Questions about Insurance

What is a defined event?

We consider a defined event to be an event which causes loss, destruction or damage to your insured property. They include, but are not limited to the following:

  • fires
  • lightning
  • storms
  • vandalism
  • malicious damage

What does Personal Accident and Illness cover include?

If you experience an accident or illness that prevents you from earning an income, our Personal Accident and Illness cover can provide you with a weekly benefit to offset this loss of income.

We also provide an option for compensation (lump sum benefits) if certain specified permanent injuries occur, for example if you permanently lose your hearing or sight.

What’s the difference between workers’ compensation and Broadform Liability?

Generally, workers’ compensation insurance covers employees for wages and medical benefits if they are injured in the course of their employment.

Broadform Liability covers you if you become legally liable to pay compensation (to a person other than an employee) for personal injury or property damage.

What’s the difference between Multiple Risk, General Property and Electronic Equipment cover?

Our Multiple Risk insurance covers accidental damage to your property (specified on your Certificate of Insurance) within Australia and New Zealand.

This includes, but is not limited to some of the following items:

  • your photographic and technical equipment
  • mobile phones
  • musical instruments

It does not cover mechanical or electrical breakdowns.

Our General Property insurance covers any loss, destruction or damage that results from a burglary. It applies to items within securely locked vehicles, your private residence, or an authorised person’s private residence.

It can also provide cover for property whilst in transit (as a result of a fire, flood, earthquake, explosion or a car accident). Items in these circumstances include stock, tools of trade, plant and equipment. It also covers customers’ goods which you are legally responsible for (these items do not need to be specified).

Our Electronic Equipment insurance covers computers, laptops and other electronic equipment against unforeseen physical loss, destruction or damage (including breakdowns). It also offers portable extension cover for items specifically designed to be carried by hand, for example laptops and iPads.

Why do I need Business Interruption cover?

Our Business Interruption insurance cover protects your business by insuring your cash flow.

Generally, it insures your business against losses resulting from interruptions to your business, which may be due to damage at your premises and/or prevention of access.

For example, if you suffer a financial loss due to an inability to access your premises as a result of a fire, burglary, or a glass breakage, Business Interruption cover covers your loss of profit and enables you to continue paying your ongoing costs (such as wages, rent and utilities) for up to 24 months.

Why do you need to know the turnover of my business?

Turnover is used to get an understanding of the size of your business, and to make sure you are covered appropriately.

Can I pay my premium each month?

Yes, we have this option available. If you choose to pay monthly, no additional monthly fees or costs will apply.

What are the most common claims for retail businesses?

According to our claims statistics, the most common claims retail businesses make are for:

  1. Property and fire damage: the most common claim retailers make is for property and fire damage to buildings, contents, stock, tools and equipment caused by fire, natural perils like storms, and/or malicious damage to their business premises. The majority of these claims are the result of storm damage.
  2. Machinery breakdown: the second most common claim retailers make is for machinery breakdown.
  3. Glass breakage or damage: the third most common claim retail businesses make is for glass breakage or damage.
  4. Burglary and theft: The fourth most common claim for retail businesses is for burglary and theft (of stock and contents and money)
  5. Liability: The fifth most common claim retailers make is for public or products liability.

How much Public Liability insurance do I need?

Every business is different, and there is no ‘one size fits all’ rule for how much public liability insurance your business needs.

We offer three levels of public liability cover which can be purchased from us directly:

  • $5 million
  • $10 million
  • $20 million

Public liability claims can be very costly, so it’s important you choose a level of cover that will financially protect your business should you need to make a claim.

Why do tradies need public liability insurance?

Public liability can be one of the most common, yet costly claims for tradies.

No matter how cautious or experienced you are, accidents happen.

If damage or an accident occurs as a result of your work, the impacted third party may be able to make a claim against your business, which can result in costly legal fees as well as the obligation to pay for the damage or injury you may have caused.

Public liability insurance is your best defence against potentially costly personal injury or property damage claims, and given the nature of trades work is an essential cover.

What sort of claims are covered by Public Liability insurance?

Some examples of claims that might be covered under your public liability policy would be:

  • You are working at a customer’s house and your ladder slips and accidentally breaks a window
  • You install a faulty tap, which later leads to a customer’s bathroom flooding and damaging their floor
  • You accentually damage a neighbour’s fence and driveway with your earthmoving equipment
  • You built a retaining wall incorrectly, which led to the wall collapsing and injuring a bystander