BML Risk Advisers Pty Ltd

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About Us

BML Risk Advisers Pty Ltd 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.

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John Burke PRINCIPAL

AR No: 305975
P: 0431 371 767
M: 0431 371 767
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Sam Licciardi PRINCIPAL

AR No: 285854
P: (03) 9499 4299
M: 0418 329 875
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Jacob Magennis PRINCIPAL

AR No: 1264353
P: 03 8080 5641
M: 0423 765 022
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Trish Price

AR No: 386351
P: +61 487000541
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Leigh Moulden PRINCIPAL

AR Number: 341144
P: XXXX XXX XXX
M: XXXX XXX XXX
SEND EMAIL

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

Emergency Claims - 1300 831 094

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

Click Here to Make a Claim

What our Customers are Saying

John and Trish take the time to understand our business which gives us confidence we are spending our insurance dollars wisely. In a difficult to insure industry we feel that they present our case fairly to ensure the best outcome for our business. John and Trish have given us many years of canny advice and exceptional service and I have no hesitation in recommending their services.

DAVID JOHNSONEXECUTIVE DIRECTOR, TARAGO RIVER CHEESE CO - WWW.TARAGOCHEESE.COM

I have worked with John and many of his clients and found him to be a very dedicated insurance broker who is focused on the needs of his clients. I can without hesitation recommend John to anyone who is looking for an insurance broker that has your interests at heart.

PROFESSOR ALLAN MANNINGMANAGING DIRECTOR, LMI GROUP - HTTPS://WWW.LMIGROUP.IO/SERVICES/CLAIMS/OUR-EXPERTS/

Insurance is a significant expense to my business, and I need expert advice to get the cover required to protect my properties.  I hate spending money on insurance because you cannot see where it went.  A little while ago my wife crashed into my car causing a lot of damage to both vehicles.  That is the time when even a scrooge like me must thank Trish and John for their professionalism.  One call to Trish and the claims went like clockwork.

JIM LAMBMANAGING DIRECTOR, PPH DEVELOPMENTS PTY LTD

Having worked directly with John for the last 4 years I cannot recommend him more highly, his insurance knowledge, ability to communicate and manage relationships is second to none.

SHAUN STANDFIELDMANAGING DIRECTOR, INSURANCE ADVISERNET AUSTRALIA

Why Choose Insurance Advisernet

Why Choose Insurance Advisernet?

Insurance Partners

Contact Us

P:0431 371 797

E:John@bmlrisk.com.au

Suite 2, 175 Lord Street, Richmond, VIC, 3121

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Business Insurance Products

SME Business Insurance

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

SME Business Insurance

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. This provides owners and businesses with protection against financial risks and the loss of key assets. It also protects customers, employees, suppliers, and contractors.

Some types of insurance are mandatory, like Workers' Compensation, Professional Indemnity, or CTP Insurance for motor vehicles – these are called statutory insurance covers. Other types of insurance are optional, but they are important ways of reducing business risk and protecting your finances and assets.

What does SME Business Insurance cover?

Property Damage – cover ranges 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 and equipment, raw materials, and consumer goods.
Business Interruption – covers weekly amounts or net profit loss and ongoing fixed costs following property loss or damage. Also referred to as Loss of Profits or Consequential Loss Insurance.
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.

Speak to an insurance expert

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.
This is how we work with your business:

We analyse your objectives, needs, financial situation and risk profile to develop appropriate strategies and solutions.
With your input, we undertake risk assessments and conduct market research to determine the most suitable insurance product(s) for your key risk exposure.
Your insurance adviser will present appropriate strategies and solutions and also negotiate and place insurance covers agreed.

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 enterprises (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 to determine whether an organisation 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 when 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. It pays 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 running a business always carries risks. The key financial risks can be managed by buying 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?

Business Interruption Insurance compensates business owners for:

net profit expected to be earned during the time the business takes to get back up and operating to its pre-loss output
any fixed expenses (interest on loans, wages etc.), that keep on being incurred, regardless of whether the business is operational or not.

Variable expenses, like input purchases and delivery costs, would not be covered, as they won’t continue if the business isn’t 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, and other factors. Working out the maximum time you need insurance for is important – but 12 months is a good place to start.

Choosing your insurance policy

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. How much of your payroll do you need to insure and for how long? Insurance companies won’t pay employees to sit at home for six months while the business is being rebuilt, but redundancy payments can be insured.
Growth. Consider the trends in your business: is it growing rapidly, or is it a mature business?
Economic cycles. Are there any major seasonal fluctuations or economic cycles?
Suppliers and customers. Do you need to cover specific customers or suppliers that you rely on. 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).

Does it cover loss of profits for services firms?

For example, solicitors, investment consultants, and medical or dental practices. As many of these businesses can continue to operate from home or serviced offices, gross profits are generally not insured, only additional or increased working costs.

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.

In Summary

Storms, natural disasters, and fires are regular occurrences 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 employees or mortgage costs, 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 significant financial strain on you and the business.

