gmcu partners with Allianz to provide insurance solutions to small business. Below is a COVID-19 update from Allianz.
After months of constant change, Australians are taking stock of where they stand. As part of the Allianz global group, Allianz Australia has been supporting customers through uncertainty and change for over 100 years. And we’re here to help you now.
We’re offering a Policy Health Check to gmcu/Allianz insurance customers, to help you review your insurance and check it still meets your needs. We have also developed a package of support measures to help those existing eligible small business customers experiencing financial hardship as a result of the COVID-19 pandemic, through our Allianz COVID-19 Small Business Response Package.
Please read the following information carefully. If your business is located outside of Victoria, you may need to contact us to maintain your cover. Full details are provided below.
Assisting customers with a Policy Health Check
A lot can change in a short time, so we’re encouraging gmcu/Allianz Insurance customers to call now for a Policy Health Check. This is a simple five-step check-in over the phone where we will help you review your details, excess, cover and payment frequency, making changes where we can to help support you.
Assisting customers with support measures during the COVID-19 pandemic:
The following measures have been made available to help support those customers who may be experiencing financial hardship as a result of COVID-19.
Payment Options
There are flexible payment options available to help you manage your finances.
Eligible existing Small Business policyholders can opt to defer their premium payment(s) for up to 6 months under the Allianz COVID-19 Small Business Response package, when requested before 31 December 2020. To learn more or view Small Business eligibility criteria please visit Allianz’s website or see summary provided below.
Payment of excess
If you have a new or existing claim and are unable to pay the excess up-front, you can pay the excess in instalments or defer. Deferred excess payment applies to claims that are cash settled and where the amount claimed exceeds the excess. The excess will be deducted from the final payment.
Continue to pay monthly
If your policy is cancelled due to a payment dishonour, you can now take out a new policy and continue paying by monthly instalments.
Waive your fee
If you wish to cancel your insurance, any cancellation fee that would have applied will be waived.
Fast-track your refund*
If you cancel your insurance, we can fast-track your refund in 48 hours; down from 15 business days.
Defer your premium
If you’re an existing eligible customer experiencing financial hardship as a result of COVID-19, you can opt to defer payments for up to six months to help your business stay insured while you keep it running. Call the Allianz small business team on 131 000 to request by 31 December 2020.
Cover for assets temporarily removed from premises
If you hold Theft and/or Material Damage cover, we will automatically extend cover for assets temporarily removed from your insured business premises for the time periods indicated below.
If your insured business premises are located in Victoria this support measure remains in place until further notice.
If your insured business premises are located in all other states and territories, excluding Victoria, this will measure will apply until 8 October 2020. From 9 October PDS conditions apply. Please check your PDS for details or contact us.
Cover for temporarily vacant business premises
We will maintain full cover for existing customers whose business premises are temporarily vacant due to COVID-19 for the time periods indicated below.
If your insured business premises are located in Victoria this support measure remains in place until further notice.
If your insured business premises are located in all other states and territories, excluding Victoria, this will be applied until 8 October 2020. If your premises remain vacant from 9 October 2020 you have 90 days to notify us to ensure your cover remains unaffected. Please call 1300 131 000. If you do not notify us PDS conditions will apply, including any applicable exclusion.
Pro-rata refund and no cancellation fees
Our aim is to help our customers stay insured, however if you need to cancel your small business insurance policy we will continue to honour our promise of not charging any cancellation fees. If you need to cancel your policy you will receive a pro-rata refund of your premium for the unutilised period of your policy.
Additional support
If you need financial help or are experiencing distress, we can assist by highlighting potential support from Federal Government and community organisations.
Check in with us now on 131 000
*excludes Travel insurance
Eligibility criteria for small business policyholders
To be eligible for the deferment of payments as a result of Allianz’ COVID-19 response package, an SME must meet all four following criteria:
- Must be a current Allianz policyholder*;
- Must be an individual, partnership, company or trust with
a. 20 employees or less (or less than 100 employees for manufacturing);
b. annual turnover less than $10 million. - Hold one of the following specified Allianz insurance policies only:
a. Business Pack
b. Small Business Advantage Pack
c. Office Pack
d. Trades and Services Pack
e. Motor Trades Pack
f. Commercial Motor Insurance - Currently facing financial hardship as a result of COVID-19 as meeting one or more of the following guidelines:
a. Business closed as a result of Federal or State or Territory Government directive in a key sector; or
b. Business receiving the Job Keeper payments
If any individual SME business does not meet the criteria in 2 to 4 above, Allianz has other hardship options available.
You can only make this request once.
To be eligible for flexible premium arrangements, small business policyholders must have:
- A policy where the policyholder has elected to pay premium on an annual basis and is due for renewal on or before 31 December 2020; or
- A policy where the policyholder has elected to pay premium on an instalment basis provided they request the flexible premium payments before 31 December 2020; and
- Not previously requested a deferral of premium payments.
The following insurance policies are specifically excluded from the relief package:
- All domestic retail products, such as home and motor;
- All regulatory insurances such as Workers Compensation and CTP;
- Standalone Financial Lines products including but not limited to D & O and PI;
- Standalone Broadform Liability (public and product);
- Standalone ISR;
- Dealer Pack;
- Crop insurance;
- Marine Insurance; and
- Fleet
Goulburn Murray Credit Union Co-operative Limited ABN 087 651 509 AFSL No 241364 (gmcu) is authorised to arrange this insurance as agent of the insurer Allianz Australia Insurance Limited ABN 15 000 122 850 AFS Licence No 234708 (Allianz). 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 Product Disclosure Statement available from the gmcu website or by calling (03) 5821 9033. If you purchase this insurance, we will receive a commission that is a percentage of the premium. Ask us for more details before we provide you with services.
