GIO Business Insurance Review

GIO LogoLooking for cover tailored for your business? Find out if GIO Business Insurance is right for you.

If you are looking forward to having a long-term and successful business, insurance is a necessity. Having insurance not only saves time but also protects you from unforeseen events which, are part and parcel of any business. But before you take out business insurance, it is important that you find the right product by comparing online.

Why should I consider GIO?

Some of the reasons people consider GIO Business Insurance include:

  • Coverage for a small and large companies. GIO business insurance can cover many business types including small and medium sized businesses.
  • Tailored product range. Choose to cover whats important to your business with specific product types e.g. Public Liability Insurance
  • Unique cover features. GIO policies have features that can value to your policy e.g. an additional 20% allowance for catastrophe protection on your building.

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If you are ready to speak with a consultant about different business insurance options available, simply enter your details in the form. Keep reading if you want to learn more about the different types of cover available.

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Who is GIO Business Insurance?

GIO Australia was founded as the Government Insurance Office in 1927. It was set up by the Government Insurance Act of New South Wales to provide workers' compensation insurance under the Workers' Compensation Act of 1926 and to take over activities previously carried out by the NSW Treasury Insurance Branch. The act was amended many times to broaden its scope, no more so than in 1941 in order to allow the sale of life insurance. The company became known as GIO countrywide in 1989.

What insurance services do they provide for businesses?

The company provides a range of business insurance plans for small, medium and large businesses. They provide trade insurance to cover your business and have public liability insurance, which protects you in case you are sued by a third party. Other business insurance plans include professional insurance, professional indemnity and commercial vehicle insurance.

How else can GIO help businesses?

They have an information centre to advise you on how to protect your business from disaster and which type of insurance plan to choose, and to answer a range of questions related to the management of your business.

What the main benefits of GIO Business Insurance?

By contacting GIO Insurance you can get a quote on business insurance for your industry and operations size, as GIO offers cover for cafes, florists, pet shops hairdressers, travel agents and more, in small to medium sized operations.

1. Cover for a wide range of business types

  • Cafes
  • Restaurants
  • Coffee lounges
  • Delis
  • Electrical goods retailer
  • Film and photo processing
  • Florist
  • Fruit and vegetable shop
  • Hairdresser
  • Handbag retailer
  • Jeweller
  • Milk bar
  • Natural food shop
  • Pet shop
  • Photographic studio
  • Shoe retailer
  • Travel agent

2. Features that provide value

  • An additional 20% allowance for catastrophe protection for your building.
  • An automatic increase of 35% for seasonal increases in stock costs.
  • Cover for employees’ personal effects.
  • Cover for theft on external parts of your building.
  • Public and product liability for your legal liability in case of personal injury or damage connected with your business.
  • Fire and other damage protection, including storm, impact, lightning, explosion and earthquake.
  • Business interruption cover in case your business is unable to operate because of fire or burglary for example.
  • Cover for the theft of stock, customer goods, electronic equipment and other business contents.
  • Professional fees associated with a tax audit of your business.
  • Cover for broken glass, temporary shuttering and the replacement of signage.
  • Personal accident and illness cover to insure your income.
  • Cover for damage to goods in transit.
  • The theft of money, not including clerical errors or theft by staff.
  • The cost of repairing or replacing mechanical and electrical equipment which breaks down.
  • The loss of money or goods as the result of fraud or dishonesty.
  • General property damage.

3. Professional and public liability cover for all sorts of industries

Your business can suffer significant losses and disruption to trading if a third party sues you for personal injury, death, damage to property or advertising injury as the result of your business products or services. GIO offers business insurance to protect you with:

  • Australia wide public and product liability insurance from $5 million up to $20 million
  • Included expenses for rendering first aid to others
  • Legal costs and expenses
  • Court attendance costs
  • Extended reporting period.
  • Cover for contractors in your business

What practices are covered?

  • Accountants
  • Dentists
  • Doctors
  • Insurance brokers
  • Health services
  • Lawyers
  • Legal services
  • Management consultants
  • Share broker
  • Stock broker
  • Taxation consultants
  • Employment agency
  • Book keeper
  • Day surgery
  • Natural therapist
  • Nurse
  • Physiotherapist
  • Trainer
  • Veterinarians

What are forms of business insurance are there? Learn more about the different types of business insurance available in Australia here.