We can help you 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?

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 a third party's property. It can also cover tools and equipment owned by the business on and off-site.

This insurance typically covers contractors throughout the job cycle, from preparation at the workshop to on-site construction, then maintenance, testing and commissioning.

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 and equipment is lost or damaged.

Contract Works 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?

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

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

Plant & Equipment – provides cover for loss, damage or theft of your construction plant, tools and equipment.

What doesn't it cover?

While Contract Works Insurance is designed to cover loss, damage and accidents, like any insurance policy they will contain exclusions – such as faulty workmanship, materials or design, or any asbestos-related losses.

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. However, if anyone was injured or the surrounding property was damaged, your insurer will pay for these costs and any legal expenses.

Speak to an insurance expert

Policy wordings and cover differ from insurer to insurer, so it’s important to talk to your insurance adviser.

At Insurance Advisernet, your insurance adviser is a qualified professional and will discuss your business objectives, goals and financial situation to create a risk profile. This will form the basis of their recommendation for the type and amount of insurance and excess 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.

The policy usually also covers the builders' or contractors’ tools, plant and 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), as well as damage to property which was built or completed once they have left the site.

● Does a builder need contract works insurance?

This type of insurance package is standard for the building and construction industry. Many head contractors, principals and financiers require this Contract Works 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 covered.

● How much does contract works insurance cost?

The cost of taking out Contract Works Insurance varies depending on:

the type of work
whether it is on or near water
if it involves plumbing, roofing, or a high-rise building
prior claims
length of the project
defects liability period
total sum insured
if it is a one-off project or the building is 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 cover.

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?

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, which means they’re exposed to increasingly sophisticated cybercriminals. According to the ACSC, an average of 164 cybercrime reports are made by Australians every day – that's about one report every 10 minutes.

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, as well as management of the incident itself.

Why is Cyber Insurance important?

Businesses must have guards against hackers and other types of cyber breaches. What’s more, because of stricter data privacy laws, they’re 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.

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 specialist consultants to rebuild systems and keep the business operating. Cyber Insurance policies also generally include significant support with managing the incident, 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. While all policies cover liability to third parties for passing on viruses, some also cover damage to your own networks.

Additional sections that we recommend considering 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 defence costs
cyber extortion management and fees
crisis and PR management of the incident
management of communications with regulators.

Managing cyber risks to your business

Cyber Insurance is a key part of your management of cyber incidents and attacks. Many resources are available to help minimise 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.
Set up multi-factor authentication for logging on.
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.

Frequently Asked Questions

What is not covered by Cyber Insurance?

Like any insurance, not everything is covered by your policy. 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
failure to take reasonable care in securing your IT systems

Is Cyber Insurance required in Australia?

Cyber Insurance can help you to manage your business's financial risks. While it isn’t mandatory in Australia, it is expected that certain businesses have some level of cover in place – including critical industries, care, finances and utilities. Without 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 main areas covered under Cyber Insurance?

Cyber Insurance typically helps you with expenses spent on five main areas:

Third-party liability
Emergency response and business continuity assistance
Recovery of your data and IT systems
Business interruption due to interference to your systems
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. It also covers:

notifying 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 that provides cover against cyber incidents or attacks that aren’t 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 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?

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.

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.

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
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 difference 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.
Statutory Liability (legal defence costs only) - (legal defence costs only) – provides cover 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 cover for legal costs associated with preparing and attending Workplace Health and Safety inquiries, and 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 and the personal assets of management against financial losses, due to allegations or actual mismanagement, misconduct, or legislative breaches.

At Insurance Advisernet, we’ll work with you to understand your business and provide advice on the best way to manage these risks, including the appropriate type and amount of insurance cover.

Frequently Asked Questions

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

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 the level of risk you’re willing to carry. Insurer cover varies – for example, some offer pollution defence costs, while others offer special cover for labour-hire companies. These are some questions to consider when taking out 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.

No, 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. Management Liability, on the other hand, protects your business and the personal assets of management against financial losses, due to allegations or actual mismanagement or misconduct that cause a financial loss to the company or shareholders.

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?

For many Australians, owning a home is a dream come true. After years of working 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 to ensure our financial security and peace of mind.

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 getting injured. It also offers financial protection in case of disasters like severe storms or an earthquake. Our beloved homes can even be damaged by trees falling or hail damaging roof tiles.

Why is Home & Contents Insurance important?

Our home is often our largest asset, so having the right insurance cover can really help if the worst happens. The insurer can arrange repairs or rebuilding and pay the costs of moving temporarily and putting contents in storage if the house is so badly damaged it can’t be lived in. They’ll also pay legal defence costs and damages awarded by a court if someone is injured on your property.

Contents Insurance is usually purchased along with cover for the building. So for example, 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.

Having the incorrect type of cover could mean you have to find the money to pay for these things yourself. Banks and finance companies also require Home and Contents Insurance when you borrow from them.

