Question 1

How can I pay for my Home Insurance?

Accepted Answer

There are a number of ways you can pay for your Home Insurance. These are online with your credit/debit card or BPAY (except for Strata Insurance policies), over the counter at your nearest Australian Post Office, through the mail, or by calling us.

Question 2

What happens if my payment is overdue?

Accepted Answer

If you’re behind on your monthly repayments, it’s important that you get up to date as soon as possible. For policies with payments 14 days (or more) overdue, we may refuse to pay a claim. For policies with payments a month (or more) overdue, we may cancel a policy without notice.

It’s always better to contact us if you have any issues meeting payments.

Question 3

My payment didn’t go through – what do I do?

Accepted Answer

If your payment hasn’t gone through, it may be because your credit/debit card details are incorrect. To check them, you’ll need to log into GIO Online Services. From there, you’ll see ‘My policy list’ displayed, from which you can select the policy you want to update/check your details for.

Select ‘Update my policy’, then ‘Change payment Details’. Here you’ll see your current details, and have the option to change them, if necessary.

If this isn’t the reason for your payment failing to go through, please contact us as soon as possible so that we can help you rectify the issue.

Question 4

How do I work out my sum insured?

Accepted Answer

It’s important that you choose the correct sum insured value, so that you will be covered adequately if you ever need to make a claim. It is your responsibility to make sure your home and contents are insured for their full 'new for old' replacement value. That means that if your home is damaged, or your contents are damaged beyond repair or stolen, you will be able to replace or repair your home or contents with new items or new materials regardless of age.

You must make sure your sum insured is accurate not only when you first insure your home and contents, but also each time you renew your policy. It’s also important to review it regularly, being mindful of items purchased recently, and update your sum insured accordingly.

To help you calculate the replacement value of your home and contents, use our Building Calculator and our Contents Calculator.

Question 5

What exactly are 'contents'?

Accepted Answer

Contents are household items that you own or are responsible for and use primarily for domestic purposes. That doesn’t include items permanently attached to your home or insured address (e.g. a unit you own and live in). Your contents can include, but are not limited to:

furniture;
furnishings;
clothing;
home computers and printers;
unfixed electrical goods and appliances not housed in a cabinet;
internal blinds;
drapes and curtains;
carpets and plants in pots; and
medical equipment and aids.

For more information about what is and isn't covered, or about what we consider contents insured in a unit, please read the Home and Contents PDS.

Question 6

How is the cost of Home Insurance (my premium) calculated?

Accepted Answer

Your premium is calculated based on your sum insured (the amount you insure your home and/or contents for) along with many other factors, including:

your information
your home and its contents
the address of the insured home or unit;
the amount you insure your home or contents for (sum insured);
the type of insurance you have chosen (home, contents, or both);
the level of cover you have chosen (Classic, Classic Extras or Platinum);
any optional/additional covers you have chosen;
construction material and other characteristics of the home or unit;
the age of the oldest insured person on your policy;
how the home or unit is occupied; and
the standard excess you choose.

Collectively, these are called premium factors. We use these premium factors to estimate the likelihood of you making a claim. We also consider other factors such as the cost of claims we’ve paid to other customers, claims we expect to pay in the future, changes in taxes, duties or levies, and our cost of doing business.

For more detail, read our Home and Contents Insurance PED guide.

Question 7

What do ‘common contents’ mean when it comes to Strata Insurance?

Accepted Answer

Common contents, which are covered under Strata Insurance, refer to unfixed items that are contained within the common areas of your building. This includes appliances, equipment, furniture, fittings and works of art.

If you’d like some more information about contents in a common area, read the Strata Insurance Product Disclosure Statement (PDS) .

Question 8

What is Safety Net Home Protection?

Accepted Answer

Safety Net Home Protection – included in GIO Classic Extras and Platinum cover – provides a financial buffer if the cost of repairing or rebuilding exceeds your sum insured (i.e. the amount you insured your home for) due to an unexpected building price surge. For example:

if your sum insured is $400,000 and you have a 25% Safety Net, you’ll be covered for an additional $100,000 (or $500,000 in total); or
if your sum insured is $400,000 and you have a 30% Safety Net, you’ll be covered for an additional $120,000 (or $520,000 in total).

Question 9

Does GIO cover short term holiday rentals, like Airbnb?

