General Insurance

HOME AND CONTENTS INSURANCE

Peace of mind is an invaluable state of being and is worth your investment. However, loss, theft or destruction of your home or possessions can be devastating and disruptive no matter the severity. It is also often intimidating to think about a scenario in which you could be vulnerable to loss. But fortunately, our insurers provide you with perspective, enabling you to make the best possible decisions to limit your risk exposure.

With home and content insurance policies, you can enjoy peace of mind knowing that the insurer covers you for a broad spectrum of scenarios. These scenarios can be as diverse as natural disasters to theft, and as a WealthSmart client, it helps to understand the three categories under which home insurance falls:

• Home Cover Only – This type of policy protects the house and surrounding structures but not the contents inside the house. Your house and structures within the property’s borders, such as the garage, fencing, boundary walls, pool, sheds, and storage building, are all protected when you have this insurance cover.

• Content Cover Only – This insurance product covers the items that belong inside the home only and not the buildings or structures. Therefore, this policy will cover a wide variety of things inside the house in the case of a disaster, such as clothing, electrical appliances, furniture and furnishings, electronics like computers and TVs, linens, carpets, jewellery, etc.

• Combined Cover – This policy type is the most popular because it protects your house and other structures within the boundaries of your property and your personal belongings inside the home.

You may wonder about the events covered or included under the above insurance policies. There are numerous events across the board for which you can expect remuneration within the terms and conditions of these policies, including:

• Storm and rainwater
• Flood
• Fire
• Lightning
• Theft
• Damage caused by the escape of liquid, such as a burst pipe or geyser
• Damage caused by an impact on the house, like a fallen tree or similar occurrence
• Breakage of glass, ceramic, and sanitary fixtures such as baths basins and toilets
• Malicious damage, vandalism, riot, or civil commotion
• Explosion
• Earthquake or tsunami
• Portable valuables (optional as insurance for this will attract an additional cost when taken outside the home)

PRESTIGE HOME AND CONTENTS INSURANCE

Not all houses and their contents are equal in value. Therefore, if you are the owner of a high-value home or precious contents and belongings, your insurance cover or requirements will be significantly different from a home in a lower value bracket. For example, with homes valued at over $1,000,000, standard home and content insurance policy cover will not provide you with sufficient compensation for damage or loss.

With standard house and content insurance policies, it is relatively common knowledge that a basic policy will cover large-scale general damage or loss to a property, housing and structures or your home contents.

However, these policy types do not compensate for the loss, theft, or damage to precious items such as fine art, expensive jewellery or heirlooms, or other valuable lifestyle assets. With a Prestige insurance policy, you will receive coverage for your home and contents and unique or special benefits to accompany your standard home insurance.

With our carefully selected insurers, those with a high net worth looking for Prestige home insurance will benefit significantly from the highly competitive and superior cover provided. In addition, you will enjoy the peace and assurance that your substantial assets and luxury items are fully protected and covered in various scenarios.

You can enjoy a broad spectrum of advantages from a Prestige home insurance policy with insurers throughout the industry. Still, you can typically expect coverage to include the following and more. A personal visit from your insurer will determine for what advantages you qualify following an assessment of your home’s value and contents:

• Accidental breakage and damage, including breaking of items while being carried or in use.
• The insurer covers all possessions automatically for any accidental loss or damage no matter where you are in the world, even if travelling or your goods are in transit or storage.
• The guarantee of an extended rebuild or replacement with full cost coverage on houses and structures
• Alternative accommodation during rebuild/reconstruction for four years
• Costs of tree removal
• Boats and jetties
• Office contents
• Golf buggies and equipment
• Jewellery and valuable personal items
• Fine art, paintings, antiques and curios
• Computer equipment
• Camera and equipment
• Damage caused to property by wine spoilage
• Identity theft personal cyber
• Credit card misuse if lost/stolen
• Cash settlement on claims for Heritage-listed buildings
• Restoration and replacement of personal documents

LANDLORD INSURANCE

Owning or renting a property can be fraught with risks and complications. Whether it is long term or short term, in the case of holiday rentals, you cannot often appreciate the magnitude and ramifications of things that can go wrong when letting a home. So, it will serve your interests to take out a landlord insurance policy for all the unexpected events that could lead to the loss or damage to your investment property.

Landlord insurance covers the cost of replacement or repair needed when tenant-related events, including loss of rental income, occur. In these situations, a landlord insurance policy will cover the house, property and any contents you provide for your tenant’s use that could leave you out of pocket or suffering a significant loss of income:

• Fire or smoke
• Storm or rainwater
• Water or other liquid damage
• Lightning
• Impact damage
• Earthquake
• Explosion
• Tsunami
• Theft or house break-ins.
• Riots or civil commotion

Our insurers will provide you with the most comprehensive packages and policies, whether you prefer insurance for your buildings only or contents in isolation or both. If you are evaluating any of these choices, then this is the coverage you can expect with a landlord insurance policy:

• Legal liability cover (protects you financially against the liability of having to pay compensation for damage to tenants’ property or in the event of illness or death incurred while on your property)
• Rebuilding costs (financial coverage under terms and conditions to compensate for damage or destruction of property)
• Replacement of locks (if keys to property doors have been lost or stolen, the insurer will reimburse the costs for making new keys and locks)
• Debris removal and extra rebuilding costs
• Malevolent destruction or theft by the paying guest or tenant
• Accidental damage insurance resulting from your actions, those of a paying guest or tenant
• Protection against the burnout of an electrical motor
• Temporary emergency repairs
• Insurance against rental losses following an event that makes your property uninhabitable
• Environmental upgrades
• The temporary storage of contents
• Mortgage discharge cost (buildings and content combined and buildings only policies)

MOTOR INSURANCE

If you drive or own a car, it is vital and mandatory in Australia (third party insurance) that you have motor insurance. Your vehicle is not only valuable, but because of human and other primary factors, it is a potential cause or target of accidents, theft or damage.

