Business Insurance can be complex. With the wide range of covers available it can be confusing and a little daunting to work out which covers will best suit the needs of your business.
That is where we come in -
We are impartial advisers required by law to put our clients interests before all other considerations. We do the hard work for you. We can tell you what you CAN insure against, what you OUGHT to insure against and what you MUST by law insure against, three very different things. We can advise which insurances are most important in your particular situation.
Below is a brief checklist of the types of policies most commonly used by small firms. You may not need them all, or you may need some more specialised cover that is not listed here.
FIRE & PERILS or PROPERTY INSURANCE
Under this section of the business policy you can insure your assets and the assets of others which you are responsible for. Cover can include fire, lightning, aircraft, sonic boom, earthquake, storm, tempest, rainwater, wind, water, riot, civil commotion, strikes, vandalism, explosion, impact by vehicles, impact by trees and accidental damage
Industry statistics show that most businesses do not survive following a major loss. If you are unfortunate enough to suffer an insured loss, Business Interruption cover may help your business survive. This section provides protection against loss of income and additional expenditure where your business is interrupted following damage claimable.
BURGLARY or THEFT
Under this section you can insure your assets and the assets of others which you are responsible for Cover can include destruction, loss or damage caused by: theft or attempted theft, following forcible and violent entry or theft consequent upon threat of immediate violence or violent intimidation.
Provides cover for replacement cost of either external glass or internal glass, or both. Also allows cover on specified glass such as signs etc.
Money can be insured against theft as well as loss, destruction or damage caused by an accident. Money may be insured:
- In Transit
- On premises during normal business hours
- On premises outside normal business hours
- Whilst contained in a securely locked safe or strongroom
- In Private Residences
This policy section covers Your Legal Liability to pay compensation for Personal Injury or Damage to Property happening during the Period of Insurance and caused by an Occurrence connected with your Insured Business Activities. Also covered are the reasonable legal costs or investigating and defending claims against you.
Provides cover against fraud or dishonesty by your employees, which results in a direct loss of money negotiable instruments or goods.
Covering breakdown or pressure, mechanical, electrical and electronic equipment, such as refrigeration equipment, electric motors, air conditioners, cash registers and machinery. Cover can include deterioration of refrigerated stock, loss of business income and the cost of hiring in temporary replacement equipment.
COMPUTER AND ELECTRONIC EQUIPMENT
Cover includes damage to Computer Systems and Electronic Equipment and Breakdown. This section can be extended to include temporary removal from your business address, breakdown, reinstatement of data costs following insured damage, temporarily hiring in replacement equipment and accidental or malicious erasure of data.
This section is primarily for property that is moved around, such as tools of trade.
Items specified can be covered for:-
- Fire & Perils
- Accidental Damage
Variations available include:
- Worldwide Cover
- Theft in the open air
- Theft without forcible and violent entry
- Accidental Damage due to collision or overturning of a conveying vehicle.
TAXATION INVESTIGATION or TAX AUDIT
This insurance covers costs incurred by your accountant or registered tax agent (after receiving notification from the Australian Taxation Office) in conducting an audit or investigation in relation to your liability to pay tax.