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.
Features and benefits at a glance
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.
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.
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.
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 cover 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 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.
Under the business insurance plan for tradespeople GIO provides different cover 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 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 and offer automatic indexation on the sum that you have insured.
Under the business insurance plan for professionals GIO provides different cover 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 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 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 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. You have the choice of repairer for your commercial vehicle. GIO provides comprehensive and legal liability cover for vehicles.
- 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.
There are plenty of reasons to consider GIO. The company covers small and medium sized businesses, from cafes and travel agents to professional firms. GIO's policies come with a broad range of features to cover many of the risks and damages that come with running a business.
Cover for a wide range of business types
GIO covers almost every type of business, including:
- Coffee lounges
- Electrical goods retailers
- Fruit and vegetable shops
- Milk bars
- Natural food shops
- Pet shops
- Photographic studios
- Shoe retailers
- Travel agents
Key features of GIO policies
Some beneficial features of GIO business insurance policies include:
- 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
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
- 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 does GIO cover?
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
- Interior designers
- Shoe repairs and clothing alterations
- Food wholesalers
- Printers and publishers
- Household goods manufacturers
- Carpet cleaners
The company has certain exclusions, which are applied to all policy sections unless specifically stated otherwise.
- Conflict. GIO does not accept 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. Policies don't cover loss or damage caused by contamination by radioactivity from any nuclear fuel or ionising radiations or nuclear waste.
- Non-compliance: GIO does not insure loss, damage or liability caused by a failure to comply with any relevant statutory obligations, by-laws, regulations, public authority requirements or safety requirements.
- Intentional acts: GIO will not cover any intentional or wilful act or omission by you, your family members or your employees with your awareness.
- Terrorism: This policy does not insure personal injury or damage to property caused by any act of terrorism.
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.
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