Our policy name and some section names are changing as below effective from 05
The product name will change from "Small Business Advantage Pack" to "Business Insurance Pack"
Material Damage cover will be called Commercial Property cover
Commercial Motor cover will be called Commercial Vehicle cover
Transit cover will be called Goods In Transit cover
The above changes will not impact the extent of covers provided under your policy.
Business Building and Contents
As you build up your business, it pays to protect your business property. Whether it’s the physical building,
windows, contents or stock, we have covers available to help your business keep going should an insured
Commercial Property covers your business against accidental damage to property insured that is not otherwise excluded.
Does Commercial Property offer additional or optional benefits?
As well as cover for your building, contents and stock, your business can benefit from:
Exploratory expenses, which covers the reasonable costs incurred (up to $25,000) to detect the point of bursting, leaking, discharging or overflowing or fixed apparatus, fixed tanks, fixed appliances or fixed pipes that has caused damage to insured property.
Firefighting and authority costs, which covers the cost incurred (up to $25,000) to refill fire-fighting appliances used in putting out a fire at or adjoining the business premises that is threatening insured property.
Make safe and temporary repair expenses, which covers the cost incurred in ensuring the insured property is safe following damage, including temporary repairs, shoring up, propping and/or underpinning.
Fees and costs, such as local authority permit and approval charges, architects, engineers and other consultants fees reasonably incurred to reinstate insured property that is damaged.
You may also wish to consider Flood cover, which is an optional benefit and subject to our underwriting criteria.
Refer to the Commercial Property Section of the PDS for further details. Cover is subject to terms, conditions and exclusions listed in the PDS.
All cover purchased online is from the Business Insurance Pack
Most businesses have a varying need for glass insurance. We offer optional cover for the repair or replacement of glass accidentally broken at your business premises, including stock damaged by broken glass.
Internal glass includes:
Cover for items such as glass showcases or shelves, and ceramic vitreous china urinals and toilet pans and hand basins.
External glass includes:
Cover for fixed glass and/or perspex, as well as plastic materials used in external windows, doors and skylights.
Additional benefits of Glass cover:
We will pay the cost incurred by you (up to $10,000 for any one event) for the following:
Effect temporary repairs, install shuttering and employ watchmen or guards.
Repair or replace frames, sign-writing, or tiled shop fronts, that are damaged as a result of glass breakage.
Refer to the Glass Section of the PDS for further details. Cover is subject to the terms, conditions and exclusions listed in the PDS.
All cover purchased online is from the Business Insurance Pack
Goods In Transit
We understand there may be additional risks involved when you are transporting your stock or goods within Australia. We offer three cover types to choose from.
Goods In Transit is not available online.
What else does Goods In Transit cover?
If your stock or goods are damaged due to an insured event (please note some property is excluded – refer to the PDS) while in transit anywhere in Australia, we will cover the cost of repair or replacement, according to your applicable cover type. (shown below).
There are 3 cover types to choose from:
Part A - "Fire, collision and overturning" covers damage to property insured following fire, flood, lightning, earthquake, riots, strikes, civil commotion, collision and/or overturning of the transporting vehicle.
Part B – "Fire, collision and overturning and theft" covers damage to property insured following fire, flood, lightning, earthquake, riots, strikes, civil commotion, collision and/or overturning of the transporting vehicle or theft from a locked vehicle following forcible and violent entry.
Part C – "All Risks not excluded" covers loss or damage (not otherwise excluded) to property insured including general average and salvage charges, adjusted or determined according to the contract of affreightment and/or governing law or practice.
Refer to the Goods In Transit Section of the PDS for further details. Cover is subject to the terms, conditions and exclusions listed in the PDS.
This cover is not available for purchase online, please call our contact centre on 131 846 to get a quote.
How can I cover my business cash?
You can choose to be covered for loss of money contained at the business premises during business hours, contained in a locked safe or strong room, while in transit, or while in your custody – up to the applicable sum insured as shown on your schedule.
Select from the following options:
Money in transit:
Money in your personal custody or in the custody of persons authorised by you in transit to or from your business premises;
Money contained in the night safe of any bank; and
Money drawn from the bank as wages and salaries, until it is paid to employees.
Money contained at the Situation outside Business Hours:
Money at the business premises which is stolen outside of business hours, when not contained in a locked safe or locked strongroom.
Money contained at the Situation during Business Hours:
Money at the business premises which is stolen during business hours, when not contained in a locked safe or locked strongroom.
Money in a Locked Safe or Strong room:
Money contained in a securely locked safe or strongroom.
Money in your custody:
Money kept in your personal custody, in your own private residence, or in the custody of an
authorised person in their private residence until the next business day when it can be
deposited with a banking institute.
Damages to safe and strongrooms:
Damage to safes and strongrooms caused by theft of money (up to $5,000).
Additional benefits include:
Clothing and personal effects that are lost or damaged during the theft of money, up to $2000 any one person and $5000 in total for any one event. If you are also insured under the Theft Section, the benefits payable under additional benefits “Clothing and personal effects” shall not be cumulative.
Death following assault while attempting to protect money from theft, of $10,000 (payable to the estate of the deceased person). If you are also insured under the Theft Section, the benefits payable under additional benefits “Death following assault” shall not be cumulative.
Replacement of keys, locks and combinations of a safe or strongroom, which is required as a result of theft of money (provided you have selected cover for ‘Money in a Locked safe or Locked Strongroom), up to a maximum of $5000 during any one period of insurance.
Seasonal increase –the sum insured for money is increased by 50% during the lead up to and after peak holiday periods (eg. Christmas and Easter).
The cost of effecting temporary repairs and appointing watchmen to safeguard the business premises after loss of money, up to a maximum of $5000 for any one event.
Theft, fraud or dishonesty by your employees, up to $1,000 in total during any one Period of Insurance, provided the loss is discovered within 21 days.
Refer to the Money Section of the PDS for further details. Cover is subject to the terms, conditions and exclusions listed in the PDS.
We understand the unique conditions faced in the Territory
TIO is based in Darwin and our strength lies in our solid understanding of the conditions faced within the Territory year after year. Whether that be flood, cyclone or whatever else Mother Nature can throw our way.