What does Home Insurance cover?

Standard homeowner’s policies typically cover a list of insured events, including:

fire and smoke
storm
cyclone
rainwater
explosion
burglary
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 compare insurance policies as they vary considerably. Some cover damage to retaining walls, landscaping, and flood and water leaks, while others don’t.

Checking and understanding what is covered and what isn’t (often called an 'exclusion’) is key to understanding the insurance you purchase. Some items also have limits – for example, jewellery may only be covered up to $1,000 per claim, unless items are specifically listed.

Choosing your insurance policy

Before you buy 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.

At Insurance Advisernet, we can 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 situation and budget.

Frequently Asked Questions

● How much does home & contents insurance cost?

The typical cost of Home & Contents Insurance, as well as the cover, varies across Australia. The monthly average is around $110 in NSW and $100 in Victoria, while in Queensland, it can range from $120 to $360 per month for Far North Queensland. This is why it’s worth getting quotes from different insurance companies and for different levels of cover.

Premiums are generally based on:

location
what the home is built of
the age and type of occupancy
past claims experience.

Is home insurance mandatory?

No, but 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 make sure your most valuable assets are protected in the event of storm or fire.

● What areas are covered in a typical Home & Contents policy?

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

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

How much Home & Contents insurance do I need?

Everyone’s situation is different, 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% to 25% over the past year, so it’s essential to get 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 expensive 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.

Why is Liability Insurance important?

Some Liability Insurance is mandatory, which means 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 are optional, with the scope and amount of insurance cover chosen by the business owner.

Anyone who 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.
Product Liability – once the item you sell or repair leaves your control (for example, a plumber installing a washing machine), if it damages or injures someone then you could be legally responsible.

Additional covers include:

Professional Indemnity – if you provide advice or 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.
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?

Cover depends on the type of Liability Insurance you’ve purchased, as well as your business and your industry:

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, as well as 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, it’s a good idea to take out Product Liability Insurance as protection against potentially having to pay expensive legal defence costs and any damages awarded by a court.
Professional Indemnity Insurance – provides cover for professionals which is any person that has expertise and is usually part of a trade or professional group, such as builders, designers, architects, IT consultants, and allied health professionals, as well as doctors and lawyers. It covers legal defence costs and any damages awarded from an act, error or omission arising from professional services you and your business provide 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 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 Insurance, with cover tailored to each industry and type of business. The better advice you get, the more informed your decision to ensure the best protection for you, your directors and managers and the business.

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.

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 Warranty.
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 invented) that the person has been injured, their property has been damaged, or they’ve 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 tax agents, must have Liability Insurance in place before starting a business. Talk to your professional organisation or industry association about what insurance you need. Other Liability Insurances are optional – for example, a large food producer may look at buying Product Recall, whereas retailers and property owners would purchase 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 significant 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, and ferries. 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.

3. Marine Cargo Insurance – 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.

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, and ferries. 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’re being transported from one place to another, whether by land, sea, or air. On the other hand, Marine Hull Insurance insures vessels used for commercial purposes, and includes cover for machinery and equipment used in the vessel.

What is covered by marine insurance in Australia?

It depends on what policy you purchase:

Marine Cargo Insurance covers 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 covers physical loss of vessel and equipment, and 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 include 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 doesn’t 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.

Why is Motor Insurance important?

Car 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 to buy a replacement vehicle if yours is stolen, can be difficult.

Insurance is a way to manage financial risk. It’s easier to budget for an annual insurance premium 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 – for example, some insurers specialise in trucks, while others have insurance cover especially tailored for motorbikes. We recommend exploring your options to compare insurers and insurance covers.

The main types of insurance are:

Private Car Insurance - 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 - 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 - 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 - 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, extras on and in the vehicle, and 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.

Frequently Asked Questions

What is Motor Vehicle Insurance?

Motor Vehicle Insurance is a specialised cover designed for all types of vehicle owners to protect themselves from financial loss resulting from loss or damage to their vehicle. It also covers the costs of repairing other people's cars, trucks, or property if they are responsible for the accident, as well as legal defence costs.

What insurance is the best for my vehicles

Different people require different types of cover, depending on the level of protection they need and the type of vehicle. For example, motorcycle owners would consider some level of Motorcycle Insurance cover, while owners and operators of a refrigerated trucking company would consider Fleet Insurance.

Which are the key types of motor vehicle insurance?

While there are lots of different products on the market, the main categories are:

(1)   Private Car Insurance
(2)   Motorcycle Insurance
(3)   Commercial Vehicle Insurance
(4)   Fleet Insurance.

Why do I need motor vehicle insurance?

Motor insurance is a way to manage your financial risk. It’s often easier to budget for an annual insurance premium than making sure you have enough money in the bank to pay for expensive repairs or buy a new car, as well as any legal bills – which could easily add up to tens of thousands of dollars.