Accepted Answer

Provided you have a GIO ‘owner occupier’ policy, continue to reside in the home, and no more than 2 bedrooms are being rented under a short term holiday rental or home sharing scheme (like Airbnb, or Stayz), GIO will continue cover. However, there are general cover exclusions you need to be aware of. Please refer to the Home & Contents PDS for details.

If you have a GIO Landlord policy and the entire home or unit is being rented under a short term holiday rental or home sharing scheme (like Airbnb, or Stayz), GIO is unable to continue the policy, and you will need to seek cover elsewhere.

Question 10

Does GIO Home Insurance cover my holiday home?

Accepted Answer

Yes, if you have a holiday home that is only for your personal use and is unoccupied for a majority of the time, you can still insure your property with GIO Home and Contents Insurance. If you make a claim, you will likely need to pay an unoccupied excess.

We will apply the unoccupied excess to each incident covered by your policy (unless the policy states that no excess applies to your claim) if, at the time of the incident, the home or unit has been unoccupied for more than 60 continuous days.

A period of inoccupancy starts when the home or unit becomes unoccupied and comes to an end when you, or someone nominated by you, has occupied the home or unit for at least 2 consecutive nights.

Question 11

Am I covered while my property is being renovated?

Accepted Answer

Our Home and Contents Insurance policies only apply to completed buildings that are being lived in, so we do not cover new buildings during construction. If you are renovating your home or unit, we will not cover any damage or loss that is caused by, arises from or involves those building extensions, alterations or renovations. In particular, we don’t cover:

damage caused by cracking, collapse, subsidence or damage to your home and contents caused fully or partially by the building work;
damage caused by a storm, flood or water entering your home or unit through openings in the walls, roof or other unfinished parts of your home or unit, whether or not they are temporarily covered at the time of the damage;
damage caused by storm or flood to any part that is not fully built;
theft or damage by someone who enters or leaves through an unlockable part of your home or unit;
and malicious damage or vandalism to unfinished parts of your home.

We also don’t cover legal liability caused by or resulting from building, alteration, extension or renovation work, if the total cost of the work is more than $50,000.

Please contact us if you’re commencing building works or renovations at your home, including demolition.

Question 12

Do you cover damage caused by insects, including termites?

Accepted Answer

No, GIO Home and Contents Insurance does not cover loss or damage caused by insects, vermin, or rodents – including termites. If you’d like more information, please refer to the Home and Contents PDS.

Question 13

What happens if an insured item is not at my home when it’s damaged/lost?

Accepted Answer

There are a few reasons your belongings may be damaged or lost while they’re away from home for which we will cover you:

while they’re in transit within Australia, for example, during a relocation to your new permanent address
while they’re in commercial storage
or while they’ve been temporarily removed from your property for up 180 days.

If you’re referring to items that you normally carry with you when you’re away from home – such as your mobile phone, jewellery, camera, bike, or laptop – then these are referred to as ‘Portable Valuables’. Portable Valuables aren’t always automatically covered, but you can add optional cover to your policy for an extra premium.

Question 14

Are my carpets covered?

Accepted Answer

Carpet is covered under GIO Contents Insurance, but not under GIO Home Building Insurance.

Our Contents Insurance policy can cover up to $2,000 per carpet or hand woven rug under Classic Cover, $5,000 under Classic Extras Cover, or up to your general contents sum insured under Platinum Cover. The cover applies if your carpet is damaged due to an insured event, such as fire, flood or vandalism. View the PDS for more information.

Question 15

What’s the difference between Home Insurance and Contents Insurance?

Accepted Answer

The difference is in whether or not structures and items are attached or not attached to the physical building you are insuring. Home Insurance covers your home, garages, carports, outbuildings, gates and fences, along with any permanently attached fixtures like solar panels, walls, ceilings, and floor coverings for loss or damage caused by a range of insured events at your insured address.

Whereas, Contents Insurance covers only for the loss or damage to the contents in your home caused by insured events. ‘Contents’ are household items that you own or are responsible for and use primarily for domestic purposes. These include things like furniture, furnishings, clothing, unfixed electrical goods, and appliances.

Question 16

How do I compare Home and Contents Insurance?

