BurMac Insurance Solutions

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BurMac Insurance Solutions

(02) 6884 5240

BurMac Insurance Solutions is an Authorised Representative of Insurance Advisernet, one of Australasia's largest General Insurance Brokers.

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BurMac Insurance Solutions is an Authorised Representative of Insurance Advisernet, one of Australasia's largest General Insurance Brokers. Our knowledge of the local insurance industry is second to none and our experience in handling insurance for many thousands of customers enables us to provide advice you can always trust. It also means you'll benefit from access to unrivalled financial strength, business efficiencies and buying power spanning every major insurer in Australia and New Zealand and access to major overseas insurers if and when required.

Shannon Osborne PRINCIPAL

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As your appointed General Insurance Adviser, we will:

Conduct an analysis of your risk/needs and recommend the most appropriate covers to protect your assets and liabilities
Provide alternatives on your risk retention through various excess options
Allow you to pay premiums in monthly instalments
Recommend the appropriate insurer to match the risk
Provide prompt and timely servicing of your general insurance needs to ensure you are adequately informed of issues that may affect your business.
Only recommend financially secure and stable insurers

Insurance Expertise

Farm Insurance Dubbo

Owning a farm is a huge undertaking that encompasses both your professional and private life. With this come risks not only to your business and income but your assets such as your home. In order to protect your farm from both expected and unexpected circumstances invest in an farm specific insurance plan that understand your livelihood and needs. Popular farm insurance options include home and contents, farm property, farm liability, fire and defined events. Home and contents insurance protects your home and valuables from damage due to natural disaster, theft or even accidents because your farm is more than just your business, it’s also your home. Farm property insurance covers any aspects of your rural property that are related to your business such as fire prevention or extinguishment, employee belongings as well as replanting flora such as trees. Farm liability provides your farm cover against any physical injuries that occur on your property, financially compensating medical or hospital bills. Fire and defined events provides financial protection for loss or damage of business tools, equipment, stock or building in the event of a fire, lightning, explosion, earthquake, impact from falling trees, malicious damage or even storm damage. Your farm is your home and your business and it deserves as much financial and legal protection as possible to secure all aspects of your lifestyle. With a farm insurance plan, risks can be minimised, keeping your business and home safe.

Crop Insurance Dubbo

The nature of agriculture is often high-risk as there are circumstances, such as weather and environmental factors that cannot be controlled. In instances where these situations do occur, crops are heavily impacted if not completely destroyed. Investment in an industry specific insurance plan is the best way to protect your income and business. Crop insurance, cotton insurance and sugarcane insurance are the most common options, each specific to the different needs of the product. Crop insurance covers product such as wheat from risks such as hail, fire, chemical overspray, livestock induced damage and rainfall risks. Rainfall risk is particularly important for rural Australia due to the long history of dry, arid droughts, which have severely impacted agriculture in the past. Cotton crops have unique risks and therefore require a unique insurance cover, risks that are financially protected include hail, fire, leaf and colour downgrade due to rainfall after boll opening, re-establishment costs of plants and fire mitigation. Risks that are particularly associated with sugarcane that are covered by sugarcane insurance include fire, transit and hail. Don’t risk your business, income and livelihood to elements outside of your control. Protect your agriculture with crop insurance to minimise unnecessary risks.

Visit Us

44 Victoria Street, Dubbo, NSW, 2830

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Why Use an Adviser

Why Use An Adviser?

Business Insurance Products

SME Business Insurance Pack

Business Insurance is used by many businesses, but it’s best suited to SME-type operators.

SME Business Insurance Pack

What is SME Business Insurance?

Any business in Australia, including small to medium-sized businesses, will benefit from an added layer of financial security in the form of an SME business insurance cover. Some types of insurance are mandatory, like workers' compensation, professional indemnity, or CTP insurance for motor vehicles. These are called statutory insurance covers, while other types of insurance are optional, important ways of reducing business risk and protecting your finances and assets.

SME business insurance provides owners and businesses with the loss of key assets and financial risks. It also protects customers, employees, suppliers, and contractors. A wide range of insurance policies is available, with different cover, exclusions, excesses, and premiums, including insurance cover for:

Property Damage – cover varies from fire, storm, lightning and other perils to any type of accidental loss or damage. The property insured includes damage to buildings, contents, stock, plant & equipment, raw materials, consumer goods etc.;
Business Interruption – also referred to as Loss of Profits or Consequential Loss insurance, covers weekly amounts or Net Profit loss and ongoing fixed costs following property loss or damage;
Burglary/Theft - covers break-in at the business premises and the damage is done, as well as theft of goods or stock;
Money - covers theft of money in various locations (during transit, in a locked safe, or in a private residence) at any time (within and outside business hours).
Liability - covers a variety of statutory and civil legal liability, including personal injury and property damage, environmental liability, management liability, statutory liability, professional liability, aviation, marine and motor vehicle-related liability;
General Property - covers specified portable property against accidental loss or damage once it is taken off the premises, within Australia or overseas;
Equipment - covers sudden internal derangement and accidental loss or damage to plant, equipment and machinery, as well as computer and other electronic equipment. Loss of stock and business interruption cover can also be part of this insurance.
Motor vehicle & mobile plant – covers registered and unregistered motor vehicles, mobile plant & equipment, farm equipment, construction plant, as well as attachments and trailers. This insurance can also cover loss of income, downtime and hire costs of replacement equipment.

You can get the help of specialist insurance brokers at Insurance Advisernet to analyse your objectives, needs, financial situation and risk profile to develop appropriate strategies and solutions. Then with your input, undertake risk assessments and conduct market research to determine the most suitable insurance product(s) that will transfer your key risk exposure. Finally, your insurance adviser will present appropriate strategies and solutions and also negotiate and place insurance covers agreed.

Since 1996, Insurance Advisernet has been providing top-notch insurance solutions to SMEs in Australia. Today, we are known as one of the largest and most reliable general insurance advisor networks, operating throughout Australia and New Zealand, with over 270 insurance advice practices in more than 150 locations. We take immense pride in serving over 850,000 clients spread across the Australasian region and worldwide.

It is our business to understand your objectives, needs, financial situation and risk profile and provide you and your business with tailored risk and insurance advice. Get your business insured by scheduling a call with an Insurance Advisernet trusted risk and insurance brokers today!

Frequently Asked Questions

How can insurance help small businesses in Australia?
- In Australia, small businesses are encouraged to invest in business insurance to help protect their business from costly eventualities like damage to property and liability claims. Investing in a comprehensive yet affordable insurance policy promotes the continuity of the business in times of losses or great financial trouble.
What does SME stand for?
Small-to-Medium Enterprise (SMEs) are businesses whose revenue, number of employees and assets do not exceed a certain threshold.
Each country or industry defines a set of criteria for which to determine whether an organisation operatively falls under the SME category.
How can insurance help small entrepreneurs or SMEs, or how it relates to risk management?
Risk transfer is one of the treatment approaches in managing risks in business, and insurance is an example of risk transfer. It’s a strategy that SMEs employ to shift a risk or a liability from one party to another, with the idea that that party specialises in managing a specific kind of risk/liability.
Why is insurance important for business owners?
Getting an insurance policy for your business is important as it cushions or completely shields you from the hefty costs of certain unforeseen issues (accidents, damages to properties, effects of force), legal claims, and other liabilities. Without insurance, business owners might be forced to foot the bill out of their own pocket.

Business Insurance is used by many businesses, but it’s best suited to SME-type operators.

Business Interruption Insurance

From your family and employees to customers and suppliers, there are a lot of people who depend on your business opening its doors each day.

Business Interruption Insurance

What is Business Interruption Insurance?

Business interruption, also known as Loss of Profits or Consequential Loss insurance, is a special insurance cover that will pay the business owner any fixed overheads and similar business costs following a fire, storm damage or other major events that prevent a business from trading. This insurance starts from the time of the fire until the business is back up and running to where it was before the damage occurred.

Why is Business Interruption Insurance important?

Starting and maintaining a business always entails risks. The key financial risks can be managed through purchasing insurance cover like property damage, public and product liability and burglary. For businesses of any size, business interruption insurance is essential to ensure that money continues to be received (from the insurer) to pay fixed expenses, such as lighting, power, bank loans, wages, transport, plus net profit, related to a reduction in turnover.

What does Business Interruption Insurance cover?

Ultimately, business interruption insurance compensates business owners for the (i) Net Profit expected to be earned during the time the business takes to get back up and operating to its pre-loss output, plus (ii) any fixed expenses (interest on loans, wages etc.), that keep on being incurred, regardless of whether the business is operational or not. So, variable expenses, like input purchases and delivery costs, would not be covered, as they won’t continue if the business is not operational and making goods or products. The time period for getting the business back up and running to pre-loss levels (plus any expected growth) may take a few weeks or many months, depending on how badly damaged the business was, the loss of customers etc. So, it’s important to work out the maximum time that you need insurance for, 12 months is a good place to start.

Key factors to consider when choosing the basis of cover, which will impact your premium, include:
Indemnity period: How long do you need the cover for? Depending on the situation, how long will it take your business to return to pre-loss trading?
Payroll: Consider how much of your payroll you need to insure and for how long. Insurance companies won’t pay employees to sit at home for 6 months while the business is being rebuilt, redundancy payments can be insured.
Growth: Consider the trends in your business, is it growing rapidly, or is it a mature business?
Economic cycles: Consider what will happen, including any major seasonal fluctuations or economic cycles;
Suppliers & Customers: do you need to cover specific customers or suppliers that you rely on, and if they couldn’t operate, would it impact your business?
Additional or Increased Costs of Working: most businesses spend a lot more money in the short term to try and minimise the impact on their business. For outsourcing a valued customer's work to another business for a short while, or if you own a building that’s fire damaged when your business is located, and you need to rent premises for manufacturing, this will be a new additional cost of the rent.

Frequently Asked Questions

● How Is It Calculated?

There are two main ways to purchase this type of insurance:

Weekly income or Sales
Annual gross profit (being 12 months turnover less variable expenses, also insuring Net Profit).

Loss of Profits for Services firms

For example, solicitors, investment consultants, and medical or dental practices.

As a lot of these businesses can continue to operate from home or serviced offices, Gross Profits are generally not insured, only Additional or Increased Costs of Working.

However, businesses that depend on their specific location, such as dentists or allied health, that have their customers in a specific area may consider Gross Profits insurance.

BUSINESS INTERRUPTION INSURANCE – SUMMARY

Major storms, natural disasters and fires are a regular occurrence in Australia.

Major interruption to business, where there is no income for an extended time, is one of the most significant risks a business will face, regardless of its size or industry. A large percentage of businesses that don’t have Business Interruption insurance never reopen. It’s difficult to pay employee finance or mortgage costs, wages, suppliers or even the power bill if there is no sales or revenue.

In addition, trying to get your business back on its feet can be overwhelming, taking management’s focus away from day-to-day business, as well as placing a financial strain on you and the business.

We have specialist advisers that can help you to find the best cover to keep your business running as smoothly as possible.

From your family and employees to customers and suppliers, there are a lot of people who depend on your business opening its doors each day.

Contract Works Insurance

Contract Works Insurance provides cover for any physical damage of works or third party liabilities during construction stages of a project.

Contract Works Insurance

What is Contract Works Insurance?

Simply put, Contracts Works Insurance has two key sections, the first provides cover for physical loss or damage to the works and the second covers personal injury or damage to third parties' property. It can also cover tools and equipment owned by the business on and off-site.

This insurance can cover contractors from preparation at the workshop through to onsite construction, then maintenance, testing and commissioning.
With this in mind, Contract Works Insurance can easily be customised to each contractor’s individual needs, from civil, commercial, new building or refurbishment to individual trades such as electrical, plumbing or formwork.

Why is Contract Works Insurance important?

Contract Works Insurance is a package of insurance covers designed specifically for builders and contractors of any size. This insurance can help contractors financially survive if there is an accident or some type of damage to the works during construction, someone is injured, or valuable plant & equipment is lost or damaged. This insurance is an invaluable way to transfer your larger financial risks to an insurer for a fixed premium, and so minimise your risk. Many head contractors and principals also require builders to have this insurance in place

What does Contract Works Insurance cover?

Section 1 Material Loss or Damage - provides cover for physical loss or damage to:
•   The works under construction;
•   Materials to be incorporated into the project, either at the site or stored off-site;
•   Temporary structures; and
•   principal’s existing buildings.

