Business Package Insurance Description
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
Pitfalls of Business Package Insurance Policies
Most policies contain an “average clause” which varies between 80% & 90%. What this means is, should your sum insured in certain sections of this policy not fall 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, call us on 1300 880 409 or use our Contact page to send us an online inquiry. We will contact you within 24 hours to answer your inquiry.