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Insurance

We will help you choose the right insurance policy for your business.

SME Business Insurance

All Australian businesses will benefit from an added layer of financial security in the form of an SME business insurance cover.

SME business insurance provides owners and businesses with the loss of critical assets and financial risks.

Some insurance types – workers compensation, professional indemnity, or CTP insurance for motor vehicles – are mandatory, i.e. Statutory Insurance Covers. In contrast, other insurance offers optional, important ways of reducing business risks and protecting your finances and assets.

SME business insurance also protects customers, employees, suppliers, and contractors.

Female business owner

A wide range of insurance policies are available, with different cover, exclusions, excesses, and premiums, including insurance cover for:

  • Property Damage – cover varies from fire, storm, lightning and other perils to any type of accidental loss or damage. The property insured includes damage to buildings, contents, stock, plant & equipment, raw materials, consumer goods etc.
  • Business Interruption – also referred to as Loss of Profits or Consequential Loss insurance, covers weekly amounts or Net Profit loss and ongoing fixed costs following property loss or damage
  • Burglary/Theft – covers break-ins at the business premises and the damage is done, as well as theft of goods or stock
  • Money – covers theft of money in various locations (during transit, in a locked safe, or in a private residence) at any time (within and outside business hours)
  • Liability – covers a variety of statutory and civil legal liability, including personal injury and property damage, environmental liability, management liability, statutory liability, professional liability, aviation, marine and motor vehicle-related liability

  • General Property – covers specified portable property against accidental loss or damage once it is taken off the premises, within Australia or overseas

  • Equipment – covers sudden internal derangement and accidental loss or damage to plant, equipment and machinery, as well as computer and other electronic equipment. This insurance can also include loss of stock and business interruption cover

  • Motor vehicle & mobile plant – covers registered and unregistered motor vehicles, mobile plant & equipment, farm equipment, construction plant, as well as attachments and trailers. This insurance can also cover loss of income, downtime and hire costs of replacement equipment

  • Tax Audit Expenses – covers costs, charges or fees of a registered tax professional engaged to investigate and prepare for a Tax Audit Notice

Property

Cover for loss or damage to your physical business assets in the event of an incident occurring.

Property Insurance, also known as Industrial Special Risks (ISR), covers the material items of your business such as buildings, contents, stock, plant and machinery. The policy normally covers a variety of insured perils, however there are various considerations to be made when selecting the right Property Insurance for your business.

Some examples include:

  • Has the occupancy and use of your premises been adequately disclosed to the insurer?
  • Is your sum insured adequate? How have you determined your sum insured?
  • Could you build somewhere else in the event of your property being destroyed?
  • Is accidental damage covered, and to what extent?
  • Are your demolition and removal of debris costs covered?

Depending on the size and type of property to be insured, a business package policy may be more suitable for your business.

Business Insurance policies typically allow you to select relevant sections of cover based on your individual needs, and then group them all together in one policy. It’s important to remember the sections of cover, and the cover itself, can vary considerably from insurer to insurer.

Some of the more common sections you can expect to see in a standard business insurance policy include:

  • Property damage
  • Business interruption,
  • Burglary/theft
  • Money
  • General property
  • Computer and electronic equipment
  • Liability

Business Interruption

Many stakeholders depend on your business remaining operational.

Business interruption insurance is designed to protect you – and them – from losses caused by an insured event or incident that forces you to close your premises for an extended period of time.

It effectively returns your business to the same financial position it was in before the event occurred, allowing the quickest possible resumption of normal business operations.

It’s important to remember not all Business Interruption policy wordings are the same. Being given inadequate cover could be crippling to you and your business. It’s vital to get it right.

In particular, there are a variety of wordings and basis of settlements ranging from Gross Profit, Gross Revenue and Instant Profits.

