AIG business insurance

AIG business insurance - features and benefits

As a major insurer with a long history in the industry, AIG has a lot to offer prospective business customers and professionals.

• Financial strength. With over 90 million customers worldwide, AIG is a sound financial institution backed by industry accreditation.
• Local knowledge. With offices in Sydney, Melbourne, Brisbane and Perth, AIG's Australian staff understand your particular business needs.
• Comprehensive coverage. AIG provides one of the most extensive ranges of products and services to cater for your business insurance needs.
• Small business options. AIG has specific policies for small to medium businesses, such as their My Business My Choice package, which offers a complete insurance solution for SMEs.

What types of business cover does AIG offer?

AIG Business Insurance includes a product for various risks that a business might be exposed to. It can provide tailored cover for industries including aviation, construction, financial services, hospitality and tourism, manufacturing, retail and more. Some of the business products it offers include:

Make sure you read the PDS

Finder research shows that 23% of Australians don't read the insurer's PDS.

Can AIG cover small businesses?

AIG Insurance offers cover to meet the unique needs of small and medium Australian businesses.

AIG offers its SME (small to medium enterprise) solutions. This product is designed to reduce the chance of your business suffering a loss, and to help you recover as quickly as possible if something does go wrong. Rather than a one-size-fits-all solution, AIG can tailor a policy to protect against the specific risks faced by your business, and offer a professional and efficient claims handling service.

AIG Small Business Insurance is designed for Australian businesses with up to $10 million worth of assets per location and up to $20 million in turnover. It offers a wide range of coverage options including:

Does AIG offer professional indemnity insurance?

Yes. AIG offers professional indemnity insurance (as part of its financial lines products) designed to cover professionals and businesses against claims of negligence or professional misconduct. Policies can be tailored to suit professionals across a range of industries and businesses small or large. This includes jobs such as:

• What does AIG's professional indemnity insurance cover professionals for?

  • allegations of defamation or breach of duty
  • wrongful errors, acts or omissions
  • lost or damaged documents
  • defence costs against civil liability claims (intentional fraud or dishonesty is excluded)

FAQs

• Can I purchase AIG business insurance directly through their website?

  No, AIG Australia primarily distributes its commercial and business insurance products through licensed insurance brokers rather than selling directly to the public online. This model ensures that businesses receive professional advice to tailor policy limits and exclusions to their specific industry risks.

• Does AIG CyberEdge cover include 24/7 incident response?

  Yes, AIG CyberEdge provides 24/7 access to an expert cyber-incident response team that offers forensic, legal and public relations support in the event of a data breach. This service helps businesses contain the security failure and manage the legal obligations associated with notifying affected individuals.

• How long is the cooling-off period for an AIG business insurance policy?

  Under the AIG My Business Pack policy wording, you are given an extended 21-day cooling-off period from the date your cover commences. While many commercial business policies across Australia offer no cooling-off window at all, AIG allows this 21-day buffer to cancel for a full refund, provided you have not lodged a claim or exercised any rights under the policy.

• Does AIG offer management liability cover tailored for small businesses?

  Yes, AIG offers a product called PrivateEdge that provides small and medium-sized businesses with management liability cover equivalent to the protection usually reserved for large corporations. This package can include directors' and officers' liability, employment practices liability and crime protection.

• Does AIG business insurance provide protection against tax audit expenses?

  Yes, AIG includes tax audit cover as an option within its management liability policies to help businesses pay for the professional fees resulting from a government audit. This cover is intended to mitigate the financial impact of hiring accountants or legal experts to respond to official investigations.

• Does AIG provide specialised public liability insurance for the wine industry?

  No, AIG Australia does not offer a standalone insurance package exclusively for the wine and viticulture sector. Instead, wineries, grape growers, and beverage exporters can secure protection by customizing an AIG Business Package Solutions policy. Through tailored endorsements, a broker can map generic property, public liability, and marine transit modules to cover localized viticulture risks like stock contamination and transit exposures.

Written by

Alex Reid

Expert

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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. See full bio