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General Insurance

General insurance insures anything other than human life. Cover can be tailored to insure assets including residential / commercial properties and contents against fire and theft, as well as private / fleet vehicles against accidental damage or theft. Various liabilities can be insured for example causing a loss to another person who may be entitled to compensation. Legislation requires us to take out liability insurance so that the responsibility of paying the compensation is transferred to an insurance company for which we pay a premium.

Liability insurance

Public Liability – Protects your business and you against the financial risk of being found liable to a third party for death or injury, loss or damage of property or economic loss resulting from your negligence.

Professional Indemnity – Protects you from legal action taken for losses incurred as a result of your professional advice. It provides indemnity cover if your client suffers a loss – either material, financial or physical which would be directly attributed to negligent acts.

Product Liability – If you sell, supply or deliver goods, even in the form of repair or service, you may need cover against claims of goods causing injury, death or damage. Product liability insurance covers you if any of these events happen to another business or person by the failure of your product or the product you are selling. Importing a product deems the importer to be the manufacturer, hence an important cover for any product.

Management Liability – Insures the exposures associated with operating an organisation, including but not limited to Directors & Officers Cover, Employment Practices Cover, Statutory Cover, Crime Cover, Corporation Entity Cover and Superannuation Trustees Cover.

Assets & revenue insurance

Building and contents – Covers the building, contents and stock of your business against fire and other perils such as earthquake, lightning, storms, floods, impact, malicious damage and explosion.

Burglary – Insures your business assets against burglary, and is most important for a retailer or business that has premises that are not always attended.

Business interruption or loss of profits – Covers you if your business is interrupted through damage to property by fire or other insured perils. Ensures your ongoing expenses are met and profit is maintained through a provision of cash flow.

Deterioration of stock – Covers your business for the deterioration of chilled, refrigerated or frozen stock following the breakdown of the refrigerator or freezer they were kept in.

Electronic equipment – Covers your electronic equipment for theft, destruction or damage.

Employee dishonesty – Covers losses resulting from employee theft or embezzlement.

Farm insurance – Insurance for farms covering crops, livestock, buildings, and machinery.

Goods in transit – Covers loss of, or damage to, the goods you buy, sell or use in your business when they are in transit by ship, air, post, rail or road.

Machinery breakdown – Protects your business when mechanical and electrical plant and machinery at the worksite break down.

Property in transit – Covers theft or damage of items you use for business purposes that travel with you, such as tools and equipment.

Travel insurance – Covers insured while travelling locally or abroad. Specialist insurers that take pre-existing medical conditions into consideration for Personal and Corporate travel insurance for single, multi, annual trips. Also supply Expat Travel policies for Australian expatriates abroad.

Miscellaneous insurances – There are some risks and business activities which are fall under the HARD-TO-PLACE category as they are high risk in nature. These would include some Industrial Special Risks, Marine insurance, trucking fleets and sports cover.

Motor vehicles and fleets – It is compulsory to insure all company or business vehicles for third party injury liability. Many different types of policies are available, so make sure you understand the options before making a decision. There are four basic options:

Compulsory third party (injury) – This policy covers you for claims made against you for personal injuries and legal costs arising from the use of your car. You must obtain this insurance to register your car.

Third party property damage – This policy covers your liability for damage to another person or to the property of others and your legal costs. It doesn’t include repairs to your own car if you caused an accident.

Third party, fire and theft – This policy covers you against the events covered above, as well as fire and theft. It also insures against damage caused if your car was stolen.

Comprehensive – This policy covers you for all of the above plus damage caused to your own car by you in an accident. If you’re buying a car on an instalment basis, financiers will usually insist on this cover.

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