Business Insurance Glossary of Terms

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  • Asset Protection Insurance (also known as Property Insurance)

    Insurance that protects the buildings, equipment, stock and possessions of your business from physical threats such as fire, theft or malicious damage.

  • Benefit

    An amount of money paid to you by your insurer as a result of an insurance claim made under your insurance policy.

  • Benefit Limit

    The maximum amount your insurer will pay under your policy for the cover provided. Check the PDS and your Policy Schedule for details of the terms, conditions, limits and exclusions that apply to your cover.

  • Business Interruption

    Being unable to operate your business in a similar manner as before the damage occurred.

  • Business Interruption Insurance

    Insurance that provides cover for losses suffered by a business as a result of Business Interruption caused by certain defined events.

  • Business

    The primary business services undertaken by you and listed on your Policy Schedule.

  • Claim

    Any indemnity that you seek from your insurer under your insurance policy.

  • Commencement Date

    The start date of your period of insurance, as shown on your Policy Schedule.

  • Commercial Motor Insurance

    Motor insurance for the vehicles you use in the course of your business, driven by an authorised employee or representative of your business. With Allianz Commercial Motor Insurance you can choose from comprehensive, third-party fire and theft, or third-party property damage cover only.

  • Cooling off Period

    The period of time after you buy your insurance policy, during which you can cancel your policy and receive a refund of the premiums you have paid (less any administrative and transaction costs), provided that you have not yet made a claim. Allianz business insurance policies purchased through 1300 Insurance have a 14-day cooling off period.

  • Cover

    The insurance cover applying to your business, as shown on your policy document.

  • Damage

    Physical loss of, destruction of or damage to the Property Insured so as to lessen its value or any physical loss.

  • Directors' and Officers' Insurance

    Insurance that covers your company’s officers for the financial consequences of claims made against them for certain wrongful acts, such as mismanagement of funds.

  • Duty of Disclosure

    When you apply for business insurance, you have a duty to disclose to the insurer every matter that you know, or could reasonably be expected to know, is relevant to the insurer’s decision whether to accept the risk of the insurance and, if so, on what terms. If you do not comply with your duty of disclosure, your insurer may be entitled to reduce their liability under the contract in respect of a claim, cancel the contract or both. If your non-disclosure is fraudulent, your insurer may also have the option of avoiding the contract from its beginning.

  • Expiry Date

    The date on which your policy ends, unless cancelled or otherwise ends earlier. The Expiry Date is shown on your policy document.

  • Excess

    The amount you must contribute as the first payment for claims arising out of one event or the period of time for which no payment will be made by the insurer. The amount and type of excess that applies is shown in your policy document.

  • Exclusion

    Circumstances in which you will not be covered under your insurance policy, for which you are not able to claim any benefit. Check the PDS and your policy document for details of the exclusions that apply to your policy.

  • Farm Pack

    The Allianz Farm Pack is a specialised insurance package designed for farm businesses and enables you to protect your personal and business assets, livestock, vehicles and equipment in a single package. It includes options for public and products liability and for personal accident and sickness. Choose from 13 types of cover to meet your specific needs.

  • Flood

    The covering of normally dry land by water that has escaped or been released from the normal confines of any of the following: a lake (whether or not it has been altered or modified); a river (whether or not it has been altered or modified); a creek (whether or not it has been altered or modified); another natural watercourse (whether or not it has been altered or modified); a reservoir, a canal, or dam.

  • Flood Insurance

    Damage or business interruption as a result of flooding is excluded from many property insurance products. Some insurance providers offer it as an optional extra, for which you pay an additional premium, or as a standalone insurance policy.

  • Insured Event

    Events listed in your policy for which you have cover for. Check the PDS for the list of insured events covered.

  • Loss of Profit

    Profit that you would have received during the period of interruption to your business, less any profit that you actually received during this period.

  • Office Pack

    The Allianz Office Pack is a tailored business insurance package for office-based professionals, offering a choice of 12 cover options to meet the key risks faced by most office-based businesses. Cover options include public liability, professional indemnity and a range of covers to protect against loss or damage to your property and equipment or interruption of your business operations.

  • PDS (Product Disclosure Statement)

    A document which sets out the standard terms, conditions, limits and exclusions of an insurance product. It is important that you read and understand the PDS before taking out any form of insurance. You can download the PDS for Allianz Small Business Advantage insurance here.

  • Policy Schedule

    A document which sets out certain details of the contract of insurance between you and your insurer. The Policy Schedule would usually include the policy number, the commencement date, the expiry date, the business address, the sum insured and schedule of benefits, including benefit limits.

  • Period of Insurance

    The time during which your insurer agrees to provide cover, as specified in your Policy Schedule, unless your policy is cancelled or otherwise ends on an earlier date.

  • Premises

    Your business premises as shown in your Policy Schedule.

  • Premium

    The amount you pay for your insurance cover. The cost of your premiums will depend on a number of factors including the size and nature of your business, the types of cover you choose to take out, the sum you wish to insure and your location.

  • Professional Indemnity Insurance

    Insurance that provides cover for your business against liability for claims that arise from the provision of or failure to provide professional services.

  • Property

    Any physical property at your premises which is owned by you or is in your legal possession and control and that is used for the purpose of providing your business services, unless otherwise excluded under your policy.

  • Property Insurance (also known as Asset Protection Insurance)

    Insurance that protects the buildings, equipment, stock and possessions of your business from physical threats such as fire, theft or malicious damage.

  • Public and Products Liability Insurance

    Insurance that protects your business against amounts that you become legally liable to pay as compensation for personal injury, property damage and/or advertising liability as a result of an occurrence in connection with your business.

  • Small Business Advantage Insurance

    Allianz Small Business Advantage Pack is a flexible business insurance package that offers a choice of 13 types of cover that can be combined into a single policy tailored to the specific needs of your business. Cover options include public and products liability, business interruption and personal accident and sickness, as well as machinery breakdown, electronic equipment, general property and commercial motor. You can apply for cover under the Small Business Advantage Pack online (although for some options you may need to speak to a friendly service advisor as more details may be required).

  • Sum Insured

    The maximum amount payable by your insurer under your policy, as shown in the Product Disclosure Statement or your Policy Schedule.

  • Trades and Services Pack

    The Allianz Trades and Services Pack is a tailored insurance package designed for trade or service businesses with a turnover of up to $1 million and up to five employees. It can provide cover for the main risks faced by most trade businesses in a single, convenient package. The cover options available are: public and products liability, personal accident and sickness, general property and commercial motor insurance.

1300 Insurance Pty Ltd ABN 50 124 845 727 AR Number 327609 is authorised to refer you to the insurer Allianz Australia Insurance Limited ABN 15 000 122 850 AFSL No. 234708 (Allianz) and to provide written general advice on this insurance as the insurer’s agent. We do not provide any advice based on any consideration of your objectives, financial situation or needs. Terms, conditions, limits and exclusions apply. Before making a decision, please consider the relevant Product Disclosure Statement available here. If you purchase this insurance, we will receive a commission that is a percentage of the premium. We will also receive a percentage of the profit which exceeds the profit threshold on Home (excluding flood), Landlord (excluding flood), Motor, Caravan and Trailer and Commercial policies referred by us to Allianz (or renewed with Allianz) in each calendar year, provided that the relevant premium threshold is met. From 1 September 2018, we will also receive an annual marketing allowance from Allianz for promoting its products. This is calculated as a percentage of the premium on Home, Landlord, Motor, Caravan and Trailer and Commercial policies referred by us to Allianz in the previous 12-month period. Ask us for more details before we provide you with services.