This covers Damage to Property insured at the Situation caused by any sudden or unexpected or unforeseen occurrence.
Covers under fire and perils include:
It is important to check under this section if you are insured for Flood as not all insurers will automatically provide this cover.
There was a water pipe burst in a real estate office. The water damage originated from the roof and resulted in part of the roof collapsing and water to overspill onto some of their working stations. This resulted in damage to the ceiling, three work desks/computers/phones and water damage and debris on carpet.
The real estate agent had both building and contents insured which allowed them to claim for the damage to the ceiling under the building insurance and to claim for the damage to the work stations and damage to the carpets. This resulted in a claim payable of $40,000
This insures you for property that is stolen or damaged following a break & enter or armed hold up at your business premises.
Your mechanics workshop is broken into & tools & computer systems have been stolen, the cost of replacing the stolen items are covered up to your nominated sum insured.
This helps you get on with the running of your business.
Glass Insurance covers the cost of replacing and fixing of glass in its frame that has been damaged.
Under the majority of our business insurance policies you will automatically have cover for malicious damage of glass and replacement of advertisement or identification signs, if this is applicable, up to a certain limit.
A restaurant was moving their seating tables to open up their shop. The table corner hit the glass which caused the glass to become cracked. This also damaged their signwriting they have on the glass.
The insurer arranged a glazier and replaced the glass for $and the client’s signwriting .
This covers Loss of or Damage to Money. Under most traditional insurances there are the following different types of Money Insurance:
Retail shop keeps a float of $3,000 overnight in a safe. The shop was broken into and the float was stolen. The client called the Police to make a report and was able to prove their loss through their receipts. The insurer agreed to pay the claim up to the $3,000 as the client has this section insured.
When you arrange Contents and Stock Insurance under a business insurance policy, it is only covered under the specified situation on your policy.
If you are a mobile business or take contents or stock away from the business it will not be insured unless you chose to cover General Property.
This will cover you for loss and/or damage to laptops, tools and other portable equipment whilst away from the insured premises.
A Lawn mowing business just arrived at their client’s situation. Whilst unloading the lawn mower from their trailer, it dropped which resulted in damages to the side and blades. The insurance company organised a lawn mower repairer to asses the damage. Their findings were it was more economical to replace the mower then to repair it. The insurer authorised replacement of the mower for $14,000
Does your business have a continuity plan in case of a loss impacting on the profitability and turnover of the business?
Business interruption insurance covers the shortfall in gross profits caused by the interruption to a business from insured events, helps pay ongoing costs and protects profit margins until the business is back on its feet and back at its profit level before the interruption.
You may elect to cover Machinery and Electronic Equipment Breakdown under your Business Cover or require a standalone policy. This will insure the costs involved to repair or replace plant or machinery, electronic hardware or computers - and optionally include restoration of data, or consequential loss of income - in relation to equipment used by your business.
Your premises contained a laundering service that suffered a loss when your industrial commercial ironer broke down due to mechanical fault.
The insurer agreed the breakdown was not due to deterioration, wear or tear, was well maintained according to the manufacturers instructions and under 5 years old. The ironer was inoperable until replacement parts were ordered, received and repaired by a qualified technician.
During the time the equipment was out of action, you needed to continue with your business activities, resulting in the need to hire temporary industrial commercial ironing equipment.
The policy could cover the cost of the replacement parts which needed to be ordered from overseas, inclusive of freight charges, labour and repair costs, as well as the additional costs incurred for temporary hire. Business as usual!
The Policy will cover reasonable and necessary costs incurred following notification of an Audit or Investigation by a Federal or State Commissioner of Taxation relating to your Liability to pay Income tax.
Customer receives a notice from the commissioner.
He engages his accountant to prepare his accounts/books for the Audit. This is an unforeseen event: The accounts fees will be covered by the policy.
The Taxation payable is not claimable.
Stringent legislation and the long-tail nature of the risk make Environmental Insurance important.
Any business that works with potentially harmful substances including manufacturers, processors, waste management firms, bulk storage companies, dry cleaners, service stations, tank owners and haulage companies. Owners of properties where any of these activities take place should also consider the cover required.
This covers the legal liability for all costs, expenses and damages for withdrawal or recall of goods or products because of any known or suspected defect or deficiency therein.
Not all Contaminated Products Insurance (CPI) offerings are the same. Does your cover have the right combination of broad policy wordings and an expert consultant service?
The financial impact of product recall can be highly damaging. In most cases Product Recall is excluded under Products Liability policies and there is little, if any, cover for a client's loss.
This is cover for cargo, the cover can be obtained for imports or exports & can also be covered within Australia.
The cargo can be covered whilst being transported by air/rail/road/sea. Policies can be on an annual basis or for single transit.
A container of machinery is being shipped from China to Australia, it is discovered that upon unpacking the machinery is damaged. The policy would respond to the nominated sum insured.
Covers builders or principals for loss or damage that occurs during construction, renovations or additions.
Cover can be included for existing structures on the building site, you can also include tools, equipment , plant & materials.
Public Liability can also be included under the same policy.
Insurance can be arranged specifically for each project or as an annual policy.
A new home is being built & a bush fire damages the site & work in progress, the contract works policy would indemnify the insured for the damages to the project.
Other examples of losses would be theft, malicious damage, wind, storm, cyclone, earthquake & accidental damage.
Management Liability has been designed to offer a combined coverage specifically for Pty Ltd companies.
It provides cover for Directors & Officers legal liability for wrongful acts committed whilst acting in their capacity as a directors and or officers.
In this litigious society Directors and Officers of companies have greater responsibilities and therefore face greater exposures in their day to day businesses. Accordingly they can be held personally accountable for their actions. i.e. responsibilities under the Companies code , Trade Practices breaches and Workplace health & safety are becoming common issues.
We believe that all directors of PTY LTD companies should carry Management Liability policy .This offers protection to you personally in respect of wrongful acts, breach of duty and provides cover for legal costs incurred to defend such actions.
Claims can come from a number of areas, competitors , compliance issues under the control of Statutory Government departments such as the EPA, or Tax dept., collection of GST/Payroll/Trade Practices breaches and the like. The Statutory Liability extension under the policy– Provides cover for innocent breaches of the many acts which control the business operations.
Occupational Health & Safety is another major area of concern if a employee is injured on site this may result in hefty penalties and fines and protracted legal costs.
Employment Practices – Actions arising from Unfair dismissal, discrimination , sexual harassment etc.
The policy also extends to cover Tax Audit expenses.
A Senior employee of a civil construction company sent an email to a number of staff members which contained statements about two of their suppliers which could be perceived as defamatory. The suppliers found out about the email and commenced proceedings against the author of the email.
the matter resolved at mediation with a payment of $60,000. In addition, Defence Costs of $57,390 were incurred.
This policy provides cover for loss sustained through fraudulent or dishonest acts committed by employees.
This cover is also available under the Management Liability policy.
This policy provides legal expenses cover for claims alleging unintentional breaches of intellectual property rights such as trademarks, patents, copyright .The cover is normally included under information technology and or professional liability risks products.
A claim could come from where Company A hires a new employee who used to work for a competitor (Company B). The new employee, whilst working for company B, saved source code (or other intellectual property of Company B) to their personal computer / USB / disc. Even if said employee didn’t show the information to Company A and Company A had no knowledge of this, Company B could still claim for a breach of Intellectual Property Rights against Company A.