Commercial Insurance Brokers Australia, Melbourne, Sydney, Perth, Brisbane AFSL 323671

Why use an Insurance Broker for your Business Insurance?

Using an insurance broker to arrange, place and manage your Insurance portfolio is a wise move.  Insurance Brokers are able to 'assess' the market for you and distill often confusing insurance terminology, making your insurance decision easier to make.

Insurance Brokers offer advice on particular risks that face your business and how to adequately cover those risks so you can get on with the 'business of your business'.

Just being able to ask those questions that have you baffled or confused, and have the answer explained in 'English' rather than in some confusing 'insurance' terminology is comforting and critical in understanding the risks, exposures and coverage you require.

When you lodge a claim against your policy, brokers are invaluable in making sense of, and navigating through the difficulties of claims negotiations.  Our brokers provide tailored cover to best suit your business.  And when it comes to claims, we have a dedicated team who will assist in the fast efficient settlement of claims - after all, claims settlement is our shop window.

Insurance Brokers Australia is a leading Commercial Insurance Broker in Australia providing commercial insurance products and services to commercial clients Australia wide.

Insurance Brokers Australia specialises in providing local service and professional advice for commercial entities throughout Australia.  Our clients gain access to a range of commercial insurance facilities with product and service advantages that are normally reserved for larger businesses.

At Insurance Brokers Australia, we ensure your commercial insurance needs are all satisfied under the one umbrella.

To find out about our Australian commercial insurance products, search our Commercial Insurance Products below where you will find a list of the most common Australian commercial insurance products we provide, with details for each type of common commercial insurance policy, containing descriptions, pitfalls and frequently asked questions (FAQs).

Insurance Brokers Australia's Head Office is based in Melbourne.

We provide commercial insurance products operating under various brands and we invite you to visit a number of our respective brands listed below:

Insurance Brokers Australia www.insurancebrokersaustralia.com.au This brand is used for our national insurance products. Insurance Brokers Melbourne www.insurancebrokersmelbourne.com.au This brand is used for our insurance products in Victoria, South Australia and Tasmania.

Insurance Brokers Sydney www.insurancebrokerssydney.com.au This brand is used for our insurance products in New South Wales.

Insurance Brokers Brisbane www.insurancebrokersbrisbane.com.au This brand is used for our insurance products in Queensland.

Insurance Brokers Perth www.insurancebrokersperth.com.au This brand is used for our insurance products in Western Australia.

Public Liability Insurance

NOTE: Some call this Public Risk Insurance – it is the same!

This type of insurance covers your legal responsibility for loss or injury you might inflict inadvertently on a Third Party or to their property. Simply your dog bites the postman, the postman gets upset and sues you for the cost of replacing their pants and other costs.

A Public Liability Insurance policy simply responds to those costs and lets you get on with "business as usual" activities.

Pit Falls of Public Liability Insurance Policies

You certainly should read the exclusions section in the Public Liability Insurance Policy you buy. Do it within the “cooling off” period so you can cancel the Public Liability Insurance policy if it does not suit your needs and you get a full refund.

IT practitioners should be aware that most standard Public Liability policies do not cover data loss, which is typically an IT practitioners biggest exposure.

Employment people need specialist policies to cover their Public Liability Insurance requirements.

Trades people who have contracts at airports probably will not have cover for airside functions, unless you purchase the correct Public Liability Insurance policy.

Public Liability Insurance Frequently Asked Questions (FAQ's)

Q: Will my policy cover me for Products Liability Insurance as well?

A: Normally - yes. Insurance brokers will not sell Public Liability Insurance without Products liability cover unless you are a property owner. You would be exposed if you did not have it.

Q: Why buy Public Liability Insurance?

A: It gives you peace of mind knowing that if a claim arises your policy will respond. In particular your Public Liability Insurance policy will respond to bogus claims. Your insurer will defend your position, paying litigation costs & ultimately get a successful rejection of the claim, while you just get on with your business.

For More Information About Public Liability Insurance Policies ...

For more information about Public Liability Insurance Policies send us an email or call us

Public & Products Liability Insurance

NOTE : Also known as Broadform Liability Insurance – it is the same!

This type of insurance covers your legal responsibility for loss or injury you might inflict inadvertently on a Third Party or to their property from your business services. For example you have a café or restaurant & a group of your customers claim they get food poisoning & make a claim on you.

If your policy is set up correctly the policy responds paying your legal fees and any judgement the court awards while you get on with your business.