When deciding the best basis of cover for your business, things to consider include:

  • Indemnity Period – How long do you need the cover for? How long will it take your business to get back to pre-loss trading figures? 
  • Claims Preparation Fees – How much is going to be sufficient for your business to help you with a claims process? 
  • Payroll – Do you insure it, how much of it, and for what period of time? 
  • What happens in the event of a claim if your business is subject to seasonal fluctuations or economic cycles? 
  • Are you covered when your business is in growth mode? 
  • What happens if one of your customers or suppliers suffers damage from a significant peril and your business suffers as a result? Would you be covered? 
  • Uninsured Working Expenses – Are you paying for unnecessary cover that relates to expenses that would not exist in the event of a claim?

Plant & Equipment​

Plant and Equipment Insurance covers registered and unregistered mobile plant and equipment taken to job sites.

There are two main cover sections: insurance for accidental damage to the item & theft, or you can choose Public Liability cover only.

Public liability insurance covers whether you injure someone or damage their property while working or operating the plant. There are also optional covers available at extra cost, such as Goods on Hook, reimbursement of rental costs for a temporary hire, Road Risk and extended cover for Wet or Dry Hire.

Common types of plant & equipment insured include trailers, excavators, mobile & tower cranes, farm machinery and forklifts.

Plant & equipment insurance doesn’t cover personal injury to passengers or others for items registered on public roads. The necessary insurance for this situation is often called Compulsory Third Party (CTP) insurance and must be purchased before you drive the plant if it is registered.

What does it cover?

Plant and equipment insurance can come in different forms. Some insurers specialise in mobile cranes, while others have insurance coverage specially tailored for farming or the construction industry.

A brief summary of the main types of insurance and key features are:

Accidental damage to or theft of your plant & equipment – the policy, i. repair, reinstate or replace the damaged parts or accessories; pay the sum insured or market value; or replace the item and accessories

  • Road Risk – covering personal injury as a result of an accident if the unit is unregistered, as well as damage to property on a public road or public area.
  • Public & Product Liability covers two sections, the first is Your liability for Personal Injury or Property Damage because of an Occurrence in connection with Your Business. The second is cover for Your liability for Personal Injury or Property Damage as a result of an Occurrence caused by Your Products.
  • Business Interruption – pays an agreed weekly benefit if a listed item is damaged. The cover starts from the time of the accident until repaired.
Excavator digging a large hole

Common types of plant and equipment include:

  • Bobcats
  • Bulldozers
  • Asphalting machines
  • Earthmoving equipment
  • Farming machinery
  • Forklifts
  • Mining equipment
  • Road work equipment
  • Trucks, trailers and tippers.

Motor Vehicle & Fleet

Motor vehicle insurance is designed to cover registered and unregistered motorcycles, cars and trucks.
Types:
  • Third Party Property Damage (TPPD) cover – Covers the damage your vehicle could cause to other people’s property following an accident, plus related legal cost.
  • Comprehensive – Covers will provide some level of protection to your own vehicle, depending on your needs. Comprehensive cover will pay for repairs or the value of your vehicle if written off or stolen. There is also an option available which covers damage due to fire or theft of the vehicle.

Both Comprehensive and Fire & Theft insurance automatically TPPD cover.

Motor vehicle insurance is not compulsory, so you can choose the type of cover that’s suitable for your needs. If your vehicle is financed, the bank or finance company will often require Comprehensive insurance to be in place.

Motor vehicle insurance does not cover personal injury to passengers or others or the legal defence costs. This is often called Compulsory Third Party (CTP) insurance and must be purchased before you drive the vehicle if it is registered.

What does it cover?

Motor vehicle insurance can come in different forms, some insurers specialise in trucks, while others have insurance cover specially tailored for motorbikes. So, our advice is to explore your options and compare insurers and insurance covers.