Section 2 – Public and Products Liability - provides cover for injuries to other contractors working on the site during the construction (public liability), also damage to property which was built or completed, once for have left the site (your product). For example, support for a wall was not built correctly, and the wall collapses a year after the work was finished. Damage to the wall would be covered.

Section 3 – Plant & Equipment – provides cover for loss, damage or theft of your Construction Plant, Tools & Equipment.

What doesn't it cover?

While contract works policies are designed to cover accidents, it is important to note that they will contain exclusions, such as faulty workmanship, materials or faulty design, or any asbestos-related losses that will not be covered by this insurance. So, in the above example with the wall, the cost to rebuild the faulty support would not be insured, only the resulting damage to the wall and clean-up costs. Policy wordings differ, so it’s important to read and understand the exclusions in your policy.

Lastly, contract works insurance can also be specifically extended to cover principals and financiers, also your contractors or sub-contractors etc., while working at the site, to ensure that your policy cover loss or damage, even though it was caused by a contractor or sub-contractor such as the owner, the contractor, subcontractors, architects, and others.

While contract works policies are designed to cover loss, damage and accidents, it is important to note that the policy will, like any insurance policy, have exclusions. For example, faulty workmanship, faulty materials or faulty will not be covered by this insurance. So, for example, if a wall collapsed due to faulty workmanship, the cost to rebuild the wall would not be covered, however, if anyone was injured or the surrounding property was damaged, your insurer will pay for these costs and any legal expenses. Policy wordings and cover differ from insurer to insurer, so it’s important to talk to your insurance adviser about your policy.

At Insurance Advisernet, your insurance adviser is a qualified professional and will discuss with you your business objectives, goals and financial situation to create a risk profile. This will form the basis of their recommendation as to the type and amount of insurance, excess, and potential retention of any risks by you, so you can make a fully informed decision on your risks and insurance.

Frequently Asked Questions

● What is construction insurance?

Contract works insurance, also known as Construction insurance, is part of a package of insurance designed specifically for builders and contractors of any size. It covers material loss or damage to the works under construction, materials to be incorporated into the project, and temporary structures.
Finally, the policy usually also covers the builders' or contractors’ tools, plant & equipment against accidental loss, damage or theft.

● What is public liability insurance?

Public & Products Liability insurance for builders provides cover for injuries to other contractors working on the site during the construction (public liability), also damage to property, which was built or completed, once for have left the site

● Does a builder need contract works insurance?

This type of insurance package is standard for the building and construction industry and is well known. Many head contractors, principals and financiers require this insurance to be in place before starting on-site. This insurance is specifically designed to limit your financial risk relating to personal injury, accidental loss or damage happening on-site. You can also be insured for loss or damage caused by your contractors or subcontractors while working at the site. In addition, once you leave the site, personal injury or property damage arising from the completed works are also insured.

● How much does contract works insurance cost?

The cost of purchasing contract works insurance varies depending on the type of work, is it near or on water, or is it plumbing, roofing or a high-rise building? Other underwriting factors include prior claims, the length of the project, the defects liability period, the total sum insured, and is it a one-off project or is the building doing these throughout the year. Your Insurance Advisernet adviser is a specialist in construction insurance and can work with you to assess your risks and recommend the best solutions, including any insurance coverage.

Contract Works Insurance provides cover for any physical damage of works or third party liabilities during construction stages of a project.

Cyber Insurance

Technology has never been so deeply entwined in our businesses. While it delivers significant efficiencies and convenience, it also comes with significant cyber risks.

Cyber Insurance

What is Cyber Insurance?

Cyber insurance covers the physical loss or damage to information, IT systems and networks. It can also cover loss of profits to be business, caused by the introduction of malware, extortion or hacking. Insurance policies generally include significant assistance with and management of the incident itself, which can be essential when faced with reputational damage or regulatory enforcement.

Why is Cyber Insurance important?

During the 2020-21 financial year, the Australian Cyber Security Centre (ACSC) observed self-reported losses from cybercrime in Australia totalling a staggering $33 billion. Most businesses rely on technology to some extent and are increasingly exposed to increasingly sophisticated cyber criminals. In Australia, there is some type of cyber-related attack every 8 minutes, last year, attacks occurred on average every 10 minutes.

Businesses not only have guards against hackers and other types of cyber breaches but because of stricter data privacy laws, companies are also increasingly required to ensure personal information is secure. A breach will be investigated and require costly actions, including contacting hundreds or thousands of customers. There’s also the potential for hefty fines and penalties.

Firstly, it’s easier to buy an insurance cover that protects your main cyber-related risks of damage to your systems and recovery rather than trying to find and pay specialist consultants to rebuild systems and keep the business operating. Secondly, Cyber insurance policies include significant assistance with and management of the incident itself, which can be essential when faced with reputational damage or regulatory enforcement.

What does Cyber Insurance cover?

There is a wide range of cyber insurance available, all cover liability to third parties for passing on viruses. Other policies cover damage to your own networks. Some additional sections that we recommend being considered include:

Incident response – specialists to identify the issue and repair;
Lost income and additional costs related to the incident;
Data recovery and restoration;
Consumer notification costs and ongoing monitoring costs;
Legal defences costs;
Cyber extortion management and fees;
Crisis and PR management of the incident; and
Management of communications with regulators.

Cyber insurance is a key part of your management of cyber incidents and attacks. There are lots of resources available to assist in minimising the likelihood of a successful attack, including the Australian Cyber Security Centre. The top 3 things that you can do easily are:

Update your devices to protect information;
Multi-factor authentication for logging on; and
Back up your data real-time of at least daily.

Explore your insurance options today. Talk to your professional insurance and risk adviser and get the best cover for you and your risks. Book an appointment with Insurance Advisernet today!

Frequently Asked Questions

What is not covered by cyber insurance?

Like any insurance, not everything is covered, some common exclusions include:
- personal injury;
- Consumer Redress funds, unless specifically covered;
- loss of money or securities, unless specifically covered;
- your intentional conduct or wrongful use of personal information or failure to take reasonable care in securing your IT systems.
Is cyber insurance required in Australia?

While cyber insurance is not mandatory in Australia, it is expected that certain industries have some level of cover in place for critical industries, care, finances and utilities. Like many other types of insurance, cyber can help you to manage your business's financial risks. Without cybersecurity insurance, you would be forced to pay out of your own pocket for repair, recovery, and remediation costs from a cyber incident or attack.
What are the five main areas covered under cyber liability?

Cyber insurance typically helps you with expenses spent on the following:
1. Third-party liability
2. Emergency Response and Business Continuity assistance
3. Recovery of your data and IT systems
4. Business interruption due to interference to your systems; and
5. Loss to you from crime or fraud.
Does cyber insurance cover data loss?

Yes, cyber insurance covers your lost information and data, as well as any loss caused to your customers or suppliers if a virus is transferred. In addition:
- Notify potentially affected customers of a data breach
- Employing computer forensic experts to identify and restore data
- Repairing damaged computer systems, both hardware and software, to enable the data and systems to operate;
What are the benefits of cyber insurance?

Cyber insurance is a specialist insurance policy which provides cover against cyber incidents or attacks that are not covered by other insurance policies, such as professional indemnity, management liability or business packs. This could potentially leave a gap in cover. A cyber insurance policy will also pay for legal costs, crisis managers, and payment of credits and refunds to customers.

Technology has never been so deeply entwined in our businesses. While it delivers significant efficiencies and convenience, it also comes with significant cyber risks.

Directors & Officers/Management Liability Insurance

Many small and medium-sized business owners think they don’t need Directors & Officers (D&O) Insurance as it’s only relevant to large multi-national companies. However, D&O insurance is just as important to SME’s as any other business.

Directors & Officers/Management Liability Insurance

What is Directors & Officers/ Management Liability Insurance?

D&O (large companies) and Management liability (SMEs) insurance covers directors, officers and senior managers against actual or alleged acts, errors or omissions arising out of the operation or management of the company. The cover is for personal legal defence costs, as well as paying for any damages awarded for a breach of work-related duties and responsibilities. The policy will also reimburse the company for any legal costs advanced to the director or officer.

There are hundreds of laws and regulations in states and territories that directors and officers must comply with when managing or operating a business, including OH&S, workplace risk, Corporations Laws, ASIC, and environmental laws.

Why is D&O Insurance important?

Directors' and officers’ insurance not only covers the personal liability of directors, officers and senior managers, but it will also reimburse others for any financial losses they’re incurred due to mismanagement. Examples of claims include wrongful dismissal of an employee, email-related misconduct, breach of contract, OH&S breaches and environmental breaches.

What does D&O Insurance cover?

The main covers provided include:

Managers Liability covers directors and officers for personal liability arising from claims made against them as a result of their role as managers of the company where the company is unable or unwilling to pay their defence costs or damages;
Company liability provides cover to the company itself for claims made against the company arising from an alleged wrongful act or omission of the company. This is the key point of differentiation between directors and officers and management liability cover for privately owned businesses otherwise directors would still have to fund the defence costs for claims against the company out of their own pockets (as the company is treated as a separate legal entity when action is brought);
Employment Practices Liability provides cover for alleged employment breaches, such as discrimination, harassment, bullying, failure to promote, breach of contract, retaliation and wrongful termination;
Crime – provides protection for your business when there has been a direct financial loss such as theft of money, securities and property. This can include employee fraud or dishonesty, third-party crime, electronic and computer crime, destruction and damage of money; and
Statutory liability (legal defence costs only), insurance provides coverage for defence costs incurred from any formal investigation by a regulatory/government/professional body or other authorised institution. It also covers any fine or penalty imposed (where legally permitted and subject to policy conditions). The policy can also include a number of extensions, such as WHS defence costs which cover legal costs associated with preparation for and attending Workplace Health and Safety Inquiries; also Tax Audit, which covers the accounting costs incurred during a tax audit/investigation.

It’s important to understand the difference between Professional Indemnity and Management Liability insurance. The easiest way to look at the two insurance covers is that Professional Indemnity covers financial loss incurred by a customer who relies on your professional advice or work.

Management Liability, on the other hand, protects your business against financial losses, as well as the personal assets of management, due to allegations or actual mismanagement, misconduct or legislative breaches,

At Insurance Advisernet, our authorised representatives are professionals who can work with you to understand your business and provide advice on the best way to manage these risks, including which type and amount of insurance cover is best. Contact us today, and we’ll arrange an appointment.

Frequently Asked Questions

● What type of D&O or Management Liability insurance should I buy

All companies and businesses of any size can benefit from this insurance cover. As it’s a package, you can choose the basic Management & Company liability section or add on crime, employment practices and tax audit covers. It really depends on the size and nature of your business and your risk appetite. Insurer cover differs, some offer pollution defence costs, while others offer special cover for labour-hire companies. These are some questions to consider when considering D&O or management liability insurance.

● Do I need D&O / Management Liability Insurance?

All companies and businesses of any size can benefit from this insurance cover. Both small and large companies have exposure to employment practices, claims, crime and investigations. As a key premium rating factor is based on size and revenue/ turnover, the premiums are smaller for SMEs than for large companies.

● Is D&O / Management Liability Insurance the same as Professional Indemnity insurance – No, it isn’t.

Professional indemnity and Management Liability insurance cover different risks. Professional Indemnity covers financial loss allegedly or actually incurred by a customer who relies on your professional advice or work.

Home Insurance

For most people, the family home is the largest asset they’ll ever own. This means it is essential to protect it, inside and out, with the right insurance cover. After all, no one wants to discover they’re inadequately insured when it’s too late.

Home Insurance

What is Home & Contents Insurance?

Home and contents insurance covers the cost of repairing or replacing your house and your belongings when something goes wrong, like a fire, burglary or a visitor gets injured.

For many Australians, owning a home is a dream come true. After years of toiling and saving up, we all look forward to the day when we can live under a roof that we can proudly call our own. So, it’s important to get the right type of insurance.

Insurance is financial protection in the event of disasters like severe storms, an earthquake or fire happening. Trees falling or hail damaging roof tiles happen and can cause severe damage to our beloved homes. Insurance provides both financial security and peace of mind.

Why is Home Insurance important?

Our home is often our largest asset, so it’s important to find the right home insurance that can pay the often-large costs of repairs or rebuilding. Contents insurance is usually purchased along with cover for the building. So, if the roof is damaged in a storm and water causes damage to the interior furniture or clothes, it’s all covered by the same insurance company. This type of insurance will also pay the costs of moving temporarily and putting contents in storage if the house is so badly damaged it cannot be lived. Banks and finance companies also require this type of insurance when you borrow from them.