Pit Falls of Public & Products Liability Insurance Policies

Read the exclusions section in the Public & Products Liability Insurance policy you buy. Do it with in the “cooling off” period so you can cancel the Public & Products Liability Insurance policy if it does not suit your needs and get a full refund.

Trades people who have contracts at airports probably will not have cover for airside functions, unless you purchase the correct policy. Aircraft are very expensive and are a very specialist area. Your contract needs to be worth the cost of your Public & Products Liability insurance.

If you deal in asbestos products, i.e. the removal of this product on a building sites. Insurance premiums are very expensive for this occupation as the methods of disposal are extremely labour intensive. We have had recent experience with one claim for the removal of asbestos. It cost $50,000 for a roof about the size of 5 family sized garages, but we had the correct amount for Removal of Debris. You must declare to insurers what you are intending to do or you simply will not get paid.

Your Public & Products Liability insurance policy will not normally cover “errors or omissions” or “design work”. This is an area commonly overlooked.

Public & Products Liability Insurance Frequently Asked Questions (FAQ's)

Q: When does a Public Liability Insurance claim become a Products Liability Insurance claim?

A: Imagine a foot path contractor. Whilst pouring the concrete he causes a loss and a Third Party suffers a loss. This would be a Public Liability Insurance claim. If after completing the job part of the path gave way and a Third Party suffers a loss it would be a Products Liability Insurance claim.

For More Information About Public & Products Liability Insurance Policies ...

For more information about Public & Products Liability Insurance Policies send us an email or call us

Contract Works Insurance including Builders Warranty Insurance

Contract Works insurance is designed to cover losses during the construction of a building. These losses can either be material damage to the property being built or damage or loss to a Third Party property or person. When calculating the material damage sum insured it is important to take into consideration the actual cost of rebuilding, escalation costs, changes to the bylaws that you may have to deal with when reapplying for your building permit and removal of debris. The list goes on and on!

It is important to have sufficient liability cover to protect you against third party claims for loss and damage. Talk to us we know how to help you!

Builders Warranty Insurance Description

If you are an owner builder and you sell your property within the prescribed time limit you will need this insurance. The number of Builders Warranty insurers has increased in recent times but you will need to provide this guarantee of workmanship to the new owner until the prescribed period has elapsed. We can help you do that at a cost effective outcome.

For more information about Contract Works or Builders Warranty Insurance Policies send us an email or call us

Business Package Insurance

For small to medium sized businesses insurers have packaged their policies into one Business Package Insurance document. The only problem is that Business Package Insurance policies are all different and not each Business Package Insurance policy offers the same terms and conditions. One main advantage our buying group has achieved is common wordings from alliance insurance partners www.steadfast.com.au.

The basics of a Business Package Insurance policy will cover:

• Fire – covers fire, lighting, explosion storm damage, aircraft, water discharge, riot & strikes damage and malicious damage
• Accidental Damage – a sub-limit covering any kind of loss not specifically excluded
• Business Interruption – covers the profits you do not make following an insurable incident
• Burglary – loss of your property by felons
• Glass – accidental breakage of fixed glass or sanitary ware
• Money – loss following robbery from your premises or whilst in transit
• Broadform Liability – as explained on the Products Liability Insurance page
• Machinery breakdown – repairs following sudden loss to mechanical equipment. Eg. a compressor in a fridge burns out
• Electronic equipment breakdown - repairs following sudden loss to electronic equipment. Eg the cost of rewriting data following a breakdown
• Transit – movement of your goods around Australia
• Personal Accident – payment when you are incapable of working caused by accident or sickness
• Vehicle Insurance – covering accidents and theft

Pit Falls of Business Package Insurance Policies

Most policies contain an “average clause” which varies between 80% & 90%. What it means is if your sum insured in certain sections of this policy is not within the percentage stated in your policy insurers will not pay the total amount of a partial loss. Eg you insure your building for $100,000. Its replacement value is $200,000 and you sustain a partial loss of say $50,000. Insurers will apply “average” paying $25,000 i.e. half of the loss

It is important to have full reinstatement/Replacement conditions. If you don’t you are not getting what you should have.

For More Information About Business Package Insurance Policies ...

For more information about Business Package Insurance Policies send us an email or call us

Product Movement Insurance or Marine Insurance

For all your Marine Insurance needs refer to www.marine-insurance.com.au

Shipment of your products and goods is known as Marine Insurance. It does not matter if the mode of transport is Sea, Air, Land or post, it is Marine Insurance.

