Business Insurance & Motor Fleet
Business insurance is often packaged into a policy known as a business pack. This package is flexible in terms of the covers you can select as well as the types of businesses that can be covered by the policy. From offices to butchers, to warehouses, a business pack can cover contents, stock, buildings (if you own or have a contractual obligation to cover the property), theft, public and products liability, business interruption, machinery breakdown, money, glass, portable equipment and more!
Depending on the type of business a broker may advise to consider buying some sections of cover separately. Some examples include:
public & products liability offered within a business pack for a construction business may not be suitable or broad enough.
machinery breakdown limits offered within a business pack for a cold storage business may not be enough and an engineering & equipment breakdown policy might be required.
In summary, a business pack policy can cover almost any occupation however, depending on what type of business and/or what limits of cover are required, some sections may need to or would be better bought separately. If your total sums insured exceed $10m (excluding public liability), an Industrial Special Risks (ISR) insurance policy will need to be arranged.
Does your broker or insurance provider ever discuss potential issues with having all sections covered by a business pack? Speak to a specialist insurance broker today on 02 8320 6170.
Motor fleet insurance
Motor fleet insurance provides an alternate option to insuring items individually. This policy is suitable for a range of different vehicles, including plant & machinery, allowing a business to manage all business vehicles under one policy. Whilst some insurers may prefer heavy items and other utes, sedans and wagons, all insurers will request claims experience for the company. Other important points your insurer will need you to make them aware of, often include:
are there any young or inexperienced drivers?
have any drivers had licence suspensions, drugs and/or alcohol related driving offences or criminal convictions?
where are the items usually garaged overnight (postcode) and are the items parked on street, at a locked business premises or garaged?
how far do the items travel from the business address - 200kms / 400kms / 1000kms?
When was the last time you reviewed your motor fleet? Does your broker or insurer discuss changes within your business or drivers on a regular or annual basis?