Suncorp announces insurance relief

The Small Business COVID-19 Relief Package launched by Suncorp Group aims to support small and medium-sized business insurance customers impacted by coronavirus.

The package includes a premium deferral, meaning Vero, GIO, AAMI and Resilium small and medium-sized business insurance customers who are experiencing financial hardship as a result of COVID-19 can elect to defer their premium on policies for up to six months*.

This package will also include for existing policies up to and including 30 June 2020:

  • Offering continuity of existing insurance for SME policyholders whose business premises are unoccupied due to COVID-19, with no changes to premiums, terms or conditions*.
  • Offering SME policyholders who want to cancel their insurance, refunds on unused portions of cancelled policy premiums, with no admin or cancellation fees.
  • Reducing payment times for SME suppliers and contractors involved in servicing claims to no more than 15 days.

This package applies to businesses with aggregated annual turnover of less than $10 million and employing up to 20 workers, or 100 in the manufacturing sector.

“We have already seen tens of thousands of businesses across the country significantly impacted as restrictions have been announced to stem the spread of coronavirus,” says Suncorp Group CEO, Steven Johnston.

“A strong and resilient SME sector is fundamental to Australia’s successful economic recovery.  Suncorp is backing its business customers with unprecedented relief to match the enormity of this incredible economic shock.”

Head to the website to find out more on how Suncorp is supporting its business customers through this time: suncorp.com.au/banking/covid19-information.html

To read the collective statement given by Suncorp, QBE and Allianz, click here.

*Effective for renewals or monthly premiums from 1 March – 30 June 2020.

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