Accepted Answer

Ultimately, the level of cover you choose, and with who, is up to you. Comparing Home and Contents Insurance should be based on what you need cover for, like home, contents, combined home and contents, strata, or landlord insurance. To compare Home and Contents Insurance, you can:

Check what is automatically covered in each policy you’re considering;
Review any optional/additional covers available;
Get a quote for the policy or policies you’re looking at; and
Compare the quote and what it includes against other quotes you may have received.

Question 17

How do I update my policy/cover?

Accepted Answer

GIO customers can easily update their policy/cover by logging into GIO Online Services. From there, you’ll see a list of your policies; simply select the policy you want to update and then choose the ‘Update my policy’ tab.

You’ll see various options to choose from for what you can update.

View a video explanation of how to update your policy online.

Question 18

How do I update my address/contact details?

Accepted Answer

You can update your address/contact details easily by logging into GIO Online Services. From there, you’ll see a list of your policies under the heading ‘My policy list’. Select the policy you want to update your address/contact details for, click on ‘Update my policy’ tab, then edit the relevant field.

View a video explanation of how to update your details online.

Question 19

Can I add contents to my home insurance policy?

Accepted Answer

Yes, you can. To do so, please contact us.

It’s important that you do so as soon as possible, to make sure that your sum insured (the amount you are covered for) is accurate should you need to make a claim.

Question 20

Can I renew my home insurance online?

Accepted Answer

There are several ways to pay for the renewal of your Home Insurance, including conveniently online with your Visa/MasterCard/American Express card, through your online account, and via BPAY. This applies to all Home and Contents Insurance policies (including Home Building Insurance, Contents Insurance, and Landlord Insurance), except Strata Insurance.

You can also pay for your renewal by visiting your nearest Australia Post Office, through the mail, or over the phone.

Question 21

How do I cancel my policy?

Accepted Answer

We're sorry you're thinking of leaving. To discuss your situation further or to cancel your policy, call us on 13 10 10.

If you do cancel, you may qualify for a refund of the unexpired portion of the premium less our $30 cancellation fee and any non-refundable government charges.

Question 22

Do I have any options if I am struggling financially?

Accepted Answer

We understand that sometimes the unexpected happens and you may not have access to as much money as you normally would. If this happens to you, GIO customers have two options:

1. Premium Freeze Benefit

If you're paying with stepped premiums, the Premium Freeze Benefit allows you to stop any increases to your premiums because of your age. Your premiums will remain the same and your sum insured will reduce each year.

2. Premium Pause Benefit

Over the duration of your policy, whether you pay stepped or level premiums, you can stop paying your premiums for up to three months thanks to the Premium Pause Benefit. While the premium is paused, you’ll be covered for accidental death only.

For Funeral Insurance:

You’ll only be covered for accidental death and the Early Payment Benefit will not apply

For Life Protect:

You’ll only be covered for accidental death

Question 23

Can I choose how often to pay my premiums?

Accepted Answer

Yes, you can pay fortnightly, monthly or yearly premiums at no extra cost.

Question 24

Can I pay for my insurance online?

Accepted Answer

Yes, you can easily set up direct debit or credit card payments when you purchase your policy. This applies to all Life Insurance, Bill Protect, Funeral Insurance, Accidental Injury and Accidental Death policies. Learn more at our payments page.

Question 25

What happens if I pay more for my Funeral Insurance than my sum insured (how much my beneficiary will receive)?

Accepted Answer

GIO Funeral Insurance has a Value Promise benefit which makes sure that, when it comes time to claim, the amount your beneficiary receives will be higher than the total premiums you paid over the course of your policy.

In the event of your death, we will look at how much you’ve paid in premiums versus the sum insured. Whichever is the greatest is the amount your beneficiary will receive.

Question 26

What’s the difference between Funeral Insurance and pre-paid funeral plans?

Accepted Answer

You pay a series of regular premiums to cover an amount of your choosing. Either that amount or the total of the premiums you have paid throughout your policy will be paid out at claim time (whichever is greater). This money, provided to your nominated beneficiary, is then used to pay for your funeral and other related expenses.

With pre-paid funeral plans, however, you plan and pay for your funeral in advance, meaning there's no additional funeral costs to pay for after your death. Costs are fixed, so you know you won't have to worry about the rising cost of funerals in the future. However, sometimes pre-paid plans can be difficult to amend if you need to, like, for example, if you've moved to a different state to be with your family.

