If you’ve read our previous article on business insurance according to AAMI, GIO or Vero, you may have noticed that AAMI includes “Theft” cover whereas GIO includes “Burglary”. In short, the title itself refers to the same type of cover – insurance if your property is stolen or damaged as a result of burglary or theft. No doubt if you are considering getting a business insurance quote from either company however, it would be nice to be able to go to the one spot in order to find out what the differences are. So here it is!
Ok, so it’s an excerpt but we hope that it will help you line up “apples with apples” and indeed, save you some time – you will still need to check the respective policy documents for definitions (these usually show up as italicised or bold text).
In a nutshell, regardless of the product which you are looking at, there are six main things to look out based on based on the insurers exact wording:
1. What we cover/Your insurance
2. Additional benefits/Extra benefits
3. What we exclude/Exclusions
4. Other conditions/Conditions
5. Optional Insurance
6. Excess
This reflects the general structure of an insurance policy and is generally applied to each specific section on an insurance policy – in this instance theft (or burglary!). Of course, if you’re unsure of which one is better for you, speak to a professional (often free!).
