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Business and Commercial Insurance

Your partner in

risk management

 

Tailor-made business insurance 

 

Tudor has been built from the ground up by establishing and maintaining a relationship with our commercial and corporate customers.  We take the time to thoroughly evaluate each client’s business, assess their particular risks and exposures and recommend specific insurance products to cover those risks. 

We consider ourselves a partner in the unique risk assessment and management needs of your industry, from SME’s (small to medium enterprises) to large corporations.  If required we can also provide services in respect of quantity surveyors, valuers, and risk managers (for implementation of O. H + S Programs).

Business Insurance

What is Business Insurance?

A business takes years to build — but an accident or disaster could destroy it all in minutes. That’s why businesses should help protect themselves with a quality business insurance pack.  With the right cover in place, owners can run their business with confidence, knowing that their premises, stock, equipment and
reputation are protected by insurance.

Who should consider it?

Business owners can benefit from taking out an affordable and comprehensive business insurance pack to help protect them against the main risks involved in running a business.  “Having the right insurance will help protect your business and minimise its exposure to risk. This may include insuring your business, your income and your commercial risk.”

What can it cover?

Business insurance packs can offer general protection for a business, which may include cover against;

  • Property damage – Repair or replacement of property damaged
  • Business interruption – Loss of trading profit following insured damage to property and additional costs and expenses incurred during a claim
  • Theft – Repair or replacement of property stolen
  • Money – Loss of money
  • Public or Products Liability – Your liability to pay compensation for personal injury and property damage as well as the costs involved in defending a claim triggered by the policy
  • Glass – For replacing glass inside or outside your premises, including your
    shopfront windows, mirrors or display cases
  • Transit – For stock that is in transit on the road, in the air or by sea
  • Electronic equipment breakdown – For repairing or replacing electronic equipment that breaks down
  • Machinery breakdown – Cover for costs associated with machinery breakdown
  • General property – To cover your tools of trade, including laptops and tools that you use for your profession or trade
  • Tax Audit – To cover the costs of being audited by the ATO
  • Employee Dishonesty – Direct financial loss of the business caused by the dishonest or fraudulent conduct of an employee which is first discovered during the period of insurance

What usually isn’t covered?

Exclusions, and the excess you need to pay and limits of liability can vary greatly depending on your insurer and the requirements of your business.

Important note

A product disclosure statement (PDS) is available from your Steadfast insurance broker. You should consider the PDS in deciding whether to acquire, or continue to hold, business insurance.

Corporate Travel Insurance

What is Corporate Travel Insurance?

When business travel doesn’t go to plan, Corporate Travel Insurance can help to cover out-of-pocket costs to your business and employees.  “All travel carries with it inherent risks, even short-term travel to familiar overseas locations for meetings and conferences. Risks from political tensions, civil unrest, fraud, severe weather, natural disasters and security of corporate information exist in countries that are not usually considered dangerous.”
Smart Traveller website, 2017

Why do I need it?

If you or your employees need to travel for work, Corporate Travel Insurance can protect your business from financial loss associated with situations such as
overseas health emergencies, flight cancellations or lost and stolen baggage.  Corporate Travel insurance is similar to personal travel insurance. It can cover your business for unanticipated travel costs if specific events happen.

Corporate Travel Insurance also covers your directors and employees, and spouses and dependents travelling with them.

What can it cover?

Corporate Travel Insurance vary in the benefits they provide. Your Steadfast insurance broker can help you find the right product to suit your business travel needs. But to give you an idea, here’s the type of cover that your policy may include;

  • Overseas medical and evacuation cost – The prohibitive costs incurred of covering staff for medical and evacuation
    costs if they become seriously ill or injured during a business trip
  • Life and disablement cover – Protects your valued staff if they become disabled or pass away while travelling for business.
  • Lost luggage and personal effects – Avoids the expense of replacing business equipment such as laptops as well as
    employees’ lost or stolen belongings.
  • Flight cancellations and missed connections – The costs of needing to book additional flights and accommodation
    for staff.
  • Rental car excess – The excess on a damaged or stolen rental vehicle.
  • Loss of deposits – Reimburses deposits on accommodation, flights or conferences if you or your staff member’s trip is cancelled due to accident or illness.
    staff member’s trip is cancelled due to accident or illness.
  • Personal liability – Property damages you may have caused or been responsible for, or bodily damage where you are at fault.
  • Cost of replacing an employee – The cost of having to employ new staff to replace an employee who is injured or becomes seriously ill during work travel.