Question 27

How much funeral insurance cover do I need?

Accepted Answer

How much cover you need for your Funeral Insurance really varies from person to person. It’s important to take into consideration factors such as:

The type of funeral you would like
How much money you would like to provide your loved ones to help make that happen
Whether or not you’ll leave behind other forms of financial assistance that can help with your funeral costs, such as super or assets.

At GIO, we believe choice is important, which is why we give you as much control as possible over the amount you choose to insure. With GIO Funeral Insurance, you can choose between $5,000 and $15,000 of cover.

Question 28

Can I get my funeral insurance pay out early?

Accepted Answer

Yes, in some circumstances you can receive your pay out early as part of the Early Payment Benefit.

If you become terminally ill after the first 12 months of your policy, you can receive up to the full amount you have insured, allowing you to take control of your finances and enjoy the remaining time with your family.

Please refer to the PDS for full terms and conditions

Question 29

Can I choose who receives my Funeral Benefit?

Accepted Answer

Yes, it’s completely up to you. You can choose one beneficiary to receive the pay out in the event of your death. If you don’t nominate anyone, the benefit will be paid to your estate.

Should you hold a joint policy, you can choose one beneficiary that you both agree on. If neither of you nominate a person, the benefit will be paid to the surviving policy owner or to your estate.

Question 30

How many people can be covered on a GIO Funeral Insurance policy?

Accepted Answer

We offer single and joint policies, meaning you can insure one or two people on a single policy. If you have a joint policy, both insured people are considered policy owners.

Covering two people on a single policy – you and your partner, for example – means you will get a 20% family discount, one policy number between you, and less paperwork.

Please refer to the PDS for further information on the family discount

Question 31

Can I take out a policy for someone else?

Accepted Answer

Yes, you can. The person who pays the Funeral Insurance premiums doesn't have to be the person who is insured. Even if the premiums are paid for by someone else, the person who is insured will always remain the policy owner.

Question 32

Are there any circumstances where my Funeral Benefit won’t get paid?

Accepted Answer

There are some instances that mean you won’t receive the full Funeral Benefit. These are if, in the first 12 months of your policy, you die as a result of:

An accident that happened before the policy start date
Sickness
An intentional self-inflicted act.

If this happens, we will refund all of the premiums that have been paid.

If you die after the first 12 months, the funeral benefit or the amount you have paid in premiums, whichever is greatest, will be paid in full.

Please refer to PDS for full terms and conditions

Question 33

Can I get a discount on my Funeral Insurance?

Accepted Answer

We offer one main discount on our funeral insurance policies:

20% Family Discount – enjoy 20% off premiums if a member of your immediate family takes out funeral insurance with us as well. This applies to joint and single policy holders

In addition, you can receive a benefit for your loyalty with our 10% Cash Back Benefit. This is where you get a 10% refund every three years on the premiums you’ve paid, when you hold a continuous policy with us.

Question 34

Can I separate my joint policy into two separate policies?

Accepted Answer

If you'd like to separate a joint policy, you can. If you decide to go with this option, the joint policy will be cancelled and a new policy issued to each customer.

One thing to consider before doing so is the impact this will have on your 10% Cash Back Benefit. If you've held your funeral insurance policy with us for three consecutive years, we give you a 10% refund of the premiums you’ve paid, and continue to do this every three years.

The new policy will begin afresh, meaning the new policy holder will need to hold their policy with us for three consecutive years to also receive this benefit.

Question 35

Who will receive my Life Insurance benefit payout when I die?

Accepted Answer

You are able to nominate up to 5 beneficiaries who can receive your Life Protect Death Benefit payout in the event of your death. If you haven’t nominated anyone, it will be paid to your estate.

Please contact our office on 13 11 55 and we can help you with this process.

Question 36

Why has my premium increased?

Accepted Answer

Any time you renew your insurance, your premium is likely to change, even if your personal circumstances have not changed.

This is because there are many factors that affect your premium, such as:

The cost of claims we have paid to other customers and claims we expect to pay in the future;
Changes in government taxes and any state or territory duty or levies;
New and updated data we use to calculate your rated premium;
Our expenses of doing business; and
Other commercial factors.

Question 37

Can I increase my level of cover?