What does Home Insurance cover?

Standard homeowner’s policies typically cover a list of insured events, like Fire & smoke, storm, cyclone, rainwater, explosion, burglary and vandalism. Other insurance companies offer more than the standard cover, for example, accidental damage, motor burnout and artwork or valuables taken outside the home. It’s also important to check and compare insurance policies, as they vary, some cover damage to retaining walls, landscaping, and flood and water leaks, others don’t.

Checking and understanding what is covered and what is not covered (often called an Exclusion) or what limits some items have, for example, jewellery may only be covered up to $1,000 per claim unless items are specifically listed is the key to understanding the insurance you purchase.
Before you purchase insurance, we recommend checking:

Cover type – is it a standard cover (listed events), or accidental damage cover.;
Will the home be your main residence or a holiday home;
How much cover is there for jewellery or special items;
Have you used a free online calculator to find out the rebuilding cost of your home and the replacement value of the contents;
Do you need cover for bikes or other sporting equipment;
What is the condition of the home, most insurers don’t pay for water leaks from cracked tiles or rusted gutters.
The location of the home - is it in a flood or bushfire-prone area, some insurers may not cover certain streets or suburbs.

Having the right insurance cover can really help if the worst occurs. The insurer can arrange repairs and alternative accommodation, if needed or pay legal defence costs and damages awarded by a court if someone is injured on your property. Having the incorrect type of cover could mean you have to find the money to pay for these things.

At Insurance Advisernet, we’re prepared to help you ensure the valuation of your home and contents are up to date. Our professional advisers will also discuss your needs and advise which insurer and type of cover best suits your needs and budget. Talk to one of our representatives today!

Frequently Asked Questions

● How much does home & contents insurance cost?

The average home & contents insurance cost, as well as the cover varies around Australia. In NSW, the average is around $110 a month, in Victoria $100 a month, with Queensland can vary from $120 to $360 per month for Far North Queensland, so it pays to get quotes from different insurance companies and different levels of cover. Premiums will vary based on location, what the home is built of, the age and type of occupancy and past claims experience.

● Is home insurance mandatory?

No, however, banks or finance companies will require home insurance to ensure you can have your home repaired or rebuilt if damaged. It’s also common sense to ensure what are most people’s most valuable assets and are they protected in the event of storm or fire.

● What 3 areas are covered in a typical homeowner’s policy?

There are typically 3 areas covered by a homeowner’s insurance plan:

Building – This covers the house and any carports or garages, as well as the fixtures and fittings, like pipes and carpets. Basically, anything that you wouldn’t take with you when you sell the home. As mentioned, some policies cover any type of accidental damage, while others more limited cover (and cheaper) for fire and listed perils, including wind, rainwater and storm damage.
Contents – this is anything you would take with you when you leave. Rugs, furniture, beds and sporting equipment.
Valuables – contents policies only provide very limited cover for jewellery, bikes were taken away from the home or artwork. So, it is important to understand the difference between insurance policies and what suits you.

● How do I know how much homeowner’s insurance I need?

Nothing is set in stone, but some major factors to consider are the square foot measurements of the house plus the construction costs to rebuild damaged or destroyed houses. With Covid related shipping delays and inflation, the replacement costs of both the home and contents have increased 10% - 25% over the past year, so it’s key that you get good advice and check with an up-to-date online calculator. If you don’t have enough insurance cover, you may end up paying for part of the repairs, which could be expenses and delay the work.

Liability Insurance

Despite the very best of intentions, accidents can still happen in any business. Public and Product Liability Insurance  protects you against claims for personal injury or damage to a third party.

Liability Insurance

What is Liability Insurance?

Liability Insurance is a general term that covers multiple types of insurance cover that help people and businesses protect themselves from potentially large legal defence costs and any damages awarded by a court. The main types are Public & Products Liability, Professional Indemnity, Management Liability, Statutory Liability & Product Recall. These also specialist liability insurance for the aviation, marine, Care and finance industries.

Anyone that deals with the public, sells, imports goods, drives a car or truck or operates a plane or boat should have liability insurance, which has two main cover sections:

Public liability – injury to the public or damage to their property on the business premises or caused in a truck or boat accident; also
Product liability – once the item you sell or repair leaves your control, like a plumber installing a washing machine, if its case damages or injures someone, then you could be legally responsible.

In addition, there are:

Professional Indemnity - if you give advice or provide a service, such as an accountant, care worker or building consultant, you could be legally liable for any advice you provide, which results in external clients or customers being financially worse off; and
Management (D&O) Liability – covers the personal liability of directors, officers and senior managers for mistakes they make in running the business. This may result in a loss to the company, its shareholders, or bank or an investigation by ASIC, EPA or other government agencies.

Some liability insurance is mandatory, the government requires you to have it in place to operate the business, like professional indemnity for architects or CTP liability insurance for registered cars and trucks. Other types of liability insurance are optional, with the scope and amount of insurance cover chosen by the business owner.

What does Liability Insurance cover?

It depends on what type of liability insurance you have purchased, your business and your industry. Briefly:

Public Liability Insurance - covers people, businesses, events and contractors for legal defence costs if legal action is taken against you or the business, whether it’s a genuine claim or a try-on from a disgruntled customer. This insurance will also pay any damages awarded by a court if found responsible for causing personal injury or damage to property, also any resulting financial loss. While Public Liability cover can be mandatory, like plumbers in some states, it’s mostly optional and a decision for the business owner.
Product Liability Insurance -If you make, import, sell, distribute or repair products, you can be responsible for personal injury, property damage or resulting financial loss due to faults in the product, product advice about the use or even customer misuse. You are unlikely to be able to depend on the original manufacturer, importer or retailer to protect you and pay for your legal costs. So, taking out product liability insurance as protection against potentially having to pay expensive legal defence costs and any damages awarded by a court is a good idea.
Professional Indemnity Insurance – provides cover for professionals, not just doctors and lawyers, but any person that has the expertise and is usually part of the trade or professional group. So, builders, designer, architects, IT consultants, and allied health insurance cover legal defence costs and any damages awarded from an act, error or omission arising from professional services you and your business provides to customers and clients.
Management Liability Insurance - covers directors, officers’ and senior managers against actual or alleged acts, errors or omissions arising out of the operation or management of the company. The cover is for personal legal defence costs, as well as paying for any damages awarded for a breach of work-related duties and responsibilities. The policy will also reimburse the company for any legal costs advanced to the director or officer.

As you can see, there’s a wide range of liability insurances, with cover tailored to each industry and type of business. The better advice you get, the more informed decision you can make to ensure the best protection for you, your directors and managers and the business:

Schedule an appointment with Insurance Advisernet, we’ll be glad to talk with you to understand your needs and provide advice on the best way to manage your personal and business liabilities.

Frequently Asked Questions

● What is an example of liability insurance?

There are mandatory and optional liability insurance covers required by government bodies or professional organisations, examples being:

Mandatory or Statutory Liability Insurance policies include professional indemnity (also referred to as PII or E&O insurance), motor vehicle CTP, workers' compensation and builders warrantee.
Optional Liability Insurance policies include property owners’ liability under a home or property insurance package, Protection & Indemnity insurance for boats, public liability for shop or office owners and product liability for importers, wholesalers and builders.

● What is covered by liability insurance in Australia?

Liability insurance covers a person or a business against claims (whether real or imagined) made that the person has been injured, their property has been damaged, or they have suffered a financial loss. All policies provide legal costs to defend against threatened or actual litigation and also pay for damages if you or the business are found to have been responsible.

● What kind of liability insurance do I need?

Some occupations, such as builders or professionals, such as tax agents, must have liability insurance in place before you start in business. Talk to your professional organisation or industry association. Other liability insurances are optional, a large food producer may look at buying Product Recall, whereas retailers & property owners will look to buy public liability. Motor Vehicle CTP and Workers' Compensation are required if you own or operate vehicles or have employees.

Despite the very best of intentions, accidents can still happen in any business. Public and Product Liability Insurance  protects you against claims for personal injury or damage to a third party.

Marine & Hull Insurance

Do you operate a marine business and/or transport goods? Marine Insurance is designed to provide peace of mind when you have a ship or vessel that requires insurance, or you are moving cargo across sea, land or air.

Marine & Hull Insurance

What is Marine & Hull Insurance?

If your business operates in the marine industry, whether it builds vessels or transports cargo or people, you need an insurance policy that protects you from the overly costly financial impact of risks associated with operating within our waters.

Marine Cargo Insurance is designed for those transporting goods across Australia, New Zealand and overseas, regardless of mode (land, sea, air). The policy covers cargo in transit from point A to point B.

Commercial Hull Insurance is designed for businesses that own and operate commercial vessels like charter vessels, barges, ferries, etc. This policy covers the costs of damage to the vessel and the machinery and equipment inside it.

Marine Liability insurance covers the business's legal liability to third parties where negligence has occurred related to the operation of the vessel and/or actions of the crew.

Why is Marine & Hull Insurance important?

A mishap on the water can cause loss or damage to your commercial vessel, which can impact the ability of your business to operate, resulting in lost revenue and other expenses. Marine Hull insurance covers the cost of repairs and/or replacement of the vessel in the event of loss and/or damage.

Marine Liability insurance protects businesses from legal liability to third parties. This can include business operations such as Marina operators, Stevedores, terminal operators, shipbuilders and ship repairers, docking facilities, piers and pier facilities

Marine cargo insurance is important as it insures the value of your goods against loss and/or damage caused whilst in transit by any method of transport.

What does Marine & Hull Insurance cover?

Marine hull insurance covers all types of commercial vessels engaged in maritime activities operating in seas, oceans, lakes, and rivers. They include:

Bulk carriers
Barges
Fishing boats
Tankers
Ships
Yachts

Insurance Advisernet can source competitive terms for your Marine-related risks. Talk to one of our authorised representatives today and start removing obstacles to the growth of your business.

Frequently Asked Questions

● What is the meaning of marine hull insurance?

Commercial Hull Insurance is designed for businesses that own and operate commercial vessels like charter vessels, barges, ferries, etc. This policy covers costs of damage to the vessel and the machinery and equipment inside it.

● What is the difference between marine cargo and marine hull insurance?

Marine cargo insurance provides protection for consumer goods while they are being transported from one place to another, irrespective of means (land, sea, air). On the other hand, marine hull insurance insures vessels used for commercial purposes and includes coverage for machinery and equipment used in the vessel.

● What is covered by marine insurance in New Zealand?

It depends on what policy is purchased. Marine cargo insurance insures goods and packages during transit. Marine Hull insurance covers the repair/replacement costs of damaged vessels. Marine liability insurance protects operators from suffering financial losses as a result of third-party claims for damages and physical injuries.

● Which type of risk is covered by hull insurance?

Marine hull insurance should provide adequate coverage for the following coverage:

Physical loss of vessel and equipment
Damage to a ship’s hull, machinery, and equipment

Motor Insurance / Commercial / Heavy Motor Insurance

Policy provides coverage for physical loss, damage or theft to your vehicle. It can be extended to cover Loss Damage or injury to a third party.

Motor Insurance / Commercial / Heavy Motor Insurance

What is Motor Vehicle Insurance?

Motor vehicle insurance is specifically designed to cover registered and unregistered motorcycles, cars and trucks. There are two main types of cover that you can choose. The first covers the damage your vehicle could cause to other people’s property following an accident, plus related legal costs, this is called Third Party Property Damage (TPPD) cover. The second type of cover will provide some level of protection to your own vehicle, depending on your needs. Comprehensive cover will pay for repairs or the value of your vehicle if written off or stolen. There is also an option available that covers damage due to fire or theft of the vehicle. Both Comprehensive and Fire & Theft insurance automatically TPPD cover.

Motor vehicle insurance is not compulsory, so you can choose the type of cover that’s suitable for your needs. If your vehicle is financed, the bank or finance company will often require Comprehensive insurance to be in place.

It’s also important to remember that Motor vehicle insurance does not cover personal injury to passengers or others or legal defence costs. This is often called Compulsory Third Party (CTP) insurance and must be purchased before you drive the vehicle if it is registered.

Why is Motor Insurance important?

Motor Vehicle accidents often happen, and people are injured, or vehicles are damaged or stolen. The damage to your car can be very expensive to repair, and you may also be responsible for repairing the other vehicle, as well as paying legal costs. Finding the money to pay for repairs or buy a replacement vehicle if yours is stolen can be difficult.