You must buy Compulsory Third Party (CTP) Insurance 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 you need. If the vehicle is financed, Comprehensive Insurance is generally required.

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 and theft, or you can choose Public Liability which 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.

Why is Plant & Equipment Insurance important?

Accidents happen, plants and equipment are stolen from sites, and people get 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 to buy a replacement unit if yours is stolen, can be difficult. In addition, if you're found responsible for an injury to someone or damaging property, legal defences costs and damages awarded by a court 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.

Common types of plant and equipment include:

bobcats
bulldozers
excavators
asphalting machines
earthmoving equipment
farming machinery
forklifts
mining equipment
road work equipment
mobile and tower cranes
trucks, trailers and tippers.

What does Plant & Equipment Insurance cover?

Plant & Equipment Insurance can come in different forms – for example, some insurers specialise in mobile cranes, while others have insurance cover especially tailored for farming or the construction industry. We recommend exploring your options to compare insurers and insurance covers.

The main types of insurance are:

Accidental Damage/Theft – covers the costs of repairing, reinstating or replacing the damaged parts or accessories, paying the sum insured or market value, or replacing the item and accessories.
Road Risk – covers 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 for personal injury or property damage because of an occurrence in connection with your business or 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.

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.

Regardless of your occupation or industry, we can discuss your business risks and help you manage the key risks, including recommending insurance options available.

Frequently Asked Questions

What kind of Plant & Equipment Insurance do I need?

Plant & Equipment insurance is designed specifically for the types of items and businesses mentioned above. This is a package policy where you can choose the cover you need for your business, such as damage to your own items, public and 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
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 and value of the item
experience of the operator
prior uninsured loss or claim experience
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’re 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 negligent advice and suffered a financial loss – even if there’s no real basis for the complaint. If there was negligence, PI Insurance will also pay any damages awarded by the court.

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

Typical professionals that purchase PI Insurance include:

real estate agents
construction consultants
healthcare or allied health
IT consultants
lawyers
doctors.

Why is Professional Indemnity Insurance important?

Professional Indemnity Insurance is mandatory for many professions and must 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 incorrect specifications, and advice can be misunderstood.

It’s worth noting that the cover provided by Professional Indemnity is different from Public Liability Insurance which covers defence costs and any damages relating to personal injury caused to people or damage to their property. This is not the same as financial loss caused by an architect placing walls in the wrong location on plans or an IT professional recommending the wrong software.

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, including costs of disciplinary proceeding costs, claim investigation and expert reports
public relations costs
legal defence costs
payment of damages.

As you can see, Professional Indemnity is a complex insurance with a wide range of cover options. We’ll work with you to understand your business, provide options to manage your professional risks, and recommend insurance cover.

Frequently Asked Questions

Who needs professional indemnity insurance?

Anyone who is specially trained, provides advice or service, and is a member of an association or profession can purchase 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 compulsory, this insurance is important to protect you and the business from having to pay significant legal costs, as well as damages, 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.

Premiums are typically based on:

Your industry – for example, construction, IT, or medical, some are at higher risk than others.
The scope of your business activities – for example, whether you’re a fire engineer or an IT engineer, the turnover/ revenue and number of employees or contractors.
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 you need depends on:

your occupation and potential for financial loss to the customer if there was negligent advice
any mandatory requirements of your association
the level of cover you choose, 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 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 covers the loss or damage to physical property after an insured event or peril, such as storm damage, fire, or impact from a truck. It’s often sold as part of a package – for example, together with Farm, Home, or Business Insurance.

This type of insurance provides property owners with financial security and peace of mind – knowing that if the worst happens, like a fire or tree falling on your home, your financial loss will be minimised.

What does Property Insurance cover?

Most properties can be insured – as long as you fully disclose your occupancy situation and the purpose of the property. Property Insurance covers personal property (such as your home), the household contents, and valuables like jewellery or sports equipment.

This can be a:

residential property
farm
unit
strata building
commercial strata
retail store
factory
warehouse
manufacturing facility.

Loss or damage insured

All property policies cover specified perils, such as:

fire
theft
storm
rain
wind-related events
impacts by vehicles and trees
vandalism

You can also add a cover at an additional cost for other accidents, like shelves falling or stock being damaged by a pipe leaking.

As with any type of insurance cover, Property Insurance policies 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 include damage by insects, pre-existing damage, intentional damage, lack of maintenance, and flood.

Choosing your insurance policy

Choosing the right Property Insurance can be challenging as there are a few different packages:

Home Insurance – includes cover for the house, contents and personal items taken outside the home.
Farm Insurance – 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 – covers buildings, stock, contents, plant & equipment, and work in progress.

It’s essential to read and understand your insurance cover. Talk to your insurance adviser if you have any questions or don’t understand your insurance arrangements. We can provide you with advice on the best cover to suit your financial situation, needs and objectives.

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 only offer specified perils, while others will also cover accidental loss or damage. Other factors to consider include the use of the property, whether it will be renovated, value, and key risks in your area.

