and Flood.
23 Reduction Added 72 hours cover exclusion for flood, storm or bushfire events.
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.
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.
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.
Section 5 – Money 25 Benefit Added cover for ‘safe or strongroom’.
Extensions of Cover to Section 1 26 - 31
Queensland Electrical Contractors Cover (Consumer Protection) 26 - 28 Clarification Updated to reflect to current regulation.
28 Reduction Notification period of cancellation by us reduced from 30 days to the standard 3 days.
Victorian Plumbers Warranty Cover (Warranty) 28 - 31 Clarification Updated to reflect to current regulation.