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Business Package policies include many different options for business insurance protection and allows you to select the items of cover you need for your business under one combined policy for the whole business. The cover is important to have for most occupations in most industries and really works as the business support plan for when there are insurable losses in a business. 

 

Cover can be varied from policy to policy and generally all start with covering the basics of your day to day use of utilities, appliances and equipment, then covers the important responsibilities of managing employment, working with members of the public or other companies and distribution of products to the public or other companies.

 

Whether you are individual working from home or a global operation, if you are operating as a business you are exposed to many risks, some are manageable and some are uncontrollable, either way the Business Package insurance policy is the best way of transferring many of these business risks to an insurer, working as a safety net to ensure the longevity of your business.

 

The main cover options under the policy are as follows…

 

Property

Provides cover for the physical loss or damage to property insured during the period of cover at the insured premises, including damage to buildings, contents and stock caused by fire, perils and accidental damage. There is also often additional cover included for the removal of debris with a sub-limit and timeframe.

(This does not include theft or breakdown of Your property, which can be included under other sections of the policy)

 

Most insurers include listed items on the policy confirmation schedule as requested with a sum insured for each item.

 

Business interruption

Trading after a fire or other insured event can often have serious financial implications for your business on top of the actual damage itself. Business interruption is cover for the shortfall in your gross profit caused by the interruption to your business after an insured loss.

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Theft and money

Covers theft of business stock, contents or money.

Sums Insured need to be provided and included in the policy schedule to define the maximum that the insurer will pay out, we recommend that you review these amount regularly and report on any significant changes.

 

Some theft and money covers include extra sub-limits for theft without forcible entry, theft by employees, damage to premises, damage to the safe and replacement of locks with keys.

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Liability

Covers your legal liability to pay compensation for property damage or personal injury.

 

Often includes a sub-limited cover extension for damage or loss of goods in your care, custody and control for most occupations.

 

Machinery breakdown

This covers damage to machinery caused by breakdown or damage to boilers and breakdown or pressure equipment caused by explosion and collapse of the machinery and can also cover deterioration of Frozen or Refrigerated goods.

Often includes a sub-limited cover extension for Increased cost of working cover and seasonal increase for deterioration of goods.

 

Employee dishonesty

Covers dishonesty or fraud by your employees.

Often includes a sub-limited cover extension for claims preparation fees

 

General property

Cover for property excluding stock which is moved around, such as tools or professional equipment.

Often includes Extensions for Worldwide cover, theft in open air, theft without forcible entry and Accidental damage due to collision or overturing

 

Computers and electronic equipment

Covers theft, fire, accidental damage, breakdown and business interruption cover for electronic equipment and Computers, including photocopiers etc.

Often includes a sub-limited cover extension for Increased cost of working

 

Tax investigation

This covers costs incurred by your accountant or registered tax agent after receiving notification from the Australian Tax Office in conducting an audit or investigation in relation to your liability to pay tax.

There is a set limit specified under the policy for these costs.