Accepted Answer

Yes, you can apply to increase your cover at any time, but this process is subject to underwriting.

Your other option, to avoid any underwriting, is to consider the Lifestyle Increase Benefit. This benefit allows you to increase the level of your cover by a maximum of $100,000 annually as long as it’s either the second anniversary of your policy, or you’re under the age of 60 and a life event as stipulated in our PDS occurs.

A life event is when you:

Get married
Have a baby
Adopt a child
Have a child start high school for the first time
Purchase a home and/or
Suffer the death of your spouse.

The maximum you can increase your cover each year is $100,000.

Question 38

Can I cancel my Life Protect Insurance?

Accepted Answer

The option to cancel your Life Insurance is available to all GIO customers. However, we also believe it’s important that you and your family can be confident in being able to access financial assistance when it’s needed the most.

Because of that, if the reason you want to cancel is due to a change in lifestyle or financial situation, please note that we have a range of solutions that may be able to work for you. You can contact us to discuss your situation further, and potentially come to a solution that will work for you while also continuing to keep you covered.

Question 39

Is GIO a signatory to the life insurance industry’s Code of Practice?

Accepted Answer

Yes. It’s important that you get the highest standards of service in all your dealings with us. That’s why we have adopted the Life Insurance Code of Practice. It’s the life insurance industry’s commitment to mandatory customer service standards and it’s designed to protect you, our customer. Find out more.

Question 40

Does GIO offer income protection?

Accepted Answer

No, however GIO is part of the Suncorp Group and we may be able to offer you Income Protection under Suncorp. GIO does offer Bill Protect, this helps provide an income if you’re sick or injured and not able to work however it does come with more exclusions than Income Protection and is not connected to your current income. Please refer to the Bill Protect PDS for full terms and conditions.

Question 41

Are there any injuries not covered by the Accidental Injury Plan?

Accepted Answer

There are some circumstances in which you won’t be covered by your Accidental Injury Plan policy.

For example, you won’t be covered if your injury results while you are working in an occupation:

At heights above 15 metres
Underground in the mining industry
While carrying a firearm
With explosives
Offshore in the oil, gas or petroleum industry
Overseas as part of your service in the armed forces.

If you’d like to know more, please refer to the Accidental Injury Insurance PDS.

Question 42

Can I pay for my policy online?

Accepted Answer

Yes, you can conveniently make an online payment on your new or existing Travel Insurance policy. If you prefer, you can also call GIO on 13 10 10 to make your payment over the phone.

Question 43

Is there an age limit for getting Travel Insurance?

Accepted Answer

No, GIO Travel Insurance does not have an age limit. However, to complete an online form you must be over the age of 18. If you are under 18, please contact our specialist centre on 1800 205 445.

Question 44

What is a pre-existing medical condition?

Accepted Answer

A “pre-existing medical condition” means:

any of the following conditions you have ever had prior to the policy issue date shown on your schedule, even if treatment is no longer being received:
- heart (cardiac) condition;
- lung or respiratory condition (other than asthma if it meets the criteria on page 40 of the PDS;
- kidney (renal) condition;
- reduced immunity;
- dementia or documented memory problems; and
- metastatic (secondary) cancer.
any medical condition or dental condition for which investigation, medical advice or any treatment has been obtained, or for which prescribed drugs have been taken, within the 90 days before the policy issue date shown on your schedule
any medical condition or dental condition that is chronic or ongoing in nature that you and/or a reasonable person in your position knew or ought to have known you were suffering or potentially suffering from prior to the policy issue date shown on your schedule. This is regardless of whether you have undergone investigation, received medical advice or treatment, or taken prescribed drugs within the 90 days before the policy issue date shown on your schedule.
The policy terms and conditions for a pre-existing medical condition:
- include any complications or treatment that are directly or indirectly attributable to it
- apply to you, the persons named as travellers on the insurance schedule, and your or their relative or business partner, or any other person known to you before we issue this policy.

Question 45

Is there a journey limit?

Accepted Answer

Yes, for Holiday Travel Insurance the maximum journey is 12 months. However, you can apply to extend it up to 6 months more. For Annual Travel Insurance, each trip can be up to 90 days.

Question 46

Which region do I choose?

