Business Insurance Glossary of Terms

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  • Asset Protection Insurance (also known as Property Insurance)

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

  • 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 Motor1 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 Motor1 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, 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 selected sections applying to your business insurance as shown on your policy document

  • Damage

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

  • Directors' and Officers' Insurance

    Covers you or any of the directors and officers, against a breach of duty, breach of trust, wrongful act, error or omission for a claim that is first made and reported to us during the period of insurance.

  • 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 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.

  • 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.

  • Limit of Indemnity

    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.

  • 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 many of the key risks faced by 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 Business 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 (Situation)

    The situation(s) stated 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 and your claims history.

  • 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.

  • Settlement

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

  • Business Insurance

    Allianz Business Insurance Pack is a flexible business insurance package that offers a choice of 12 types of cover. Covers include public and products liability and business interruption, as well as machinery breakdown, electronic equipment, general property and commercial vehicle. You can apply for cover under the Business Insurance Pack online (although for some covers 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 many of the risks faced by trade and service based businesses in a single, convenient package. The covers available are: public and products liability, general property and commercial motor insurance.

1 Referred to as "Commercial Vehicle Insurance" in the Business Insurance Pack.

1300 Insurance Pty Ltd ABN 50 124 845 727 AR Number 327609 is authorised to arrange this insurance as agent for 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.