TIO has been supporting the Territory through times of uncertainty and change since 1979. We are here to help our customers and suppliers, and have introduced a series of measures to support customers, businesses and communities impacted by COVID-19.
In particular we know it’s a challenging time for small businesses in the Territory and we’re here to help.
Here’s what we’ve put in place to support customers and businesses impacted by COVID-19:
Existing eligible small business policyholders who are experiencing financial hardship from the impact of COVID-19 can defer their premium payment for up to six months.
We are offering this to existing small business policyholders who cancel their insurance, with no administration or cancellation fees.
We are offering this to existing small business policyholders impacted by COVID-19; with no changes to their premium or excess as a result of this change.
We’re working to reduce payment times to small business suppliers and contractors from the standard 30 days to 15 days or less.
Policyholders who can no longer travel as planned due to the impact of COVID-19 will be offered a credit or refund for any unused travel insurance premium (for the policy period outstanding) with no administration or cancellation fees.
We understand that cash flow is vital for your small business to survive, so we are offering you the option to defer the payment of your small business annual or monthly premium for up to six months, subject to eligibility.
Although the premium is deferred, eligible small business policyholders will continue to be covered by their existing insurance policy. If you do need to make a claim during this time, the cost of your premium will be deducted from any claims payment.
This offer applies to existing small business policyholders meeting our eligibility criteria, and excludes workers’ compensation customers. Read our full eligibility criteria
If you purchased your policy from us directly please contact our team of small business specialists on 131 846, otherwise contact your broker.
If your small business has been severely impacted by COVID-19 and you need to cancel your insurance, you are able to request a refund of your unused small business premium. You will not be charged any administration or cancellation fees during the COVID-19 pandemic.
For example, if you purchased an annual policy from January until December but you cancelled at the end of March, you will be refunded for the portion of the premium from April until December.
This offer applies to existing small business package policies, excluding workers’ compensation customers.
To request a refund, please contact us on 131 846 if you purchased your policy from us directly, or contact your broker.
We understand that your small business premises might be temporarily unoccupied at this time due to COVID-19. If your premises are vacant due to COVID-19, we will maintain full cover.
We will provide this to existing policyholders with no changes to your premium or excess as a result of this change in risk, and will reassess as needed.
Please note: if your premises are unoccupied for another reason please contact us if you purchased your policy from us directly on 131 846, or contact your broker, to ensure your cover details are up to date.
We understand that this is a very challenging time for many businesses.
To help support the businesses that support TIO, we’re reducing our standard payment terms to 15 business days (down from our normal 30-day payment terms) wherever we can.
As many travel plans have been cancelled or cut short due to COVID-19, we’re providing policyholders who can no longer travel as planned with a credit or refund for any unused travel insurance premium (for the policy period outstanding) with no administration or cancellation fees applying.
To be eligible for the relief measures under the TIO COVID-19 Small and Medium Enterprise (SME) Response package, small business policyholders must meet all four of the following elements:
If any individual SME business does not meet the criteria in 1 to 4 above, TIO has other hardship options available, please contact us on 131 846.
*To be eligible for flexible premium arrangements, small business policyholders must have:
The following insurance policies are specifically excluded from the relief package: