Business/Office/Trade Package Insurance:
Most insurance companies will provide a range of covers bundled together under a package policy. These sections are:
Business Interruption: loss of profits insurance. If the business is unable to trade due to a fire and perils event, this policy will pay business gross profit including outgoings such as wages and additional working expenses to keep the business operating whilst it is unable to trade and resume to what it was before the claim.
Burglary/Theft: Covers theft of stock, contents and damage to premise following a break-in.
Corporate Travel: usually an annual policy which covers all management and staff whilst working Overseas and Interstate. The policy includes Global Assistance, Loss of Baggage, Loss of Deposit, Medical Expenses and other benefits.
Credit Insurance: The cost of a ‘bad debt’ should be treated much more than simply the loss of money owed. Companies can never make up for the cost of a bad debt. The impact can put stress on cash flow and will damage a company’s bottom line.
General Property (Tools of Trade): Covers portable or valuable items that You usually carry around with You in the course of your business within Australia and can be extended to world -wide. Any individual item worth more than $2,500 must always be specified.
Glass: Covers breakage of internal (fixed) glass and external glass (doors and windows). Most commercial leases will require you to carry this insurance.
Industrial Special Risks: (ISR) provides property damage cover and consequential loss cover for medium to larger organisations with diverse operations and insurable value over $10 million. This policy is designed to protect physical assets, including buildings, stock, plant and machinery and other property. Our policies contain industry-agreed base wordings (Mark 4 & 5) that can be tailored to your specific business needs.
Machinery/Electronic Breakdown: covers breakdown of machinery or electronic equipment which occurs at the premises and direct loss or damage to other property insured as a result of that breakdown. This section can also include spoilage of food due to that breakdown.
Marine Transit: Covers your stock/goods whilst being imported, exported or shipped around Australia, by air, sea, road or train.
Motor Commercial (Fleet): Comprehensive insurance covers third party property damage and own damage and you can also choose to insure Third Party Only and Third-Party Fire and Theft. Several vehicles can be insured in the one policy depending on type and use, providing consistent conditions across all.
Money: If the business handles Money in transit or at the business premises, it must be insured separately. The policy can extend to include cover while at the insured home, and in transit to be banked.
Products Liability: if you sell, supply, import, wholesale or deliver goods, even in the form of repair or service, you may be legally liable for injury or damage claims arising out of your products.
Product Recall: A liability policy that is there to cover you for the costs associated with a product recall: Cover for the cost of withdrawing products off shelves. Cover for the cost of replacing the recalled product on shelves with ones that are deemed safe. Cover for expert advice and assistance on managing your brand reputation in the public domain. Product recalls are increasingly receiving widespread media publicity.
Property: sometimes referred to as material damage, is designed to cover the building, contents and stock of the business against perils such as fire, earthquake, lightning, storms, impact, malicious damage. Policies can also include cover for accidental damage. You must insure for the replacement value at today’s costs, otherwise a partial claim may be subject to the average provision.
Public/Products Liability: covers your legal liability for compensation if a third party suffers injury/death and/or damage to property because of your negligence. Product Liability covers injury/death or damage as a result of failure of your products. Most commercial leases will require you to carry this insurance. Please note, if you are importing products, you are deemed to be the manufacturer.
Workers’ Compensation: – A compulsory insurance in all states and territories. It compensates workers earnings and their relatives for death, injury or illness arising out of the injured worker’s employment. This insurance is managed by the governments in Victoria, South Australia and Queensland and is underwritten by Insurer’s in WA, Tasmania, ACT and the Northern Territory.