If you sit on the board of a private organisation or indeed any business, then you should contemplate taking out Management Liability insurance. Management Liability insurance is designed to protect the owner and director of a business, and anyone else who is a director of the business, from the risks and exposures associated with running a company.
Business Interruption insurance can provide broad financial protection for a range of small to medium-sized business types and occupations including (but not limited to):
Cyber crime targets business of all sizes and currently costs Australian businesses $1billion annually, yet it remains one of the least insured policy areas. One Cyber attack can leave your business held to virtual ransom whether it be through the use of vicious malware and computer viruses to hack your network and computers, ‘denial of service” attacks, phishing scams and internet fraud, business information and identity theft, and more.
Businesses that store personally identifiable information (PII) for employees or customers should have stand-alone or enhanced cyber liability insurance. PII includes any data that can be used to identify a particular individual, such as name, date of birth, email address, social security number, credit card number, or bank account number.
Anyone who owns an investment property that is rented out should consider Landlord’s insurance. Without Landlord’s insurance, you could lose your valuable investment if it’s damaged or destroyed. You could also lose income from rent if you’re unable to rent it out during repairs, or if your tenants get evicted or break their lease.
Landlord’s insurance policies can differ in that some will only cover you for a selection of scenarios.
Contract Works/Material Damage insurance is typically for builders, owner builders, and other relevant building contractors. This should include when required under the building contract:
Some of the professions we can cover include (but not limited to):
Marine insurance is vital to protect your cargo from the obvious (i.e. leakage or going down with a sinking ship). However, it can extend to coverage for theft or piracy, fire or an explosion, or indeed storms and other weather threats that might cause damage to your precious cargo while in transit.
Marine Insurance is for any business or organisation that depends on cargo to arrive by sea, road, rail, and air. Marine insurance is something that you should not be without
AS A BUSINESS OWNER, YOU ARE NO DOUBT SKILLED AT WHAT YOU DO, BUT HOW WELL DO YOU KNOW THE INTRICACIES OF THE INSURANCE INDUSTRY?
Finding the right insurance can be confusing and complex. Just as you would engage an accountant to manage your accounting needs, an insurance adviser plays a similar role.
Many businesses only realise they are underinsured once it’s already too late. Underinsurance, having an insurance policy without enough sum insured to cover potential losses, is increasingly becoming a major business risk.
Are you at risk of being underinsured?
If you answer ‘yes’ to any of these then you are likely to be underinsured.