A brief summary of the main types of insurance and key features are:

  • Commercial Vehicle Insurance – This type of cover is for large or small businesses that own or lease sedans, SUV’s, utes and trucks. This policy can cover specialist vehicles such as mobile cranes, refrigerated transport and trucks that can load and unload goods. Either Comprehensive or TPPD only cover can be purchased. Optional extensions for the Comprehensive cover include, extra’s on and in the vehicle and hire of a replacement car for up to 21 days following accident or theft. 
  • Fleet Insurance – This type of cover is for large businesses that own or lease large fleets of sedans, utes, trucks and mobile plant. This policy is designed to cover a large number of vehicles, including specialist vehicles such as mobile cranes, forklifts, refrigerated transport and trucks that can load and unload goods. Either Comprehensive or TPPD only cover can be purchased. Optional extensions for the Comprehensive cover include automatic cover for new vehicles, tools and equipment and extra’s on and in the vehicle. Costs to hire of a replacement vehicle following accident or theft.
  • Private Car Insurance – This type of cover is for individuals or families, with passenger sedans, SUV’s, people movers, station wagons and Utes not used for business. This can include specialist cover for unique or vintage vehicles rarely driven. Either Comprehensive or TPPD only cover can be purchased. Optional extensions for the Comprehensive cover include extra’s on and in the vehicle and hire of a replacement car for up to 21 days following theft. 

Contract Works

Contract Works or Construction Insurance covers Material Damage and Legal Liability.

Contracts Works Insurance has two key sections, cover for physical loss or damage to the works and the second covers personal injury or damage to a third party’s property.

It can also cover tools and equipment owned by the business on and off-site.

This insurance can cover contractors from preparation at the workshop to onsite construction, maintenance, testing and commissioning.

Contract Works Insurance can easily be customised to a contractor’s needs, from civil, commercial, new building or refurbishment to individual trades such as electrical, plumbing or formwork.

What does it cover?

Section 1:

Material Loss or Damage – provides cover for physical loss or damage to:

  • The works under construction 
  • Materials to be incorporated into the project, either at the site or stored off-site
  • Temporary structures
  • Principal’s existing buildings.

Section 2

Public and Products Liability – provides cover for injuries to other contractors working on the site during the construction (public liability). Also, damage to property that was built or completed once has left the site (your product).

For example, support for a wall was not built correctly, and the wall collapsed a year after the work was finished. Damage to the wall would be covered.

Section 3

Plant & Equipment – provides cover for loss, damage or theft of your Construction Plant, Tools & Equipment.

Transit

Transit Insurance helps protect businesses from the risk of damage or loss to a third party's cargo while transporting their goods or equipment.

There are various types of marine insurance policies in the market. We will guide you to tailor the best cover for your business. 

Some of the key marine insurance policies are:

Cargo

  • Covering goods and commodities both within Australia and for imports and exports for international movements
  • Cover can be on an annual declared basis or limited to a single conveyance
  • Cover can be tailored to your particular type of goods, specific clauses, endorsements and wordings

Carriers

  • For carriers, transport operators transporting goods either as a principal or subcontractor

Marine Liability / Ship Repairers Liability

  • Designed for contractors working on watercraft on or around water as most standard public liability will exclude cover where watercraft exceeds a certain length

Hull

  • Designed to cover various types of commercial vessels engaged in maritime activities, including. bulk carriers, barges, fishing boats, tankers, ships and yachts
Large ship transporting goods

Corporate Travel

Corporate Travel insurance provides cost effective cover for both Domestic and International business travel.

Some policies provide additional protection for private leisure travel by Directors and Management including accompanying spouse/partners and dependents.

Policies will vary but usually include several key features such as:

  • Overseas medical and evacuation expenses
  • Rental Car Excess
  • Personal Liability 
  • Lost travel documents and luggage 
  • Loss of deposit 
  • Flight Cancellations
  • Kidnap and ransom 

Public and Products Liability

Today’s businesses are exposed to an ever-growing list of legal liabilities.

As increasing globalisation makes the world and legal systems more complex, so does the process of ensuring your liability policy is broad enough to pick up all of the legal liabilities you’re potentially exposed to in the normal operation of your business.

Public Liability Insurance covers the cost of legal action and compensation claims made against your business if a third party is injured, or their property suffers damage whilst at your business premises or when you are working in their home, office or business.