Insurance is an easy way to manage financial risk. It’s easier to budget for an annual insurance premium rather than making sure you have enough money in the bank to pay for repairs or buy a new car, which could easily be tens of thousands of dollars.

So, whether you own a motorbike, a ute or operate a fleet of trucks, some level of motor vehicle insurance cover is essential.

What does Motor Insurance cover?

Motor vehicle insurance can come in different forms, some insurers specialise in trucks, while others have insurance cover especially tailored for motorbikes. So, our advice is to explore your options and compare insurers and insurance covers. A brief summary of the main types of insurance and key features are:

Private Car Insurance -. this type of cover is for individuals or families, with passenger sedans, SUVs, people movers, station wagons and Utes not used for business. This can include specialist cover for unique or vintage vehicles rarely driven. Either Comprehensive or TPPD-only cover can be purchased. Optional extensions for the Comprehensive cover include extras on and in the vehicle and hire of a replacement car for up to 21 days following the theft.
Motorcycle Insurance - this type of cover is for individuals, families or businesses that own or ride quad bikes, ATRs, dirt or road bikes. Either Comprehensive or TPPD-only cover can be purchased. Optional extensions for the Comprehensive cover include extras on and in the vehicle and hire of a replacement bike for up to 21 days following the theft.
Commercial Vehicle Insurance - this type of cover is for large or small businesses that own or lease sedans, SUVs, utes and trucks. This policy can cover specialist vehicles such as mobile cranes, refrigerated transport and trucks that can load and unload goods. Either Comprehensive or TPPD-only cover can be purchased. Optional extensions for the Comprehensive cover include extras on and in the vehicle and hire of a replacement car for up to 21 days following an accident or theft.
Fleet Insurance - this type of cover is for large businesses that own or lease large fleets of sedans, utes, trucks and mobile plant. This policy is designed to cover a large number of vehicles, including specialist vehicles such as mobile cranes, forklifts, refrigerated transport and trucks that can load and unload goods. Either Comprehensive or TPPD-only cover can be purchased. Optional extensions for the Comprehensive cover include automatic cover for new vehicles, tools and equipment and extras on and in the vehicle. Costs to hire a replacement vehicle following accident or theft.

Insurance Advisernet is a specialist in all types of motor vehicle insurance and can help you every step of the way. Contact us today!

Frequently Asked Questions

● What is the meaning of motor vehicle insurance?

Motor vehicle insurance is a specialised cover designed for all types of vehicle owners to protect them from financial loss resulting from loss or damage to their vehicle as well as the costs of repairing other people's cars, trucks, or property if they are responsible for the accident. Legal defence costs are also covered under this policy.

● What insurance is the best for my vehicles

Different people require different types of cover for their vehicles, depending on the amount of cover they need and the type of vehicle. So, motorcycle owners would consider some level of motorcycle insurance coverage, while owners and operators of a refrigerated trucking company would consider fleet insurance.

● Which are the key types of motor vehicle insurance?

There are lots of different products on the market, the main categories are: (1) Private Car Insurance, (2) Motorcycle Insurance, and (3) Commercial Vehicle Insurance (4) Fleet Insurance

● Why do I need motor vehicle insurance?

Only Compulsory Third Party (CTP) insurance must be purchased before you drive the vehicle if it is registered. The type of insurance and amount of cover will vary, depending on what you use the vehicle for, and the value and level of protection your need. If the vehicle is financed, comprehensive insurance is generally required. Motor insurance is an easy way to manage your financial risk. It’s often easier to budget for an annual insurance premium rather than making sure you have enough money in the bank to pay for expensive repairs or buy a new car, as well as pay for legal bills, all of which could easily add up to tens of thousands of dollars.

Policy provides coverage for physical loss, damage or theft to your vehicle. It can be extended to cover Loss Damage or injury to a third party.

Plant & Equipment Insurance

Plant & Equipment Insurance is important for a wide variety of businesses that rely on mobile plant and equipment to continue their business activities. It protects the equipment itself, but also the liabilities associated with its use, from portable tools and the smallest of earthmoving machines, to forklifts and the largest of cranes.

Plant & Equipment Insurance

What is Plant & Equipment Insurance?

Plant and Equipment Insurance is specifically designed to cover registered and unregistered mobile plants, as well as equipment taken to job sites. There are two main sections of cover, the first is insurance for accidental damage to the item & theft, or you can choose Public Liability cover only. Public liability insurance provides cover if you injure someone or damage their property while working or operating the plant. There are also optional covers available at extra cost, such as Goods on Hook, reimbursement of rental costs for a temporary hire, Road Risk and extended cover for Wet or Dry Hire.

Common types of plant & equipment insured include trailers, excavators, mobile & tower cranes, farm machinery and forklifts.

It’s important to remember that plant & equipment insurance doesn’t cover personal injury to passengers or others if the item is registered and on a public road. This is often called Compulsory Third Party (CTP) insurance and must be purchased before you drive the plant if it is registered.

Why is Plant & Equipment Insurance important?

Accidents happen, plants & equipment are stolen from sites, and people are injured. The damage to your plant can be very expensive to repair, as well as the cost of hiring a replacement item so you can complete the job. Finding the money to pay for repairs or buy a replacement unit if yours is stolen can be difficult. In addition, legal defences costs and damages awarded by a court if you're found responsible for an injury to someone or damaging property, it can be very expensive.

Insurance is a good way to manage financial risk. It’s easier to budget for monthly insurance premiums than to suddenly find enough money to pay for repairs or buy a new machine.

What does Plant & Equipment Insurance cover?

Plant and equipment insurance can come in different forms, some insurers specialise in mobile cranes, while others have insurance cover especially tailored for farming or the construction industry. So our usual advice is to explore your options and compare insurers and insurance covers. A brief summary of the main types of insurance and key features are:

Accidental damage to or theft of your plant & equipment - the policy, i.e. repair, reinstate or replace the damaged parts or accessories; pay the sum insured or market value; or replace the item and accessories;
Road Risk - covering personal injury as a result of an accident if the unit is unregistered, as well as damage to property on a public road or public area.
Public & Product Liability covers two sections, the first is Your liability for Personal Injury or Property Damage because of an Occurrence in connection with Your Business. The second is cover for Your liability for Personal Injury or Property Damage as a result of an Occurrence caused by Your Products.
Business Interruption – pays an agreed weekly benefit if a listed item is damaged. The cover starts from the time of the accident until repaired.

Common types of plant and equipment include:

Bobcats
Bulldozers
Asphalting machines
Earthmoving equipment
Farming machinery
Forklifts
Mining equipment
Road work equipment
Trucks, trailers and tippers.

Regardless of your occupation or industry, Insurance Advisernet has professional brokers that can discuss your business risks and assist you to manage the key risks, including recommending insurance options available. Contact us today for an appointment.

Frequently Asked Questions

● What kind of insurance do I need for plant & equipment?

Plant & Equipment insurance is designed specifically for these types of items and businesses. This is a package policy where you can choose the cover you need for your business, such as damage to your own items, public & product liability, road risk and agreed-on weekly benefits following downtime.

● What items are usually covered under plant & equipment?

Plant & equipment insurance covers a wide variety of plant and mobile construction and industrial equipment, including bobcats, asphalting machines, forklifts, trucks, trailers and attachments, concreting equipment, excavators, mobile cranes and scissor lifts. The items can be unregistered, conditionally registered or fully registered.

● What is Equipment & Machinery insurance?

Equipment & Machinery insurance is also known as plant & equipment insurance.

● How is the insurance premium calculated for Plant & Equipment?

The key factors insurers consider when calculating the premium for each item include the type of item, experience of the operator, prior uninsured loss or claim experience, the value of the item and where the item will be used. The premium can also be higher if you choose to insure optional covers, such as Goods on Hook, reimbursement of rental costs for a temporary hire, Road Risk, and extended cover for Wet or Dry Hire.

Professional Indemnity Insurance

Professional Indemnity (PI) Insurance isn’t just limited to typical ‘professions’ such as accountants, engineers, lawyers, doctors and architects. Essentially, anybody providing advice or consultancy services for a fee has an exposure that needs to be considered.

Professional Indemnity Insurance

What is Professional Indemnity Insurance?

If you or your business provide professional advice or services, then you are likely to need professional indemnity (PI) insurance.

This insurance provides and pays your legal defence costs in the event that a customer complains that they followed the advice, it was negligent, and they suffered a financial loss, even if there is no real basis for the complaint. If there was negligence, PI insurance will also pay any damages awarded by the court.

Typical professionals that purchase Pi Insurance include real estate agents, construction consultants, healthcare or allied health, IT consultants, lawyers and doctors.

Without Professional Indemnity Insurance, you or your business could be faced with having to organise your own legal defence, pay potentially large legal bills,
as well as pay damages awarded by the court.

The average claim amount is over $100,000 for legal costs, expert reports, and damages, so it can be a large amount to have to find quickly.

Why is Professional Indemnity Insurance important?

Professional indemnity insurance is mandatory for many professions and required to be in place before starting a business. It’s recommended that you check with your association or insurance adviser to find out if PI cover is compulsory and the sum insured required.

For other professionals, although this insurance cover may not be compulsory, it’s an easy way to protect yourself and your business from large financial losses.

Even with the best training or risk management, people still make mistakes, contractors can provide an incorrect specifications or advice incorrectly understood.

It also worth noting that the cover provided by professional indemnity is different from public liability insurance. Public liability insurance covers defence costs and any damages relating to personal injury caused to people or damage to their property. This is different to financial loss caused due to an architect placing walls in the wrong location on plans or an IT professional recommending the wrong software and loss of potential customers to the business.

What does Professional Indemnity Insurance cover?

The exact cover will depend on your occupation and scope of activities. Broadly speaking, Professional Indemnity insurance covers any negligent act, error or omission relating to:

Misleading, inaccurate or negligent advice; breach of confidentiality or privacy;
Breach of consumer, competition, and fair trading laws;
Loss of documents;
Infringement of intellectual property rights;
Malpractice, misdiagnosis, failing to order the appropriate tests, failure to treat;
Defamation, libel or slander; Disciplinary proceeding costs; Claim investigation costs, including expert reports;
Public Relations costs;
Legal defence costs; and
Payment of damages.

As you can see, professional indemnity is a complex insurance with a wide range of cover options. At Insurance Advisernet, our authorised representatives are professionals who can work to understand your business and provide options to manage your professional risks and recommend insurance cover.

Frequently Asked Questions

● Who needs professional indemnity insurance?

Anyone that is specially trained, provides advice or service, and is a member of an association or profession can obtain this type of cover.

Real Estate Agents, construction consultants, engineers, healthcare or allied health professionals, designers, lawyers, IT consultants and doctors all need professional indemnity insurance, in some workplaces or industries, it is mandatory to have this cover. Even if not mandatory, this insurance is important to protect you and the business from having to pay significant legal costs, as well as damage, if found to be at fault.

● How much does professional indemnity insurance cost?

Professional indemnity covers you or your business for legal costs and any damages if there is an actual or alleged act, error or omission that causes a financial loss to a client or customer.

The three main items driving premiums are;

Your industry, for example, construction, IT, or medical, some are at higher risk than others;
The scope of your business activities, for example, a fire engineer or an IT engineer, the turnover/ revenue and number of employees or contractors; and
Prior claims experience, the more claims or lawsuits, the higher your premium (and excess) are likely to be;

● What is the minimum professional indemnity insurance?

The amount of Professional indemnity cover depends on:

your occupation and potential for financial loss to the customer if there was negligent advice;
any mandatory requirements of your association; and
the amount of cover that you chose, based on your level of risk, as well as the cost of the insurance.

Because different professions present varying levels of complexity and risk, we would recommend talking with your insurance adviser, they are professionals who can work to understand your business and provide you with options to choose from.

Property Insurance

Cover for loss or damage to your physical business assets in the event of an incident occurring.

Property Insurance

What is Property Insurance?

Property insurance is a type of insurance that covers the loss or damage to physical property after the occurrence of an Insured event or peril, such as storm damage, fire or impact from a truck.’ It is often sold as part of a package if insurance covers a Farm Pack, Home Insurance or Business Pack.

Why is Property Insurance important?

Like most insurance policies, property insurance provides property owners with financial security so that if the worst occurs, like a fire or tree falling onto a home, your financial loss is minimised.’

What does Property Insurance cover?

