Busines Insurance

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Busines Insurance

Most Common General Insurance Covers

Fire and defined events:
This section covers the damage to your property at your premises from certain sudden, unexpected or unforeseen occurrences, and provides a number ofautomatic additional benefits.

Theft
This section covers loss of your contents and stock due to theft and providesa number of additional benefits.

Glass
This section covers glass in your premises (including internal glass such asglass partitions, and external windows) and provides a number ofautomatic additional benefits.

Money
This section covers your business’s money whilst on your premises, in a safe or strongroom, in transit to or from your premises, or in your personal custody, or the custody of a trusted employee.

Breakdown of machinery and electronicequipment
This section covers the breakdown of your business’s mechanical machineryincluding boiler, pressure plantand electronic equipment such asphotocopiers and faxes.

Deterioration of stock
This section covers the costs of replacing your business’s stock which is kept in freezers or refrigerated units, if the fridge or freezer breaks down.

Computer breakdown –Increased costs of working
This section covers the increased costs of working (such as the hiring ofalternative computers and the hiring of additional staff) following thebreakdown of your business’s computers

Restoration of computer data
This section covers the cost of rewriting your business’s computer records following a computer breakdown.

Portable andvaluable Items
This section covers the loss of or damage to portable property such as Tools,Laptop Computers and Personal Digital Assistants throughout Australia andthe rest of the world.

Management liability

Management Liability protects the individuals and the company in relation to the exposures associated with managing a company. The key elements to the cover are as follows:

[Directors and Officers:covers the Directors and Officers (including where the company can reimburse the directors) for any claim alleging a Wrongful Act (negligence, breach of duty, misrepresentations) by a Director or Officer

Company Cover: covers the Company where there is a claim against the entity alleging wrongful acts

Employment: covers the Company for claims alleging an employment breaches including wrongful dismissal, discrimination, harassment, deprivation of career opportunity, breach of contract etc

Trustee: for trustees of staff superannuation fund

Crime: covers the company for theft by its employees

Types of claims you or your company could face include:breach of directors’ or officers’ duties, breach of fiduciary duty, defamation, breach of the Trade Practices Act, and other statutes, occupational health and safety proceedings, infringement of intellectual property rights, breach of confidentiality, allegations of illegal or improper conduct.]

Business interruption
This section covers the loss of income and the additional increased costs ofworking which results from the interruption of your business caused byevents covered under certain other sections of the policy.

Public Liability
Protects you and your business against the financial risk of being found liable to a third party for death or injury, loss or damage of property or economic loss resulting from your negligence.

Product Liability
If you sell, supply or deliver goods, even in the form of repair or service, you may need cover against claims of goods causing injury, death or damage. Product liability insurance covers you if any of these events happen to another business or person by the failure of your product or the product you are selling.

Tax Probe
This section covers the professional fees incurred in connection with anaudit or investigation of the business’s tax affairs by any authority authorisedto do so, for example the Australian Taxation Office.

Commercial motor
This section covers the business’s Motor Vehicles with a choice ofComprehensive, Legal Liability Fire and Theft, or Legal Liability Only covers

Professional Indemnity

Professional Indemnity insurance was designed for professionals who provide advice or a service to their customers. It is designed to protect you against legal costs and claims for damages to third parties which may arise out of an act, omission or breach of professional duty in the course of your business.

If a mistake or omission occurs in the course of your work that results in financial loss or injury to a third party (e.g. a customer)—that customer may take legal action against you to recover their losses. Professional Indemnity insurance seeks to protect both your assets and your reputation, should this occur.

Goods in transit

This section covers the loss of or damage to goods and stock that your business buys, sells or uses whilst they are in transit.

Marine Cargo

Covers the loss or damage of ships, cargo, terminals, and any transport or cargo by which property is transferred, acquired, or held between the points of origin and final destination.