GIO Small Business Insurance Review

It’s part of the Suncorp Network and is tailored to smaller businesses: some reasons worth getting GIO Small Business Insurance.

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Our Verdict

  1. It's good for small and medium-sized businesses — that's who GIO business insurance policies are tailored towards.
  2. It's part of the Suncorp Network and has a strong commitment to the local community, supporting organisations such as Fire and Rescue NSW, New South Wales Rugby League, Wheelchair Sports NSW and Youngcare.
  3. GIO business insurance has had some poor feedback on customer review websites we looked at in recent months and years.

Review by our insurance writer Gary Hunter

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If you are ready to speak with a consultant about different business insurance options available, simply enter your details in the form. Keep reading if you want to learn more about the different types of cover available.
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Inclusions and protection from GIO Small Business Insurance

Some of the businesses which can benefit from the GIO Small Business Insurance policy, include:

  • Cafes and restaurants
  • Coffee lounges
  • Delicatessens
  • Electrical goods retailers
  • Film photo processors
  • Florists
  • Fruit and veg shops
  • Hairdressers
  • Handbag retailers
  • Jewellers
  • Milk bars
  • Natural food shops
  • Pet shops
  • Photographic studios
  • Show repairers
  • Travel agents

If your sole trader, small business or medium business isn’t listed here, don’t worry, because GIO Insurance covers many more Australian businesses across many more industries and to find out more about insurance support for your small business, you can contact GIO to discuss your needs.

GIO Small Business Insurance includes cover for:

  • Fire and other damage. Covers your business for physical loss or damage to your property from eligible insured events such as fire, lightning and explosion. This includes cover for the loss or damage to buildings, business contents, stock or specified items.
  • Business interruption. Insures you against a reduced income in your business as the result of damage to your business because of fire and other damage, burglary, money loss, glass damage, goods in transit loss or general property damage.
  • Burglary insurance. Covers your business for the loss or damage to contents, stock and specified items as the result of burglary.
  • Insured money. Covers you for the loss or damage of business money as the result of burglary or fire, or if the money is in transit, or being held at your private residence.
  • Glass insurance. Provides cover for damage to glass on your property, or for which you are legally responsible.
  • Public and product liability. Covers your legal liability for compensation in case of personal injury to another person or damage to property as the result of your business products or services.
  • Goods in transit. Ensures that goods you use, sell or buy in your business are protected when they are in transit. You can cover goods in transit for Specified Perils, or Accidental Damage.
  • Fraud and dishonesty. Covers your business in case of theft of your business goods or money by employees.
  • Breakdown of equipment. Covers the breakdown of insured equipment and any direct loss or damage to property as a result.
  • General property insurance. Covers you for the loss or damage to business property which you would usually take with you in the course of your business. General property covers you wherever you are in the world.
  • Tax audit cover. Provides cover for professional fees such as accountant fees if your business is audited, reviewed or investigated by the Australian Tax Office.
  • Personal accident and illness. Covers the person named on the policy for eligible losses as the result of accident or injury. You can choose cover for accident only, or for accident and illness. The benefit is paid as a lump sum amount or as a weekly benefit.

With small business insurance from GIO you are also protected by:

  • An additional 20% allowance for catastrophe protection for your business buildings. This extra benefit may be used to cover any additional costs incurred in rebuilding that may be attributed to increases in prices and services of the business as a direct result of the catastrophe.
  • An automatic increase of 35% for seasonal increases on stock. Applicants have the option to nominate different seasonal increase periods or higher percentage increases in stock if required. Premium charges may apply.
  • Cover for theft on external parts of your building. This may include plant, plumbing or wiring services that are not part of the building but are externally attached to the building structure. This excludes external parts that are connected by powerpoint.
  • Cover for employees’ personal effects. This includes tools and personal effects that have been lost or damaged due to an insured event if they are building contents.
  • Monthly premium payments. The cost of paying per month is $2.75 per month, including GST. This is bundled with the monthly payment.

Apply for Small Business Insurance with GIO

GIO Insurance offers tailored small business insurance options for companies and sole traders operating around Australia and understand that while many of the risks remain the same in business, some are unique to your industry or enterprise. Therefore, to find out more about how you can protect all the hard work you’ve put into your small business and make sure it is around to grow into the future, contact GIO to discuss more small business insurance options.

Receive a quote for GIO Small Business Insurance

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