safeguard.com.au

Business

Every business is different.  At Safeguard we take the time to know and understand your business activities. This enables us to advise on the best insurance policies available to reduce your risk.

Our broad expertise allows us to consult in a wide variety of industries with clients ranging from sole traders to large corporations and associations. We also monitor emerging risks within industry keeping you updated on insurance exposures to your business and activities.

We will save you time and get you the right cover at the right price, allowing you to focus on your business knowing that you have peace of mind with your insurance program.

With our strategic partnerships you can be assured that we will be by your side in the event of a large loss occurring.

Our different types of business insurance are listed below. Scroll down or use the menu on the right for quick links

Liability

Covers amounts you become legally liable to pay as compensation for personal injury and property damage to third parties as a result of an occurrence in connection with your business.

Professional indemnity

Covers legal liability to compensate third parties for loss sustained by them arising out of negligent acts, errors or omissions or civil liability on the part of the Insured in the conduct of their business. The time is past when $1 million sum insured is adequate for most Professional Risk policies. For more than 20 years this sum insured has considered a reasonable amount for most small to medium sized professional practices. But insurers have reported a significant number of claims are now exceeding this amount, even for Insured’s with annual fees/revenue much less than this amount. In general, a sum insured of less than $5 million is unlikely to be adequate for even a small practice which assesses its exposure as low.

Management liability

Management Liability policies with statutory liability provisions are now considered to be an essential insurance policy for any PCBU. These broad policies can provide cover for defence costs and fines arising from breaches of statutory offences providing defence costs along with covers for many of the management risks which businesses encounter such as:

  • Directors and Officers liability
  • Employment practices liability
  • Statutory Liability – defence of regulatory breaches and some penalty payments
  • Fidelity or crime committed by staff
  • Business crisis consultant fees
  • Cover for OH&S and pollution defence costs and pecuniary penalties (as permitted by law)
Tradesman

Tradesmen face a wide range of exposures relating to liability for property damage and bodily injury arising from their work. Consideration should be given to any digging exposures that they may have along with any hot works that are performed. Loss of tools is also a common occurrence for tradesmen with many surprised by the replacement costs of these items. Policies vary widely in relation to the coverage that is provided under both the liability and tools section. Insuring your vehicle appropriately is also a key consideration along with items such as hire car costs in the event of an accident. Income protection is also an area for consideration for self employed tradesman. All tradesman should consider having a management liability policy or similar policy providing coverage for statutory exposures.

Association Liability & Not For Profits

This policy is designed to protect the office holders of the Association from exposures such as

  • breach of professional duty
  • breach of fiduciary duty
  • defamation
  • breach of the Trade Practices Act, and other statues
  • occupational health and safety proceedings
  • infringement of intellectual property rights
  • breach of confidentiality
  • allegations of illegal or improper conduct
  • wrongful dismissal, discrimination or harassment claims from employees
Property owner

Property Owners face a wide range of risks. Covers that should be included are Fire risks, loss of rent income cover along with their own glass and liability exposures. Theft of building parts can also be prevalent. Property owners can also face exposures for safety breaches that occur on their property. It is rarely wise for a property owner to let the tenant insure the property on their behalf.

Other
Accounts Receivable

Covers loss as a result of being unable to collect outstanding accounts following damage by an insured peril to records contained in the premises.

Burglary and/or Theft

Covers loss following visible, violent & forcible entry into securely locked premises. Theft cover (loss without forced entry) may be available for an extra charge.

Business Interruption

Covers loss of income during the “Indemnity Period” following loss or damage by Fire, Earthquake, Malicious damage, Storm, Water, Impact & other perils contained in the policy.

Corporate Travel

Covers baggage, overseas medical expenses, money, personal accident and loss of deposits for insured persons whilst travelling on the business of the Insured. This policy is often purchased on an annual basis with the insured client as beneficiary.

Cyber Risk

Covers claims arising from your use of the internet, email, intranet or your website. Cover can include breach of privacy, damage to your network or website, transmission of a virus, third party liability and cyber extortion.

Directors’ and Officers’ Liability/Company Reimbursement

Covers ‘Directors and Officers’ legal liability for wrongful acts committed whilst acting in their capacity as a Director or Officer.

Company Reimbursement

To reimburse the company for payments it is legally entitled or obliged to make in indemnifying Directors or Officers for claims made against them whilst acting in their capacity as Directors or Officers. It will not reimburse the company for claims made against the company.

Disability

Covers loss of income following an accident or illness, which affects your ability to work & earn an income.

Electronic Equipment

Whilst a standard property damage Fire & Perils policy would include computers as part of the contents, they do not cover electrical or electronic breakdown.

Employee Dishonesty

Covers loss of money or goods which belong to you or for which you are responsible following an act of fraud or dishonesty by employees.

Employment Practices Liability

Covers a range of liabilities that can face an employer following wrongful termination, refusal to employ, failure to promote, demotion, disciplinary action, sexual harassment, discrimination or defamation of an employee.

Fire and Perils

Covers loss following Fire, Lightning, Explosion, Aircraft, Earthquake, Storm & Tempest, Rainwater, Water Damage, Malicious Damage, Riots & Strikes, Impact by Vehicles or Animals. Flood cover may be available for an extra premium.

Glass

Covers accidental damage to internal and/or external glass, mirrors, tiles and signs.

General Property

Covers loss or damage to specified property, normally of a portable nature (i.e. tools & equipment, lap top computers, mobile phones etc) whilst away from the business premises or in transit.

Journey Injury Cover

Covering employees engaged in direct travel between the bounds of their normal residence and place of work in the states of NSW, VIC, SA, Tas and WA where such cover is excluded under current Workers Compensation legislation.

Liability

Covers amounts you become legally liable to pay as compensation for personal injury and property damage to third parties as a result of an occurrence in connection with your business.

Machinery Breakdown

Covers sudden & unforeseen breakdown of electrical, electronic or mechanical plant that prevents the plant from operating normally and which requires repair or replacement.

Marine

Covers loss or damage to goods and/or merchandise whilst in transit. Cover is available within Australia and/or Overseas.

Money

Covers loss of money and negotiable instruments.

Motor Vehicle

Covers loss of or damage to motor vehicles and legal liability to third parties arising out of the use of a motor vehicle.

Products Protection (Malicious Product Tamper/Contamination)

Covers the costs and loss of net profit where products are withdrawn or destroyed due to actual or alleged contamination or malicious tamper so as to render the product unfit or dangerous for use.

Product Recall

Covers legal liability for all costs, expenses and damage for withdrawal or recall of goods or products because of any known or suspected defect or deficiency therein.

Professional Indemnity

Covers legal liability to compensate third parties for loss sustained by them arising out of negligent acts, errors or omissions or civil liability on the part of the Insured in the conduct of their business.

Statutory Liability

To protect companies and individuals against liability from statutory fines and penalties resulting from unintentional breaches of legislation eg OHS&W, Environmental Law, Employment Practices Law, Companies Law.

Tax Audit

The policy covers only professional, necessarily incurred costs during taxation audits relating to income tax, fringe benefits tax, or sales tax returns.

Trade Debtors Insurance

Covers the risk of trade debtors failing to pay debts due to their insolvency or protracted default. In all instances the cover is subject to strict credit control which must be observed at all times and varied only with agreement of the Insurer.