What coverage options are offered?

GIO offers different types of business insurance plans. The company provides you with fast and easy claims lodgement process and there is an option of monthly payment to assist with your cash flow. Here is a brief look at all the business insurance plans. You are required to read the product disclosure statement before making any decision.

1. GIO Small Business Insurance

GIO business insurance has a wide range of cover options specifically designed for sole traders, small businesses and medium sized businesses anywhere in Australia. They insure small businesses like cafés and restaurants, coffee shops, delicatessens, electrical goods retailers, film photo processors, fruit & vegetable shops, jewellers, milk bars, pet shops, shoe repairers, travel agents, photographic studios etc.

This plan allows an additional 20% catastrophe protection for the building and an automatic seasonal increase of 35% on stock. It covers employees’ personal effects and theft of external parts of a building.

Under the small business insurance plan, GIO provides different covers including public and products liability, fire, business interruption, burglary, tax audit, glass, personal accident and illness, goods in transit, money, equipment breakdown, fraud and dishonesty, and general property.

GIO Small Business Insurance Review

2. GIO Business Insurance for Tradespeople

GIO understands that as a tradesperson, your business takes you and your tools from site to site. GIO trade insurance offers Australia-wide cover to protect tradespeople from liability claims, cover for theft of tools or equipment, and for personal accidents or illness. It covers your business for all trade tools and equipment and for personal accidents or illness 24 hours a day, seven days a week. They insure many different types of tradespeople, like bricklayers, builders (residential), carpenters, cleaners, decorators, electricians, gardeners etc.

Under the business insurance plan for tradespeople they provide different covers including public and products liability, fire, business interruption, burglary, tax audit, glass, personal accident and illness, goods in transit, money, equipment breakdown, fraud and dishonesty, and general property.

GIO Tradespeople Insurance Review

3. GIO Public Liability Insurance

GIO’s public liability insurance protects you, up to a stated limit, which is selected by you. If a third party sues you for personal injury, including death, damage to property or injury, you are legally liable to pay them compensation, anywhere in Australia. This is where GIO’s public liability insurance plan steps in. They provide Australia-wide public and products liability cover from $5 million to $20 million. The cover includes expenses for providing first aid to others and legal costs. They also cover you for third party property in your care, custody or control.

GIO Public Liability Insurance Review

4. GIO Business Insurance for Professionals

GIO offers a range of business insurance covers for professionals to protect your business in one easy package. They provide you with worldwide cover for laptops and cameras. There is automatic indexation on the sum that you have insured.

They insure professionals like accountants, barristers, dentists, doctors, lawyers, health service workers, insurance brokers etc. Under the business insurance plan for professionals they provide different covers including public and products liability, fire, business interruption, burglary, tax audit, glass, personal accident and illness, goods in transit, money, equipment breakdown, fraud and dishonesty, and general property.

5. GIO Professional Indemnity Insurance

This insurance covers you for claims arising from allegations that your specialist services or advice caused financial loss to your customers or clients. They provide a legal consultation of up to two hours and court attendance costs. Also, there is an extended reporting period in this plan.

They insure a variety of businesses like accountants, bookkeepers, day surgery and dental clinics, employment agents, nurses, natural therapists, management consultants etc.

GIO Professional Indemnity Insurance Review

6. GIO Commercial Vehicle Insurance

GIO’s commercial motor vehicle insurance policy provides cover against theft and accidents for business vehicles, trucks up to five tonnes and some light plant and mobile machinery. The insurance plan covers legal costs and liability for damage to other people's property of up to $30 million. You have the choice of repairer for your commercial vehicle. To insure your business vehicles they provide comprehensive cover and legal liability cover.

  • Comprehensive cover: covers you for loss of or damage to your business vehicle. This also includes cover for liability for damage caused to another person’s property and legal costs of up to $30 million.
  • Legal liability cover: covers you for legal liability for damage caused to another person's property and legal costs up to $30 million. This also covers you up to $5,000 for damage to your business vehicle caused by an uninsured driver. You are required to identify the driver responsible for the accident and provide details of their vehicle when you make a claim.

How do I make a claim with GIO?