There are two ways to approach this question: (1) What kinds of properties are covered, and (2) what ‘Loss or damage can be insured?

To answer the first question, most properties can be insured so long as the occupancy situation and purpose of the property are fully disclosed. You can insure personal property, such as your home, the household contents, and personal property, such as jewellery or sports equipment. This can be your residential property, a farm, a unit, a strata building, commercial strata, a retail store, a factory, a warehouse or a manufacturing facility.

All property policies cover Specified Perils, such as fire, theft, storm, rain, wind-related events, impacts by vehicles and trees and vandalism. You can also add a cover at an additional cost for accidents happening, like shelves falling or stock being damaged by a pipe leaking.

Property insurance policies, as with any other type of insurance, have limits and exclusions. The limits may relate to the total amount payable in the event of a claim, the location where the property is insured or how your claim will be paid out. Typical exclusions that apply include damage by insects, pre-existing damage, intentional damage, lack of maintenance and flood. It’s essential that you read and understand your insurance coverage. Talk to your insurance adviser if you have any questions or don’t understand the property insurance arranged for you.

How to select the right property insurance

Choosing the right property insurance can be challenging as there are a few:

Home Insurance is a package that includes cover for the house, contents and personal items taken outside the home;
Farm Insurance is another package that covers farm property. This can include the homestead, contents and personal items, also stables, barns, out-buildings, fencing, plant & equipment and grain in silos or livestock.
Business Insurance is a package that can cover buildings, stock, contents, plant & equipment, and work in progress.

A qualified insurance adviser is a professional that can provide you with advice on the best cover to suit your financial situation, needs and objectives.

Call us today for a no-obligation consultation and specialist advice.

Frequently Asked Questions

● What insurance is best for a property?

Choosing the right property insurance can be challenging, as there are lots of different types, including personal property. Home, farm, business and stock. The cover also varies between insurers, some will offer specified perils, other accidental loss or damage, plus specified perils. Other factors to consider include the use of the property, whether it will be renovated, value and key risks in your area.

● What is the importance of property insurance?

‘Property Insurance is a way to manage your financial risk. When you buy insurance, you purchase protection against unexpected events damaging your property, such as fire, storm or burglary. For the payment of an annual insurance premium, the insurance company promises to pay you in the event of loss or damage occurring.
If you have no insurance, then you have t pay for any loss or damage, which is difficult to budget for, and the cost of repairs may be outside your ability to pay.

● What is the difference between homeowners insurance and other types of property insurance?

All property insurance covers buildings, contents and specified types of property. The use of the property usually tells you what type of property package you need. A home-owners package will cover a number of sections, like public liability, glass and property, such as the home, contents and personal valuables like jewellery. A farm package will again cover public liability, motor vehicles, etc., with the property section covering the homestead, farm buildings, fencing and farm machinery. A commercial package will usually cover theft, machinery breakdown, legal liability and property. Property for a business includes stock in process, finished stock, buildings, plant & equipment and office contents.

● What is not covered by property insurance?

Property insurance coverage differs from one insurer to another. It’s better to review your policy and ascertain if it covers most of your risk exposures. In many instances, property insurance has limits on the amount per accident or per item. Certain types of damage may also be excluded, like flood damage in certain areas, leaving the home unoccupied for a long time or bushfire damage in fire-prone areas. So, it pays to read and understand what your insurance policy does and does not cover. Your insurance adviser will make the whole process easier to understand.’

● What are the 7 basic types of coverage needed?

Property insurance covers a wide ‘range of events, the key being fire, storm, impact by falling trees or vehicles, wind, vandalism, explosion and burglary. Other types of cover can be added, talk with your insurance adviser, they’ll help you to get the right cover.

Cover for loss or damage to your physical business assets in the event of an incident occurring.

Social Engineering Fraud

Social Engineering Fraud (SEF) is when a fraudster gains the trust of an individual, usually within a role of influence within a business, and ‘tricks’ them into sharing confidential information or even transferring funds directly to the criminal.

Social Engineering Fraud

What is Social Engineering Fraud Insurance?

Social engineering crime, in simple terms, is when a cybercriminal tricks a person at home or in a business into sharing confidential information or transferring money, which the criminal steals. Social engineering fraud is part of a type of cyber (internet-based) crime, with seven out of 10 businesses experiencing some type of cyber-attack in the past 5 years, it’s a problem for both small and large businesses.

Cyber Insurance is a specific type of insurance policy that has been developed to cover the loss of money, data and confidential information stolen by cyber-criminals. Types of social engineering. Social engineering fraud is difficult to identify and far from black and white, however, it can be either of two common fraud types.

Human-based:
Involves person-to-person communication such as:

Impersonation,
Posing as an authorised user (like your boss),
Posing as a third-party stakeholder,
Shoulder surfing to gain private credentials and;
Dumpster diving to check your computer's trash for valuable information.

Computer-based:

This approach generally targets victims via computer software, often achieved by:

Baiting - uses false promises to incite curiosity and greed in the victim
Phishing - uses spam email and text messages to trick users into entering their personal info, clicking malicious links, or downloading attachments that contain malware.
Pretexting - falsely mimics an authoritative person to gather information (policeman, doctor, bank representative, etc.)
Spear phishing - more targeted emails or texts to a person that mimics someone the person knows, especially in the context of business, like the employer of the victim, using personal information to trick the person into believing the criminal is real.
Scareware - arouses fear and panic in its victim so the victim will act, such as paying a fake bill or calling before service is suspended for non-payment.

Unfortunately, these types of crimes can and do frequently go unnoticed until confidential data has been stolen or funds have been transferred, and it's too late to recover them. It’s difficult to eliminate the risk of social engineering fraud, and criminals are increasing their attacks. Fortunately, you can get a comprehensive Cyber insurance policy that can include Social Engineering to cover losses caused by these attacks.

Why is Social Engineering Fraud Insurance important?

Businesses are becoming more integrated into the digital community, from banking, health insurance and buying goods of services online. This leaves a lot of ways that people and companies can be exposed. In Australia, a cybercrime report is made approximately every eight minutes.
While anyone can be the subject of social engineering attacks, there are certain groups scammers typically target. This is due to factors including seniority, access to sensitive information, or ability to access systems, such as:

High-profile individuals,
Senior management,
System administrators and;
Staff members (mainly from finance, legal, etc.).

Ultimately, no matter what your position is within the organisation or existing cyber defences, no one really is immune to being scammed and becoming a victim of social engineering or cybercrime.

As part of your risk management, a social engineering insurance policy can minimise the impact and financial loss to the business.

What does Social Engineering Fraud cover?

It’s important to know that cyber risks and social engineering fraud are not usually covered under the normal business insurance policy, so they have to be looked at separately.

As mentioned, Social Engineering Fraud cover is part of a Cyber Insurance policy that covers:
Incident response – specialists to identify the breach and remove the cause;

Financial loss and additional costs due to the incident;
Data recovery and restoration;
Legal defences costs;
Cyber extortion management and fees;
Crisis and PR management of the incident; and

Your policy should extend to cover losses from::

Vendor/ supplier impersonation
Executive impersonation
Client impersonation

Because different businesses and industries have different levels of complexity and risk, we recommend talking with your insurance adviser. They are professionals who will work with you to understand your business risks and provide you with advice to manage your risks, and recommend the best insurance options and solutions.

Frequently Asked Questions

● What is an example of social engineering?

Social engineering crime, in simple terms, is when a cybercriminal tricks a person at home or in a business into sharing confidential information or transferring money, which the criminal steals. Examples include phishing, this trick users into entering their personal info, clicking malicious links, or downloading attachments that contain malware, giving the criminal access to the computer.

● What are the 5 social engineering attacks?

The five most common social engineering attacks are (1) baiting, (2) phishing, (3) pretexting, (4) spear phishing, and (5) scareware.

● What is a social engineering phishing example?

Phishing is a social engineering trick that sends out spam emails or texts to trick users into entering their personal info, clicking malicious links, and being redirected to a scam webpage, where the victim is tricked into handing over sensitive personal information or downloading attachments that contain malware, giving the criminal access to the computer.

● Is social engineering fraud a type of cybercrime in Australia?

Yes, many forms of social engineering happen within cyberspace. A criminal pretends to be someone else and tricks the victim into giving them information, access to their computer or transferring money, any social engineering tactic constitutes fraud and qualifies as cybercrime.

Strata Insurance

Every owners’ corporation (also known as the body corporate) is obliged to take out Strata Insurance to cover the building, common property and common area contents of a strata scheme. Insurance is available for both residential strata and commercial strata properties.

Strata Insurance

What is Strata, Body Corporate & Community Association Insurance?

Strata, Body Corporate & Community Association insurance is compulsory for risks such as fire, storm and public liability if visitors or guests are injured on the property.

Insurance companies have specialised packages for these types of risks that include both compulsory cover and optional cover such as:
Damage to the building and common areas from accidental damage, fire, storms or theft;
Optional catastrophe cover, which increases your building sum insured to cover higher rebuilding costs, if a catastrophe impacts your area;
Loss of rental income if you have tenants or alternative rental costs if you are an owner occupier and have to move out while the building is repaired following a fire or other damage;
Public liability, covering injury to the public and visitors or damage to their property;
Breakdown of machinery and key electrical equipment;
Office & Committee members, covering actual or alleged breach of duties as a committee member, legal defence costs and court-awarded damages; also
Voluntary workers' personal accidents, covering residents injured when undertaking voluntary work around the property.

Although only fire and damage to the building, as well as the public liability, are compulsory, most committees chose to include most sections of cover, as it’s easier to budget for the premium annually rather than ask for money to cover urgent repairs.

We can assist you in reviewing or organise quotations and appropriate insurance cover in accordance with state or territory requirements

Why is Strata Insurance important?

For a start, some amount of strata, body corporate or association insurance is compulsory in all states and territories to ensure owners have cover for repairs for major damage to the building caused by storms or fire or public liability claims if a visitor in injured and legal costs and damages can be substantial.

So, it’s important to know about the covers available, what sections should be considered and how the premiums for each section are calculated.

What does Strata Insurance cover?

Strata, Body Corporate & Community Association Insurance requirements vary between states and territories, so it’s important to get professional advice about the exact requirements and options available for your property.

Main insurance covers:

Damage to the building and common areas is one of the compulsory sections. It covers the building, common areas, swimming pool, car parks, walls and ceilings, lifts, spas, tennis courts and common contents against accidental loss or damage. It doesn’t cover the contents of the owner’s unit, apartment or townhouse, this is each owner's risk and it is recommended they have their own cover for personal liability and contents;
Loss of rental income or alternative rental costs is another of the compulsory sections and will reimburse the owner for loss of rental income if the property is tenanted. If you’re an owner occupier, the insurance will pay for temporary costs to move, place items in storage and rent an alternative apartment if your unit is too damaged to live in and it is repaired;
Public liability is compulsory and covers the property for both legal defence costs and damages if a guest or visitor is injured and their property is damaged;

Optional sections covered:

Machinery and Electrical equipment breakdown is an optional section. This covers the cost of repairing key plant, machinery, and electrical equipment (i.e., switchboards, air conditioning, lifts etc.) if damaged due to sudden internal failure. These items are essential for buildings and can be expensive to repair or replace;
Office bearers & Committee members protect the office bearers and members personally against alleged or actual acts of mismanagement of the property. Without this cover, members will have to personally pay their own legal costs and any damages; and
Voluntary workers' personal accident covering volunteers working around the property for a schedule of accident benefits, as well as domestic assistance, weekly cash payments and travel costs to attend medical appointments.

How are Strata Insurance premiums calculated?

The key factors include:

Location, including exposure to flooding, bushfires etc.
The age and condition of the building, does the building contain asbestos;
The replacement cost of the building, including car parks and facilities;
Claims history, the number, type and total cost;
Commercial activities carried out in the complex if any, what type, are they take-aways, supermarkets or professional offices;
Are there swimming pools, spa or commercial car parks; and
What optional covers are to be insured?

Because different properties have different levels of complexity and risk, we recommend talking with your insurance adviser. They are professionals who will work with you to understand your

Frequently Asked Questions

● What is strata body corporate and community association insurance?

Strata, Body Corporate and Community Association insurance are packages of insurance covers specifically designed for residential and commercial properties that provide cover for fire, machinery breakage, public liability and other risks.

● Who buys strata body corporate and community association insurance?