Errors and Omissions (E&O)

Errors and Omissions insurance is usually only offered as an extension to a Public and Products Liability policy and is designed to provide protection for pure economic or financial injury where the business has committed or alleged to committed an negligent error, act or omissions in connection with their products. 

Key coverages:

  • Public Liability 
  • Products Liability 
  • Advertising Liabilities 
  • Care, Custody & Control Exposures

Professional Indemnity (PI)

Professional Indemnity (PI) Insurance isn’t just limited to typical ‘professions’ such as accountants, engineers, lawyers, doctors and architects.

Essentially, anybody providing advice or consultancy services for a fee has an exposure that needs to be considered. Even something as simple as providing casual advice about the use of a product, for example, could leave your business exposed.

What does it cover?

Imagine if you accidentally breached your client’s privacy or confidentiality, missed out on important information, made an error or provided incorrect advice.

These simple oversights could lead to a claim against your business, making it vital to protect yourself, your business, and your reputation.

Another important consideration is the potential legal costs of defending any claim or allegation. The court and legal fees are often underestimated, and it can be challenging to fund this element of the claim whilst also trying to keep your business running as usual.

Amongst other risks, PI Insurance typically covers:

  • Breach of duty – includes privacy related issues 
  • Defamation 
  • Breach of consumer, competition, and fair trading 
  • Loss or damage to important documents 
  • Infringement of intellectual property 
  • Public relations costs – to assist with any reputational damage following a claim against your business 
  • Claim investigation costs – costs of investigating, defending and settling a claim. 

Cyber Insurance

What is Cyber Insurance?

Cyber insurance covers the physical loss or damage to information, IT systems and networks. It can also cover loss of profits to be business, caused by the introduction of malware, extortion or hacking. Insurance policies generally include significant assistance with and management of the incident itself, which can be essential when faced with reputational damage or regulatory enforcement.

Why is Cyber Insurance important?

During the 2020-21 financial year, the Australian Cyber Security Centre (ACSC) observed self-reported losses from cybercrime in Australia totalling a staggering $33 billion. Most businesses rely on technology to some extent and are increasingly exposed to increasingly sophisticated cyber criminals. In Australia, there is some type of cyber-related attack every 8 minutes, last year, attacks occurred on average every 10 minutes.

Businesses not only have guards against hackers and other types of cyber breaches but because of stricter data privacy laws, companies are also increasingly required to ensure personal information is secure. A breach will be investigated and require costly actions, including contacting hundreds or thousands of customers. There’s also the potential for hefty fines and penalties.

Firstly, it’s easier to buy an insurance cover that protects your main cyber-related risks of damage to your systems and recovery rather than trying to find and pay specialist consultants to rebuild systems and keep the business operating. Secondly, Cyber insurance policies include significant assistance with and management of the incident itself, which can be essential when faced with reputational damage or regulatory enforcement.  

What does Cyber Insurance cover?

There is a wide range of cyber insurance available, all cover liability to third parties for passing on viruses. Other policies cover damage to your own networks. Some additional sections that we recommend being considered include:  

  • Incident response – specialists to identify the issue and repair; 
  • Lost income and additional costs related to the incident; 
  • Data recovery and restoration;
  • Consumer notification costs and ongoing monitoring costs; 
  • Legal defences costs;
  • Cyber extortion management and fees; 
  • Crisis and PR management of the incident; and 
  • Management of communications with regulators. 
Cyber security and privacy

Main areas of cover:

  • Third-party liability
  • Emergency Response and Business Continuity assistance
  • Recovery of your data and IT systems
  • Business interruption due to interference to your systems; and 
  • Loss to you from crime or fraud. 

Data loss:

Cyber insurance covers your lost information and data, as well as any loss caused to your customers or suppliers if a virus is transferred. In addition:

    • Notify potentially affected customers of a data breach 
    • Employing computer forensic experts to identify and restore data
    • Repairing damaged computer systems, both hardware and software, to enable the data and systems to operate;

Cyber insurance is a key part of your management of cyber incidents and attacks. There are lots of resources available to assist in minimising the likelihood of a successful attack, including the Australian Cyber Security Centre.

