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BUSINESS INSURANCE - COMMERCIAL, RETAIL, WHOLESALE
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Business Insurance provides protection and peace of mind for businesses against a range of risks. Insured events can include:
- Fire & Perils,
- Business Interruption (Consequential Loss),
- Public & Products (Broadform) Liability,
- Theft/Burglary
- Money Coverage
- Glass Breakage
- Employee Dishonesty
- Machinery Breakdown
- Electronic Equipment Breakdown
- Goods in Transit
- General Property
- Tax Audit
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REQUEST A QUOTATION
In order to obtain a quotation complete the insurance questionnaire or alternatively, if you would like to discuss your specific needs, please contact us by phone, fax or email.
- Commercial / Business Insurance Questionnaire
AN OVERVIEW OF COMMON POLICY COVERAGE
Fire and Perils Covers your business for damage to insured property, which
includes building, contents and stock caused by certain
defined events:
- Storm
- Malicious damage
- Explosion
- Earthquake
- Wind
- Leakage of liquid
Additional extensions of cover are also included:
- Removal of Debris
- Accidental Damage
- Claim Preparation Costs
Business Interruption Provides cover for consequential loss of profits or revenue
resulting from the interruption or interference with your
business caused by damage covered under the Fire and
Perils Sections. There are several different options of
cover available, these include:
Business Income Protection:
- Weekly income
- Additional expenses (eg - relocation costs,
expediting expenses)
Consequential Loss of Profits:
- Gross profit
- Loss of rent receivable
- Payroll
Claims preparation expenses
Reasonable professional fees and other expenses
necessarily incurred as a result of the property claim
(as agreed by the insurer and subject to policy limit).
Additional increased costs of working
This option, if selected provides cover for additional
expenditure not otherwise covered under any other section
following a loss. It provides cover for reasonable costs
incurred to minimise the loss or damage caused to the
business. An example of such – cover for additional
payroll and advertising expenses required to maintain the
business’s customer base. (as agreed by the insurer and
subject to policy limit).
Outstanding Accounts receivable
Cover for the amount owed to the business that it is
unable to collect due to damage to records.
Public & Products
(Broadform)
Liability Insurance Provides insurance cover in respect of insured's liability
for loss or damage caused negligently to third parties,
who are not the insured, as a result of an occurrence in
connection with the insured business.
It indemnifies the insured business against legal liability to
pay compensation in respect of personal injury or property
damage claims arising in respect of the Product &/Or
Service sold or supplied by the insured, however it does
not cover product warranty and is always subject to terms,
conditions and exclusions.
In addition, these policies also provide cover for defence
costs even if the action against you is false or fraudulent,
provided that an excluded circumstance does not apply.
Personal Injury cover includes:
- Death, bodily injury, sickness, disease, disability, shock,
fright, mental anguish and mental injury
- false arrest, wrongful detention or imprisonment, and
malicious prosecution
- Wrongful eviction
- Assault or battery
- Libel, slander, defamation of character or invasion of
the right of privacy
Property Damage includes:
- Physical Damage to tangible property
- The loss of use of tangible property which has not been
damaged but cannot be used due to Damage to other
tangible property.
Theft / Burglary Covers insured property (business contents, stock and
customers’ goods as declared) contained on your business
premises following forced and violent entry. Additional cover
includes damage to buildings and fixtures, replacement of
locks, protection of premises, and temporary removal of
your property insured to another location subject to the
policy limitation.
Money Coverage Covers Loss of, or damage to, money contained in the
building during or outside business hours, while in a locked
safe or strongroom, in transit, or in your personal custody
while contained in your private residence.
Cover Options Available:
- Transit to or from your business premises
- Money while contained in the night safe of any bank;
- Money contained in the building:
a. During business hours;
b. Outside business hours; and/or
c. Only while contained in a securely locked safe or
securely locked strongroom.
- Money in Your personal custody Covers
Glass Cover provides protection against accidental breakage of
fixed glass located at the business premises. Property
covered includes items such as Glass / Perspex - windows,
doors, mirrors and skylights for:
- Fixed external Glass; and/or
- Fixed internal Glass.
In most cases the policies also provide cover for wash basins,
lavatory pans and cisterns.
Employee
Dishonesty Covers the loss of money or goods (i.e stock) due to the
fraudulent or dishonest conduct of an employee, for their
own gain or the financial benefit of any other person or
business. A few examples of events which are covered
include:
- An employee stealing money to fund gambling activities
- An employee organising with another person to over-pay
invoices or pay false invoices
Machinery
Breakdown Covers for damage to electrical, electronic and mechanical
machinery insured due to breakdown located at the business
premises.
Cover provides compensation to your business for:
- The costs of restoring or replacing machinery after
Breakdown; and/or
- The cost of hiring temporary machinery
Additional Features / Benefits
- Cover is available under this section for deterioration/loss
of stock (up to the nominated sum insured) following a
breakdown.
Computer /
Electronic
Equipment Covers damage to insured computers and/or electronic
equipment located at the business premises. Cover options
available under this section include:
- Accidental Damage covers any accidental loss or
Damage to the Property Insured including Breakdown.
- Breakdown only covers sudden & unforeseen failure
of computer or electronic equipment
Additional Features and Benefits
- Restoration of data covers costs for the purpose of
restoring data lost as a result of damage (incurred up
to nominated sum insured)
- Increased cost of working cover is for over and above
normal operating expenses (up to nominated sum
insured) as a result of a loss. This includes external
accountants and other professional fees.
General Property Covers items such as laptop computers, tools of trade
whether at, or away from the premises.
There are principally two covers available under this section:
- Accidental damage covers any sudden, unexpected or
occurrence not otherwise excluded
- A restricted cover to collision, overturning of the
conveying vehicle and flood. Fire, cover is available as an
optional cover.
Goods in Transit Covers your business for damage to property insured whilst
in transit within Australia caused by certain defined events.
It provides cover for Loss of, or damage to goods insured.
There are several cover options available:
- Fire, Collision and Overturning covers overturning of the
conveying vehicle, resulting in your insured item(s) being
destroyed
- Fire, Collision and Overturning and Theft covers the
conveying vehicle being broken into and your insured
item(s) being stolen
- All Risks not excluded covers the insured item(s) being
dropped by the carrier resulting in your item(s) being
destroyed (covers all risks of loss or damage not otherwise
excluded)
Tax Audit Provides cover for professional fees in connection with an
audit by a government body. Cover can be extended to
include audit cover of directors of the insured business.
Each insurance company has their own policy wording, this means that coverage can vary considerably from one insurer to another. It is important that you compare each policy based on the appropriateness of cover for your individual business needs.
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