What usually isn’t covered?

Exclusions and the excess you need to pay can vary greatly depending on your insurer However, exclusions may include:

  • Some pre-existing conditions (your broker can
    explain these)
  • Refunds if your travel provider becomes insolvent
  • Pregnancy
  • Travelling against medical advice

There are other exclusions which your Steadfast
insurance broker can outline for you.

Cyber Protection Insurance

What is Cyber Protection Insurance?

Cyber Protection Insurance is a relatively new form of cover. It’s designed to help protect your business from the financial impact of computer hacking or a data breach.

In February 2017, the Senate passed the Privacy Amendment (Notifiable Data Breaches) Bill 2016 – setting up a mandatory nationwide data breach notification scheme. This means if you spot a security breach which may cause unauthorised access ordisclosure of personal information, you’re legally required to report it to the Offce of the Australian Commissioner within 30 days. You’ll also need to notify the people whose information has been affected.

Why do I need it?

If your business has a website or electronic records, you’re vulnerable to cyber hackers. In fact, it’s likely that your business will suffer a cyber attack at some stage. A cyber attack could cost your business more than money. It could also threaten your intellectual property and put customers’ personal information at risk – which could damage your reputation.

Among small to medium sized businesses that have experienced a successful infiltration of the corporate network by ransom 22% reported that they had to cease business operations immediately (identical to the global average), and 18 percent lost revenue (higher than the global average).

Second Annual State of Ransomware Report:
Survey Results for Australia, Osterman Research,
2017

What can it cover?

Cyber Insurance policies vary in the benefits they provide.

Your Steadfast insurance broker can help you find the most suitable product that meets the needs of your business.  To give you an idea, here’s the type of cover that your policy may include:

First Party Losses

  • Business interruption losses – Covers financial loss you may suffer as a result of a cyber attack
  • Cyber Extortion – The costs of a cyber attack, such as hiring negotiation experts, covering extortion demands and prevention of future threats.
  • Electronic Data Replacement – The costs of recovering or replacing your records and other business data.

Third Party Losses

  • Security and Privacy Liability – Damages to your reputation resulting from data breaches, such as loss of third party data held on your system.
  • Defence costs – Funds the legal costs of defending claims.
  • Regulatory breach liability – Covers legal expenses and the costs of fines arising from investigation by a government regulator
  • Electronic media liability – The costs of copyright infringement, defamation claims and misuse of certain types of intellectual property online.

Extra Expenses

  • Crisis Management Expenses – Provides cover for the costs of manageing a crisis caused by security hackers.
  • Notification and Monitoring Expenses – The costs of notifying customers of a security breach, and monitoring their credit card details to prevent further attacks.

What usually isn’t covered?

Exclusions and the excess you need to pay can vary greatly depending on your Insurer. Policies generally won’t include cover for;

 

  • Damage to computer hardware
  • Criminal actions committed by you or your business
  • A cyber attack based on facts of which you were aware
  • Criminals using the Internet to steal money from you.

There are other exclusions which your Tudor insurance broker can outline for you.

Management Liability Insurance

What is Management Liability Insurance?

When you’re running a business, you may be personally liable for any actual or alleged breaches of the Corporations Act. And it’s not just large companies that are exposed – small and medium business owners and officers could be at risk as well.

Management Liability insurance covers the costs of defending directors, managers and employees against any claims that are the result of their actions or decisions.

“Penalties awarded against companies and its directors or officers for work health safety breaches have increased by 43% to $22.3 million in one year. Penalties now average $62,000 per company.”

Safe Work Australia, Key Work Health Safety Statistics 2014

Why do I need it?

If you are faced with unexpected liability costs. Management Liability Insurance can protect your business and personal assets, such as your home, from being sold to cover the cost of paying claims.