Accepted Answer

You should select the region you are travelling to. We have 5 different regions to choose from:

Region 1 – Worldwide
Region 2 – Worldwide (excluding the USA, Canada, Japan and Africa)
Region 3 – South East Asia covering Borneo, Brunei Darussalam, Burma, Cambodia, China, Hong Kong, Korea, Laos, Macau, Malaysia, Myanmar, Philippines, Singapore, Taiwan, Thailand, Tibet, Vietnam and including Region 4 and 5 countries.
Region 4 – The South Pacific and Indonesia covering the Cook Islands, East Timor, Fiji, Indonesia (including Bali), Nauru, New Caledonia, New Zealand, Papua New Guinea, Samoa (American), Solomon Islands, Tahiti, Timor-Leste, Tonga, Vanuatu, Western Samoa and all Region 5 countries.
Region 5 – Australia (including Lord Howe Island, Thursday Island, Christmas Island, Cocos (Keeling) Islands and Coral Sea Islands Territory) only.

Note: The cover provided under “Section 2 – Overseas medical and dental expenses” of the PDS, does not apply if ‘Region 5’ is shown on your schedule because we will only pay your dental expense if they are incurred outside Australia. For example, if you are cruising from Australia to the South Pacific on a ship with on-board medical and/ or dental facilities and require cover under Section 2, then please select Region 4.

If you have selected Region 1, 2, 3 or 4, we will also cover any journey you make to any country or countries outside your selected Region, but only for a 72 hour period commencing from your arrival into the first country outside your selected Region.

Question 47

Should my return date be the date I fly back to Australia or the date I arrive back at my home address?

Accepted Answer

When purchasing GIO Travel Insurance, you should set your return date as the date you arrive back at your home address. That way you’re covered for the entire journey, from when you leave your home in Australia to start your trip, through to you returning back to your home in Australia at the end of your trip. The dates will be shown on your insurance certificate.

Question 48

Should I put the age of the oldest traveller based on the day I purchase the policy or the date we depart?

Accepted Answer

It should be based on the day you purchase your policy. That’s because when you purchase a policy, part of your cover begins immediately.

Question 49

What is the difference between Public Liability and Products Liability insurance cover?

Accepted Answer

All GIO Business Insurance products have a combined Public and Products Liability cover. Both Public and Products Liability provide coverage for third party injury or property damage that you might cause. The difference is that Public Liability relates to injury or property damage whilst you’re on the job, and Products Liability relates to injury or damage caused by any products you distribute, supply or manufacture.

Question 50

How much Public & Products Liability cover do I need?

Accepted Answer

Each business is different, and as such has different needs when it comes to insurance. However, in making the decision you may want to take into account the following factors:

The contracts you work on. Some contracts will stipulate the minimum amount of cover required. If your business is within a shopping centre, you may find that the contract stipulates a minimum of $20m cover is required
The conditions of your licence (if applicable). As an example, electrical contractors are required to hold a minimum of $5 million public liability cover in order to obtain their licence in some states.

GIO can offer limits of $5m, $10m, and $20m cover, which can be purchased online or via our Australian-based Call Centre on 1800 036 837.

Question 51

What isn't covered by Public and Products Liability Insurance?

Accepted Answer

There are a few scenarios not covered by Public and Products Liability Insurance, including:

Question 52

What does Professional Indemnity Insurance cover?

Accepted Answer

Professional Indemnity Insurance has been created for businesses that provide professional advice or recommendations to clients. It covers the costs of legal action if a customer sues your business for poor advice that leads to their injury or financial loss.

Question 53

What is the difference between Public Liability and Professional Indemnity? Do I need both?

Accepted Answer

Public Liability and Professional Indemnity cover different types of risks.

Public Liability covers your legal liability to pay compensation for injury or damage to property caused to a third party in connection to your business. For example, if a customer slips and trips while on your business premises.

Professional Indemnity, on the other hand, protects against the risks associated with providing advice or recommendations to clients. For example, a customer could sue you for damages if it's alleged that your advice has caused a loss.

If your business has customers visiting your premises and you also provide advice or recommendations to those customers, then Public Liability and Professional Indemnity Insurance may both be beneficial to you.

Question 54

What does Portable and Valuable Items Insurance cover?

Accepted Answer

Portable and Valuable Items Insurance covers the accidental loss or damage of portable and valuable items. This can include items like mobile phones, laptop computers and tools of trade that you usually carry around with you during the course of your business operations. Cover is limited to $2,500 per item, unless the item has been specified for a higher value.

