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 sectionPage #Update typeChange in the PDS
Whole document1 - 31ClarificationPolicy document now titled ‘Small Business Insurance Product Disclosure Statement and Policy Wording’.
1 - 31ClarificationNew sections format: General Information / Cover (Sections 1-5, plus Extensions)
GENERAL INFORMATION3 - 18
Introduction4 - 5
About this Product Disclosure Statement4ClarificationExplanation of who retail customers are and when parts of the document form part of their PDS.
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”.
Important information4 - 9
Cancelling your policy5BenefitCancellation fee reduced to $22, with clarity on when this will apply.
What if I have a complaint?6ClarificationUpdated details regarding our complaints process.
Your responsibilities7 - 8ClarificationImproved transparency with expanded details on the requirement to maintain a valid email address.
8ClarificationAdditional 'Take reasonable precautions' requirement with an example to clarify the obligations.
General claims conditions9 - 12
Authorised persons on your claim9ClarificationUpdated to describe (1) how to add an authorised person and (2) conflict of interest.
How we settle your claim11ClarificationUpdated to provide clarity on how we settle claims.
Quality guarantee11BenefitNew part describing our quality guarantee on authorised works.
Excess12ClarificationWhat you need to provide for us to waive your excess.
Actions of others12BenefitNew part describing circumstances where cover may not be limited by the actions of other people.
General exclusions13
Electronic data13ReductionAdded general exclusion for electronic data.
Definitions14 - 18
Business14BenefitDefinition added and removal of $100,000 limit on businesses involved in the maintenance and/or repair of buildings.
Consequential loss15ClarificationNew definition added.
Goods in care16ClarificationNew definition added.
Insured person16ClarificationNew definition added to clarify principals and other interested parties in Section 1.
Storm18ClarificationNew definition added.
Third party18ClarificationNew definition added.
Vehicle/s18ClarificationUpdated definition to exclude the requirement for the trailer to be attached.
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.
COVER19 - 31
Section 1 – Public and Products Liability19BenefitAdded cover for Advertising Liability
19BenefitUpdate to ‘territorial limits’ extending liability cover for incidents occurring overseas (excluding North America).
-BenefitRemoved exclusion of ‘household member’.
-ClarificationRemoved reference to ’joint insureds’.
20BenefitNarrowed exclusion for the failure to insure business premises despite it being required by the lease agreement.
20BenefitNarrowed exclusion for legal liability assumed under any contract or agreement.
20ClarificationUpdated cover for legal liability claims brought by workers against the business.
22BenefitGoods in Care cover now noted as an Extra Cover, and increased limit from $50,000 to $100,000.
22ClarificationClarify how goods in care are treated under legal liability. Replaces reference to 'custody and control'.
Section 2 – Business Items22BenefitExpanded cover to include business items worldwide and removed the 45-day limit.
Section 2 – Business ItemsSection 2 – Business Items22BenefitIncreased the business item limit to $2,500.
22ClarificationClarifying that cover is for ‘portable’ business items.
Section 3 – Business Property Damage23 - 24BenefitNew cover section, which includes cover for Stock in Trade, Business Contents and Flood.
23ReductionAdded 72 hours cover exclusion for flood, storm or bushfire events.
23ReductionAdditional exclusions added to include pets or livestock, growing crops or pastures and mechanical, electrical or electronic (including computer software) breakdown or failure.
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.
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.
Section 5 – Money25BenefitAdded cover for ‘safe or strongroom’.
Extensions of Cover to Section 126 - 31
Queensland Electrical Contractors Cover (Consumer Protection)26 - 28ClarificationUpdated to reflect to current regulation.
28ReductionNotification period of cancellation by us reduced from 30 days to the standard 3 days.
Victorian Plumbers Warranty Cover (Warranty)28 - 31ClarificationUpdated to reflect to current regulation.