What can it cover?

Management Liability Insurance policies vary in the benefits they provide. To give you an idea, here’s the type of cover that your policy may include:

  • Employment practice liability – Covers payouts for claims of employment breaches, such as wrongful dismissal, bullying or discrimination.
  • Directors’ and officers’ liability – Protects your proprietary limited company’s past, present and future directors, officers and managers against claims of wrongful acts, such as misrepresentation or breach of duty (subject to business size).
  • Crime – Protects your business against claims such as employee or third party fraud (not all criminal activity is covered).
  • Corporate Liability – Covers costs that your business would incur if you need to defend and settle claims from outside parties alleging wrongful conduct, as well as investigation into the affairs of the company.
  • Statutory liability – Covers the cost of defence, fines and penalties under some statutes (e.g. Work Health and Safety).
  • Defence costs – Covers your legal costs if your business ends up in court

What usually isn’t covered?

Exclusions and the excess you need to pay can vary greatly depending on your insurer. Generally your policy won’t cover:

  • Cyber crime, unless specifically set out in your policy (you can get cover extensions in some cases)
  • Employee entitlements
  • Property damage or bodily injury

There are other exclusions which your Tudor insurance broker can outline for you.

Professional Indemnity Insurance

Who should consider it?

Anyone can make a mistake – but if your business is found liable for negligence, the costs can be financially devastating. Not only can it lead to an expensive lawsuit, but your business’ hard-earned reputation may be damaged as a result.  That’s why professional indemnity insurance matters – help protecting your assets and brand if your advice or services cause a client to take legal action against you.

“If you own a business, you can be liable for damages or injuries to another person or property … consider [professional indemnity insurance] for your business if the likelihood of legal action is high.”

Australian Government, Business.gov.au

Professional indemnity insurance is mandatory in some industries, such as medicine, accounting, law and financial advisers – with the requirements differing from state to state.  But even in cases where it’s not required by law, it’s recommended for anyone who is providing professional services or advice in exchange for a fee – like, graphic designers, IT consultants and more. And regardless of your legal obligation, it’s often a customer requirement that you have this cover in place.

What can it cover?

As a wide-ranging insurance solution, professional indemnity cover may include anything from accidents to errors and omissions.  Depending on your policy, professional indemnity insurance can cover:

  • Civil liability – Civil liability to a third party arising out of the conduct of their professional business
  • Inquiry Costs – The cost of defending an inquiry by a regulatory body into the professional conduct of the insured
  • Defence Costs – The costs involved in defending a claim triggered by the policy
  • Fidelity Cover – Direct financial loss of the business caused by the dishonest or fraudulent conduct of an employee which is first discovered during the period of insurance
  • Advancement of Costs and Expenses – Additional costs and expenses incurred during a claim Expenses

What usually isn’t covered?

Exclusions, the excess you need to pay and limits of liability can vary greatly depending on your insurer. Policies generally won’t include cover for:

  • Contractual or Commercial Liabilities
  • Liability which results from Fraud and Dishonesty
  • Pollution
  • Depending on your occupation, Third Party Bodily Injury/Property Damage
  • Unpaid fees

Important note

This information is provided to assist you in understanding the terms, implications and common considerations in professional indemnity insurance. It does not constitute advice, and is not complete, so please discuss the full details with your Tudor insurance broker.

Public and Products Liability

What is Public Liability Insurance?

If an accident or unforeseeable incident causes damage or injury to someone (other than your employees), you may be found legally liable to cover the costs.  Public liability insurance can help to protect your business from the financial risk of liability claims – giving you the certainty you need to trade with confidence.

What is Product Liability Insurance?

No matter how stringent your company is, mistakes can happen. For example, you may design or sell a product that causes a customer harm. Even if you’re not at fault, you could risk serious financial damage through legal and court costs if a customer decides to sue you. Product liability insurance is designed to help protect your business if you’re sued because a product you sell, assemble or supply has caused harm to a person or property.

Who should consider it?

