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 sectionPage #Update typeChange in the PDSPDS Effective Date
Whole document1 - 31ClarificationPolicy document now titled ‘Small Business Insurance Product Disclosure Statement and Policy Wording’.04 Sep 2021
1 - 31ClarificationNew sections format: General Information / Cover (Sections 1-5, plus Extensions)04 Sep 2021
Introduction4 - 5
About this Product Disclosure Statement4ClarificationExplanation 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 questions5ClarificationThe 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 information4 - 9
Cancelling your policy5BenefitCancellation fee reduced to $22, with clarity on when this will apply.05 Apr 2021
What if I have a complaint?6ClarificationUpdated details regarding our complaints process.04 Sep 2021
Your responsibilities7 - 8ClarificationImproved transparency with expanded details on the requirement to maintain a valid email address.05 Apr 2021
8ClarificationAdditional 'Take reasonable precautions' requirement with an example to clarify the obligations.05 Apr 2021
General claims conditions9 - 12
Authorised persons on your claim9ClarificationUpdated to describe (1) how to add an authorised person and (2) conflict of interest.05 Apr 2021
How we settle your claim11ClarificationUpdated to provide clarity on how we settle claims.05 Apr 2021
Quality guarantee11BenefitNew part describing our quality guarantee on authorised works.05 Apr 2021
Excess12ClarificationWhat you need to provide for us to waive your excess.05 Apr 2021
Actions of others12BenefitNew part describing circumstances where cover may not be limited by the actions of other people.04 Sep 2021
General exclusions13
Electronic data13ReductionAdded general exclusion for electronic data.04 Sep 2021
Definitions14 - 18
Business14BenefitDefinition added and removal of $100,000 limit on businesses involved in the maintenance and/or repair of buildings.05 Apr 2021
Consequential loss15ClarificationNew definition added.04 Sep 2021
Goods in care16ClarificationNew definition added.05 Apr 2021
Insured person16ClarificationNew definition added to clarify principals and other interested parties in Section 1.04 Sep 2021
Storm18ClarificationNew definition added.05 Apr 2021
Third party18ClarificationNew definition added.05 Apr 2021
Vehicle/s18ClarificationUpdated definition to exclude the requirement for the trailer to be attached.05 Apr 2021
You / your / yours18ClarificationRemoved 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
COVER19 - 31
Section 1 – Public and Products Liability19BenefitAdded cover for Advertising Liability04 Sep 2021
19BenefitUpdate to ‘territorial limits’ extending liability cover for incidents occurring overseas (excluding North America).04 Sep 2021
-BenefitRemoved exclusion of ‘household member’.05 Apr 2021
-ClarificationRemoved reference to ’joint insureds’.05 Apr 2021
20BenefitNarrowed exclusion for the failure to insure business premises despite it being required by the lease agreement.05 Apr 2021
20BenefitNarrowed exclusion for legal liability assumed under any contract or agreement.05 Apr 2021
20ClarificationUpdated cover for legal liability claims brought by workers against the business.05 Apr 2021
22BenefitGoods in Care cover now noted as an Extra Cover, and increased limit from $50,000 to $100,000.04 Sep 2021
22ClarificationClarify how goods in care are treated under legal liability. Replaces reference to 'custody and control'.05 Apr 2021
Section 2 – Business Items22BenefitExpanded cover to include business items worldwide and removed the 45-day limit.05 Apr 2021
Section 2 – Business ItemsSection 2 – Business Items22BenefitIncreased the business item limit to $2,500.05 Apr 2021
22ClarificationClarifying that cover is for ‘portable’ business items.04 Sep 2021
Section 3 – Business Property Damage23 - 24BenefitNew cover section, which includes cover for Stock in Trade, Business Contents and Flood.04 Sep 2021
23ReductionAdded 72 hours cover exclusion for flood, storm or bushfire events.05 Apr 2021
23ReductionAdditional 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 – Glass24BenefitRemoved 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
25BenefitCosts 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 – Money25BenefitAdded cover for ‘safe or strongroom’.04 Sep 2021
Extensions of Cover to Section 126 - 31
Queensland Electrical Contractors Cover (Consumer Protection)26 - 28ClarificationUpdated to reflect to current regulation.05 Apr 2021
28ReductionNotification period of cancellation by us reduced from 30 days to the standard 3 days.04 Sep 2021
Victorian Plumbers Warranty Cover (Warranty)28 - 31ClarificationUpdated to reflect to current regulation.05 Apr 2021