The top 3 things that you can do easily are:

  1. Update your devices to protect information;
  2. Multi-factor authentication for logging on; and 
  3. Back up your data real-time of at least daily.

Information Technology

IT Liability is a specialist combined policy usually covering both Professional Indemnity and Public and products Liability under the one policy wording.
  • Errors and Omissions
  • Contractual Liability 
  • Continuous Cover 
  • Intellectual Property cover 
  • Mitigation Expenses 
  • Cover for subcontractors 
  • Loss of data 
  • Product recall expenses 

Management Liability

A broad multi-section policy which provides protection to both the individual directors and officers, as well as the company in relation to the exposures of managing a company.
  • Directors & Officers Liability  
  • Company Reimbursement  
  • Employment Practices Liability 
  • Crime  
  • Statutory Liability 
  • Trustees Liability 
  • Kidnap, Ransom & Extortion
  • Tax Audit Expenses

Directors and Officers (D&O)

D&O Insurance protects the personal assets of business owners and managers who run companies, as they are personally liable for any decision, action or inaction they make within the business.

Whilst your senior management and executives may make honourable decisions and actions, mistakes can still happen. Even if the individual in question has not been unprofessional, the cost of investigating and defending an allegation, which could prove unfounded, can be many thousands of dollars. 

It can also divert large amounts of management time and effort, distracting them from their core business focus.

D&O insurance gives past and present directors, managers and officers peace of mind of knowing they are insured against legal costs, penalties or damages that may result from a claim or investigation. 

Typical claims covered under these policies include:

  • HR and employment issues.
  • Breach of contract.
  • Decisions that exceed their authority.
  • Misrepresentation.
  • Inaccurate reporting.
  • Regulatory and legal non-compliance.

As a matter of course, directors, managers, and officers usually make these decisions daily. Hence, it pays to ensure they’re fully covered if any regulatory or legal claims or investigations are made against them.

Close up shot of a conference room with glasses on the table

Product Recall

Designed to cover the cost of a recall and replacement costs, disposal, rehabilitation expenses, extortion costs, advertising, and transportation.

Pre-recall expenses, third-party recall expenses, business interruption, loss of gross profits and consultancy costs.

Manufacturers, suppliers, retailers and wholesalers in the pharmaceuticals, cosmetics and product distributing sectors should consider this product.

Medical Malpractice

All programs are unique and therefore require a tailored approach.

Policies will vary, but usually they include several key features such as:

  • Breaches of professional duty 
  • Misleading and deceptive conduct 
  • Infringement of intellectual property 
  • Dishonest or Fraudulent acts 
  • Administrative errors or omissions 
  • Accidental privacy law breaches 
  • Public Relations expenses 

Clinical Trials

All Clinical Trials programs are unique and therefore require a tailored approach.

Clinical Trials insurance policies are designed to provide protection for the trial organisers/sponsors in the event a claim is made against them by the participants in the trials.

Policies will vary but usually include several key features and options such as:

  • No Fault Compensation and Liability policies
  • Pre-clinical research
  • Life of Trial Policies
  • Country specific or Multi-Country Annual policies
  • Run-Off cover
  • Can be packaged with other insurance classes where required

Prospectus Liability

Prospectus Liability Insurance covers the entity, its Directors and its Officers.

Relevant staff members are protected from claims for alleged breaches of securities legislation in connection with a product disclosure statement.

Liabilities can arise where the prospectus contains errors, omissions or misleading and inaccurate information and is relied upon by other parties.

Cover can be obtained on a stand-alone policy basis for a set period of time, usually 6 years or alternatively extended under a D&O policy.

Other available features are:

  • Coverage for managers, underwriters, controlling shareholders or advisors 
  • Coverage for statements made at roadshows 

Investment Managers

Investors management insurance is a multiple-cover section policy written under one policy wording.

This insurance policy combines traditional financial lines policies that cover Directors & Officer’s Liability, Crime, Employment Practices and Statutory Liability.