It is the oldest known form of insurance known to what we know as modern man. The most ancient records show that Chinese merchants would spread their cargo amongst other traders so that they could cross the Yangtze river over 4,000 years ago. Imagine 10 traders, with 10 boats, each carrying 1/10 of each traders cargo. 1 goes down, all traders have 90% of their cargo intact.

So much for history, Product Movement Insurance or Marine Insurance can be quite complicated, because the insurance companies have to follow World Protocols so that claims will be dealt with on a common basis. Out of interest, the next known Western insurance came after the Great Fire of London in the 1600’s and Lloyds of London followed in the coffee houses soon after.

There are many hundreds of clauses that effect the style of Product Movement Insurance or Marine Insurance cover available to you. It is a minefield of jargon and problems. You should consultant a competent broker with good marine knowledge so that your policy will respond to any claim that you have.

Remember, Marine insurance is a difficult area of insurance and not as straight forward as commercial insurance. It takes an experienced broker with Marine Insurance knowledge to negotiate on client behalf so that the correct policy is put in place.

Douglas Campbell at Insurance Broker Melbourne has these skills, and you should contact him for professional advice for Marine insurance (enquiry@nrj.com.au).

Marine Insurance Policy Coverage Types

• Commercial Hulls,
• Business Interruption from not arrival or damage to stock in transit,
• Air Cargo,
• Sea Cargo,
• Land Transit of Cargo,
• Marina Operators Liabilities,
• Charters’ Liability
• Ship repairers’ Liability
• Carriers Liability,
• Pleasure craft,
• Tradesmen’s Tools in vehicles,
• Home removals

Pit Falls of Product Movement Insurance or Marine Insurance Policies

When purchasing cargo from overseas many suppliers sell CIF (cost, insurance and freight). There are two potential problems here, ...

1. Their policy may not nominate the correct delivery address and the “bill of lading” may nominate “over the side at Melbourne Australia ”. Fine ... your goods are here but as soon as the container touches the dock your insurance contract is considered complete and subsequent losses from this point are for your own account.

2. If you insure through your supplier, lets say in China , & there is a loss you have to deal with their agents to recover your loss. Good luck. 12 months might be a good outcome, because offshore insurers are not bound by the Australian Insurance Act 1973. Worst still you might not get paid at all, because they do not follow Western protocol. Insurance is a “promise to pay money in the future ... MAYBE"!

You decide to take a chance, not many ships sink these days, you can save a few thousand dollars ... she’ll be right mate. WRONG!

Have you heard of “GENERAL AVERAGE” ? With an Australian or western insurance policy and there is an incident on board the ship that causes the ship owners to call a “general average”, your insurers guarantee your bond to the insurance adjusters. Without insurance you will be required to pay the bond before your cargo is released to you.

This situation does not happen with air cargo only sea cargo.

Product Movement Insurance or Marine Insurance Frequently Asked Questions (FAQ's)

Q: Will my marine cargo insurance pay for delay from any insured peril.

A: Normally NO. If you are in the fashion business for example, send your consignment to its destination by air in a minimum of 5 Shipments. That way you have a good chance of 80% getting through. Remember the Chinese.

Q: Will my policy pay “duty” if I have a total loss.

A: Only if you nominate it in the insurance contract. Get a broker who understands marine insurance like us! (enquiry@nrj.com.au)

For More Information About Product Movement Insurance or Marine Insurance Policies ...

For more information about Product Movement Insurance or Marine Insurance Policies send us an email or call us

Professional Indemnity Insurance

Professional Indemnity Insurance is quite different. The Professional Indemnity Insurance policy is written on the American styled “claims made policy wording”. This type of insurance is not purchased for say 1 or 2 years. It is a long term commitment. If you don’t want a long term contract don’t buy the Professional Indemnity Insurance. It could be a waste of money, if you have a claim.

With these policies a new contract is issued annually with a retroactive clause to cover past unknown claims. For example you have a business where it is desirable to have this insurance, some one with say an IT Computer business. Business commences in 2002 with Professional Indemnity Insurance but you decide to sell in 2005. To be fully covered you must continue to buy a run off Professional Indemnity Insurance for the period of the Commonwealth Statute of Limitations, because if the policy is not in place at the time of notification of the claim to you & the insurer, they simply will not pay. We as your brokers can’t do anything to help you in this situation.

