Vero is one of the most renown names in Australian general insurance and is used by thousands of small to medium businesses nationwide. A member of the Suncorp Group, Vero has a 180 year old heritage and enjoys an A+ rating with Standard & Poor’s Rating Services. Vero Enterprise has a range of business insurance options tailored closely to the needs of Australian businesses including:
- Business Interruption Insurance
- Management Liability Insurance
- Commercial Motor Insurance
- Construction and Engineering Insurance
Who is Vero Business Insurance for?
From start-ups through to major corporations, Vero's products can be tailored to the cover requirements of a whole range of businesses. This review will provide an overview of the different types of cover available from Vero.
What types of cover is available for small to medium businesses?
This guide looks at each of these products in turn and summarises the cover they provide for Small to Medium Enterprises (SMEs).
Motor Trade Cover
This product provides insurance for those in the Motor Trade including mechanics, panel beaters and spray painters. Cover includes:
- Fire and defined events. Covers damage caused to your property due to unforeseen (defined) occurrences such as fire
- Theft. Covers loss of contents and stock as a result of theft
- Glass. Covers glass including internal glass partitions and external windows
- Breakdown. Covers breakdown of machinery, computers and electronic equipment
- Data restoration – covers the cost of rewriting business computer records following a computer breakdown
- Increased costs of working – covers costs associated with a computer breakdown, such as hiring alternative equipment and additional staff
- Deterioration of stock – covers the cost of replacing stock that has deteriorated or spoiled after the breakdown of refrigerators or freezers
- Money – covers business monies kept on the premises, on your person and during transit
- Portable and valuable items – covers damage to portable items such as tools and laptops (worldwide coverage)
- Management liability – covers management liability of business owners, directors, officers and employees
- Business interruption – covers loss of income and additional increased costs due to business interruption
- Goods in transit – covers loss or damage to goods or stock while it is in transit
- Legal liability – covers liability for third party injury and property damage
- Professional risks – covers civil liability for costs associated with negligence claims (involving acts, errors or omissions) while providing professional services
- Tax probe – covers professional fees incurred in connection with an official audit by an authority such as the ATO
- Commercial motor – covers customers’ vehicles while they are in your care and offers a choice of cover for your own business vehicles.
Retail Services Cover
This product provides insurance for those in Retail Services such as department stores, restaurants and specialty shops. The cover provided is identical to that for the Motor Trade, apart from the Commercial motor section at the end, which does not include cover for customers’ vehicles. And Vero can help you tailor your policy to make it an even better fit. This could include measures such as providing cover for seasonal increases in benefit limits (i.e. Christmas and Easter), when stock levels are considerably higher in many retail businesses.
Professional Services Cover
This product covers those who provide professional services to the public such as doctors, accountants and business consultants. While it also provides the standard cover offered to the Motor Trade and Retail Services, Vero can help you tailor it further to suit your particular professional circumstances. Examples could include:
- Providing cover for drugs kept on the premises, in the case of doctors and medical clinics
- Providing optional additional cover for employee dishonesty in your Management Liability cover, to protect yourself against employee fraud.
Mobile Business Cover
This product covers those who run a mobile business, such as tradespeople and those who work from home. It too includes the standard cover provided in Vero’s other business products, with two notable exceptions. Vero’s Mobile Business cover also includes optional cover for GPS navigation equipment plus optional defect and trade practices liability for Queensland electricians and Victorian plumbers.
Commercial Motor Cover
This product is tailored specifically for businesses with less than 15 vehicles and can be purchased as a stand-alone product or as part of an insurance package. It offers a choice of Comprehensive cover, Legal Liability Fire & Theft cover or Legal Liability Only cover and provides cover for sedans, utilities, 4WDs and vans up to 2 tonne carrying capacity. It also covers trucks up to 5 tonne and mobile machinery and earthmoving equipment, providing they are not used to generate the primary source of income. Optional covers available for vehicles up to 2 tonne include windscreen excess waiver, rental vehicle following an accident and protected no claims bonus.
This product covers those with more complex insurance needs such as wholesalers, manufacturers and commercial property owners. As well as the standard covers offered in Vero Business Insurance, their Business Insurance can include options relevant to your specific needs. Examples could include:
- Business Interruption Insurance with a choice of cover for reductions in either Gross Profit or Gross Income
- Management Liability Insurance with optional cover for employee dishonesty.
