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 Burglary
Covers against loss or damage to stock, goods held in trust and other contents for which you are responsible within the leased premises, by theft involving violent, forcible entry. Note that the insurance definition of theft involves force or violence, so it does not protect against dishonesty by people entitled to be on the premises, such as staff or shoplifters.
 Business
Interruption
Provides cover if business is interrupted through damage to property by fire or other insured perils. This ensures that ongoing expenses are met and anticipated net profit is maintained. Many business insure their property but forget that this cover may be required to get the business up and running again. It covers employee wages, rental and relocation costs.
 Fire
Covers the building, stock and contents against fire. Other perils may be added through extensions, usually at little extra cost - such as lightning, explosion, aircraft, earthquake, riot, malicious damage, storm and water damage. Some policies cover the depreciated value of items at the time of the loss, others cover full replacement cost.
 Glass
Provides cover for breakage of shopfront or other glass.
 Goods in
Transit
Is cover against loss or damage to property while being carried by your vehicles, or outside carriers by road, rail or sea. Cover can be arranged within Australia, or on a world wide basis.
 Machinery
Breakdown
Covers against plant and machinery collapse, explosion or breakdown. It can be extended to cover spoilage of food resulting from breakdowns.
 Money
Covers money being taken to and from the bank and against theft from your premises.
 Motor
Vehicles must be insured for third party injury liability and should also be protected against third party property damage liability, or even against own damage since they are usually of substantial cost.
 Personal
Accident, Illness or Disability
If you are unable to work, then the operation of the business may suffer, resulting from a loss of income. Alternatively, you may need to hire someone to work in your place. Either way, you need extra money to carry on, which this type of policy can provide. Unless you operate as a propriety limited company, you personally will not be covered by Worker's Compensation.
 Products
Liability
If you sell, supply, package or deliver anything, even in the form of a repair or service, then you may need this protection against claims. Once again, your legal liability is unlimited.
 Professional
Indemnity
Anyone who provides advice (not just the traditional professions like lawyers, doctors and accountants) can be sued for damages arising from errors or omissions, so may need such protection. Claims are becoming more common and this cover can be costly but in some professions it could be critical.
 Public Liability
Covers you against claims by members of the public who may suffer injury or damage to their property as a result of your business operations. Liability for damage caused by other people's goods in your possession is often excluded. If you use, carry or store other people's goods, you may need separate cover. It is important to understand that your legal liability at common law is unlimited, so discuss with your broker the extent of coverage you finally select. It is your responsibility to select an adequate amount.
 Tax Audit
Covers accounting and sometimes legal fees incurred by a surprise tax audit.
Other Insurances
Depending on the nature of the business, you may need additional, specialised policies.
NB: This information intended as a guide only. It is not a substitute for professional advice. If you would like to discuss your cover, please call us for an appointment.
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