What We Cover
A. General Liability
Public Liability protects against claims of personal injury or property damage that a third party suffers (or claims to have suffered) as a result of your business activities. This means that if someone is injured or their property is damaged while you’re providing a service, they may take legal action against you to recover their losses. Public liability insurance is designed to help protect your business by ensuring that if this happens, you don’t have to pay any legal or court costs. It covers incidents that occur in your workplace, as well as incidents at other locations.
B. Professional Indemnity
Professional Indemnity insurance is for professionals who provide advice or services to their customers. It protects you and your business against legal costs and claims by third parties for damages arising from acts, omissions or breaches of professional duty in the course of your business. In real terms, this means that if you do something (or neglect to do something) in the course of your work, and a customer suffers injury or financial loss as a result, they may take legal action against you.
C. Management Liability (Optional)
Management Liability is an important part of any insurance program it is of particular importance to companies and businesses where the Corporations Act and other corporate laws and provisions may apply.
What is Covered
Directors and Officers Liability
Protects past, present and future directors, officers and employees for claims alleging a wrongful act.
Entity Liability
Indemnifies the entity for losses as a result of a claim made against the entity.
Employment Practices Liability
Provides cover for wrongful acts arising out of employment including harassment, unfair dismissal and other employment issues.
Entity Reimbursement
Reimburses the entity for losses arising from a claim against an officer or employee where the entity has indemnified the officer or employee.
Fidelity (optional)
Covering financial losses arising out of a dishonest act by a director, officer or employee.
Tip – Do not confuse Professional Indemnity and Management Liability. Professional Indemnity covers the activities of the Company/Business, whereas Management Liability focuses on the actions of running a Company/Business.
Business Package Policy
Property
This section will cover you for loss or damage caused by a ‘Defined Event’ or accidental damage to your building, contents and/or stock. For example, fire, storm, earthquake, malicious damage, impact etc. You must ensure the sum insured reflect a full replacement value which will provide sufficient cover should a total loss occur. For example, a fire totally destroys the building.
Business Interruption
Insurable Gross Profit insures you against loss of profit due to a reduction in turnover as a consequence of interruption to your business from insured events such as storm or fire damage etc. The business is covered during the affected period, including such costs as loan repayments, supplier costs, paying and retaining staff etc.
Theft cover
Covers your building, contents &/or stock from theft or burglary. To estimate a sum insured for this section you need to take into consideration, what would be stolen if your premises were broken into. Normally intruders look to ‘smash and grab’ and would likely take smaller items, such as laptops, iPads, stereo systems etc. Most clients insure for between $5,000 to $10,000 cover.
Money cover
Cover for loss of or damage to Money as a result of a defined event.
Cover includes: Money in transit, Money on Business Premises during Business Hours, Money on Business Premises outside Business Hours, Money on Business Premises in a Locked Safe or Strongroom & Money in private residence,
Glass cover
Covers loss or accidental breakage of external and/or internal glass:
- External Glass – glass, or plastic material used as glass fixed in external windows, doors, showcases or skylights forming part of the Premises. This should be taken if you own the building or you are responsible under the lease agreement;
- Internal Glass – internal partitions, windows and doors, including mirrors.
Benefits include but not limited to, Non Medicare Medical, Loss or Earnings, Student Assistance, Parents Inconvenience, Home Help Benefit and Funeral Expenses.