- Association liability
- Management Liability
- Directors and Officers Liability
- Employment and Practices LiabilityManagement Liability
- Medical Malpractice Liability
- Superannuation Fund Trustees Liability
What types of professional and financial risk cover is offered?
Association Liability Cover from Vero is designed for not-for-profit organisations. It provides personal liability cover when office bearers and employees breach their duty, plus it also covers the organisation’s liability. Cover features include:
- Professional indemnity cover for the provision of professional services by the organisation
- Cover for any liability claims brought against the association
- Office bearer’s liability cover, including reimbursement for any claims against directors, officers or employees
- Employment practice liability cover, which offers protection in the event of discrimination and wrongful dismissal claims
- Legal representation expenses
- Fidelity cover
Directors and Officers Liability
Vero Directors and Officers Liability Insurance offers protection against a wide range of risks faced by directors and officers, providing guaranteed peace of mind. Cover features include:
- Personal protection for directors and officers against regulatory and legal action
- Representation costs at inquiries
- Company reimbursement cover to cover the cost of your legal defence or any damages awarded
- Company securities cover, which offers protection when securities claims are made against the company
- Cover for defence costs at OH&S proceedings
- Cover for pecuniary penalties
Employment and Practices Liability
Vero Employment and Practices Liability Insurance offers protection for a wide range of claims that may be made against your company by employees, including:
- Wrongful dismissal or termination of employment
- Wrongful discrimination
- Sexual or workplace harassment
- Wrongful deprivation of career opportunity
- Wrongful demotion or disciplinary action
This policy is designed for large private organisations, public organisations and some not-for-profit groups. It covers legal liability, defence costs and much more.
Vero Management Liability Insurance is designed to cover an extensive range of management liabilities for small to medium private companies. This includes cover for:
- Directors and officers liability
- Company liability
- Company reimbursement
- Employment practice liability
- Trustee liability
- Business crisis consultant fees
- Legal consultation
The policy also covers defence costs for OH&S and pollution claims, including representation expenses and pecuniary penalties.
Medical Malpractice Liability
Vero Medical Malpractice Insurance provides cover for the complex range of claims risks faced by the operators of medical centres, clinics and day surgeries. Cover features include:
- Civil liability cover for claims related to the healthcare services you provide. For example, claims of liability under consumer protection legislation, or for breaches of patient confidentiality
- Vicarious liability for acts, errors and omissions of medical practitioners
- Cover for claims of employee dishonesty or Medicare benefits fraud
- Statutory liability cover for defence costs relating to OH&S and environmental law, as well as fines or penalties imposed under OH&S or environmental law
- Public relations expenses to combat negative publicity
- Compensation for court attendance
Vero Professional Indemnity Insurance can provide much-needed cover if you or your employees provide professional services that involve specialised knowledge or expertise. The policy covers:
- Civil liability arising from the provision of professional services, for example libel or the infringement of intellectual property rights
- Legal defence costs
- Lost documents cover
- Inquiry costs
- Liability for employee dishonesty
- Compensation for court attendance
- Public relations costs to help protect or restore the reputation of your business
- Indemnity for individual contractors and work experience personnel
- Liability protection for spouses
- Up to two hours of free legal consultation
- Excess reduction incentive available in certain circumstances
- Mitigation of loss extension and privacy breach costs extension also available
Superannuation Fund Trustees Liability
Superannuation Fund Trustees Liability Insurance from Vero is designed to offer crucial protection for the trustees of superannuation funds. It protects trustees against actual or alleged wrongful acts, including:
- Legal liability for wrongful acts committed in connection with the superannuation fund
- Judgement and settlement costs
- Defence costs for some claims
Designed for employer-run superannuation funds, Vero Superannuation Fund Trustees Liability Insurance also covers the fund, the employer company (including its directors and employees), and members of the fund’s policy committee.
- Marine Hull
- Marine Liability
- Marine Transit
How can Marine Insurance from Vero protect me?