Why do I need property insurance?
Property Insurance is an easy way to manage your financial risk. When you buy insurance, you have protection against unexpected events damaging your property, such as fire, storm, or burglary. In exchange for 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’ll have to pay for any loss, damage, or repairs from your own pocket. This is difficult to budget for, and may be outside your ability to pay.

What's 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:

Home Package – covers a number of sections, like public liability, glass and property (such as the home), contents, and personal valuables like jewellery.
Farm Package – covers public liability and motor vehicles, with the property section covering the homestead, farm buildings, fencing and farm machinery.
Commercial Package – usually covers theft, machinery breakdown, legal liability and property. Property for a business includes stock in process, finished stock, buildings, plant and equipment, and office contents.

What isn'tcovered by property insurance?

Property Insurance cover differs from one insurer to another, so it’s best to review your policy and make sure it covers most of your risk exposures. In many cases, Property Insurance has limits on the amount per accident or per item. Certain types of damage may also be excluded – for example, flood damage in certain areas, leaving the home unoccupied for a long time, or bushfire damage in fire-prone areas.

It’s worth taking time to read and understand what your insurance policy does and doesn’t cover. Your insurance adviser will make the whole process easier to understand.

What are the basic types of cover needed?

Property insurance covers a wide range of events. The seven key ones are:

Fire
Storm
Impact By Falling Trees Or Vehicles
Wind
Vandalism
Explosion
Burglary

Other types of cover can be added – so speak to your insurance adviser to ensure you have the right cover in place.

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 fraud is part of a type of cyber (internet-based) crime. In simple terms, it’s when a cybercriminal tricks a person at home or in a business into sharing confidential information or transferring money, which the criminal steals. With seven out of 10 businesses experiencing some type of cyberattack in the past five years, social engineering crimes are 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 cybercriminals.

Human-based:
This 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
dumpster diving to check your computer's trash for valuable information.

Computer-based:

This approach generally targets victims via computer software, often 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, a comprehensive Cyber Insurance policy can cover losses caused by social engineering attacks.

Why is Social Engineering Fraud Insurance important?

Businesses are becoming more integrated into the digital community – from banking, health insurance, and buying goods or 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, due to factors such as seniority, access to sensitive information, or ability to access systems. These include:

high-profile individuals
senior management
system administrators
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 Insurance cover?

It’s important to know that cyber risks and social engineering fraud are not usually covered under the normal Business Insurance policy, so you’ll need to look at these 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.

Your policy should extend to cover losses due to impersonation of vendor/suppliers, executives, and clients.

Because different businesses and industries have different levels of complexity and risk, we recommend talking with your insurance adviser. They’ll work with you to understand your business, 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 which tricks 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 the main types of social engineering attacks?

The five most common social engineering attacks are:

(1)   baiting
(2)   phishing
(3)   pretexting
(4)   spear phishing
(5)   scareware.

What is an example of social engineering phishing?

Phishing is a social engineering trick that sends out spam emails or texts to trick users into entering their personal info. By clicking malicious links, they are 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 or 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. Although the only compulsory covers are for public liability and fire/damage to the building, most committees chose to include most sections of cover, as it’s easier to budget for the annual premium rather than ask for money to cover urgent repairs.

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.
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.
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
Voluntary Workers' Personal Accidents – covering residents injured when undertaking voluntary work around the property.

What does Strata Insurance cover?

Compulsory covers are:

Damage – covers the building, common areas, swimming pool, car parks, walls and ceilings, lifts, spas, tennis courts and common contents against accidental loss or damage. However, it doesn’t cover the contents of the owner’s unit, apartment or townhouse. This is each owner's risk and we recommend having your own cover for personal liability and contents.
Loss of Rental Income or Alternative Rental Costs – 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 is being repaired.
Public Liability – covers the property for both legal defence costs and damages if a guest or visitor is injured and their property is damaged.

Optional covers include:

Machinery & Electrical Equipment Breakdown – covers the cost of repairing key plant, machinery, and electrical equipment (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 – protects 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.
Voluntary Workers' Personal Accident – covers volunteers working around the property for 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.
age and condition of the building
whether the building contains asbestos
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, whether they are take-aways, supermarkets or professional offices
the presence of swimming pools, spas or commercial car parks
optional covers are to be insured.

Frequently Asked Questions

What is strata body corporate and community association insurance?

Strata, Body Corporate & Community Association Insurance are packages of insurance covers specifically designed for residential and commercial properties. They 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, with the premium cost divided between each owner. The committee also decides on the types of covers chosen from what is available in the package, the excesses per claim and the amount of insurance/ sum insured. The decision is usually based on advice and recommendations 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 including 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?

Some amount of Strata, Body Corporate & Community Association Insurance is compulsory in all states and territories to ensure owners have cover for repairs for major damage to the building – for example, from fire or storm – 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. Some workplaces have a higher risk of work-related incidents than others, but no matter the size of your business, or the industry or state/territory it’s in, you’re required by law to have Workers' Compensation Insurance.

