This way, policyholders can focus on maintaining their businesses while still being backed up by their insurance policies. The insurers will also offer continuity of existing insurance cover for businesses who are not occupied during the lockdown.

The CEOs of Suncorp, QBE and Allianz said in a joint statement: "Small businesses are the backbone of the Australian economy and as insurance partners for around half this market, the measures announced will provide financial relief, while maintaining coverage under their insurance.

"Together, 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.

"Australian insurers are well-prepared to respond to disasters, and we’ll continue to be there to support our customers.”

The relief packages were approved by the Australian Competition and Consumer Commission in March.