This insurance is purchased by the committee for all the owners, the premium cost is divided amongst each owner. The committee also decides on the types of covers chosen that are available in the package, the excesses per claim and the amount of insurance/ sum insured. The decision is usually based on advice and recommendation from a professional insurance adviser.

● Is strata, body corporate and community association insurance compulsory in Australia?

Yes. Strata, Body Corporate & Community Association insurance is compulsory for risks such as fire, storm and public liability if visitors or guests are injured on the property

● What do strata, body corporate and community association mean?

This is a general term, depending on your state or territory, that refers to a group of people that together own a building or property with a number of buildings, usually with car parking, swimming pools, gardens, lifts and common areas. These can be either residential strata or commercial properties, or a mixture of both.

● Why do we need strata, body corporate or community association insurance?

For a start, some amount of strata, body corporate or association insurance is compulsory in all states and territories to ensure owners have cover for repairs for major damage to the building from fire, storm etc. or lawsuits from personal injury claims, where legal costs and damages can be substantial.

Workers’ Compensation

While some occupations and industries have a higher risk of workplace incidents and/or fatalities than others, Workers’ Compensation is compulsory for all Australian employers. It provides financial compensation to workers if they suffer a work-related injury or illness.

Workers’ Compensation

What is Worker’s Compensation Insurance?

Workers’ compensation insurance is compulsory for most employers in Australia. It provides cover for your business against the financial costs for weekly compensation or a lump sum benefit in the case of permanent disability. Every business and industry has occupational and safety hazards that can result in injury to employees and contractors. There are workplaces that have a higher risk of work-related incidents than others. Despite how small or big your business is and regardless of the industry or the state or territory, all businesses are required by law to have workers' compensation insurance.

Why is Workers' Compensation Insurance important?

It’s important to know that as an employer, workers' compensation insurance is statutory obligatory. This insurance is designed to reimburse the business against weekly wages or lump sums costs if an employee is injured at work.

Workers’ Compensation rules vary between states and territories, so it’s important to check the relevant regulator for exact requirements for your location and industry and seek professional insurance advice when making your decision.

Workers’ Compensation for Working Directors: It’s important to check if you have to include yourself as a working director, this varies between states and territories. It’s also suggested that working directors consider personal accident insurance. in addition to workers' compensation, which has limited benefits.
Workers' compensation for Contractors: If you employ contractors, some states and territories also require these people, called Deemed Workers, to be insured for Workers' Compensation.
Workers' Compensation for Sole traders: As a sole trader, it’s unlikely you can obtain workers' compensation insurance. However, you’re likely to need ongoing income if you can’t work to pay the regular bills. You should consider personal accident, life, and sickness insurance in the event you have an accident or permanent disability.

What does Workers' Compensation Insurance cover?

In cases of a work-related illness or injuries, worker’s compensation can reimburse the business for weekly wages, as well as paying the cost of hospital, medical and rehabilitation expenses.

Examples of work-related injuries include:

Soft-tissue injuries from lifting in warehousing or packing;
Cuts, lacerations, and needlestick injuries in medical and allied health;
Slips and trips in the retailing or consulting industries;
Hearing damage, dust diseases or asbestosis in the construction industry;
Also, fatal incidents such as electrocution, poisoning, falls and being struck by a machine.

There are also exclusions for illness or injuries that happen outside the scope of employment, like driving to or from work.

Seek expert insurance advice at Insurance Advisernet! We’re ready to assist you in arranging worker’s compensation insurance that meets the statutory requirements in your state or territory.

Frequently Asked Questions

● How much does worker’s compensation insurance cost in Australia?

Each state and territory calculate premiums differently. In principle, the annual premium is based on the industry rate, the total amount of gross wages paid and your business’ claims history.

● Does your business need worker’s compensation insurance?

If you have employees, then each state and territory require that you have worker’s compensation insurance in place before you start operating the business. Employees can include full-time and part-time and may also include contractors or deemed workers, piece-meal workers and apprentices.

● What types of injuries or illnesses are covered by worker’s comp?

Any injury or illness directly caused at or by the type of work. For example, a needle stick injury may cause hepatitis in a nurse, a scaffolding collapse may cause permanent injuries, quarry workers could develop tinnitus (ringing in the ears) due to excessive workplace noise, or a warehouse worker could injure their back when packing shelves.

● Who is exempt from worker’s compensation?

Worker’s compensation insurance covers employees and deemed workers, so business owners or sole traders, as well as independent contractors, usually are not insured under workers' compensation. If you’re not insured, we recommend that you consider buying personal accident insurance.

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SME Business Insurance Pack

Business Insurance is used by many businesses, but it’s best suited to SME-type operators.

SME Business Insurance Pack

What is SME Business Insurance?

Property Damage – cover varies from fire, storm, lightning and other perils to any type of accidental loss or damage. The property insured includes damage to buildings, contents, stock, plant & equipment, raw materials, consumer goods etc.;
Business Interruption – also referred to as Loss of Profits or Consequential Loss insurance, covers weekly amounts or Net Profit loss and ongoing fixed costs following property loss or damage;
Burglary/Theft - covers break-in at the business premises and the damage is done, as well as theft of goods or stock;
Money - covers theft of money in various locations (during transit, in a locked safe, or in a private residence) at any time (within and outside business hours).
Liability - covers a variety of statutory and civil legal liability, including personal injury and property damage, environmental liability, management liability, statutory liability, professional liability, aviation, marine and motor vehicle-related liability;
General Property - covers specified portable property against accidental loss or damage once it is taken off the premises, within Australia or overseas;
Equipment - covers sudden internal derangement and accidental loss or damage to plant, equipment and machinery, as well as computer and other electronic equipment. Loss of stock and business interruption cover can also be part of this insurance.
Motor vehicle & mobile plant – covers registered and unregistered motor vehicles, mobile plant & equipment, farm equipment, construction plant, as well as attachments and trailers. This insurance can also cover loss of income, downtime and hire costs of replacement equipment.

Frequently Asked Questions

How can insurance help small businesses in Australia?
- In Australia, small businesses are encouraged to invest in business insurance to help protect their business from costly eventualities like damage to property and liability claims. Investing in a comprehensive yet affordable insurance policy promotes the continuity of the business in times of losses or great financial trouble.
What does SME stand for?
Small-to-Medium Enterprise (SMEs) are businesses whose revenue, number of employees and assets do not exceed a certain threshold.
Each country or industry defines a set of criteria for which to determine whether an organisation operatively falls under the SME category.
How can insurance help small entrepreneurs or SMEs, or how it relates to risk management?
Risk transfer is one of the treatment approaches in managing risks in business, and insurance is an example of risk transfer. It’s a strategy that SMEs employ to shift a risk or a liability from one party to another, with the idea that that party specialises in managing a specific kind of risk/liability.
Why is insurance important for business owners?
Getting an insurance policy for your business is important as it cushions or completely shields you from the hefty costs of certain unforeseen issues (accidents, damages to properties, effects of force), legal claims, and other liabilities. Without insurance, business owners might be forced to foot the bill out of their own pocket.

Business Insurance is used by many businesses, but it’s best suited to SME-type operators.

Business Interruption Insurance

From your family and employees to customers and suppliers, there are a lot of people who depend on your business opening its doors each day.

Business Interruption Insurance

What is Business Interruption Insurance?

Why is Business Interruption Insurance important?

What does Business Interruption Insurance cover?

Key factors to consider when choosing the basis of cover, which will impact your premium, include:
Indemnity period: How long do you need the cover for? Depending on the situation, how long will it take your business to return to pre-loss trading?
Payroll: Consider how much of your payroll you need to insure and for how long. Insurance companies won’t pay employees to sit at home for 6 months while the business is being rebuilt, redundancy payments can be insured.
Growth: Consider the trends in your business, is it growing rapidly, or is it a mature business?
Economic cycles: Consider what will happen, including any major seasonal fluctuations or economic cycles;
Suppliers & Customers: do you need to cover specific customers or suppliers that you rely on, and if they couldn’t operate, would it impact your business?
Additional or Increased Costs of Working: most businesses spend a lot more money in the short term to try and minimise the impact on their business. For outsourcing a valued customer's work to another business for a short while, or if you own a building that’s fire damaged when your business is located, and you need to rent premises for manufacturing, this will be a new additional cost of the rent.

Frequently Asked Questions

● How Is It Calculated?

There are two main ways to purchase this type of insurance:

Weekly income or Sales
Annual gross profit (being 12 months turnover less variable expenses, also insuring Net Profit).

Loss of Profits for Services firms

For example, solicitors, investment consultants, and medical or dental practices.

As a lot of these businesses can continue to operate from home or serviced offices, Gross Profits are generally not insured, only Additional or Increased Costs of Working.

However, businesses that depend on their specific location, such as dentists or allied health, that have their customers in a specific area may consider Gross Profits insurance.

BUSINESS INTERRUPTION INSURANCE – SUMMARY

Major storms, natural disasters and fires are a regular occurrence in Australia.

We have specialist advisers that can help you to find the best cover to keep your business running as smoothly as possible.

From your family and employees to customers and suppliers, there are a lot of people who depend on your business opening its doors each day.

Contract Works Insurance

Contract Works Insurance provides cover for any physical damage of works or third party liabilities during construction stages of a project.

Contract Works Insurance

What is Contract Works Insurance?

Why is Contract Works Insurance important?

What does Contract Works Insurance cover?

Section 3 – Plant & Equipment – provides cover for loss, damage or theft of your Construction Plant, Tools & Equipment.

What doesn't it cover?

Frequently Asked Questions

● What is construction insurance?

● What is public liability insurance?

● Does a builder need contract works insurance?

● How much does contract works insurance cost?

Contract Works Insurance provides cover for any physical damage of works or third party liabilities during construction stages of a project.

Cyber Insurance

Technology has never been so deeply entwined in our businesses. While it delivers significant efficiencies and convenience, it also comes with significant cyber risks.

Cyber Insurance

What is Cyber Insurance?

Why is Cyber Insurance important?

What does Cyber Insurance cover?

Incident response – specialists to identify the issue and repair;
Lost income and additional costs related to the incident;
Data recovery and restoration;
Consumer notification costs and ongoing monitoring costs;
Legal defences costs;
Cyber extortion management and fees;
Crisis and PR management of the incident; and
Management of communications with regulators.

Update your devices to protect information;
Multi-factor authentication for logging on; and
Back up your data real-time of at least daily.

Explore your insurance options today. Talk to your professional insurance and risk adviser and get the best cover for you and your risks. Book an appointment with Insurance Advisernet today!

Frequently Asked Questions

What is not covered by cyber insurance?

Like any insurance, not everything is covered, some common exclusions include:
- personal injury;
- Consumer Redress funds, unless specifically covered;
- loss of money or securities, unless specifically covered;
- your intentional conduct or wrongful use of personal information or failure to take reasonable care in securing your IT systems.
Is cyber insurance required in Australia?

While cyber insurance is not mandatory in Australia, it is expected that certain industries have some level of cover in place for critical industries, care, finances and utilities. Like many other types of insurance, cyber can help you to manage your business's financial risks. Without cybersecurity insurance, you would be forced to pay out of your own pocket for repair, recovery, and remediation costs from a cyber incident or attack.
What are the five main areas covered under cyber liability?

Cyber insurance typically helps you with expenses spent on the following:
1. Third-party liability
2. Emergency Response and Business Continuity assistance
3. Recovery of your data and IT systems
4. Business interruption due to interference to your systems; and
5. Loss to you from crime or fraud.
Does cyber insurance cover data loss?

Yes, cyber insurance covers your lost information and data, as well as any loss caused to your customers or suppliers if a virus is transferred. In addition:
- Notify potentially affected customers of a data breach
- Employing computer forensic experts to identify and restore data
- Repairing damaged computer systems, both hardware and software, to enable the data and systems to operate;
What are the benefits of cyber insurance?

Cyber insurance is a specialist insurance policy which provides cover against cyber incidents or attacks that are not covered by other insurance policies, such as professional indemnity, management liability or business packs. This could potentially leave a gap in cover. A cyber insurance policy will also pay for legal costs, crisis managers, and payment of credits and refunds to customers.

Technology has never been so deeply entwined in our businesses. While it delivers significant efficiencies and convenience, it also comes with significant cyber risks.

Directors & Officers/Management Liability Insurance

What is Directors & Officers/ Management Liability Insurance?

Why is D&O Insurance important?

What does D&O Insurance cover?

