Business Insurance & Business Packs

Business Insurance Built Around Your Business

No two businesses are exactly the same. A retailer, real estate office, wholesaler, café, trade business, professional office, manufacturer and commercial property owner can all have very different insurance exposures.

Insurance 2U arranges Business Insurance and Business Pack policies for Australian SMEs across a broad range of industries.

Rather than simply asking what premium you paid last year, we want to understand what your business does, where you operate, what property you own, your turnover, employees, stock, equipment and what could financially hurt the business if something goes wrong.

What Is a Business Pack?

A Business Pack is a flexible commercial insurance policy that can combine several different types of cover under one insurance program.

The sections selected should reflect the actual exposures of the business. Depending on the insurer, occupation and policy selected, these can include:

Property Damage
Business Interruption
Public & Products Liability
Theft
Money
Glass
General Property
Machinery Breakdown
Electronic Equipment
Employee Dishonesty
Tax Audit
Statutory Liability where available
Other optional sections and extensions depending on the insurer

You do not necessarily need every section. Our role is to understand the business and help determine which exposures should be considered.

Property — Protecting the Physical Business

Depending on your circumstances, property cover can protect insured business assets such as:

Commercial buildings
Contents
Fixtures and fittings
Plant and machinery
Stock
Tenant improvements
Furniture and office equipment
Other insured business property

We pay particular attention to the sums insured. Underinsurance can become a serious problem following a major property loss, particularly where rebuilding and replacement costs have increased over time.

Business Interruption — Protecting the Income Behind the Business

Replacing damaged property is only part of recovering from a serious insured event.

If a fire or other insured loss prevents the business from trading, revenue can stop while wages, rent, finance commitments and other expenses continue.

Business Interruption Insurance is designed to address the financial consequences of an insured interruption to the business, subject to the selected policy terms and limits.

When considering Business Interruption cover, we may need to understand:

Annual turnover
Gross profit or other applicable policy basis
Business expenses
Payroll
Expected business growth
How long the business could realistically take to recover following a major loss
The appropriate indemnity period

A business can rebuild its premises and still fail financially if the interruption itself has not been properly considered.

Public & Products Liability

Businesses can face claims alleging personal injury or property damage arising from their operations or products.

Depending on the business, liability exposures can arise from:

Customers visiting the premises
Work performed at client locations
Damage to third-party property
Products manufactured, sold or supplied
Employees working away from the business premises
Contractors and subcontractors
Commercial leases and contractual requirements

Liability limits and policy conditions should reflect the business activities and contractual requirements rather than simply selecting a figure because it was used last year.

Theft, Money & Glass

Retailers, hospitality businesses, offices and other SMEs can have specific exposures to theft, cash and damage to glass.

Depending on the policy selected, relevant sections may provide cover for insured theft of business property, money held or transported by the business and accidental or malicious damage to insured glass.

General Property — Equipment Away From the Premises

Many businesses have valuable equipment that leaves the insured premises.

Depending on the occupation, this can include:

Tools of trade
Laptops and computers
Portable electronic equipment
Testing equipment
Specialist tools
Other portable business property

General Property cover can be particularly important where expensive equipment regularly travels between the business premises and job sites.

Machinery & Electronic Equipment Breakdown

Some businesses rely heavily on machinery, refrigeration, computers or electronic equipment.

Physical damage caused by an external insured event and internal machinery breakdown are not necessarily the same exposure.

Where relevant, we can consider Machinery Breakdown or Electronic Equipment cover and discuss the available limits, excesses and policy conditions.

Stock — Including Seasonal Increases

Stock values can change substantially throughout the year.

Retailers, wholesalers and other businesses may carry considerably more stock during Christmas, Easter or other peak trading periods.

Where relevant, we consider whether the policy provides suitable seasonal increases or whether declared stock values need adjustment.

Business Details Matter

Insurers assess Business Insurance based on the actual activities and characteristics of the risk.

Information we may need includes:

Business name and ABN
Business occupation and activities
Trading address
Annual turnover
Number of employees
Building construction and age
Property, contents and stock values
Security and fire protection
Previous claims
Work performed away from the premises
Subcontractor arrangements
Products manufactured, imported or sold
Overseas activities where applicable

Accurately describing the business is important. An insurer can only properly assess a risk when it understands what the business actually does.

Growing Businesses Need Their Insurance Reviewed

A policy that suited the business several years ago may no longer reflect the current exposure.

Businesses change. Turnover increases, employees are added, new premises are occupied, equipment is purchased, stock values increase and new services are introduced.

We encourage our clients to tell us when significant changes occur rather than waiting until renewal — or worse, discovering the issue after a claim.

Claims Management — We Stay Involved

Buying the policy is only part of what we do.

When a business suffers a major loss, the owner should be concentrating on customers, employees and getting the business operating again — not spending every day trying to work out who to call at the insurer.

For clients whose insurance we manage, Insurance 2U can assist with:

Claim lodgement
Preparing incident information and supporting documentation
Communicating with insurers and claims personnel
Following up assessors, loss adjusters and repairers
Following up outstanding reports and quotations
Helping explain insurer information requests
Monitoring claim progress
Helping identify applicable policy sections and benefits
Escalating unreasonable delays where appropriate
Assisting with disputed claim matters where required
Advocating for our client’s interests throughout the claims process

Our objective is to help reduce the insurance burden on the business owner and help move the claim towards a fair outcome under the policy.

More Than a Business Pack

As a business grows, its insurance requirements may extend beyond a standard Business Pack.

Insurance 2U can also assist with other commercial insurance requirements including:

Commercial Property Insurance
Industrial Special Risks (ISR)
Professional Indemnity
Public & Products Liability
Management Liability
Cyber Insurance
Commercial Motor & Fleet
Plant & Equipment
Marine Cargo and Transit
Personal Accident & Sickness

Access to Leading Business Insurance Markets

Insurance 2U can access a broad range of Australian insurers and specialist underwriting agencies.

Depending on the business, occupation, sums insured, claims history and underwriting requirements, markets we may approach can include:

Allianz
QBE
Chubb
Vero
Lloyd’s markets
CGU
Zurich
Other specialist underwriting markets where appropriate

Not every insurer is suitable for every business. Different insurers have different underwriting appetites, policy wordings and pricing approaches.

Our job is not simply to find a premium. It is to understand the risk, approach appropriate markets and help our client understand the insurance options available.

Why Insurance 2U for Business Insurance?

Experience: More than 20 years of insurance industry experience.
Personal service: We take the time to understand the business rather than treating the client as an online transaction.
Broad market access: Access to major Australian insurers and specialist underwriting markets.
Practical advice: We explain the relevant sections, limits, excesses and important differences between available options.
Claims management: We help lodge, manage, follow up and escalate claims.
Claims advocacy: We remain involved and advocate for our client’s interests throughout the claims process.
Long-term relationships: We want to understand how the business changes over time so the insurance program can change with it.

Talk to Insurance 2U About Your Business

Whether you operate a small local business, trade, retail shop, office, warehouse or a growing commercial operation, talk to Insurance 2U about reviewing your Business Insurance.

Business Insurance & Business Packs — practical advice, broad insurer market access and experienced claims support when your business needs it most.