Being open to adviser feedback and suggestions, and incorporating them into their product has seen ClearView clinch the top prize second year in a row.
ClearView's LifeSolutions Business Expense cover took home the gold in the Business Overhead Products 2015 category, beating BT Financial Group's Business Overheads and Macquarie Life's FutureWise Business Expenses.
ClearView's head of life and wealth product, Renee Hancock, said the advantage of being a smaller company was that it could engage with advisers at a deeper level while providing honest feedback as to whether their ideas have merit.
"It is no use telling advisers what you think they want to hear, knowing that the idea/suggestion will not get up," she said.
"It's about open, honest communication."
Hancock also said the product would appeal to advisers' small business clients as it would cover their principal and interest repayments.
Looking ahead, Hancock said the company was speaking with a number of advisers who specialise in business insurance to see if current business insurance products could be modified to better suit the needs of the business owner.
BT Financial Group (BTFG) repeated its performance from last year, scoring silver in the category for its BT Business Overheads product.
BT life insurance products national manager, Scott Moffitt, attributed the win to the fact that it is the only product in the market to protect businesses and provide them with insurance when they lose personnel due to temporary disability.
"Before, the products were only protecting against permanent disability to protect businesses. But this helps pay off debts, and continue to maintain the business," he said.
Macquarie Life attributed its success to recently identifying a gap in the market where some clients who owned businesses were seeking a disability type of product to cover the cost of getting a replacement if they were unable to work because of illness or injury.
"A key focus for us this year has been to ensure we're providing solutions to clients and advisers that meet their needs and requirements," Macquarie Life financial underwriting and claims manager, Tony Baker said.