Who buys Professional Indemnity Insurance? Any person who gives professional advice according to an established discipline, not just the typical lawyer or medical person but any person giving advice to any Third Party. This means you must exercise an appropriate level of skill & competence, it is the law. In the event a Third Party suffers a loss and sues you, your Professional Indemnity Insurance policy is designed to defend your position and settle any judgement made against you or any situation your insurer agrees to pay in your behalf.

Remember the insurer pays to defend your position and reputation, and does not just pay a loss.

Pit Falls of Professional Indemnity Insurance Policies

The loss or “occurrence” must be made during the currency of the Professional Indemnity Insurance policy, this is why a Professional Indemnity Insurance policy must be kept current after selling or discontinuing a professional business. The Professional Indemnity Insurance policy will not respond if this is not the case.

It is important to have a Professional Indemnity Insurance policy which offers continuous cover. This is like a “loyalty bonus” for a client who has been insured with one insurer for successive periods of insurance. It offers cover for a situation or event that should have been notified to the insurer in a previous period and was not notified. Without this no claim would be admitted.

When purchasing Professional Indemnity Insurance you need an unlimited “retroactive clause”. This affords you the best cover.

For More Information About Professional Indemnity Insurance Policies ...

For more information about Professional Indemnity Insurance Policies send us an email or call us

Directors & Officers Liability Insurance

Directors & Officers Liability Insurance covers the successful defence of Directors and Officers of the company against such situations as :

• Alleged breaches of duty by one or more directors
• Misleading & deceptive conduct under the Trade Practices Act
• Successful defence of claims against Directors for insolvent trading
• Claims from an official investigations – for example ACCC investigating a complaint of anti-competitive behaviour

It protects the innocent but not the guilty. You cannot insure an illegal act.

Pit Falls of Directors & Officers Liability Insurance Policies

The loss or “occurrence” must be made during the currency of the Directors & Officers Liability Insurance policy, this is why a Directors & Officers Liability Insurance policy must be kept current after discontinuing to be a Director of a company. The Directors & Officers Liability Insurance policy will not respond if this is not the case.

When purchasing Directors & Officers Liability Insurance you need an unlimited “retroactive clause”. This affords you the best cover.

For More Information About Directors & Officers Liability Insurance Policies ...

For more information about Directors & Officers Liability Insurance Policies send us an email or call us

Employment Practices Liability Insurance

Employment Practices Liability Insurance can be purchased separately or purchased as a extension to the Directors and Officers Liability Insurance policy or Professional Indemnity Insurance. It defends the employer from financial loss following an incident involving one or more staff.

Discrimination – any kind of discrimination eg. racial or sexual, in the work place can result in a complainant seeking redress through the Human Rights and Equal Opportunity Commission.

Harassment – worker to worker situations can develop and turn nasty before management knows about it. The disgruntled worker seeks redress through the Human Rights and Equal Opportunity Commission.

The Human Rights and Equal Opportunity Commission publish an annual report. We recommend that you visit their web site and browse through the information available including the various cases listed at www.hreoc.gov.au

Pit Falls of Employment Practices Liability Insurance Policies

When purchasing this Employment Practices Liability Insurance you need an unlimited “retroactive clause”. This affords you the best cover.

For More Information About Employment Practices Liability Insurance Policies ...

For more information about Employment Practices Liability Insurance Policies send us an email or call us

Information Technology Liability Insurance

Information Technology Liability Insurance is specifically designed for the IT consulting market. It offers a Civil Liability Professional Indemnity Policy and a Broad Form Liability policy combined into one product. Legal uncertainty exists over whether IT people are providing a “product” or a “service” A service such as advice is a Professional Indemnity issue where as a “product” such as a hard drive is a Products Liability issue.

One Information Technology Liability Insurance policy covering both exposures with one insurer removes the problem of the policy failing to respond to a claim because the Public & Products Liability Insurer says the incident was a service and the Professional Indemnity Insurer saying the incident was a product and you suffering the financial loss.

For More Information About Information Technology Liability Insurance Policies ...

For more information about Information Technology Liability Insurance Policies send us an email or call us

Please browse products and service offerings to learn more about the value of engaging us as your Australian Insurance Broker to service your commercial insurance needs in Australia.

We welcome inquiries on our Australian commercial insurance products and broker services. Please feel free to send us an email , or use our Contact page to send us an online inquiry. We will contact you within 24 hours to answer your inquiry.