Why is Workers' Compensation Insurance important?

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.

Working Directors. Check if you have to include yourself as a working director, as this depends on the state/territory. We also recommend that working directors consider Personal Accident Insurance which has additional benefits not covered under Workers’ Compensation.
Contractors. If you employ contractors, some states and territories also require that these people, called ‘deemed workers’, are insured for Workers' Compensation.
Sole Traders. As a sole trader, it’s unlikely you can get Workers' Compensation Insurance. However, if you can’t work, you’ll still need ongoing income to pay your regular bills, so you should consider Personal Accident, Life, and Sickness Insurance in case you have an accident or permanent disability.

What does Workers' Compensation Insurance cover?

In cases of a work-related illness or injury, Workers' Compensation can reimburse the business for weekly wages, as well as pay 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
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
.
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?

Each state and territory calculates premiums differently. In principle, the annual premium is based on the industry rate, 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 requires that you have Worker’s Compensation Insurance in place before you start operating the business. Employees can be full-time or 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?

Workers’ Comp covers any injury or illness directly caused at or by the type of work. For example, a needlestick 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?

Workers’ Compensation Insurance covers employees and deemed workers. Business owners or sole traders, as well as independent contractors, usually aren’t 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

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

SME Business Insurance

What is SME Business Insurance?

What does SME Business Insurance cover?

Property Damage – cover ranges 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 and equipment, raw materials, and consumer goods.
Business Interruption – covers weekly amounts or net profit loss and ongoing fixed costs following property loss or damage. Also referred to as Loss of Profits or Consequential Loss Insurance.
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.

Speak to an insurance expert

We analyse your objectives, needs, financial situation and risk profile to develop appropriate strategies and solutions.
With your input, we undertake risk assessments and conduct market research to determine the most suitable insurance product(s) for your key risk exposure.
Your insurance adviser will present appropriate strategies and solutions and also negotiate and place insurance covers agreed.

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 enterprises (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 to determine whether an organisation 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 when 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?

Starting and running a business always carries risks. The key financial risks can be managed by buying insurance cover like Property Damage, Public and Product Liability, and Burglary.

What does Business Interruption Insurance cover?

Business Interruption Insurance compensates business owners for:

net profit expected to be earned during the time the business takes to get back up and operating to its pre-loss output
any fixed expenses (interest on loans, wages etc.), that keep on being incurred, regardless of whether the business is operational or not.

Variable expenses, like input purchases and delivery costs, would not be covered, as they won’t continue if the business isn’t operational and making goods or products.

Choosing your insurance policy

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. How much of your payroll do you need to insure and for how long? Insurance companies won’t pay employees to sit at home for six months while the business is being rebuilt, but redundancy payments can be insured.
Growth. Consider the trends in your business: is it growing rapidly, or is it a mature business?
Economic cycles. Are there any major seasonal fluctuations or economic cycles?
Suppliers and customers. Do you need to cover specific customers or suppliers that you rely on. 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).

Does it cover loss of profits for services firms?

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.

In Summary

We can help you 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?

This insurance typically covers contractors throughout the job cycle, from preparation at the workshop to on-site construction, then maintenance, testing and commissioning.

Why is Contract Works Insurance important?

What does Contract Works Insurance cover?

Plant & Equipment – provides cover for loss, damage or theft of your construction plant, tools and equipment.

What doesn't it cover?

Speak to an insurance expert

Policy wordings and cover differ from insurer to insurer, so it’s important to talk to your insurance adviser.

Frequently Asked Questions

● What is construction insurance?

The policy usually also covers the builders' or contractors’ tools, plant and equipment against accidental loss, damage or theft.

● What is public liability insurance?

● Does a builder need contract works insurance?

● How much does contract works insurance cost?

The cost of taking out Contract Works Insurance varies depending on:

the type of work
whether it is on or near water
if it involves plumbing, roofing, or a high-rise building
prior claims
length of the project
defects liability period
total sum insured
if it is a one-off project or the building is 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 cover.

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?

There is a wide range of Cyber Insurance available. While all policies cover liability to third parties for passing on viruses, some also cover damage to your own networks.

Additional sections that we recommend considering 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 defence costs
cyber extortion management and fees
crisis and PR management of the incident
management of communications with regulators.

Managing cyber risks to your business

The top 3 things that you can do easily are:

Update your devices to protect information.
Set up multi-factor authentication for logging on.
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.

Frequently Asked Questions

What is not covered by Cyber Insurance?

Like any insurance, not everything is covered by your policy. 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
failure to take reasonable care in securing your IT systems

Is Cyber Insurance required in Australia?

What are the main areas covered under Cyber Insurance?

Cyber Insurance typically helps you with expenses spent on five main areas:

Third-party liability
Emergency response and business continuity assistance
Recovery of your data and IT systems
Business interruption due to interference to your systems
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. It also covers:

notifying 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?

