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What is Youi Small Business Insurance designed for?
Youi Small Business Insurance offers business owners financial protection against liability claims e.g. you own a cleaning business and, through no intention of yours, someone suffers an injury while on your site and sues you. Cover is included for your legal and defence costs, as well as for any damages and compensation you are required to pay.
What features are included?
The following benefits are included as standard with Youi Small Business Insurance:
Public and Products Liability. If an incident relating to the activities of your business occurs during the contract period and leads to bodily injury or property damage to a third party, this benefit provides cover for the cost of your legal and defence expenses, as well as any damages or compensation for which you are deemed legally liable. If you have care, custody or control of customer's property which suffers loss or damage, up to $100,000 of cover per claim is included as well.
Cover levels. Choose from one of three cover levels: $5 million, $10 million and $20 million.
Queensland Electrical Contractors Cover (Consumer Protection). This cover is provided for electrical work undertaken in Queensland under Electrical Safety Act 2002 or the Electrical Safety Regulation 2013. It covers your legal liability to pay compensation following any defect or non-completed work for which a certificate of test is required. It also covers your trade practices liability, your legal liability for consequential financial loss from a certificate of test that you issue, and your legal liability for consequential financial loss from incorrect advice, design or installation by you. The maximum amount payable during a contract period under this cover is $5 million.
Victorian Plumbers Warranty Cover (Warranty). This cover applies to licensed plumbing work in Victoria under Licensed Plumbers General Insurance Order 2002. It covers:
The cost of rectifying plumbing work due to a defect
Your legal liability relating to plumbing work that contravenes specific sections (18, 29, 34, 60 or 61) of Schedule 2 of the Competition and Consumer Act 2010 (Cth) or Section 9, 11 or 12 of the Fair Trading Act 1999 (Vic)
Your legal liability to pay compensation when a building owner suffers consequential financial loss due to a defect in or non-completion of plumbing work
Your legal liability to pay compensation due to the non-completion of domestic plumbing work
What are the policy's optional extras?
The following benefits are available as optional extras on a Youi Small Business Insurance policy:
Money. This benefit covers loss or damage to your business' money anywhere in Australia, including while it is in transit or at your home or office.
Business items.This optional benefit covers up to $2,500 per item, up to the amount shown on your policy schedule, for loss or damage to your portable business items globally. For items worth more than $2,500, there is an option to nominate an additional insured value and note the item on the policy schedule as a High Value Business Item.
Business Property Damage. This covers loss or damage to stock at your business premises or in transit to or from your business premises. Cover is available for accident, fire, flood, theft and deterioration of refrigerated stock.
Glass. This opitional extra covers loss or damange to glass at the business premises. Loss or damage to glass occurs where a facture extends through the enture thickness of the glass and the film.
What won't Youi cover?
A claim under your Youi Small Business Insurance will not be paid for various reasons including if,
The incident occurred before cover commenced
It relates to your dishonest, fraudulent or unlawful conduct
It is caused by conduct intended to cause personal injury or property damage
It arises in relation to the ownership or operation of any vehicle which needs to be registered by law
It relates to the ownership or operation of aircraft, airports, dams, reservoirs, railways or amusement parks
It relates to the operation of docks or public wharves
It arises due to any demolition work
It relates to the disposal of toxic waste or land fill activities
It arises due to an act of terrorism or war
Make sure you read the PDS
2022 Finder research shows that 23% of Australians can't be bothered reading the PDS. It may be boring but it's worth it in the long run. For a full list of exclusions please see the Youi PDS.
How Much Does Youi Business Insurance Cost?
The cost of your Youi Small Business Insurance premiums is influenced by a range of factors, including:
The level of cover you choose. Including extra benefits in your cover will obviously increase the cost of premiums.
Your payment method. Contact Youi for information on the cheapest premium payment method.
Your claims history. The insurer will consider any prior claims you have made when developing your business’ risk profile.
Any admin costs, taxes and government charges that may apply.
Making a Claim
When you need to lodge a claim, Youi operates a 24/7 emergency claims assistance line. If you wish to make a claim on your Youi Small Business Insurance policy, take note that each claim can only relate to one incident - separate claims will need to be filed for each incident.
You’ll need to allow Youi to inspect any damaged goods or property you are claiming for, while you’ll also need to report relevant incidents (theft, for example) to the police within 24 hours and obtain an incident number.
Finally, make sure to provide any information or supporting documentation Youi requests in order to process your claim.
Frequently asked questions
Youi may require you to supply an Australian business number (ABN). Your ABN may act as the business's identifier.
Youi may offer you the option of choosing your basic excess amount - this will have a bearing on the cost of your insurance premiums. An additional excess may also apply to claims in certain circumstances.
No. Personal accident insurance is not included in Youi Small Business Insurance.
No. Loss resulting from employee dishonesty is not covered by this particular policy.
Youi underwrites its own policies. The insurer is a subsidiary of OUTsurance International Holdings Pty Limited, which is part of the Rand Merchant Insurance Holdings (RMIH) Group.
Yes. In the first 20 calendar days following the policy start or renewal date you can cancel your policy and, if you have not already used the insurance product, receive a full refund of your premiums.
Alex Reid is Finder’s business insurance cadet. He has a Master of Marketing from the University of Technology Sydney, with a background in business and sales. When not writing about business insurance for Finder he's a keen scuba diver, recently completed his 200th hour underwater and his PADI Divemaster certification. Before working at Finder he lived in Hangzhou China, where he studied Mandarin and Chinese culture.
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