Support measures for Small Business Insurance customers impacted by COVID-19
The following measures have been put in place to support our existing eligible small business policyholders who are experiencing financial hardship due to COVID-19. These measures are being provided by Allianz Australia Limited as the provider of this insurance. You can read about the eligibility criteria at the bottom of this article.
Deferring premium payments for up to six months for customers experiencing financial hardship from the impact of the COVID-19 event.
If you are an existing customer, you have the option to defer the payment of your small business annual or monthly premium for up to six months, subject to eligibility, to allow you to pay at a time that suits you, while maintaining your insurance coverage. If you 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. You can read about the eligibility criteria below.
Refund of premiums in case of cancellation; with no administration or cancellation fees.
Whilst we hope to help you stay insured, if you need to cancel your cover during the COVID-19 pandemic, you will not be charged any administration or cancellation fees. You will also receive a refund for the remaining period of your cover, calculated on a pro-rata basis. 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 premium from April until December.
This offer applies to existing small business insurance policies, excluding workers’ compensation customers.
Maintaining full cover for those needing to leave their premises vacant due to COVID-19; with no changes to premium or excess as a result of this change.
If your premises are vacant due to COVID-19, we will maintain full cover for existing policyholders, with no changes to your premium or excess as a result of this change, and will reassess this policy as needed.
Please call us on 1800 502 077 to speak with a Specialist if you have been impacted by COVID-19 and would like to discuss these measures.
Eligibility criteria for small business policyholders
To be eligible for the relief measures, customers must meet ALL of the following elements:
1. Must be a current Westpac Small Business Insurance policyholder;
2. Fall within the SME definition set out in the Interim Authorisation by the Australian Competition and Consumer Commission on 2 April 2020, namely that the small business must be an individual, partnership, company or trust:
- 20 employees or less (or less than 100 employees for manufacturing); and
- annual turnover less than $10 million.
3. Hold one of the following specified business insurance policies only (not any other insurance policies you may hold):
- Business Pack, Small Business Advantage Pack, Office Pack
- Trades and Services Pack, Motor Trades Pack, Commercial Motor Insurance
4. Currently facing financial hardship as a result of COVID-19 as meeting one or more of the following guidelines:
- Business closed as a result of Federal, State or Territory Government directive in a key sector; or
- Business receiving the Job Keeper payments
If any individual small business does not meet the criteria in 1 to 4 above, other hardship options may be available. Please contact us on 1800 502 077.
To be eligible for flexible premium arrangements, small business policyholders must have a policy where the policyholder has elected to pay premiums:
- On an annual basis and is due for renewal on or before 30 September 2020; or
- On an instalment basis provided they request the flexible premium payments before 30 September 2020.