Business Pack Insurance
Most businesses will require multiple types of cover and we can package most of these together in one easy to manage policy. Below are some of the sections that are normally provided:
Fire & Perils
This covers Damage to Property insured at the Situation caused by any sudden or unexpected or unforeseen occurrence.
Example:
There was a water pipe burst in a real estate office. The water damage originated from the roof and resulted in part of the roof collapsing and water to overspill onto some of their working stations. This resulted in damage to the ceiling, three work desks/computers/phones and water damage and debris on carpet.
The real estate agent had both building and contents insured which allowed them to claim for the damage to the ceiling under the building insurance and to claim for the damage to the work stations and damage to the carpets. This resulted in a claim payable of $40,000
Burglary & Theft
This insures you for property that is stolen or damaged following a break & enter or armed hold up at your business premises.
Example:
Your mechanics workshop is broken into & tools & computer systems have been stolen, the cost of replacing the stolen items are covered up to your nominated sum insured.
This helps you get on with the running of your business.
Glass
Glass Insurance covers the cost of replacing and fixing of glass in its frame that has been damaged.
Under the majority of our business insurance policies you will automatically have cover for malicious damage of glass and replacement of advertisement or identification signs, if this is applicable, up to a certain limit.
Example:
A restaurant was moving their seating tables to open up their shop. The table corner hit the glass which caused the glass to become cracked. This also damaged their signwriting they have on the glass.
The insurer arranged a glazier and replaced the glass and the client’s signwriting .
Money
This covers Loss of or Damage to Money. Under most traditional insurances there are the following different types of Money Insurance:
- Money in Transit
- Money contained in the Premises During Business Hours
- Money contained in the Premises Outside Business Hours
- Money in Your personal custody
- Money Locked in a Safe or Strong room
Example:
Retail shop keeps a float of $3,000 overnight in a safe. The shop was broken into and the float was stolen. The client called the Police to make a report and was able to prove their loss through their receipts. The insurer agreed to pay the claim up to the $3,000 as the client has this section insured.
Business Interruption
Does your business have a continuity plan in case of a loss impacting on the profitability and turnover of the business?
Business interruption insurance covers the shortfall in gross profits caused by the interruption to a business from insured events, helps pay ongoing costs and protects profit margins until the business is back on its feet and back at its profit level before the interruption.
Tax Audit
The Policy will cover reasonable and necessary costs incurred following notification of an Audit or Investigation by a Federal or State Commissioner of Taxation relating to your Liability to pay Income tax.
Example:
Customer receives a notice from the commissioner.
He engages his accountant to prepare his accounts/books for the Audit. This is an unforeseen event: The accounts fees will be covered by the policy.
The Taxation payable is not claimable.