Vero’s Marine division offers the following three insurance products:
- Marine Hull Insurance. This policy offers protection against a range of risks for a variety of vessels, including:
- Cover for passenger vessels and tourist vessels - Cover for tug and barge operations, fishing vessels and dredges - Cover for coastal trading and port operation vessels Cover is also included for innocent owners or mortgagees, loss of charter hire and loss of earnings.
- Marine Liability Insurance. Specialist Marine Liability Insurance from Vero offers the following types of protection:
- Charterers liability - Port authority liability - Stevedores liability - Terminal operators liability - Ship repairers liability - Marine contractors liability - Marina operators liability
- Marine Transit Insurance. Vero Marine Transit Insurance is designed to help your business keep goods moving, whether they are in transit within Australia or around the world. You can choose cover on an annual basis or for a single transit, while there are policies available to cover accidental damage, combined cargo, household removals, import/export, livestock, temperature-controlled goods and more.
What types of commercial motor cover can I get?
There are two types of cover to choose from:
- Enterprise Commercial Motor Insurance. Designed to get business vehicles back on the road as quickly as possible, this policy offers 24/7 paperless claims lodgement, guaranteed repairs for life and a choice of repair options.
- Commercial Motor Fleet Insurance. This Vero policy offers comprehensive cover and legal liability cover to protect your business vehicles. Comprehensive insurance covers theft, loss or damage caused by a wide range of insured events, while the maximum legal liability cover available is $30 million.
A lot can go wrong, from initial insured events to a wide range of subsequent costs, disruptions, delays and the many associated costs. If you’re looking for comprehensive cover for followup events as well as insured event cover, a broker might recommend Vero business insurance construction cover.
What types of construction insurance cover can I get?
There are two types of cover you can get specifically for construction:
- Contract works and legal liability. Cover for your legal and contractual liability, or inability to complete a contract.
- Engineering and equipment breakdown. Insurance designed to cover ever-important construction equipment of all kinds, from computers to earthmovers, as well as costs which may be incurred following breakdown or equipment failure.
Contract works and legal liability
Contract works and legal liability cover includes cover for a wide range of construction and related projects, almost no matter how big or small, including:
- Construction of residential, commercial or industrial buildings and other structures.
- Erection and installation of machinery, plant and equipment.
- Dry and wet civil works.
For these kinds of projects you can get protection such as:
- Legal liability cover
- Insurance for loss of profits, start up delays, holding costs and standing charges.
- Insurance for loss of rental equipment
Engineering and equipment breakdown
With engineering and equipment breakdown cover you can access policy extensions specifically designed to offer more cover for construction businesses, against likely hazards. Available extensions include:
- Interruption insurance, for additional cover if progress is held up.
- Deterioration of property following insured damage, to more easily help cover subsequent damage arising from an initial insured event.
- Increased cost of working. Costs can change following accidents or events, but Vero offers construction insurance to help cover the difference in this eventuality.
Other coverage includes:
- Service interruption, if work is held up, or you’re unable to continue providing your services
- Expediting expenses, to help speed up repairs or otherwise get back to business sooner
- Professional fees, such as auditing or assessor fees which may be required following events
- Ammonia contamination, to help cover the potentially extreme costs of ammonia released following an accident, such as rupture of an underground pipe.
- Water damage, to deliver additional cover for water damage which might not otherwise be covered under your policy, such as from ruptured pipes.
- Electronic data and media restoration. This can help cover for the additional cost of restoring or replacing lost electronic data following insured equipment breakdown, such as if blueprints or programming is lost following electronics breakdown.
- Hazardous substances cover, to help cover expenses involved in the release of hazardous substances following insured equipment breakdown.
- Demolition and increased cost of working cover, to help pay for the increased cost of repair or replacement of equipment, or additional costs such as removal of debris under the order of a statutory authority following an insured event.
It’s generally a good idea to know the specific definitions of words used in insurance policies, and to keep these in mind when examining the cover.
