With the ever evolving landscape of insurance at the moment, in conjunction with BMS we have highlighted some insurance requirements below to assist you at insurance renewal time.
Association Liability Insurance
Designed specifically to protect non-profit organisations from claims alleging management negligence, rather than those involving BI or PD.
- Management Liability and Company Reimbursement
- Entity Liability
- Statutory Liability
- Employment Practices Liability
Directors’ & Officers’ Liability Insurance
Designed specifically to protect the personal assets of corporate directors and officers.
- Actual or alleged wrongful acts in managing a company
- Legal action may come from employees, vendors, competitors, investors, customers
- Claims Examples
- Typical Excess
- Insurer markets in this space
Public & Products Liability Insurance
Designed to protect your business against claims resulting from accidents or injuries that occur as result of your business activities, as well as accidental damage to property owned or controlled by a third party.
- Products Liability – sell, supply or deliver goods
- Limit of Liability – benchmarking appropriate limit
- Typical excesses
- Claims Examples
Cyber Liability Insurance
- Covering Financial Loss from Data Breaches
- Your Computer System Contains Sensitive Data
- First Party Coverage
– Loss of Income and Extra Expenses
– Cyber Extortion
- Third Party Coverage
– Network Liability and Privacy Liability
– Regulatory Proceedings
Designed to cover Ascertained Net Loss following event being cancelled, abandoned, postponed, interrupted, curtailed or relocated.
- Event Cancellation
- Event Liability
- Typical Coverage (Terrorism, National Mourning)
- Extensions (Non-Appearance, Weather, Infectious/Contagious Disease)
- Insurer Markets
Personal Accident Insurance
- 24 Hour/365 Day Protection
- Death and Capital Benefits
- Weekly Accident Benefits
- Weekly Sickness Benefits
- Benefit Period: 104 weeks
- Compulsory Statutory form of Insurance
- Provides Protection to Workers
- Work Related Injury or Disease
- Privately Underwritten States: WA, TAS, NT, ACT
- State Run Government Schemes: VIC, NSW, SA, QLD
Using an insurance broker can provide a multitude of benefits including;
- Insurance brokers are a valuable guide to help businesses determine which policy offers the best fit for their needs.
- They provide a one stop shop for all insurance policies
- Insurance brokers manage more than 90% of commercial insurance transactions in Australia and have economies of scale to achieve competitive deals
- The offer professional advice with expertise in insurance and risk management
- They will advocate on your behalf when making a claim
- They drill down into insurance products and policies for insights into the finer details such as the:
- Terms and conditions in the policy
- Benefits (also known as optional inclusions)
- Exclusions (these are critically important to ensure you don’t have nasty surprises when you need to make a claim)
- Costs of a diverse range of competing insurance policies, and
- Validity of the insurance cover when there are changes in the business.
Contact your TAS Client Services Manager to discuss how a broker can assist in your insurance renewal options.