Vero launches new specialty insurance product range for brokers

The new offerings aim to assist brokers in managing clients with specialised commercial risks, such as equipment and machinery breakdowns, as well as more complex risks in higher-hazard severity occupations.

Vero, part of Suncorp, announced the official launch of Vero Specialty Lines, a range of specialist risk solutions for brokers, backed by the expertise of its large-scale operations.

Vero Specialty Lines will feature a range of niche commercial insurance products tailored to equip brokers with specific risk solutions for their clients. The new offering will be supported by a dedicated team of underwriters and is expected to grow to include up to 10 specialty products by the end of the 2028 financial year.

Michael Miller, Vero’s CEO of commercial & personal injury insurance, said the launch demonstrates the insurer’s ongoing commitment to enhancing the broker experience.

“Following our transition to a pure-play insurer, we need to continue to support our broker partners in new ways, constantly striving to strengthen the experience for the brokers themselves. We have listened to feedback, taken learnings from our competitors and overlayed Vero’s scale and award-winning claims service, culminating in our first new product launch in over 10 years,” Miller said.

“Through exceptional service support, targeted customer propositions and an expanded product suite, Vero Specialty Lines delivers specific solutions to brokers with a focus on expertise and efficiency.”

The launch will feature a refreshed version of Vero’s Equipment Breakdown product, designed to protect businesses from costly machinery exposures. This comprehensive solution will cover repairs and loss of profit due to equipment breakdowns, ranging from air conditioning systems to computer-controlled production plants.

The updated Equipment Breakdown product includes new-for-old coverage under certain circumstances, allowing clients to quickly replace damaged equipment with new models. It also introduces an equipment upgrade provision, where Vero will provide financial assistance to upgrade equipment following an insured event.

These improvements complement the existing robust coverage, which includes protection for all equipment on-site, with no limitations for obsolescence, depreciation, or age, as well as comprehensive business interruption and spoilage of stock coverage.

In 2025, Vero plans to expand its Specialty Lines offering further, with a refreshed Higher-Hazard Property proposition and a new Higher-Hazard Liability offering, aimed at businesses in higher-severity occupations with well-managed risks.

“Higher Hazard Property, insuring businesses with more complex occupation risk profiles, is something we write today but decline a significant portion of opportunities due to the added time it takes to underwrite these risks effectively,” Miller said.

“To support this, we’re investing in expanding our team to unlock more capacity to underwrite these complex opportunities.”

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Adrian Suljanovic is a journalist at Broker Daily with more than two years experience reporting on all facets of the third party distribution channel.

Adrian has written for a range of business and finance titles including IFA, Investor Daily and Lawyer’s Weekly before joining the mortgages team in 2022.

He graduated from the University of Wollongong in 2021 gaining a Bachelor of Communication & Media with a major in Digital & Social Media.

E-mail Adrian at: This email address is being protected from spambots. You need JavaScript enabled to view it.