Health/Fitness/Sport Insurance

Business Package

For small to medium-sized businesses insurers who have packaged their policies into one Business Package Insurance document. The basics of a Business Package Insurance policy will cover:- Fire; Accidental Damage; Business Interruption; Burglary; Glass; Money; Broadform Liability; Machinery breakdown; Electronic Equipment breakdown; Transit; Personal Accident & Vehicle Insurance.

Industrial Special Risk

For medium to large size businesses that provides cover for material loss or damage to assets/property insured due to an insured event, including accidental damage. The policy also includes business interruption - loss of turnover/profits consequential upon a loss insured within the material damage section of the policy.

Accidental Damage

Generally has a nominated sum insured, except in some policies and provides cover for damage that is neither a fire and defined peril or a specific policy exclusion.

Business Interruption

Provides cover for loss of profit/revenue/income/rent following an insured loss. Can include additional increased cost of working and claims preparation costs/professional fees.

General Property

Covers items for accidental loss or damage generally anywhere in Australia.

Glass

Breakage of both external and internal glass. Almost always required within a tenancy lease contract.

Money

Loss of money due to burglary/break-in/robbery. Can be covered in transit; on premises during business hours; on premises outside business hours; in safe; in personal custody/private residence.

Burglary/Theft

Is cover for burglary or theft from your premises of contents/equipment/stock, generally excludes theft by an employee or a tenant. Generally cover is limited to loss following forcible or violent entry.

Motor Vehicle

Comprehensive insurance on all registered vehicles for which you are responsible, whether owned, leased, employees or hired.

Goods in Transit

Accidental loss or damage cover to property in transit overseas to Australia, Australia to overseas and within Australia. Limit any one shipment, the policy is adjusted annually based on sendings.

Credit

Credit/Trade Credit Insurance offers security and confidence against the following type of risks: - Insolvency; - you can be covered against your debtor not paying you because they have gone insolvent e.g. and Administrator Liquidator Receiver & Manager has been appointed to them. Non-Payment;- Where the debtor hasn't strictly gone into a form of insolvency but you can't get them to pay - you can still be covered. Export & Political Risks (outside Australia & New Zealand):- When an overseas buyer doesn't want to use a Letter of Credit and prefers to trade on Open Account or Documentary Collection basis, Export Credit Insurance cover is the prudent alternative. We can get cover for you against the following export and political risks: Contract Frustration due to war, riots etc., Repudiation by the Buyers - this is a real risk especially in cases of high price of currency fluctuation.

Fidelity Guarantee

Employee misappropriation of money/equipment/stock. Fraudulent or dishonest acts of employees.

Tax Audit/Investigation

Professional fees charged by external accountants, legal services in correction with a taxation audit or investigation.

Corporate Travel

Provides cover for directors, employees, consultants for all authorised business travel, including incidental private travel. Cover is provided on a world wide baiss, including trips within Australia, provided it includes a destination over 100 klms from the place of departure.

Personal Accident/Sickness

Cover can be arranged on a 24 hour/365 days a year basis for nominated sums insured. The insured can elect to include sickness cover or not. Generally a Personal Accident Policy has a benefit period of 104 weeks and a claim deferral/waiting period of either 7 or 14 days.

Public Liability

Insured's legal liability to third parties for personal injury or property damage resulting from an occurrence in connection with the insured's business.

Products Liability

Insured's legal liability to third parties for personal injury or property damage resulting from an occurrence in connection with the insured's business.

Professional Indemnity

Legal liability to compensate third parties for loss sustained by or arising out of the negligent acts, errors or omissions on the part of the insured in the conduct of their business.

Directors & Officers Liability

Will indemnify the insured person (any person who was or now is or may hereafter be a director, secretary, executive officer or employee of the corporation/company or any natural person deemed by applicable legislation) for loss that they may not be legally indemnified by the corporation/company arising out of a claim by reason of any wrongful act by them in their capacity as insured persons during the period of insurance notified during the indemnity period (claims made policy) Corporate reimbursement will pay on behalf of the corporation that loss which it is legally permitted to make arising out of a claim by reason of any wrongful act committed by an insured person.

Management Liability

The main objective of Management Liability is to indemnify the insured against any legal liability arising from or in connection with the Management of the Company principally created for Propriatory Companies and Not for Profit Entities e.g. Clubs, Associations, Charities, Trusts etc. Cover includes/can include: Directors & Officers Liability, Company Reimbursement, Company Liability Entity Cover, Employment Practicies Liability and Fidelity/Crime.

Employment Practices Liability

Employment Practices Liability Insurance can be purchased separately or purchased as an extension to the Directors and Officers Liability or Professional Indemnity Insurance. It defends the employer from financial loss following an incident involving one or more staff e.g. wrongful dismissal, discrimination (racial or sexual), or harassment.

Life Insurance

Provides a cash lump sum in the event of death. Some policies pay on the diagnosis of a terminal illness. Cover normally applies immediately to any cause of death with the exception of suicide occurring within the first 13 months. Premiums generally increase each year as you get older. Total and Permanent Disability Insurance (TPD) is usually an optional extra on a life policy and covers against permanent disability. The amount of cover you can buy is usually limited to the amount of life cover purchased. A claim is usually paid as a lump sum.

Income Protection

Provides an income stream should you become unable to work due to an injury or sickness. Benefits are paid monthly not as a lump sum. The amount of cover is restricted normally to 75% of your gross salary.

Trauma

Trauma or critical illness insurance provides a cash lump sum on the diagnosis of a medical condition. The number of conditions covered (benefits) varies widely, cheaper policies often offering fewer benefits. The most common claims under these policies are for cancer, heart attack, coronary bypass and stroke, although other conditions can be covered.

Keyman Insurance

Loss of a keyperson in your business could be financially crippling. If you are the business owner then it could significantly reduce the asset value on which you and your family may be relying. Great care needs to be taken in how this type of insurance is put in place. Premiums may or may not be tax deductible depending not only on the purpose of insurance but how it is placed. There are very specific ongoing requirements that need to be followed to maintain proper status of this insurance type in relation to the Australian Tax Office. Determining the amount of keyman insurance that may be needed is not always obvious. Most businesses have a keyperson without whom there will be a loss in cash flow or capital to at least some degree. In some cases the keyperson is absolutely essential to the organisation survival.

Buy/Sell

If you have partners or shareholders in your business who are not immediate and dependant family members you will need to have a properly constituted buy/sell agreement in place together with a funding plan to guarantee the execution of the buy/sell agreement, otherwise known as a business will. What this means is that should you or a business partner die or suffer a major trauma it serves to guarantee the transfer of the business shares at a guaranteed pre-determined value. The funding is guaranteed by way of appropriate life and/or trauma insurance.