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TIM ALLAN

Insurance Advisernet Australia Pty Ltd

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General Advice

I/we agree that General Advice has been provided and is acceptable.

Whilst we may have collected risk information, your personal objectives, needs or financial situations were not taken into account when preparing this information. We

recommend that you consider the suitability of this general advice, in respect of your objectives, financial situation and needs. Please consider the relevant PDS before making any decision to purchase this financial product.

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YOUR BUSINESS

• Most businesses close their doors, never to re-

open, after a major disaster such as a fire, an

extended court case or period of business

interruption.

• This is usually due to inadequate Insurance

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YOUR BUSINESS

• A strategic insurance program, based on

advice from a good looking insurance

broker, can prevent that from happening.

• Informed decisions need to be made about

what to insure and which risks to accept,

manage and minimize.

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YOUR BUSINESSBasically business insurance falls into three categories

• ASSETS and REVENUE – things the business owns and its

revenue generating capabilities.

• LIABILITY – legal obligations arising from injury to others or

damage to their property.

• PERSONNEL – protection against loss arising from personal

accident or illness involving yourself or your

employees.

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YOUR BUSINESS• All businesses are different and their insurance

needs vary accordingly.

• Business insurance packages also vary

considerably.

• The following briefly explain the types of policies

most commonly used by small businesses.

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YOUR BUSINESS• Business Interruption – provides cover if business is interrupted through damage to property by fire or other insured peril. Cover ensures ongoing expenses are met and anticipated net profit is maintained through a provision of cash flow.

• Burglary – covers the following areas when theft occurs involving violent, forcible entry: loss or damage to stock, goods held in trust and all contents for which you are responsible within the premises. Note: It does not normally cover theft by employees or others entitled to be on the premises.

• Employment Practices Liability – a relatively new type of insurance protecting employers against claims and legal costs by employees arising from allegations of inappropriate conduct in connection with their employment. This could include, for example, sexual harassment, wrongful dismissal, or discrimination on the basis of age, race, sex or religion.

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YOUR BUSINESS

• Engineering Equipment – some plant must be inspected and certified annually. Usually obtained within and engineering policy, which covers equipment against such risks as breakdown and explosion.

• Fire & Perils – covers destruction of, or damage to, your buildings and contents through fire and other perils such as lightning, explosion, malicious damage, earthquake, storm, and water damage. Note: Flood caused by an overflowing water course, such as a creek or river, is not covered by most standard fire and perils policies.

• Goods in Transit – cover against loss or damage to your property while in transit, either within Australia or on a worldwide basis depending on your needs.

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YOUR BUSINESS• Keyman Insurance – covers the company in the event of the

death or long-term disablement of a “key person”, usually the owner or someone else critical to the continued existence of the business.

• Loss of Money – cash and items such as postal orders, cheques and stamps are insured against theft from business or while in transit.

• Motor Insurance – all company/business vehicles must be insured for third party injury liability. A comprehensive policy will also insure for third party property damage and own damage.

• Personal Accident, Illness or Disability – covers against your inability to work and the resulting loss of income. Unless you operate as a Pty Ltd company, you personally will not be covered by workers compensation.

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YOUR BUSINESS• Products Liability – if you sell, supply or deliver goods, even in the form of repair or service, you may need cover against goods causing injury or damage.

• Professional Indemnity – businesses which supply advice of any kind can be sued for financial loss due to errors or omissions, and may therefore need this protection.

• Public Liability – very important. This covers you against claims by people who may suffer injury or damage to property while on your premises, or while you are working at their premises.

• Workers’ Compensation – this cover is compulsory in all states and territories. It covers claims arising from death, injury or illness of employees arising out of their employment (under workers’ compensation law, or common law) and includes legal costs.

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CYBER INSURANCE

• Third Party Claims – the Insured’s liability to third parties from a failure to keep data secure, such as claims for compensation by third parties, investigations, defence costs and fines and penalties from breaching the Privacy Act.

• First Party Costs – reimburses the Insured for the costs they would incur to respond to a breach, such as IT Forensic Costs, Credit Monitoring Costs, Public Relations Expenses and Cyber Extortion Costs (including ransom payments to hackers).

• Business Interruption – provides reimbursement for the Insureds loss of profits resulting from the breach, as well as any additional necessary expenses it may need to incur to continue business as usual.

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YOUR BUSINESSIn addition to those listed before, there are other risks, which are relevant to the particular nature of a variety of businesses. Such as:

• Glass or sign breakage• Perishable food or other stock deterioration• Computers and computer records• Business machines and equipment• Legal expenses/tax audit• Fidelity guarantee• Product recall• Credit/bad debts

Note: the various risks mentioned above do not constitute a definitive list. They are an elementary guide to the types of insurance your business may need.

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YOUR BUSINESS

Some organisations, especially larger businesses or companies carrying on specific types of high-risk work, often require their own specially designed insurance and risk management programs.

Brokers provide these services too, designing policies, negotiating them with insurance companies and then placing the cover with one or more firms.

Risk management programs are often part of the process. Risk prevention and loss prevention strategies often reduce the risks, thereby reducing premium costs.

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YOUR BUSINESSTALK WITH YOUR GOOD LOOKING BROKER TO FIND OUT

EXACTLY WHAT COVER YOUR BUSINESS REQUIRES.

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YOUR BUSINESS

TIM ALLANAUTHORISED REPRESENTATIVE

ADVISER NO: 271312

INSURANCE ADVISERNET AUSTRALIA PTY LTD

SUITE 7, 26-28 VERDUN DRIVE NARRE WARREN 3805

PH: (03) 8794 1700 MOB: 0409 555 046

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Thank You

QUESTIONS?