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.

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’.
Whole document	1 - 31	Clarification	New sections format: General Information / Cover (Sections 1-5, plus Extensions)
GENERAL INFORMATION	3 - 18
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.
Your responsibilities	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.
Section 2 – Business ItemsSection 2 – Business Items	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.
Section 4 – Glass	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.