The harsh reality is that over 50% of businesses fail after a significant loss. Why? Because when a loss occurs, most business owners and/or management teams will already have a full diary and be working at capacity.
The key functions of the management team include looking after customers, staff and suppliers, not to mention the administration duties, such as managing cash flow. When the loss occurs, these functions continue, but now the loss and disruption to the business have to be minimised, as well as rebuilding and replacing equipment; not to mention the insurance claim, which has to be managed carefully to ensure that the full entitlement is received. Each of these tasks are time consuming and stressful, and it is not the time to make a wrong decision!
Insurance companies engage experts in the form of loss adjusters and investigators to protect their interests, and they are in the business of insurance! Having an expert explain all the nuances of the cover to the Insured, assist in loss minimisation strategies, and prepare the claim in accordance with the cover and terms of the policy allows the Insured to do what they do best: look after their customers and concentrate on getting the business back to where it ought to be, as quickly as possible.
Business Package Insurance
Business Package Insurance is a group of a number of common insurances within a single policy. It may include insurance for the following:
- physical loss of or damage to your property from fire, storm, malicious damage, burst pipe, impact and other specified perils (building, contents and stock)
- loss of revenue through business interruption
- loss of your contents and stock from theft, attempted theft, armed hold up or an actual or threatened assault
- public and products liability cover
- breakage of glass at the premises
- breakdown of machinery or electronic equipment at your premises
- loss of or damage to your business's money from a wide variety of causes such as theft, armed hold up or fire. (whilst in transit or at your premises)
- portable or valuable items, such as tools of trade or electronic devices that you usually carry around with You in the course of your business anywhere in the world
- theft of your money, contents or stock by any of your employees either acting alone or in collusion with others.
- insured property in transit (cargo)
- management liability cover
Commercial Vehicle Insurance
We can provide Vehicle insurance to protect your business vehicles against losses related to owning and operating a motor vehicle. This can be a loss to one of the insured vehicles (accident, theft & fire), or a loss to a third party that the business is liable for due to owning or operating the vehicle involved.
Vehicles that fall under a business fleet may include:
- The business owner's personal cars
- Business use vehicles driven by senior management and sales representatives
- Light commercial vehicles
- Delivery vehicles including heavy transport and
- Plant and equipment.
A company vehicle being off the road due to theft or accident is an inconvenience and can quickly mean disruption and costs for a business. That is where our personalised claims service can assist. We are committed to delivering a consistently outstanding claims service in the event of loss to get the vehicle back on the road as quickly as possible.
The term "cyber liability insurance cover" is often used to describe a range of covers - in very much the same way that the word cyber is used to describe a broad range of information security related tools, processes and services.
Cyber liability insurance cover can include;
- Data breach/privacy crisis management cover. For example, expenses related to the management of an incident, the investigation, the remediation, data subject notification, call management, credit checking for data subjects, legal costs, court attendance and regulatory fines.
- Multimedia/Media liability cover. Third-party damages covered can include specific defacement of website and intellectual property rights infringement.
- Extortion liability cover. Typically, losses due to a threat of extortion, professional fees related to dealing with the extortion.
- Network security liability. Third-party damages as a result of denial of access, costs related to data on third-party suppliers and costs related to the theft of data on third-party systems.
Some of the elements of a cyber liability cover may be interconnected or overlap with cover from existing products, including those for business continuity, third-party supply chain issues and professional indemnity. Even if this overlap does exist, a decent cyber liability policy will ensure cyber risks are fully catered for.
General Property Insurance
General Property Insurance covers loss or damage to either a specified list of equipment or to unspecified equipment up to a pre agreed sum.
This property is usually of a portable nature such as tools of trade or electronic equipment. This cover is not limited to only covering a loss at a pre agreed location and is a very popular and necessary cover for many businesses who do not remain at one location to carry out their business.
Marine Cargo Insurance
Marine insurance refers to much more than the insurance of ships. Marine insurance includes the movement of cargo via methods including Sea, Air, Road & Rail.