Loss or damage caused by theft without forced entry from your vehicle or building is an optional cover, which you can purchase by contacting us.

Question 55

What isn't covered by Portable and Valuable Items Insurance cover?

Accepted Answer

There are a few instances and scenarios not covered by our Portable and Valuable Items Insurance, including (but not limited to):

Loss or damage caused by third party factors such as general wear and tear, scratching, biting or chewing by any animal, or atmospheric conditions
Testing, experimentation, intentional overloading, misuse or abuse
Loss or damage to an item worth more than $2,500, unless you have added it to your policy
Mechanical, hydraulic, electrical or electronic breakdown
Theft or vandalism carried out by any member of your family or any of your employees during a period of time when they are lawfully permitted to enter or be on your premises.

For an extensive list, please refer to page 58 of the Mobile Business Protect PDS, or page 104 of the Business Protect PDS.

Question 56

What is the difference between Portable and Valuable Items and Stock?

Accepted Answer

Portable and Valuable Items refers to your tools or items which you may take with you when you're out and about and use as part of your business. For example, mobile phones, laptops, camera equipment, surveying equipment, hand tools and power tools.

Stock refers to raw materials, merchandise, and goods which you trade in your business, and at your business premises. It includes customers’ goods and property for which you are responsible but belong to other parties in a “sale or return” agreement.

Question 57

Is my Business Insurance expense tax deductible?

Accepted Answer

You will need to seek independent tax advice relating to your individual situation, however according to the ATO, ‘you can generally claim a deduction for most operating expenses in the same income year you incur them. Insurance premiums, including accident or disability, fire, burglary, professional indemnity, public risk, motor vehicle, loss of profits insurance, or workers’ compensation’ are included in the definition of operating expenses.

Question 58

What is the difference between employees and subcontractors?

Accepted Answer

An employee works for and is part of your business. As an employee, they generally:

Are paid a wage,
have set hours of work,
are entitled to paid holiday leave and sick leave,
are entitled to superannuation guarantee charge (SGC), and
are covered by workers compensation insurance.

A contractor/subcontractor operates their own business (they will generally have their own ABN) and is not entitled to any of the above benefits from the business that has entered into an agreement to contract their services.

Contractors, on the other hand, are required to purchase their own insurance prior to work being carried out, to cover themselves from liability risks or personal injury. Businesses that hire contractors should ensure that they carry their own insurance policies covering them if they are injured on site, as well as if they cause property damage or bodily injury to a third party while working in connection with your business.

Question 59

How do I make a claim?

Accepted Answer

You can conveniently make a claim online here.

If you prefer, you can also call us at 13 14 46, 24 hours a day, 7 days a week to speak to one of our dedicated claims staff. Please note that no quotes are required before you call us. We will advise you on the claim process and what you need to do next during the call.

You can also email us at lodgeclaim@gio.com.au with your policy number and a short description of the claim.

Question 60

How do I pay for my policy?

Accepted Answer

We make it easy to pay for your insurance with a number of different payment methods available. Depending on the type of insurance, you can make a secure online payment with your credit/debit card, log into GIO Online Services, pay by BPAY, mail, or phone, or in person at Australia Post or a GIO agency.

Question 61

Can I pay quarterly rather than monthly?

Accepted Answer

No, with GIO you can pay your insurance premium annually or monthly. When you renew your policy, you can choose to change your payment frequency from monthly to annually (or vice versa).

Question 62

Can I pay my monthly instalments via BPAY?

Accepted Answer

No, you're not able to pay your monthly instalments via BPAY. We only offer monthly direct debit from either a bank account or credit card. BPAY is available for the annual purchase and renewal of select policies, such as Comprehensive Car Insurance and Home Insurance.

Question 63

Can I pay a higher excess to reduce my premium?

Accepted Answer

Yes, you can vary your excess. You’re in control of how much you pay or save when you buy or renew your insurance premium. With a range of excess options to choose from, the more you increase your excess the lower your premium may be.

For more information please check your PDS or contact us.

Question 64

Is there a fee or surcharge for credit card payments?

Accepted Answer

No, GIO does not charge any fees for credit card payments.

For more information on payment methods, please refer to our Payments & Renewals page.

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