AustralAsia
Insurance Brokers P/L

AAIB Est. 1997

AFS 229568

Need a second opinion on your corporate insurance profile?

Call AAIB or email for a free review.

Commercial Package Insurance is a collection of commonly required protection specially suited to the needs of most businesses all packed into a single policy. 

Each element (see below) can be adjusted and some additional cover added such that you get a specifically constructed insurance protection tailored for your business.

What type of coverage can you get?

		An easy to manage Properties and Liabilities cover in one package:
		Fire, Earthquake, Storm and other perils
		Business Interruption (Loss of Profit)
		Theft of money
		Glass breakage
		Machinery Breakdown including Electronic Equipment
		Restoration of Computer Data
		Increase Cost of Working - Computers
		Deterioration of Stock
		Employee Dishonesty
		Public & Products Liability
		Portable and Valuable Property
		Tax Probe
		Legal Expenses
		Goods in Transit

Commercial Package insurance is not a luxury

Every company, no matter what their trade is, has valuable assets - office, furnishing, computer system, data, stocks, etc.  And every company is exposed to certain liabilities - either via their premises, products or their services. 

Although not many companies will choose not to insure at all, many decided to under-insure. They believe that since it is unlikely they would lose everything in one claim, why bother to spend a higher premium to have it fully insured?

 

The Peril of Under-insurance

Most insurance on properties is governed by co-insurance.  The principle is if you under-insure, when there is a claim, the insurer may under-settle - usually in the same proportion as you have under-insured.

Example: If you under-insured $100,000 worth of stock up to only $50,000 (i.e. 50%), when you lose $20,000 of stock due a claim, you will not get a claim settlement of $20,000.  You will probably only get $10,000 (i.e. 50% of your sum insured $20,000).

Common exclusions and limitations

		Workers Compensation not included
		Terrorism exclusion is a common feature in most Commercial Package.  But due to the Terrorism Insurance Act 2003, commercial building and contents, business interruption and public liability as a result of ownership or occupation of the property insured are deemed not excluded under the Terrorism Levy scheme.  The Terrorism Levy is compulsory and all commercial insurance buyers, whether they want terrorism coverage or not, have to pay the levy.
		Electronic Data exclusion is also common.

Note that no single insurance covers everything. Talk to us (02-9904 7888) about getting the right cover.

Call AAIB today:
           02-9904 7888       Email:info@aaib.com.au