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?

Examples of claims include:

wrongful dismissal of an employee
email-related misconduct
breach of contract
OH&S breaches
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 difference 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.
Statutory Liability (legal defence costs only) - (legal defence costs only) – provides cover 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 cover for legal costs associated with preparing and attending Workplace Health and Safety inquiries, and the accounting costs incurred during a tax audit/investigation.

At Insurance Advisernet, we’ll work with you to understand your business and provide advice on the best way to manage these risks, including the appropriate type and amount of insurance cover.

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?

Why is Home & Contents Insurance important?

What does Home Insurance cover?

Standard homeowner’s policies typically cover a list of insured events, including:

fire and smoke
storm
cyclone
rainwater
explosion
burglary
vandalism.

Choosing your insurance policy

Before you buy 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.

Frequently Asked Questions

● How much does home & contents insurance cost?

Premiums are generally based on:

location
what the home is built of
the age and type of occupancy
past claims experience.

Is home insurance mandatory?

● What areas are covered in a typical Home & Contents policy?

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

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

How much Home & Contents insurance do 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?

Why is Liability Insurance important?

Anyone who 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.
Product Liability – once the item you sell or repair leaves your control (for example, a plumber installing a washing machine), if it damages or injures someone then you could be legally responsible.

Additional covers include:

Professional Indemnity – if you provide advice or 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.
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?

Cover depends on the type of Liability Insurance you’ve purchased, as well as your business and your industry:

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, as well as 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, it’s a good idea to take out Product Liability Insurance as protection against potentially having to pay expensive legal defence costs and any damages awarded by a court.
Professional Indemnity Insurance – provides cover for professionals which is any person that has expertise and is usually part of a trade or professional group, such as builders, designers, architects, IT consultants, and allied health professionals, as well as doctors and lawyers. It covers legal defence costs and any damages awarded from an act, error or omission arising from professional services you and your business provide 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 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.

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.

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 Warranty.
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?

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.

3. Marine Cargo Insurance – 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.

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 Australia?

It depends on what policy you purchase:

Marine Cargo Insurance covers 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 covers physical loss of vessel and equipment, and 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?

The main types of insurance are:

Private Car Insurance - 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 - 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 - 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 - 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, extras on and in the vehicle, and 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.

Frequently Asked Questions

What is Motor Vehicle Insurance?

What insurance is the best for my vehicles

Which are the key types of motor vehicle insurance?

While there are lots of different products on the market, the main categories are:

(1)   Private Car Insurance
(2)   Motorcycle Insurance
(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?

Plant and Equipment Insurance is specifically designed to cover registered and unregistered mobile plants, as well as equipment taken to job sites.

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.

Common types of plant and equipment include:

bobcats
bulldozers
excavators
asphalting machines
earthmoving equipment
farming machinery
forklifts
mining equipment
road work equipment
mobile and tower cranes
trucks, trailers and tippers.

What does Plant & Equipment Insurance cover?

The main types of insurance are:

Accidental Damage/Theft – covers the costs of repairing, reinstating or replacing the damaged parts or accessories, paying the sum insured or market value, or replacing the item and accessories.
Road Risk – covers 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 for personal injury or property damage because of an occurrence in connection with your business or 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.

Regardless of your occupation or industry, we can discuss your business risks and help you manage the key risks, including recommending insurance options available.

Frequently Asked Questions

What kind of Plant & Equipment Insurance do I need?

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
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 and value of the item
experience of the operator
prior uninsured loss or claim experience
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

What is Professional Indemnity Insurance?

If you or your business provide professional advice or services, then you’re 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
doctors.

Why is Professional Indemnity Insurance important?

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, including costs of disciplinary proceeding costs, claim investigation and expert reports
public relations costs
legal defence costs
payment of damages.

Frequently Asked Questions

Who needs professional indemnity insurance?

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.

Premiums are typically based on:

Your industry – for example, construction, IT, or medical, some are at higher risk than others.
The scope of your business activities – for example, whether you’re a fire engineer or an IT engineer, the turnover/ revenue and number of employees or contractors.
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 you need depends on:

your occupation and potential for financial loss to the customer if there was negligent advice
any mandatory requirements of your association
the level of cover you choose, 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?

What does Property Insurance cover?

This can be a:

residential property
farm
unit
strata building
commercial strata
retail store
factory
warehouse
manufacturing facility.

Loss or damage insured

All property policies cover specified perils, such as:

fire
theft
storm
rain
wind-related events
impacts by vehicles and trees
vandalism

You can also add a cover at an additional cost for other accidents, like shelves falling or stock being damaged by a pipe leaking.

Choosing your insurance policy

Choosing the right Property Insurance can be challenging as there are a few different packages:

Home Insurance – includes cover for the house, contents and personal items taken outside the home.
Farm Insurance – 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 – covers buildings, stock, contents, plant & equipment, and work in progress.