While public and product liability insurance isn’t mandatory for most businesses, it is recommended for all companies. That’s because the unpredictable nature of accidents makes them hard to prevent – and the costs of being sued can be extraordinarily high.

“Public liability insurance helps protect you and your business against the financial risk of being liable for negligence.”

Australian Government, Business.gov.au

What can it cover?

Public and products liability insurance helps protect your legal liability to third parties, including clients, customers and the public for injury or damage to their property, caused by your business. It can even cover emotional distress or shock that your business causes another person. It will generally pay your costs of investigating, defending and settling claims, as well as any compensation payment you are found legally liable to pay.

Depending on your policy, public and products liability insurance can cover:

  • Personal Injury – If somebody is wrongfully injured by your actions or your product, public and products liability insurance can cover you for your liability to pay damages to the claimant
  • Property Damage – If property is damaged due to your actions or your product, public and products liability insurance can cover you for your liability to pay damages to the claimant
  • Advertising Injury – Liability arising out of advertising carried out by or on behalf of the insured

What usually isn’t covered?

Exclusions, the excess you need to pay and limits of liability can vary greatly depending on your insurer. Policies generally won’t include cover for:

  • Cost of rectifying faulty workmanship
  • Damage to your own product
  • Claims by employees
  • Claims arising out of the use of a registered motor vehicle
  • Claims related to asbestos

Important note

This information is provided to assist you in understanding the terms, implications and common considerations in public and products liability insurance. It does not constitute advice, and is not complete, so please discuss the full details with your Tudor insurance broker.

Farm Insurance

What is Farm Insurance?

Working on the land brings many rewards – but just as many risks. As a farm owner, you’re vulnerable to bushfires that that can destroy livestock or damage your buildings and other property; machinery breakdown which can cost you time and money; personal illness or a serious accident; or even a claim from a guest injured on your property.

That’s why farm insurance can help protect your farm and its produce, and the wellbeing of you, your family and the people that pass through your property.

Who should consider it?

Whether you’re a large-scale crop grower or livestock producer or a small family or hobby farm, Farm Insurance can help protect your farm, its produce and livestock – and the people who benefit from it.

“The total value of principal Australian agricultural commodities (crops, livestock and livestock products) produced in Australia in 2016-17 was $39,671 million.”

Australian Bureau of Statistics, 2018

What can it cover?

Farm insurance can be tailored to cover your home and farm buildings, livestock, vehicles, equipment and more. It can also safeguard you against theft and loss of income. 

For example, a typical Steadfast Farm Pack can cover:

  • Home Property – Domestic property and belongings from defined events or accidental damage. Cover may include Buildings, Contents, Personal Effects, Legal Liability and/or Domestic Workers Compensation Cover
  • Farm Property – Physical loss or damage to Farm Property caused by defined events or Accidental Damage
  • Public and Products Liability – Claims by Third parties for Personal Injury and/or Property Damage and/or legal costs in connection with the Farming Business
  • Accident and sickness cover – Regular payments to help keep your business running if you’re injured or fall ill
  • Livestock – Death or loss of livestock due to specified events
  • Machinery Breakdown – Damage to electrical and mechanical machinery, boilers and pressure vessels for loss or damage caused by breakdown.

What usually isn’t covered?

Exclusions, the excess you need to pay and limits of liability can vary greatly depending on your insurer. Policies generally won’t include cover for:

  • Loss or damage to property caused by gradual deterioration or wear and tear
  • Flood
  • Loss caused by earth movement unless the earth movement occurs within 72 hours of certain events
  • Damage caused by tenants unless the risk is accepted by the insurer

 Talk to a person, not a computer . . .

Why Tudor?

Did you know that what is actually covered can vary considerably between insurers? Often with exclusions or high excess payments that you may not be aware of. You need a broker who can assess your individual situation, offer the right insurance and explain precisely what is and isn’t covered.

It's easy to pay too much for insurance, but it's just as easy to pay too little then find out too late that you're not covered.  There's a lot of flashy online insurance calculators out there but they focus only on price.  Talk to Tudor and you talk to a real person who knows the what level of cover should be recommended and who will personally help you with a claim.

Get a Quote

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