The main covers provided include:

Managers Liability covers directors and officers for personal liability arising from claims made against them as a result of their role as managers of the company where the company is unable or unwilling to pay their defence costs or damages;
Company liability provides cover to the company itself for claims made against the company arising from an alleged wrongful act or omission of the company. This is the key point of differentiation between directors and officers and management liability cover for privately owned businesses otherwise directors would still have to fund the defence costs for claims against the company out of their own pockets (as the company is treated as a separate legal entity when action is brought);
Employment Practices Liability provides cover for alleged employment breaches, such as discrimination, harassment, bullying, failure to promote, breach of contract, retaliation and wrongful termination;
Crime – provides protection for your business when there has been a direct financial loss such as theft of money, securities and property. This can include employee fraud or dishonesty, third-party crime, electronic and computer crime, destruction and damage of money; and
Statutory liability (legal defence costs only), insurance provides coverage for defence costs incurred from any formal investigation by a regulatory/government/professional body or other authorised institution. It also covers any fine or penalty imposed (where legally permitted and subject to policy conditions). The policy can also include a number of extensions, such as WHS defence costs which cover legal costs associated with preparation for and attending Workplace Health and Safety Inquiries; also Tax Audit, which covers the accounting costs incurred during a tax audit/investigation.

Frequently Asked Questions

● What type of D&O or Management Liability insurance should I buy

● Do I need D&O / Management Liability Insurance?

● Is D&O / Management Liability Insurance the same as Professional Indemnity insurance – No, it isn’t.

Home Insurance

What is Home & Contents Insurance?

Home and contents insurance covers the cost of repairing or replacing your house and your belongings when something goes wrong, like a fire, burglary or a visitor gets injured.

Why is Home Insurance important?

What does Home Insurance cover?

Cover type – is it a standard cover (listed events), or accidental damage cover.;
Will the home be your main residence or a holiday home;
How much cover is there for jewellery or special items;
Have you used a free online calculator to find out the rebuilding cost of your home and the replacement value of the contents;
Do you need cover for bikes or other sporting equipment;
What is the condition of the home, most insurers don’t pay for water leaks from cracked tiles or rusted gutters.
The location of the home - is it in a flood or bushfire-prone area, some insurers may not cover certain streets or suburbs.

Frequently Asked Questions

● How much does home & contents insurance cost?

● Is home insurance mandatory?

● What 3 areas are covered in a typical homeowner’s policy?

There are typically 3 areas covered by a homeowner’s insurance plan:

Building – This covers the house and any carports or garages, as well as the fixtures and fittings, like pipes and carpets. Basically, anything that you wouldn’t take with you when you sell the home. As mentioned, some policies cover any type of accidental damage, while others more limited cover (and cheaper) for fire and listed perils, including wind, rainwater and storm damage.
Contents – this is anything you would take with you when you leave. Rugs, furniture, beds and sporting equipment.
Valuables – contents policies only provide very limited cover for jewellery, bikes were taken away from the home or artwork. So, it is important to understand the difference between insurance policies and what suits you.

● How do I know how much homeowner’s insurance I need?

Liability Insurance

Despite the very best of intentions, accidents can still happen in any business. Public and Product Liability Insurance  protects you against claims for personal injury or damage to a third party.

Liability Insurance

What is Liability Insurance?

Anyone that deals with the public, sells, imports goods, drives a car or truck or operates a plane or boat should have liability insurance, which has two main cover sections:

Public liability – injury to the public or damage to their property on the business premises or caused in a truck or boat accident; also
Product liability – once the item you sell or repair leaves your control, like a plumber installing a washing machine, if its case damages or injures someone, then you could be legally responsible.

In addition, there are:

Professional Indemnity - if you give advice or provide a service, such as an accountant, care worker or building consultant, you could be legally liable for any advice you provide, which results in external clients or customers being financially worse off; and
Management (D&O) Liability – covers the personal liability of directors, officers and senior managers for mistakes they make in running the business. This may result in a loss to the company, its shareholders, or bank or an investigation by ASIC, EPA or other government agencies.

What does Liability Insurance cover?

It depends on what type of liability insurance you have purchased, your business and your industry. Briefly:

Public Liability Insurance - covers people, businesses, events and contractors for legal defence costs if legal action is taken against you or the business, whether it’s a genuine claim or a try-on from a disgruntled customer. This insurance will also pay any damages awarded by a court if found responsible for causing personal injury or damage to property, also any resulting financial loss. While Public Liability cover can be mandatory, like plumbers in some states, it’s mostly optional and a decision for the business owner.
Product Liability Insurance -If you make, import, sell, distribute or repair products, you can be responsible for personal injury, property damage or resulting financial loss due to faults in the product, product advice about the use or even customer misuse. You are unlikely to be able to depend on the original manufacturer, importer or retailer to protect you and pay for your legal costs. So, taking out product liability insurance as protection against potentially having to pay expensive legal defence costs and any damages awarded by a court is a good idea.
Professional Indemnity Insurance – provides cover for professionals, not just doctors and lawyers, but any person that has the expertise and is usually part of the trade or professional group. So, builders, designer, architects, IT consultants, and allied health insurance cover legal defence costs and any damages awarded from an act, error or omission arising from professional services you and your business provides to customers and clients.
Management Liability Insurance - covers directors, officers’ and senior managers against actual or alleged acts, errors or omissions arising out of the operation or management of the company. The cover is for personal legal defence costs, as well as paying for any damages awarded for a breach of work-related duties and responsibilities. The policy will also reimburse the company for any legal costs advanced to the director or officer.

Schedule an appointment with Insurance Advisernet, we’ll be glad to talk with you to understand your needs and provide advice on the best way to manage your personal and business liabilities.

Frequently Asked Questions

● What is an example of liability insurance?

There are mandatory and optional liability insurance covers required by government bodies or professional organisations, examples being:

Mandatory or Statutory Liability Insurance policies include professional indemnity (also referred to as PII or E&O insurance), motor vehicle CTP, workers' compensation and builders warrantee.
Optional Liability Insurance policies include property owners’ liability under a home or property insurance package, Protection & Indemnity insurance for boats, public liability for shop or office owners and product liability for importers, wholesalers and builders.

● What is covered by liability insurance in Australia?

● What kind of liability insurance do I need?

Despite the very best of intentions, accidents can still happen in any business. Public and Product Liability Insurance  protects you against claims for personal injury or damage to a third party.

Marine & Hull Insurance

What is Marine & Hull Insurance?

Marine Liability insurance covers the business's legal liability to third parties where negligence has occurred related to the operation of the vessel and/or actions of the crew.

Why is Marine & Hull Insurance important?

Marine cargo insurance is important as it insures the value of your goods against loss and/or damage caused whilst in transit by any method of transport.

What does Marine & Hull Insurance cover?

Marine hull insurance covers all types of commercial vessels engaged in maritime activities operating in seas, oceans, lakes, and rivers. They include:

Bulk carriers
Barges
Fishing boats
Tankers
Ships
Yachts

Insurance Advisernet can source competitive terms for your Marine-related risks. Talk to one of our authorised representatives today and start removing obstacles to the growth of your business.

Frequently Asked Questions

● What is the meaning of marine hull insurance?

● What is the difference between marine cargo and marine hull insurance?

● What is covered by marine insurance in New Zealand?

● Which type of risk is covered by hull insurance?

Marine hull insurance should provide adequate coverage for the following coverage:

Physical loss of vessel and equipment
Damage to a ship’s hull, machinery, and equipment

Motor Insurance / Commercial / Heavy Motor Insurance

Policy provides coverage for physical loss, damage or theft to your vehicle. It can be extended to cover Loss Damage or injury to a third party.

Motor Insurance / Commercial / Heavy Motor Insurance

What is Motor Vehicle Insurance?

Why is Motor Insurance important?

So, whether you own a motorbike, a ute or operate a fleet of trucks, some level of motor vehicle insurance cover is essential.

What does Motor Insurance cover?

Private Car Insurance -. this type of cover is for individuals or families, with passenger sedans, SUVs, people movers, station wagons and Utes not used for business. This can include specialist cover for unique or vintage vehicles rarely driven. Either Comprehensive or TPPD-only cover can be purchased. Optional extensions for the Comprehensive cover include extras on and in the vehicle and hire of a replacement car for up to 21 days following the theft.
Motorcycle Insurance - this type of cover is for individuals, families or businesses that own or ride quad bikes, ATRs, dirt or road bikes. Either Comprehensive or TPPD-only cover can be purchased. Optional extensions for the Comprehensive cover include extras on and in the vehicle and hire of a replacement bike for up to 21 days following the theft.
Commercial Vehicle Insurance - this type of cover is for large or small businesses that own or lease sedans, SUVs, utes and trucks. This policy can cover specialist vehicles such as mobile cranes, refrigerated transport and trucks that can load and unload goods. Either Comprehensive or TPPD-only cover can be purchased. Optional extensions for the Comprehensive cover include extras on and in the vehicle and hire of a replacement car for up to 21 days following an accident or theft.
Fleet Insurance - this type of cover is for large businesses that own or lease large fleets of sedans, utes, trucks and mobile plant. This policy is designed to cover a large number of vehicles, including specialist vehicles such as mobile cranes, forklifts, refrigerated transport and trucks that can load and unload goods. Either Comprehensive or TPPD-only cover can be purchased. Optional extensions for the Comprehensive cover include automatic cover for new vehicles, tools and equipment and extras on and in the vehicle. Costs to hire a replacement vehicle following accident or theft.

Insurance Advisernet is a specialist in all types of motor vehicle insurance and can help you every step of the way. Contact us today!

Frequently Asked Questions

● What is the meaning of motor vehicle insurance?

● What insurance is the best for my vehicles

● Which are the key types of motor vehicle insurance?

There are lots of different products on the market, the main categories are: (1) Private Car Insurance, (2) Motorcycle Insurance, and (3) Commercial Vehicle Insurance (4) Fleet Insurance

● Why do I need motor vehicle insurance?

Policy provides coverage for physical loss, damage or theft to your vehicle. It can be extended to cover Loss Damage or injury to a third party.

Plant & Equipment Insurance

What is Plant & Equipment Insurance?

Common types of plant & equipment insured include trailers, excavators, mobile & tower cranes, farm machinery and forklifts.

Why is Plant & Equipment Insurance important?

Insurance is a good way to manage financial risk. It’s easier to budget for monthly insurance premiums than to suddenly find enough money to pay for repairs or buy a new machine.

What does Plant & Equipment Insurance cover?

Accidental damage to or theft of your plant & equipment - the policy, i.e. repair, reinstate or replace the damaged parts or accessories; pay the sum insured or market value; or replace the item and accessories;
Road Risk - covering personal injury as a result of an accident if the unit is unregistered, as well as damage to property on a public road or public area.
Public & Product Liability covers two sections, the first is Your liability for Personal Injury or Property Damage because of an Occurrence in connection with Your Business. The second is cover for Your liability for Personal Injury or Property Damage as a result of an Occurrence caused by Your Products.
Business Interruption – pays an agreed weekly benefit if a listed item is damaged. The cover starts from the time of the accident until repaired.

Common types of plant and equipment include:

Bobcats
Bulldozers
Asphalting machines
Earthmoving equipment
Farming machinery
Forklifts
Mining equipment
Road work equipment
Trucks, trailers and tippers.

Frequently Asked Questions

● What kind of insurance do I need for plant & equipment?

● What items are usually covered under plant & equipment?

● What is Equipment & Machinery insurance?

Equipment & Machinery insurance is also known as plant & equipment insurance.

● How is the insurance premium calculated for Plant & Equipment?

Professional Indemnity Insurance

What is Professional Indemnity Insurance?

If you or your business provide professional advice or services, then you are likely to need professional indemnity (PI) insurance.

Typical professionals that purchase Pi Insurance include real estate agents, construction consultants, healthcare or allied health, IT consultants, lawyers and doctors.

The average claim amount is over $100,000 for legal costs, expert reports, and damages, so it can be a large amount to have to find quickly.

Why is Professional Indemnity Insurance important?

For other professionals, although this insurance cover may not be compulsory, it’s an easy way to protect yourself and your business from large financial losses.

Even with the best training or risk management, people still make mistakes, contractors can provide an incorrect specifications or advice incorrectly understood.

What does Professional Indemnity Insurance cover?

