Youi business insurance review

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Business Property	Business Liability	Business Interruption	Business Theft	Business Glass	Business Vehicle	Business Cyber
Promoted Youi Small Business Insurance	Optional		Optional	Optional	Optional			Get quote View details Compare product selection Compare	loading

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Personal injury	Public liability	Legal costs	Levels of cover
Promoted Youi Business Liability				$5 million $10 million $20 million	Get quote View details Compare product selection Compare	loading

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What features are included?

The following benefits are included as standard with Youi Small Business Insurance:

• Public and Products 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, up to $250,000 of cover per claim is included as well.
• Cover levels. Choose from one of three cover levels: $5 million, $10 million and $20 million.
• Queensland Electrical Contractors Cover (Consumer Protection). This cover is provided for electrical work undertaken in Queensland under Electrical Safety Act 2002 or the Electrical Safety Regulation 2013. 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 period under this cover is $5,000,000.
• Victorian Plumbers Warranty Cover (Warranty). 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 61) 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 Small Business Insurance policy:

• Money. This benefit covers loss or damage to your business' money, including while it is in transit or at your home or office.
• Business items.This optional benefit covers loss or damage to your portable business items globally, up to the amount shown on your policy schedule. Items valued over $2,500 need to be listed on your policy schedule as High Value Business Items. For items worth more than $2,500, there is an option to nominate an additional insured value and note the item on the policy schedule as a High Value Business Item.
• Business Property Damage. This covers loss or damage to stock at your business premises or in transit to or from your business premises. Cover is available for loss or damage caused by an accident, fire, flood, theft and deterioration of refrigerated stock.
• Glass. This opitional extra covers loss or damange to glass, which you are legally responsible at the business premises. Loss or damage to glass occurs where a facture extends through the enture thickness of the glass and the film.
• Business Interruption. This covers loss in gross profit, increased costs of working and claim-related professional fees and charges, if your business is interrupted as a direct result of an insured incident.
• Tax Audit.If your business is investigated or audited by an authority, Youi provides cover for the reasonable professional fees and charges you incur.
• Professional Indemnity. If you or your business provides specialist advice or services, this optional extra provides cover for civil liability claims and inquiries made against you or your business.

What won't Youi cover?

A claim under your Youi Small Business Insurance may not be paid for various reasons including if,

How Much Does Youi Business Insurance Cost?

The cost of your Youi Small Business 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.

Making a Claim

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 Small Business 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 as soon as becoming aware of the incident.

Finally, make sure to provide any information or supporting documentation Youi requests in order to process your claim.

FAQs

• Does Youi offer Professional Indemnity insurance?

  Yes, Youi does offer Professional Indemnity insurance. This cover is typically required for businesses providing professional advice or services and you may need to seek a specialist provider if your occupation requires it.

• What is the maximum Public Liability limit available through Youi?

  $20 million is the highest level of Public Liability cover Youi offers for small businesses. You can choose between limits of $5 million, $10 million or $20 million depending on your specific contract requirements and business risks.

• Does Youi charge extra fees for paying premiums monthly?

  No, Youi does not charge additional interest or administrative fees if you choose to pay your business insurance premiums on a monthly basis. This allows you to manage your business cash flow more easily without incurring the extra costs that many other insurers apply to monthly payment plans.

• Are tools and equipment covered while I am working on-site?

  Yes, you can choose to add Business Items cover to your policy to protect your tools and equipment against theft or damage while at your premises or at a job site. This optional extra is specifically designed for tradies and mobile professionals who carry high-value gear for their work.

• Does Youi provide cover for Business Interruption?

  Yes, Business Interruption cover is available as an optional inclusion to help protect your business income if a defined event prevents you from operating. This can help cover ongoing costs such as rent, wages and relocation expenses while your business recovers from damage caused by fire, storm or theft.

Written by

Alex Reid

Expert

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Alex Reid is Finder’s business insurance cadet. He has a Master of Marketing from the University of Technology Sydney, with a background in business and sales. When not writing about business insurance for Finder he's a keen scuba diver, recently completed his 200th hour underwater and his PADI Divemaster certification. Before working at Finder he lived in Hangzhou China, where he studied Mandarin and Chinese culture. See full bio