Frequently Asked Questions

What insurance is best for a property?

What's 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:

Home Package – covers a number of sections, like public liability, glass and property (such as the home), contents, and personal valuables like jewellery.
Farm Package – covers public liability and motor vehicles, with the property section covering the homestead, farm buildings, fencing and farm machinery.
Commercial Package – usually covers theft, machinery breakdown, legal liability and property. Property for a business includes stock in process, finished stock, buildings, plant and equipment, and office contents.

What isn'tcovered by property insurance?

It’s worth taking time to read and understand what your insurance policy does and doesn’t cover. Your insurance adviser will make the whole process easier to understand.

What are the basic types of cover needed?

Property insurance covers a wide range of events. The seven key ones are:

Fire
Storm
Impact By Falling Trees Or Vehicles
Wind
Vandalism
Explosion
Burglary

Other types of cover can be added – so speak to your insurance adviser to ensure you have the right cover in place.

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?

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 cybercriminals.

Human-based:
This 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
dumpster diving to check your computer's trash for valuable information.

Computer-based:

This approach generally targets victims via computer software, often 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
staff members (mainly from finance, legal, etc).

What does Social Engineering Fraud Insurance cover?

It’s important to know that cyber risks and social engineering fraud are not usually covered under the normal Business Insurance policy, so you’ll need to look at these 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.

Your policy should extend to cover losses due to impersonation of vendor/suppliers, executives, and clients.

Frequently Asked Questions

What is an example of social engineering?

What are the the main types of social engineering attacks?

The five most common social engineering attacks are:

(1)   baiting
(2)   phishing
(3)   pretexting
(4)   spear phishing
(5)   scareware.

What is an example of social engineering phishing?

Is social engineering fraud a type of cybercrime in Australia?

Strata Insurance

What is Strata, Body Corporate & Community Association Insurance?

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.
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.
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
Voluntary Workers' Personal Accidents – covering residents injured when undertaking voluntary work around the property.

What does Strata Insurance cover?

Compulsory covers are:

Damage – covers the building, common areas, swimming pool, car parks, walls and ceilings, lifts, spas, tennis courts and common contents against accidental loss or damage. However, it doesn’t cover the contents of the owner’s unit, apartment or townhouse. This is each owner's risk and we recommend having your own cover for personal liability and contents.
Loss of Rental Income or Alternative Rental Costs – 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 is being repaired.
Public Liability – covers the property for both legal defence costs and damages if a guest or visitor is injured and their property is damaged.

Optional covers include:

Machinery & Electrical Equipment Breakdown – covers the cost of repairing key plant, machinery, and electrical equipment (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 – protects 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.
Voluntary Workers' Personal Accident – covers volunteers working around the property for 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.
age and condition of the building
whether the building contains asbestos
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, whether they are take-aways, supermarkets or professional offices
the presence of swimming pools, spas or commercial car parks
optional covers are to be insured.

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?

Workers’ Compensation

What is Worker’s Compensation Insurance?

Why is Workers' Compensation Insurance important?

Working Directors. Check if you have to include yourself as a working director, as this depends on the state/territory. We also recommend that working directors consider Personal Accident Insurance which has additional benefits not covered under Workers’ Compensation.
Contractors. If you employ contractors, some states and territories also require that these people, called ‘deemed workers’, are insured for Workers' Compensation.
Sole Traders. As a sole trader, it’s unlikely you can get Workers' Compensation Insurance. However, if you can’t work, you’ll still need ongoing income to pay your regular bills, so you should consider Personal Accident, Life, and Sickness Insurance in case you have an accident or permanent disability.

What does Workers' Compensation Insurance cover?

In cases of a work-related illness or injury, Workers' Compensation can reimburse the business for weekly wages, as well as pay 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
fatal incidents such as electrocution, poisoning, falls and being struck by a machine.

Frequently Asked Questions

How much does worker’s compensation insurance cost?

Each state and territory calculates premiums differently. In principle, the annual premium is based on the industry rate, 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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John Burke PRINCIPAL

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Suite 2, 175 Lord Street, Richmond, VIC, 3121

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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.

DAVID JOHNSONEXECUTIVE DIRECTOR, TARAGO RIVER CHEESE CO - WWW.TARAGOCHEESE.COM

PROFESSOR ALLAN MANNINGMANAGING DIRECTOR, LMI GROUP - HTTPS://WWW.LMIGROUP.IO/SERVICES/CLAIMS/OUR-EXPERTS/

JIM LAMBMANAGING DIRECTOR, PPH DEVELOPMENTS PTY LTD

Having worked directly with John for the last 4 years I cannot recommend him more highly, his insurance knowledge, ability to communicate and manage relationships is second to none.

SHAUN STANDFIELDMANAGING DIRECTOR, INSURANCE ADVISERNET AUSTRALIA

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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

BML Risk Advisers 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 PRACTICE_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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Richmond,
VIC,
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BML Risk Advisers Pty Ltd

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