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GIO Business Insurance Review

GIO business insurance could be good if you want a well-known brand that has lots of tailored options, including for not-for-profits, consultants and small businesses.

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By

Alex Reid

Updated

Fact checked

Our verdict

Pros

  • It's good for small and medium-sized businesses — that's who GIO business insurance policies are tailored towards.
  • It's part of the Suncorp Network and has a strong commitment to the local community, supporting organisations such as Fire and Rescue NSW, New South Wales Rugby League, Wheelchair Sports NSW and Youngcare.

Cons

  • GIO business insurance has had some poor feedback on customer review websites we looked at in recent months and years.
  • GIO business insurance is tailored towards small and medium sized businesses so may not be ideal for larger-sized operations.

Speak to a broker about business insurance

Who can benefit from GIO Small Business Insurance?

  • Cafes and restaurants
  • Coffee lounges
  • Delicatessens
  • Electrical goods retailers
  • Film photo processors
  • Florists
  • Fruit and veg shops
  • Hairdressers
  • Handbag retailers
  • Jewellers
  • Milk bars
  • Natural food shops
  • Pet shops
  • Photographic studios
  • Show repairers
  • Travel agents

What does GIO Small Business Insurance cover?

  • Fire and other damage. Covers your business for physical loss or damage to your property from eligible insured events such as fire, lightning and explosion. This includes cover for the loss or damage to buildings, business contents, stock or specified items.
  • Business interruption. Insures you against a reduced income in your business as the result of damage to your business because of fire and other damage, burglary, money loss, glass damage, goods in transit loss or general property damage.
  • Burglary insurance. Covers your business for the loss or damage to contents, stock and specified items as the result of burglary.
  • Insured money. Covers you for the loss or damage of business money as the result of burglary or fire, or if the money is in transit, or being held at your private residence.
  • Glass insurance. Provides cover for damage to glass on your property, or for which you are legally responsible.
  • Public and product liability. Covers your legal liability for compensation in case of personal injury to another person or damage to property as the result of your business products or services.
  • Goods in transit. Ensures that goods you use, sell or buy in your business are protected when they are in transit. You can cover goods in transit for Specified Perils, or Accidental Damage.
  • Fraud and dishonesty. Covers your business in case of theft of your business goods or money by employees.
  • Breakdown of equipment. Covers the breakdown of insured equipment and any direct loss or damage to property as a result.
  • General property insurance. Covers you for the loss or damage to business property which you would usually take with you in the course of your business. General property covers you wherever you are in the world.
  • Tax audit cover. Provides cover for professional fees such as accountant fees if your business is audited, reviewed or investigated by the Australian Tax Office.
  • Personal accident and illness. Covers the person named on the policy for eligible losses as the result of accident or injury. You can choose cover for accident only, or for accident and illness. The benefit is paid as a lump sum amount or as a weekly benefit.

GIO Professional Indemnity Insurance

The types of claims which GIO covers under their Professional Indemnity Insurance include:

  • Contractual liability: Claims related to damages that are stated in contractual agreement between insured and another party.
  • Intellectual property: Claims related to copyright, trademark or patent infringement that may arise out of the companies operation. This is provided that the error or omission by the insured is unintentional and is committed in the conduct of their professional services.
  • Liability for acts, errors or omissions by contractors or consultants: Claims related to incidents that have occurred through the course of employment of contract workers or consultants by the insured.
  • Libel or slander: Provides cover for claims against libel or slander that have occurred through the professional’s provision of business. The insured must have not intended to commit the libel or slander with express malice.

What does GIO Professional Indemnity Insurance cover you for?

  • Legal consultation. Covers the cost of up to two hours of legal consultation in relation to a professional indemnity claim against your business. The cost of the legal advice is then paid directly by the insurer, not by you.
  • Cover for associated costs. GIO also includes cover for court attendance costs related to your claim. This includes cover for employees who are paid by your company and who are required to appear in court as a witness or in connection with the claim. The compensation is paid up to $250 per day, to a maximum of $10,000 for each claim, for all persons involved.
  • Cover for contractors. No matter how big or small, or what type of business you are running, you can also be covered by GIO Professional Indemnity Insurance if you work on a contract basis. This also includes cover for the acts and services of contractors you employ in your business.
  • Choose your premium frequency. You can pay your GIO insurance premium monthly, to fit into your business budget.
  • Taking your cover to a new business. You are also able to be covered for the conduct and professional services of any former subsidiary business you have operated, or services you have provided. If you acquire or create a new subsidiary it will be covered from the date of acquisition, for thirty days.
  • Participating in a joint venture. If a professional indemnity claim is made against a business in which you are partnered, your GIO cover provides insurance for your proportion of the liability only.
  • Public relations expenses. If you are required to spend money on PR in response to adverse publicity for your business, you can notify GIO of this occurrence and claim the cost of public relations expenses. You must pay an excess of $1,000 before you can claim for an adverse public event.
  • Run off cover. If your business merges or is acquired by another business while your GIO Professional Indemnity Insurance is in place, the policy will remain in force until the policy end date.
  • Cover for your spouse. Your spouse can also be covered for their liability in the business if they have the legal status of your spouse and they have an ownership or interest in the business.
  • Reporting period. You have 30 days after the expiry of the policy in which you are still able to make a claim for professional indemnity insurance, provided that the event you are claiming for occurred before the policy expired.

    Additional options to consider under the GIO Professional Indemnity Policy

    • Compensation for court appearance: Provides compensation for costs that are incurred through court appearance if necessary for any principal or employee to attend court as a witness in connection to a claim. Conditions and cover limits apply.
    • Dishonesty of employees: Provides cover for claims made as a result from any dishonest, fraudulent, criminal or malicious act or omission by any Employee occurring or committed in connection with the professional services of the insured.
    • Extended reporting period: Policyholder given ability to purchase extended reporting period of 365 following the end of the Policy Period if no other substantial cover has been purchased.
    • Former subsidiary: Insuring clause is extended to cover the conduct of the Professional services by former subsidiary’s of the policyholder.
    • Inquiry costs: GIO will indemnify the insured for inquiry costs. Conditions apply.
    • Joint venture liability: Provides cover for claimant’s costs and expenses in respect of claims made against the insured resulting from participation in joint ventures.
    • Legal consultation: Policyholder entitled up to two hours of legal advice from the “Legal Adviser” specified in the policy schedule on any matters related to the risks under the policy.
    • Lost documents: Provides cover for expenses incurred following loss or damage to documents occurring in connection with the professional services.
    • Newly acquired subsidiary: Provides cover for claims related to conduct of new subsidiary.
    • Public relations expenses: Compensation provided for public relations expenses in respect of adverse publicity event.
    • Run off cover: Policy remains in force until the expiry of the policy period following winding up process in respect of the policyholder.
    • Spousal liability: Provides cover for claims made against the insured’s spouse.
    • Third day reporting period: Provides cover for claims for up to thirty days following the expiry of the policy period.

    Talk to a broker about GIO business insurance

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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

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