Worried about damage or accidents caused by your business? Protect yourself with Youi business liability insurance
Running a business comes with many risks attached, so it’s crucial that you have adequate insurance cover in place to provide the financial protection you need. Youi Business Liability Insurance is designed for tradespeople and provides cover for your business when it is liable for compensation or damages following personal injury or property damage to a third party.
Features and benefits at a glance
There's plenty to like about Youi's business liability insurance policy.
- Flexible excess. Youi lets you customise your excess payments.
- Coverage. Youi can cover you for up to $20 million in liability cover.
- 24-hour claims. In an emergency you can contact Youi any time, day or night.
Make a Secure Enquiry for Youi Business Insurance
Youi Business Liability Insurance offers financial protection for business owners. If an incident in connection with your business activities leads to someone else suffering a bodily injury or damage to their property, the policy is designed to cover your business’ legal liability.
Cover is included for your legal and defence costs, as well as for any damages and compensation you are required to pay. Protection is also included for loss or damage to the property of your customers which is in your care.
The following benefits are included as standard in Youi Business Liability Insurance:
- Business Liability. If an incident relating to the activities of your business occurs during the contract period and leads to bodily injury or property damage to a third party, this benefit provides cover for the cost of your legal and defence expenses, as well as any damages or compensation for which you are deemed legally liable. If you have care, custody or control of customer's property which suffers loss or damage, $25,000 of cover is included as well.
- Cover levels. Choose from one of three cover levels: $5 million, $10 million and $20 million.
- Consumer Protection (Queensland only). This cover is provided for electrical work undertaken in Queensland under Electrical Safety Regulation 2002. It covers your legal liability to pay compensation following any defect or non-completed work for which a certificate of test is required. It also covers your trade practices liability, your legal liability for consequential financial loss from a certificate of test that you issue, and your legal liability for consequential financial loss from incorrect advice, design or installation by you. The maximum amount payable during a contract under this cover is $5 million.
- Warranty (Victoria only). This cover applies to licensed plumbing work in Victoria under Licensed Plumbers General Insurance Order 2002. It covers:
- the cost of rectifying plumbing work due to a defect
- your legal liability relating to plumbing work that contravenes specific sections (18, 29, 34, 60 or 6)1 of Schedule 2 of the Competition and Consumer Act 2010 (Cth) or Section 9, 11 or 12 of the Fair Trading Act 1999 (Vic)
- your legal liability to pay compensation when a building owner suffers consequential financial loss due to a defect in or non-completion of plumbing work
- your legal liability to pay compensation due to the non-completion of domestic plumbing work
What are the policy's optional extras?
The following benefits are available as optional extras on a Youi Business Liability Insurance policy:
- Money. This benefit covers loss or damage to your business’ money anywhere in Australia, including while it is in transit or at your home or office.
- Business items. This benefit covers loss or damage to your business items while they are anywhere in Australia or New Zealand, or while they are in any other country (as long as your overseas stay doesn’t exceed 45 days)
- Stock in trade. This covers loss or damage to stock at your business premises or in transit to or from your business premises. Cover is available for accident, fire, theft and deterioration of refrigerated stock.
What won't Youi cover?
A claim under your Youi Business Liability Insurance will not be paid if:
- The incident occurred before cover commenced
- It relates to your dishonest, fraudulent or unlawful conduct
- It is caused by conduct intended to cause personal injury or property damage
- It arises in relation to the ownership or operation of any vehicle which needs to be registered by law
- It relates to the ownership or operation of aircraft, airports, dams, reservoirs, railways or amusement parks
- It relates to the operation of docks or public wharves
- It arises due to any demolition work
- It relates to the disposal of toxic waste or land fill activities
- It arises due to an act of terrorism or war
The cost of your Youi Business Liability Insurance premiums is influenced by a range of factors, including:
- The level of cover you choose. Including extra benefits in your cover will obviously increase the cost of premiums.
- Your payment method. Contact Youi for information on the cheapest premium payment method.
- Your claims history. The insurer will consider any prior claims you have made when developing your business’ risk profile.
- Any admin costs, taxes and government charges that may apply.
When you need to lodge a claim, Youi operates a 24/7 emergency claims assistance line. If you wish to make a claim on your Youi Business Liability Insurance policy, take note that each claim can only relate to one incident - separate claims will need to be filed for each incident.
You’ll need to allow Youi to inspect any damaged goods or property you are claiming for, while you’ll also need to report relevant incidents (theft, for example) to the police within 24 hours and obtain an incident number.
Finally, make sure to provide any information or supporting documentation Youi requests in order to process your claim.
Do I need to supply an ABN to take out cover?
Yes. Youi requires your ABN in order to identify your business.
Can I choose the excess I have to pay?
Youi may offer you the option of choosing your basic excess amount - this will have a bearing on the cost of your insurance premiums. An additional excess may also apply to claims in certain circumstances.
Does this policy include any personal accident insurance cover?
No. Personal accident insurance is not included in Youi Business Liability Insurance.
Will I be covered against loss resulting from employee dishonesty?
No. Loss resulting from employee dishonesty is not covered by this particular policy.
Who underwrites Youi’s insurance policies?
Youi underwrites its own policies. The insurer is a subsidiary of OUTsurance International Holdings Pty Limited, which is part of the Rand Merchant Insurance Holdings (RMIH) Group.
Is there a cooling-off period?
Yes. In the first 20 calendar days following the policy start or renewal date you can cancel your policy and receive a full refund of your premiums.
Does Youi offer any other types of business insurance?
No. Youi’s only business policy is Business Liability Insurance.