The insurance of hulls includes the cargo they carry, liabilities that may devolve upon ships and ship operators, known as "protection and indemnity" and also the insurance of wharves, ports and harbours, container terminals and even oil platforms and drilling.
All other General Marine Cargo Insurance is often required whether for domestic or international journeys, by sea, air or land. There are three internationally recognised types of cover, known as 'Institute Cargo Clauses A, B and C'. These have replaced three old covers with antiquated wordings known as All Risks, With Average (WA) and Free of Particular Average (FPA).
The cover under a Marine Cargo policy is defined by these standard policy wordings. While there are numerous clauses and different clauses will apply to different cargoes, normally the widest cover is provided under Institute Cargo Clauses A with more restrictive cover under, Institute Cargo Clauses B and Institute Cargo Clauses C.
Public & Products Liability (Broadform Liability) Insurance
Liability Insurance usually comes as a package policy which includes Public & Products Liability together.
Public Liability insurance exists to cover your business against claims arising in respect of personal injury or property damage that has been alleged usually by a member of the public or a customer. In some states of Australia however claims can also be made as a subrogated Workers Compensation claim if negligence is alleged by the worker or a Workers Compensation insurer for a workers injury.
Products Liability in broad terms, a products liability policy is instituted to provide indemnity to the insured for claims arising in respect of the Nature, Condition or Quality of goods manufactured, sold or supplied by the insured, but it is not a goods warranty policy.
Liability at law can arise under tort (or civil actions) or under contract. While settlements are often made out of court by mutual agreement, legal liability can only be finally decided by the courts. Public, Products Professional Liability, Directors and Officers and other Third Party Liability insurance would normally cover only non-contractual obligations.
Commercial Strata Insurance
In addition to the complexities of a Residential Strata Insurance policy Commercial Strata's also have special and unique risks depending on the type of business that is being undertaken within each tenancies. This can dramatically affect your premium at times and also as your broker we can work with you to assist in your risk management to not only keep your insurance premiums as low as possible but also to reduce the chance of the inconvenient and expense of having to make a claim.
Strata Properties both small and large have unique needs and requirements. Not only are there Buildings that need to be insured but also ;
- Common Area Contents - Communal areas can often be overlooked as to the cost involved to reinstate these areas following a loss,
- Loss of Rent & Temporary Accommodation - If any residence need to vacate after a major loss so that repairs can be undertaken
- Public Liability - Cover for injury or property damage where negligence may be alleged against the Strata.
- Office Bearers Liability - for decisions made as a Strata Manager or if you are on the Council of Owners
- Fidelity Guarantee - Embezzlement of funds from a strata trust account
- Machinery Breakdown / Fusion Cover if you have lifts, pools, bore etc.
- Workers Compensation - To cover injury to any contractors or workers whilst on your property doing work
With all of the above and many other exposures to be considered strata insurance can be quite overwhelming and with many insurers only dealing with insurance brokers and not direct with the public or with Strata Managers to ensure that you have the most appropriate and competitive policy it is best to speak with an Insurance Broker to assist you.
Workers Compensation (Employers Liability) Insurance
The legal rights of an employee are usually defined in law under a country's Employment Code or Workmen's Compensation Acts. Usually these laws provide for certain fixed sums to be paid by a government body to an employee if the employee is injured in the course of his work. The sums are usually funded by a government levy imposed upon all employers. This may be the only compensation employees are entitled to and is usually payable without any need to prove negligence on the part of the employer. However, in some territories it is possible for the employee to take legal action in common law to recover damages for injury if the accident occurred as a result of the negligence of the employer. Negligence on the part of the employer could come about for example by the employer providing unsafe equipment, an unsafe system of work or perhaps through the negligence of another employee. Any damages awarded and the legal costs of defending any claim can be covered under an Employer's Liability, WorkCover or Workers' Compensation Policy.
As a business that is continually changing, we recommend your insurances be reviewed regularly to ensure that your company remains comfortable with your existing range of policies.
Please contact us at Competitive Insurance Solutions if we can assist you with any queries.