Westpac business insurance policy review and benefits.
One of Australia’s ‘big four’ banks, Westpac offers a wide range of banking and insurance solutions for business customers. Westpac Business Insurance is designed to offer critical financial protection for small and medium-sized businesses. There are policies specifically created for certain industries and sectors, while you can choose to tailor a policy to suit your specific needs. Insurance from Westpac is offered by AAI Limited trading as GIO.
Who can benefit from cover?
If you run a small business, Westpac Small Business Insurance can provide critical protection. Cover is available to suit all sorts of businesses in the hospitality industry, such as restaurants, cafes and delicatessens, and it’s specifically targeted at sole traders and small and medium-sized enterprises.
Westpac Small Business Insurance includes public and products liability, fire and other damage, business interruption, burglary, tax audit, glass, personal accident and illness, goods in transit, money, equipment breakdown, fraud and dishonesty, general property and workers’ compensation.
Westpac also offers a streamlined claims process to help busy business owners, plus the ability to pay premiums monthly to help with cash flow.
As tradespeople and their tools regularly move around from site to site, their businesses are exposed to a unique range of risks. As a result, Westpac can tailor a business insurance policy to suit the needs of tradespeople.
Westpac offers cover for public and products liability, fire and other damage and burglary. Your tools and equipment are covered against theft anywhere in Australia, while you can also enjoy 24/7 protection against personal accident, illness and liability.
You can also pay premiums monthly to help manage your business’ cash flow.
Professionals face unique challenges and risks in their working environment, so Westpac offers business insurance designed to suit them. This cover is available for a range of professionals including accountants, dentists, doctors, insurance brokers, lawyers, share brokers, management consultants and taxation consultants.
This policy features liability and personal injury cover, as well as worldwide cover for items like laptops and cameras. Your sum insured increases automatically each year to keep pace with inflation, while the claims process is also streamlined to allow customers to spend more time focusing on their business.
For some businesses, a ‘one size fits all’ insurance policy just won’t do. With this in mind, Westpac gives businesses the opportunity to pick and choose covers to create an insurance package to suit their needs.
Businesses can choose from public and products liability, fire and other damage, business interruption, burglary, tax audit, glass, personal accident and illness, goods in transit, money, equipment breakdown, fraud and dishonesty, general property and workers’ compensation.
Underinsurance is a common problem for small businesses in the hospitality industry. So if you run a cafe, coffee lounge, delicatessen, fruit shop, milk bar, pizza shop, restaurant or takeaway shop, Westpac may have a policy that is right for you.
Customers can provide public and products liability cover, as well as protection against glass damage, business interruption and fire and other damage. Paying premiums monthly also allows business owners to manage their cash flow more effectively.
From broken glass to the theft of cash, those in the retail industry are regularly exposed to a wide and unique range of risks. Whether you run a pet store or an electrical goods shop, Westpac can tailor a policy to suit your needs.
The types of cover offered include public and products liability, fire and other damage, business interruption, burglary, tax audit, glass, personal accident and illness, money and fraud and dishonest.
Vehicles are a vital asset for many businesses, ensuring that you are able to stay mobile and continue operating at full capacity. Westpac Commercial Motor Insurance allows you to cover your vehicle for up to $30 million against theft, accidents and damage to other people’s property.
Business owners can choose between comprehensive cover and legal liability only cover to suit their needs. Cover is available for commercial vehicles, trucks up to five tonnes and some light plant and mobile machinery, while you also get to choose the repairer for your business vehicle.Back to top
What are some of the exclusions?
Westpac Business Insurance will not pay if the claim:
- arises from war, rebellion or insurrection
- is related to nuclear fuel or radioactivity of any kind
- is the result of your failure to comply with relevant statutory obligations or regulations
- arises from an intentional act or omission by you, or by your family members or employees with your connivance
- arises from fraudulent or dishonest acts committed by you, or by your family members or employees
- arises due to an act of terrorism, except for claims under the burglary, money, glass and general property sections of your policy
- is related to the destruction, corruption or erasure of electronic data
- is related to an error in creating, changing, entering, deleting or using data.
Westpac offers a range of competitive and affordable business insurance solutions for small and medium enterprises. But before you decide whether Westpac has the right policy for you, compare the features of a range of other policies using finder.com.au’s comparison tools.Back to top
Are you ready to get cover?
Westpac provides a variety of business insurance policies to help manage the needs of small and medium-sized Australian businesses. Offered by GIO, the insurance policies from Westpac can suit the requirements of a range of businesses, from professionals and retailers to tradespeople and those in the hospitality industry. Westpac customers can also tailor a policy to suit the specific needs of their business.