Sometimes different sections of a policy will use different definitions. For example, “money” has one definition for the entire policy, but a slightly different definition for the purposes of the Management Liability section only.
|Accidental||Unexpected or unintended by you|
|Aircraft||Airplanes, spacecraft and hovercraft. Anything intended to fly through the air other than model aircraft.|
|Business||The business specifically referred to in the product schedule.|
|Buildings||The buildings at the premises, including walls, fences, wiring, awnings, storage tanks and similar.Shipping containers also count as buildings when they are secured by padlocks whenever they’re unattended, or are being used as permanent buildings.|
|Computer virus||A corrupting, harmful, or otherwise unauthorised piece of code that infiltrates your computer equipment.|
|Customers' goods||Good that do not belong to you, but are your legal responsibility.|
|Data||Information in a usable and processable form, such as stored on electronic devices or written down.|
|Damage/damaged or loss/losses||Sudden and unforeseen physical damage or destruction.|
|Endorsement||Documented changes to any part of your insurance policy, which make up part of your Vero business insurance policy.|
|Event or events||One specific incident, or any incidents attributable to an initial incident.|
|Excess||The amount which is payable by you for any claims made under the policy.|
|Family||Your spouse or a partner who lives with you, your children or partner’s children who live with you, or your parents and parents in-law, and siblings.|
|Flood||When normally dry land is covered by water that has escaped from a reservoir, canal or dam, or escaped from any natural watercourse such as a lake or river, regardless of whether the natural watercourse has been modified in any way.|
|Glass||Fixed glass that forms part of a building exterior, or part of a fixed sign, and glass that’s part of building fixtures such as washroom mirrors, and glass that’s part of furniture, counters, shelving and showcases.|
|Home building||A building which is intended to be used primarily as a place of residence|
|Input tax credit||The amount you are entitled to claim as a credit against GST you have paid.|
|Insured/You/Your||You, your business or any other individual or legal entity specified as the policyholder on your schedule.|
|Insured amount||The maximum amount payable under a section of your policy, as specified in your schedule.|
|Machinery||Any mechanical or electrical equipment or devices that generate, transmits or use mechanical or electric power. This does not include any:
This definition does not apply to sections 1D (machinery and electronics breakdown) and 1G (deterioration of stock), which use a different definition of “machinery”.
|Media||Material on which data is stored, such as USBs or hard drives. Does not include paper records.|
|Obsolete stock||Stock which can no longer be sold for its full value, such as out of fashion clothing, expired perishables and outdated electronics.|
|Period of insurance||The period of time shown on your schedule, during which insurance is provided under this policy.|
|Pollutants||Any irritants or contaminants of any kind, including bio-hazards, radioactive materials, smoke, odours, acids, waste water and more.|
|Premises||The specific places listed on your schedule, and from which you operate your business.|
|Product disclosure statement||The document which lays out the terms of the insurance contract, as modified by any endorsements or supplementary PDS (SPDS).|
|Property insured||The property described in the schedule, in respect to each section of the insurance policy.|
|Schedule||A written record of your insurance policy particulars. This is issued when your insurance application is accepted, and at each renewal period your latest schedule will be the active one.|
|Terrorism||Any act intended to influence a government or scare the public, in relation to political, religious, ethnic or similar reasons.|
|Vehicle||Any type of machine on wheels or caterpillar tracks, including trailers and vehicle attachments, intended to propelled other than with manual or animal power.This definition does not apply to the Commercial Motor section of your policy.|
|Watercraft||Anything intended to float or travel in water, except model boats.|
|We/Us/Our||Vero Insurance Limited|
How do I claim with Vero?
Making a claim with Vero is as simple as contacting the appropriate claims department. Each has operatives with specialist knowledge of their product and they will do their best to help you process your claim as quickly as possible. To make lodgement easier, be sure to have the following information at hand when you call:
- Your policy number and name of the insured
- The date and time of the loss
- A description of the loss, including the cause and extent of the damage
- The situation that led to the loss
- Your business GST Details (i.e. ABN number etc)
- An idea of how, when and how often you wish to be contacted by Vero in relation to the progress of your claim.
To lodge your claim, simply call 1300 888 073 to talk to the appropriate claims department. You can also email claims-related queries to firstname.lastname@example.org.
Running a business is a bit like being a tightrope walker. You’re exposed to risk on a daily basis and putting one foot wrong can lead to disaster. That’s why business insurance tailored to your specific needs is so important and why Vero is proving such a popular choice for SMEs all over Australia. If your ready to compare Vero Business Insurance options with a broker, simply enter your business details in the form above and a broker will be in touch. A broker will help you compare what's available and assist you with your application after providing you with a quote for cover.