Adelaide-based Australian Better Business Insurance (ABBi) – part of the Promina Group – has rebranded to AAMI Business Insurance.

It’s a natural progression that began last year when AAMI started underwriting for ABBi.

National Manager Ian Badger told Sunrise Exchange News the change will allow AAMI to complement its personal lines book of home and motor.

“It provides us with a great opportunity for further growth and expansion, allowing us to offer our customers insurance for their homes, contents and cars, and now for their businesses,” he said.

Mr Badger says the SME sector is one of the fastest-growing industry sectors in Australia, representing about 96% of all private-sector businesses.

“AAMI has 20% of the Australian personal lines market, and we’re looking to replicate that for SME business insurance,” he said.

The insurer says there’s an estimated market of 1.3 million small businesses in Australia, and 68% of SMEs reportedly operate from or at home.

Initially AAMI Business Insurance will provide a range of cover through two products.

“One product – business insurance – will provide cover for businesses such as professional offices, retailers, and small manufacturers,” Mr Badger said.

“Business@Home is designed for people who run their business from or at home and want to combine their business and home insurance needs into one package.”

AAMI Business Insurance aims to expand its Adelaide office, which has 30 employees.