The exact cover will depend on your occupation and scope of activities. Broadly speaking, Professional Indemnity insurance covers any negligent act, error or omission relating to:

Misleading, inaccurate or negligent advice; breach of confidentiality or privacy;
Breach of consumer, competition, and fair trading laws;
Loss of documents;
Infringement of intellectual property rights;
Malpractice, misdiagnosis, failing to order the appropriate tests, failure to treat;
Defamation, libel or slander; Disciplinary proceeding costs; Claim investigation costs, including expert reports;
Public Relations costs;
Legal defence costs; and
Payment of damages.

Frequently Asked Questions

● Who needs professional indemnity insurance?

Anyone that is specially trained, provides advice or service, and is a member of an association or profession can obtain this type of cover.

● How much does professional indemnity insurance cost?

Professional indemnity covers you or your business for legal costs and any damages if there is an actual or alleged act, error or omission that causes a financial loss to a client or customer.

The three main items driving premiums are;

Your industry, for example, construction, IT, or medical, some are at higher risk than others;
The scope of your business activities, for example, a fire engineer or an IT engineer, the turnover/ revenue and number of employees or contractors; and
Prior claims experience, the more claims or lawsuits, the higher your premium (and excess) are likely to be;

● What is the minimum professional indemnity insurance?

The amount of Professional indemnity cover depends on:

your occupation and potential for financial loss to the customer if there was negligent advice;
any mandatory requirements of your association; and
the amount of cover that you chose, based on your level of risk, as well as the cost of the insurance.

Property Insurance

Cover for loss or damage to your physical business assets in the event of an incident occurring.

Property Insurance

What is Property Insurance?

Why is Property Insurance important?

What does Property Insurance cover?

There are two ways to approach this question: (1) What kinds of properties are covered, and (2) what ‘Loss or damage can be insured?

How to select the right property insurance

Choosing the right property insurance can be challenging as there are a few:

Home Insurance is a package that includes cover for the house, contents and personal items taken outside the home;
Farm Insurance is another package that covers farm property. This can include the homestead, contents and personal items, also stables, barns, out-buildings, fencing, plant & equipment and grain in silos or livestock.
Business Insurance is a package that can cover buildings, stock, contents, plant & equipment, and work in progress.

Frequently Asked Questions

● What insurance is best for a property?

● What is the difference between homeowners insurance and other types of property insurance?

● What is not covered by property insurance?

● What are the 7 basic types of coverage needed?

Cover for loss or damage to your physical business assets in the event of an incident occurring.

Social Engineering Fraud

What is Social Engineering Fraud Insurance?

Human-based:
Involves person-to-person communication such as:

Impersonation,
Posing as an authorised user (like your boss),
Posing as a third-party stakeholder,
Shoulder surfing to gain private credentials and;
Dumpster diving to check your computer's trash for valuable information.

Computer-based:

This approach generally targets victims via computer software, often achieved by:

Baiting - uses false promises to incite curiosity and greed in the victim
Phishing - uses spam email and text messages to trick users into entering their personal info, clicking malicious links, or downloading attachments that contain malware.
Pretexting - falsely mimics an authoritative person to gather information (policeman, doctor, bank representative, etc.)
Spear phishing - more targeted emails or texts to a person that mimics someone the person knows, especially in the context of business, like the employer of the victim, using personal information to trick the person into believing the criminal is real.
Scareware - arouses fear and panic in its victim so the victim will act, such as paying a fake bill or calling before service is suspended for non-payment.

Why is Social Engineering Fraud Insurance important?

High-profile individuals,
Senior management,
System administrators and;
Staff members (mainly from finance, legal, etc.).

Ultimately, no matter what your position is within the organisation or existing cyber defences, no one really is immune to being scammed and becoming a victim of social engineering or cybercrime.

As part of your risk management, a social engineering insurance policy can minimise the impact and financial loss to the business.

What does Social Engineering Fraud cover?

It’s important to know that cyber risks and social engineering fraud are not usually covered under the normal business insurance policy, so they have to be looked at separately.

As mentioned, Social Engineering Fraud cover is part of a Cyber Insurance policy that covers:
Incident response – specialists to identify the breach and remove the cause;

Financial loss and additional costs due to the incident;
Data recovery and restoration;
Legal defences costs;
Cyber extortion management and fees;
Crisis and PR management of the incident; and

Your policy should extend to cover losses from::

Vendor/ supplier impersonation
Executive impersonation
Client impersonation

Frequently Asked Questions

● What is an example of social engineering?

Social engineering crime, in simple terms, is when a cybercriminal tricks a person at home or in a business into sharing confidential information or transferring money, which the criminal steals. Examples include phishing, this trick users into entering their personal info, clicking malicious links, or downloading attachments that contain malware, giving the criminal access to the computer.

● What are the 5 social engineering attacks?

The five most common social engineering attacks are (1) baiting, (2) phishing, (3) pretexting, (4) spear phishing, and (5) scareware.

● What is a social engineering phishing example?

● Is social engineering fraud a type of cybercrime in Australia?

Strata Insurance

What is Strata, Body Corporate & Community Association Insurance?

Strata, Body Corporate & Community Association insurance is compulsory for risks such as fire, storm and public liability if visitors or guests are injured on the property.

Insurance companies have specialised packages for these types of risks that include both compulsory cover and optional cover such as:
Damage to the building and common areas from accidental damage, fire, storms or theft;
Optional catastrophe cover, which increases your building sum insured to cover higher rebuilding costs, if a catastrophe impacts your area;
Loss of rental income if you have tenants or alternative rental costs if you are an owner occupier and have to move out while the building is repaired following a fire or other damage;
Public liability, covering injury to the public and visitors or damage to their property;
Breakdown of machinery and key electrical equipment;
Office & Committee members, covering actual or alleged breach of duties as a committee member, legal defence costs and court-awarded damages; also
Voluntary workers' personal accidents, covering residents injured when undertaking voluntary work around the property.

We can assist you in reviewing or organise quotations and appropriate insurance cover in accordance with state or territory requirements

Why is Strata Insurance important?

So, it’s important to know about the covers available, what sections should be considered and how the premiums for each section are calculated.

What does Strata Insurance cover?

Main insurance covers:

Damage to the building and common areas is one of the compulsory sections. It covers the building, common areas, swimming pool, car parks, walls and ceilings, lifts, spas, tennis courts and common contents against accidental loss or damage. It doesn’t cover the contents of the owner’s unit, apartment or townhouse, this is each owner's risk and it is recommended they have their own cover for personal liability and contents;
Loss of rental income or alternative rental costs is another of the compulsory sections and will reimburse the owner for loss of rental income if the property is tenanted. If you’re an owner occupier, the insurance will pay for temporary costs to move, place items in storage and rent an alternative apartment if your unit is too damaged to live in and it is repaired;
Public liability is compulsory and covers the property for both legal defence costs and damages if a guest or visitor is injured and their property is damaged;

Optional sections covered:

Machinery and Electrical equipment breakdown is an optional section. This covers the cost of repairing key plant, machinery, and electrical equipment (i.e., switchboards, air conditioning, lifts etc.) if damaged due to sudden internal failure. These items are essential for buildings and can be expensive to repair or replace;
Office bearers & Committee members protect the office bearers and members personally against alleged or actual acts of mismanagement of the property. Without this cover, members will have to personally pay their own legal costs and any damages; and
Voluntary workers' personal accident covering volunteers working around the property for a schedule of accident benefits, as well as domestic assistance, weekly cash payments and travel costs to attend medical appointments.

How are Strata Insurance premiums calculated?

The key factors include:

Location, including exposure to flooding, bushfires etc.
The age and condition of the building, does the building contain asbestos;
The replacement cost of the building, including car parks and facilities;
Claims history, the number, type and total cost;
Commercial activities carried out in the complex if any, what type, are they take-aways, supermarkets or professional offices;
Are there swimming pools, spa or commercial car parks; and
What optional covers are to be insured?

Because different properties have different levels of complexity and risk, we recommend talking with your insurance adviser. They are professionals who will work with you to understand your

Frequently Asked Questions

● What is strata body corporate and community association insurance?

● Who buys strata body corporate and community association insurance?

● Is strata, body corporate and community association insurance compulsory in Australia?

Yes. Strata, Body Corporate & Community Association insurance is compulsory for risks such as fire, storm and public liability if visitors or guests are injured on the property

● What do strata, body corporate and community association mean?

● Why do we need strata, body corporate or community association insurance?

For a start, some amount of strata, body corporate or association insurance is compulsory in all states and territories to ensure owners have cover for repairs for major damage to the building from fire, storm etc. or lawsuits from personal injury claims, where legal costs and damages can be substantial.

Workers’ Compensation

What is Worker’s Compensation Insurance?

Why is Workers' Compensation Insurance important?

Workers’ Compensation for Working Directors: It’s important to check if you have to include yourself as a working director, this varies between states and territories. It’s also suggested that working directors consider personal accident insurance. in addition to workers' compensation, which has limited benefits.
Workers' compensation for Contractors: If you employ contractors, some states and territories also require these people, called Deemed Workers, to be insured for Workers' Compensation.
Workers' Compensation for Sole traders: As a sole trader, it’s unlikely you can obtain workers' compensation insurance. However, you’re likely to need ongoing income if you can’t work to pay the regular bills. You should consider personal accident, life, and sickness insurance in the event you have an accident or permanent disability.

What does Workers' Compensation Insurance cover?

In cases of a work-related illness or injuries, worker’s compensation can reimburse the business for weekly wages, as well as paying the cost of hospital, medical and rehabilitation expenses.

Examples of work-related injuries include:

Soft-tissue injuries from lifting in warehousing or packing;
Cuts, lacerations, and needlestick injuries in medical and allied health;
Slips and trips in the retailing or consulting industries;
Hearing damage, dust diseases or asbestosis in the construction industry;
Also, fatal incidents such as electrocution, poisoning, falls and being struck by a machine.

There are also exclusions for illness or injuries that happen outside the scope of employment, like driving to or from work.

Seek expert insurance advice at Insurance Advisernet! We’re ready to assist you in arranging worker’s compensation insurance that meets the statutory requirements in your state or territory.

Frequently Asked Questions

● How much does worker’s compensation insurance cost in Australia?

Each state and territory calculate premiums differently. In principle, the annual premium is based on the industry rate, the total amount of gross wages paid and your business’ claims history.

● Does your business need worker’s compensation insurance?

● What types of injuries or illnesses are covered by worker’s comp?

● Who is exempt from worker’s compensation?

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44 Victoria Street, Dubbo, NSW, 2830

Farm Insurance Dubbo

Crop Insurance Dubbo

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As your appointed General Insurance Adviser, we will:

Conduct an analysis of your risk/needs and recommend the most appropriate covers to protect your assets and liabilities
Provide alternatives on your risk retention through various excess options
Allow you to pay premiums in monthly instalments
Recommend the appropriate insurer to match the risk
Provide prompt and timely servicing of your general insurance needs to ensure you are adequately informed of issues that may affect your business.
Only recommend financially secure and stable insurers

Having adequate general insurance cover is one of the most fundamental parts of being in business, as it provides invaluable protection against a range of risk events – from equipment and assets to legal liability – reducing financial uncertainty and protecting your livelihood and that of your workforce. Insurance companies provide a wide variety of general business insurance policies so it’s essential to get the right one for your needs.

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Our Commitment

As your appointed General Insurance Advisers, we commit to:

Conduct an analysis of your risk/needs and advise our recommendations on the correct covers required to protect your assets and liabilities
Recommend the appropriate Insurer to match the risk
Only recommend financially secure and stable Insurers
Provide alternatives on your risk retention through various excess options
Provide alternatives to pay premiums in monthly instalments
Prompt and timely servicing of your account to ensure you are adequately informed of issues that may affect your business

In the event of a claim we will:

Provide you with the Insurer’s Claim Form
Arrange for the Loss Assessor to be appointed if applicable
Advise you on the completion of the Claim Form
Submit the Claim Form to the Insurer on your behalf
Provide advice to ensure you have received your full entitlements

Emergency Claims - 1300 831 094

Click Here to Make a Claim

BurMac Financial Services Pty Ltd is proud to be an Authorised Representative of Insurance Advisernet, a network of more than 210 insurance advice practices across Australia and New Zealand. Insurance Advisernet is a principal member of the National Insurance Brokers Association and the largest member of the publicly-listed AUB Group – one of the leading general insurance broking groups in Australasia with over 450,000 clients. This relationship gives %%adviser:name%% access to unrivalled financial strength, business efficiencies and buying power that spans every major insurer in Australia and New Zealand, and access to major overseas insurers when required. To find out more about the many benefits simply visit insuranceadviser.net

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