Suncorp, QBE and Allianz have announced measures to help small businesses dealing with the coronavirus impact following clearance from the Australian Competition and Consumer Commission (ACCC).
The assistance is in line with action already announced by IAG and includes allowing small business customers to defer their premium payments for up to six months while insurance remains in place.
The three insurers, which together cover half the small business market, will also offer continuity of cover for SME policyholders where premises are vacant due to COVID-19.
Positive concern for their customers
“We have laid a platform for the industry to sustainably support the tens of thousands of small businesses who have been heavily impacted by this crisis, which follows the summer of bushfires, floods and storms across the country,” they say in a joint statement. The measures also include paying suppliers faster, refunding unused premiums for any policy SMEs need to cancel, and offering cash settlement to policyholders impacted by the summer’s natural disasters who would prefer to manage their own affairs.