INSURANCE PRODUCTS

some of the products we have to offer you

THE BASICS

Primary factors of any business regardless of size is its staff, assets and liabilities. If staff are unable to work or company assets are not protected against loss or damage the business could cease to exist. Should potential liabilies the company may incur be uninsured it may find a court awarding costs and compensation it is unable to pay.

 

It is therefore paramount every company source the following basic covers. 

press to zoom
WORKERS COMPENSATION

To cover your staff for injuries

they may incur whilst at work'

 
press to zoom
PROPERTY INSURANCE

To cover the assets.

press to zoom
LIABILITY INSURANCE

to covers against potential liabilities the company may incur.

PROPERTY

Covers damage or loss to assets such as buildings, contents, fixture and fittings, computer equipment, stock and machinery caused by insured events and accidental damage.

A major event such as a fire, storm or earthquake can interrupt business. This covers the loss of income, profits or revenue when you can't do business due to an unforeseen event.

BUSINESS INTERRUPTION 

 

Public Liability:  Covers your business for legal costs and compensation costs that you have to pay if found liable due to death, injury, loss of or damage to property, or economic loss due to your negligence

 

Products Liability: Compensation for personal injury and or property damage caused by products sold or supplied through your business if you are legally liable.  It is designed to help protect your business by ensuring if this happens you dont have to pay any legal or court costs.

 

Public and Products liability is often combined in the one policy.

LIABILITY

 

CYBER RISK

Exposures arising out of Internet Communications.

 

The concept of Cyber Liability takes into account first and third party risks. The risk category includes privacy issues, the infringement of intellectual property, virus transmission, or any other serious trouble that may be passed from first to third parties via the Web.

Protects you from legal action taken against you if someone suffers a loss after following your professional advice or as a result of receiving your service.

PROFESSIONAL INDEMNITY

♦ Provides protection for the individual when the company cannot reimburse the individual. This means the individual will not be personally out of pocket, funding legal costs, when they are sued in their capacity as an employee, director or officer of the company.

♦ Employment Practice Liability. Protection for the individuals and the company for claims involving those frequently occurring employee disputes. With the ongoing changes to workplace legislation it is often confusing for employers to stay on top of their duties and obligations. Employees are more aware than ever of their rights and will not hesitate to make a complaint if they feel they have been unfairly treated. Consider also that a potential employee (someone that you decided not to hire) could bring an action against you for discrimination.

♦ Superannuation Trustees. This is relevant for companies who have company sponsored staff superannuation funds in the event that a breach by the trustee occurs.

♦ Fidelity Guarantee.  Provides protection for the company against loss of money or money equivalents due to any dishonesty or fraudulent act or omission of employees. 

♦ Company Reimbursement. Provides reimbursement to the company in the event that an individual has been indemnified by the company.

♦ Company Liability. Provides protection for claims made against the entity.

♦ Fines & Penalties. Provides for individuals in the event they are ordered to pay monetary sums to a regulatory authority.

MANAGEMENT LIABILITY  

 

Theft insurance generally covers your business against loss or damage to your stock and contents if someone forces their way onto your premises, or uses deception to get in to your premises. It usually does not cover cash losses, which can be covered separately under a money policy.

BURGLARY AND THEFT

Covers your money for theft at premises, safe, in transit and at your private residence

MONEY

There are many types of policies available, so make sure you understand the options before making a decision. The three most common options are:

♦ Comprehensive

♦ Third party property damage

♦ Third party, fire and theft

MOTOR VEHICLE

Covers the loss of, or damage to, goods you buy, sell or use in your business when they are in transit by road, rail, air and sea. It also covers damage to property while in transit within the defined geographical limits defined in the policy. 

STOCK & PROPERTY IN TRANSIT

COMPUTER AND ELECTRONIC EQUIPMENT

Covers accidental damage or loss to computers and electronic equipment and data.

MARINE LIABILITY

There are many types of policies available, so make sure you understand the options before making a decision. The three most common options are:

♦ Marine Operators Liability: Insures obligations to owners of watercraft while in the marina's care, custody, and control.

♦ Ship Repairers Liability: Protects against damage to vessels while in the care, custody, and control of the ship repairer.

♦ Vessel Builders Risk: Insures the materials going into the vessel; the completed vessel for physical damage; and the liability obligations the builder has to the owner of the vessel until completed and delivered to the owner.

♦ Charterer's Liability: Insures obligations to the vessel owner and others.

♦ Terminal Operators: Gives the terminal operator insurance against damage to cargo while in the care, custody, or control of that operator (for the purpose of storage).

♦ Stevedore Liability: Protects the stevedore or wharfinger against damage to vessels and their cargo while in the care custody and control of the stevedore or wharf facility (for the purpose of loading and discharging a vessel).

Covers costs incurred by your accountant, or registered tax agent, when notified by the Australian Taxation Office to conduct an audit or investigation into your tax liability

TAX AUDIT