Professional Indemnity

Covered

Compensation for personal injury and/or property damage to a customer or member of the public
Legal and defence costs

Not Covered

Employee injury
Damage to your property
Known claims and circumstances

Professional Indemnity Insurance is designed for professionals who provide advice or a service to their customers. If someone alleges that you've made a mistake, overlooked a critical piece of information, misstated a fact or they have misinterpreted you in the course of your work, and this results in a financial loss for your client, then they may take legal action against you to recover these losses.

Whether or not the allegation is true, Professional indemnity cover seeks to protect your assets, your reputation, and the contents of your back pocket should this occur. This means you can continue in your business without the stress of financial or reputational ruin should a claim arise.

The risk of claims against you isn't always determined by your skill or level of professionalism. There is always the risk of an unhappy client making a claim against you. While you can't control this, we're here to make sure you have some control in what happens next.

Regardless of the merit of a claim, your professional indemnity cover will pay for your legal defence as well as any judgments or settlements that you or your business may have to pay to compensate the suing party, up to stated policy limits.

Going to court to defend a claim might be in your ‘too hard basket’ but consider that not going could be viewed as an admission of guilt and have worse repercussions on your reputation! If you have to make your debut in front of the judge, make sure it's not costing you an arm and a leg!

Public and Products Liability Cover

Covered

Damages and claimant costs awarded against you
Legal and defence costs
Claims investigation costs
Court attendance costs
Public relations costs

Not Covered

Intentional damage
Known claims and circumstances
Fraud and dishonesty
Accidental injury
Property damage

Public and Products liability cover (sometimes referred to as broadform liability or legal liability cover) protects you and your business against the financial risk of being found liable to a third party for death or injury, loss or damage to property.

Small business owners have a responsibility to the safety of their customers, employees, suppliers and the community; as well as third party property. If you are found to be negligent the financial repercussions can be devastating, just the cost of defending yourself could put you out of business. With the right public and products liability cover, the insurance company will provide the funds to cover your legal costs and any compensation claims, leaving your business free of financial risk. Phew!

Our liability policy also extends to cover products liability. If you sell, supply or deliver goods, even in the form of repair or service, you may need cover for claims against you where goods have caused injury, death or damage. Product liability insurance covers you if any of these events happen to another business or person by the failure of your product or the product you are selling.

Even the most careful businesses run the risk of injuring someone or damaging something during the course of operations — and you don't want to be left with empty pockets (...and then some) because you tried to save a bit of cash by not having the right public and products liability cover. If the risk to your business is such that you would go out of business should you experience a public or products liability claim, then you need the insurance. It's as simple as that.

Also, if you are doing business with another business, make sure they have public and products liability insurance too so all's well that ends well, should an accident or injury occur from their negligence.

Income Protection

Covered

Loss of income as a result of not being able to work due to an injury e.g. laceration to your hand requiring stitches, or a sickness
Rehabilitation training, professional work assistance, transport to and from work, and reimbursement of professional membership fees

Not Covered

An injury or sickness that is the result of pre-existing conditions; pregnancy and childbirth; criminal acts caused by you; suicide and intentional self-injury; being under the influence of alcohol or drugs; participating in professional sports; mental illness, mental or emotional disorders

As the old saying goes, accidents do happen! Even those of us who take caution to the extreme are vulnerable to an unforeseen mishap. A simple spot of D.I.Y. around the house could result in a broken bone, loss of sight, a severed limb (or even... dare we say it... death). All of which could cause you to be out of action for some time or even permanently!

When you rely on being able to work to put food on the table, an accident is one of the last things you can afford. Having Income Protection Insurance covers you for lost income if the unfortunate were to happen and you suffered an injury that meant you couldn't perform your usual work and earn an income.

Your cover could pay you a benefit of the higher of $1,000 a week, or up to 85% of your income if you are unable to work temporarily because of an accident.

Having income protection cover doesn't need to be a drain on your finances as your premiums are generally tax deductible. Getting cover doesn't have to be time consuming and involve visits to the doctor. We offer cover without any forms or medicals (but you should be aware that you won't be covered for any pre-existing conditions). You can get cover instantly and it applies 24×7, worldwide!

Cyber/Hacking

Covered

Business interruption costs
Investigation and data recovery costs
Fines and penalties
Extortion costs
Public relations and crisis management costs

Not Covered

Replacement equipment
Property damage
Prior known facts/instances
Intentional acts

Hackers. These are not just dodgy movie characters but real-life people, doing real damage to businesses across the globe, including Australia.

If you think that your small business is of no interest to these criminals, think again. Every business with an online presence is at risk of a cyber attack and with cybercrime claiming around 1,000,000 victims per day, it's time to have the right cover for your business.

Cyber liability covers your business against the expense and legal costs associated with data breaches, which may occur after being hacked or from the theft or from loss of client information (you could even be covered for a data breach when leaving a laptop in a taxi). Expenses include the cost of business interruption, forensic investigation and data recovery, extortion (a fancy word for virtual hostage!) and crisis management costs to salvage your business reputation after a data breach from a cyber attack. The policy also covers the financially crippling costs of defending yourself, mandatory notification costs and other legal costs.

In a nutshell, your customer data is sacred. If you don't protect it properly, your business may be fed to the wolves.