If you need to make a claim on your GIO Business Insurance policy, contact the insurer via phone or email. One of GIO’s dedicated claims staff will be able to advise you about the claims process, what you need to do next and how you can get your business up and running again as quickly as possible.

What information will I need to provide?

You will also need to provide a range of information, including:

  • Your policy number and contact details
  • The type of claim you are lodging, for example theft
  • The date, address and details of the insured event
  • The personal details of any other parties involved in the claim

Does GIO cover small and medium sized businesses?

If you run a small or medium business anywhere in Australia, GIO Business Protect is designed with you in mind. It offers a wide range of coverage options, allowing you to pick and choose the cover you need to protect your business. GIO Business Protect covers:

  • Property damage
  • Theft
  • Glass
  • Money
  • Business interruption
  • Public and products liability
  • Portable and valuable items
  • Tax audit
  • Commercial motor
  • Equipment breakdown
  • Personal accident and illness
  • Goods in transit
  • Management liability

What sort of businesses are covered?

GIO Business Protect is suitable for an extensive selection of small and medium businesses, including but not limited to:

  • Hairdressing and beauty salons
  • Insurance brokers
  • Optometrists
  • Carpenters
  • Locksmiths
  • Interior designers
  • Shoe repairs and clothing alterations
  • Food wholesalers
  • Printers and publishers
  • Household goods manufacturers
  • Carpet cleaners

What am I not covered for?

The company has certain exclusions, which are applied to all policy sections unless specifically stated otherwise. These exclusions are:

  • Conflict: This policy does not insure claims directly or indirectly caused by war, invasion, act of foreign enemy, expropriation including lawful seizure, resumption, confiscation etc. and looting, sacking or pillaging.
  • Nuclear: This policy does not insure claims directly or indirectly caused by contamination by radioactivity from any nuclear fuel or ionising radiations or from any nuclear waste from the combustion of nuclear weapons material and nuclear fuel.
  • Non-compliance: This policy does not insure loss or damage or liability caused by or as a result of failure to comply with any relevant statutory obligations, by-laws, regulations, public authority requirements or safety requirements.
  • GST, fines or penalties: This policy does not insure any GST, fine, penalty or charge that you are liable for because you did not tell them your entitlement to input tax credits on the premium for this policy, or the entitlement you told us was incorrect.
  • Intentional acts: This policy does not insure any intentional or wilful act or omission by you, your family members or your employees with your connivance, fraudulent or dishonest acts committed by you, your family members or your employees acting alone or in collusion with others.
  • Terrorism: This policy does not insure personal injury or damage to property caused by any act of terrorism or in connection with any action taken in controlling, preventing, suppressing or in any way relating to any act of terrorism.

However, this exclusion does not apply to policy sections on burglary, money, glass, general property.

Electronic data exclusion

  • This policy does not cover alteration, corruption, destruction, distortion, misappropriation or misinterpretation of data or error in amending, creating, deleting, entering or using data. It also does not include failure to receive, send, access or use data for any time or at all from any cause whatsoever, regardless of any other contributing cause or event whenever it may occur.
  • The company will not cover legal liability for communication, display, distribution or publication of data. However, this exclusion does not apply to bodily injury, death, sickness, disease etc.
  • Where an event listed below is caused by any of the matters described in paragraph (a) above, this policy, subject to all its provisions, will insure:
    • loss or damage to property insured directly caused by the event
    • Consequential loss insured by this policy.
  • This exclusion does not apply in events like fire, lightening or thunderbolt, explosion or implosion, storm and wind, theft.
  • Where damage to property or property insured is used in this policy, they do not include data.

Why should I choose GIO?

Regardless of whether you run a small business or a much larger enterprise, GIO can tailor a business insurance policy to cover the unique risks you face.

  • Insurance suited to your business. From property damage and theft to public liability and business interruption, GIO offers multi-line insurance solutions to offer the protection that’s important to your business.
  • Options to add value. It also provides a range of features to add value to your cover, such as personal accident and illness cover and additional catastrophe protection.
  • Reliable claims handling. And with a professional, efficient claims handling team and a history in the industry dating back to 1927, GIO Insurance can ensure that your business is in safe hands.

Receive a quote for GIO Business Insurance

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