Business Insurance -Overview
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Read this guide to assist you in assessing your insurance requirements.
Owning and running a business is not easy. You’ve invested time, effort and usually a great deal of money to make it successful. The last thing you need is to lose it all because it wasn’t insured or risk management was inadequate . To help protect your business against unforeseen losses our insurers offer insurance packaged policies designed for small to medium business involved in Retail, Commercial and some other Industry Sectors. Business that has insurable assets in excess of $5,000,000 may not be suitable for a package policy, they need to be covered under an Industrial Special Risks policy, if this applies to your business we will advise you of this alternative.
Business Insurance Packages are usually the most comprehensive and cost effective way to cover most of the risks your business will face today, they can provide essential cover sections in one packaged policy and it makes good business sense to consider all of these sections, details of these coverages are as follows:
Property Damage or Fire and Perils Insurance
Covers your buildings, contents and stock against the risks of fire, storm and tempest, impact, malicious damage, including automatic accidental damage cover. The policy also provides full replacement cover if sums insured are adequate.
Business Interruption Insurance
If your business activities are interrupted as a result of loss or damage to property covered under Property Damage section , cover is available to protect the income you would otherwise lose during the time your business is not operating.
Theft and Burglary Insurance
Every business person needs to feel physically secure. You’re protected against loss or damage to your property caused by visible forcible and violent entry to your premises, persons hiding on your property, and persons who threaten or actually use violence.
Money Insurance
You work hard for your money, so it makes sense to protect what is rightfully yours. This cover provides protection against loss of money while in your personal custody, whilst on the premises, or on the way to the bank, or following forcible entry to your safe. Further cover options are also available.
Glass Breakage Insurance
Glass is easily broken and often surprisingly costly to replace. The policy covers you for replacement of both internal and external glass and can also cover damage to frames, signwriting and illuminated signs .
Public and or Product Liability Insurance
Covers the cost of compensation in respect of Personal Injury or Property Damage and includes legal fees which may be incurred as a result of the business being held legally liable. This can cover your liability to the public for your negligence and if applicable liability from the products you produce or sell.
Machinery Breakdown & Spoilage of Stock Insurance
Covers your machinery, mechanical and electronic equipment against unforeseen and sudden physical damage. You can also cover against deterioration of stock as a result of unforeseen breakdown. If your business income depends on operating machinery or equipment, this cover option is vital.
General Property Insurance
Insures individual or specified items away from your usually business premises. You may need to cover items that are away from your regular business premises, such as tools, computers or audio-visual equipment you take with you on business trips.
Electronic Equipment Insurance
Covers physical loss or damage, including mechanical or electrical breakdown, to computing equipment and loss due to interruption to the business as a result of loss, destruction or damage by an insured peril. Cover is available for the cost of reinstating data & increased cost of working as a result of the damage.
Employee Fraud Insurance
Covers loss sustained through fraudulent or dishonest acts committed by employees.
OTHER NON PACKAGED INSURANCES RELEVANT TO BUSINESS
Workers Compensation Insurance
All employees injured by accident or industrial diseases arising out of or in the course of their employment are legally entitled to compensation under the various Workers Compensation statutes. The Acts in each State and Territory require employers in Australia to maintain compulsory “no fault” insurance to cover their legal liability.
Transit Insurance
Cargo insurance is divided into Inland and Overseas transit both of which cover property and goods in transit between locations.
Tax Audit Insurance
Covers professional fees charged by an accountant or other professionals in connection with a Taxation Office audit, including costs in obtaining expert advice.
Corporate Travel Insurance
Covers baggage, overseas medical expenses, money, personal accident benefits, loss of deposits and other contingencies appropriate for insured persons whilst travelling on the business of the Insured. This policy is often purchased on an annual basis.
Motor Vehicle Insurance
This can take several forms as follows:
Comprehensive own damage and third party property damage.
Third Party Property Damage plus Fire and Theft.
Third Party Property Damage only.
Compulsory Third Party cover. This is compulsory insurance in all States of Australia and applies to Third Party Injury or Death sustained in an accident involving a registered motor vehicle.
Personal Accident & Illness Insurance
Can provide weekly and lump sum benefits for accidental death or injury or illness to a specified person or persons. Protection is also available to cover illness.
Professional Indemnity Insurance
Covers legal liability to compensate third parties for loss sustained by them arising out of negligent acts, errors or omissions or civil liability on the part of the insured in the conduct of their business.
Directors & Officers Liability Insurance
Covers Directors or Officers for their legal liability for wrongful acts committed whilst acting in their capacity as a Director or Officer and reimburses the company for payments it is legally entitled or obliged to make in indemnifying them for claims made against them whilst acting in their capacity as Directors or Officers of the company.
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