If you have ever had a car accident or have had your car stolen or vandalised, you will understand how even the smallest amount of damage to your or the other vehicle can put you seriously out of pocket. Therefore, the wisest choice you can ever make is to protect yourself from financial loss and liability.

Choosing a motor insurance policy can be overwhelming because many types are available. Knowing the basics is an essential step in making your decision. Price and coverage details will vary between insurance companies and the policies themselves, but there are some basics that all insurers will offer you. To better understand the ins, outs, terms and conditions, there will always be an insurance specialist with our selected insurers who can help you make the best decision for your circumstances.

As a guideline, there are four main types of general motor vehicle insurance you should know about if you’re an Australian car owner:

• Compulsory Third Party – This insurance is mandatory in Australia. It covers all claims made by third parties in the event of personal injuries and damage to their vehicle if you or authorised persons using your car are at fault in an accident.
• Third-Party Property Damage – Do not expect this policy to cover any damage to your own car in an accident or event. However, it does cover your liability for damage to another person’s vehicle and property in an accident where you are at fault.
• Third-Party, Fire and Theft – Covers your motor vehicle for loss or damage by fire or theft and covers you for legal liability for loss or damage to another person’s vehicle or property. It also covers damage caused to your car if stolen.
• Comprehensive – This policy is as its name suggests and is fully complete in that it offers vehicle protection in an accident and for other persons even if you are at fault. Additionally, the policy protects your vehicle against damage due to fire, storm, flood, theft, and vandalism. It also generally covers things like towing and vehicle replacement at book value when written off. In some cases, you will have cover to hire a car while waiting for repairs to the damaged one or the finalisation of the sale of a new one.

Aside from these policies, there are numerous extras you can receive cover for, from windscreen protection to no excess payments or having the option to choose your licensed repairer after an accident or event. Again, our insurers at WealthSmart will ensure that you have the necessary knowledge to make informed decisions relating to your specific circumstances.

STRATA INSURANCE

Strata residential insurance is financial coverage for buildings with shared property or facilities between multiple owners. These types of buildings or properties include apartments, units, and townhouses.

Strata insurance is compulsory in Australia, although you may need to meet different legislative requirements from state to state. So basically, if you are the owner of a townhouse, flat, apartment or duplex, the owner’s corporation or body corporate will need Strata insurance.

It is essential to have this insurance if you share a common space with others. In addition, this product protects your property in events and incidents such as break-ins, theft and extreme weather events like fire and floods.

The cost of this policy is usually shared between corporate body members and, depending on the type of policy, can cover shared contents like:

• Laundry, gym and garden equipment
• Driveways
• Wiring
• Lifts
• Swimming pools
• Verandas
• Car parks
• Retaining walls
• Windows
• Landscaping or gardens
• Ceilings
• Floors
• Decks
• Storage areas

Policies also include cover for potential loss of rent due to an incident. Also, they cover temporary accommodation for unit owners when disaster strikes to the point where living conditions are not conducive to habitation.

TRAVEL INSURANCE

Travel insurance guarantees you can relax while travelling abroad or locally, knowing that you have protection. Moreover, travel insurance policies cover yourself and your family if, during your travels, you encounter unexpected events that may cause you financial strain, loss, damage, or a health-related crisis.

Think about it this way – if you need to cancel your trip for any reason and have already paid the costs, you will suffer adverse financial implications if you don’t have insurance. In contrast, you have several options if you choose the right policy to cover the cancellation costs. The same applies to replacing stolen or lost items during an overseas trip or possible medical or hospital bills that you may incur.

In a perfect world, everything on a holiday or trip should go smoothly every time. But unfortunately, our world is full of unpredictable variables, and so often, travel does not go as we might like. Very simply, especially in the case of an overseas trip, travel insurance is as essential as a passport. Without it, you or your loved ones could financially suffer if things do not go as you planned.

Travel insurance is especially vital if you have an overseas accident or become ill and need hospitalisation. Healthcare overseas can be costly, especially if you don’t have the required insurance. In addition, officials may refuse medical care or may not subsidise your treatment costs as not all countries provide free or partial payment medical care. This refusal can mean that you will need to pay the fees in full, leading to medical debt for years to come.

How much cover you receive for travel will differ from policy to policy. Our insurers will guide you in making an informed decision. The level of cover you get also depends on the cover you choose. Travel insurance is not a case of ‘one size fits all, so read the fine print.

Here’s a brief overview of several options or policies you can expect to find with our insurers:

• International Plans – Basic, Comprehensive and Comprehensive Plus for unexpected injury or illness, travel delays, lost luggage, etc.
• Domestic Plans – Basic, Comprehensive and Comprehensive Plus for trips taken within Australia covering lost or damaged luggage and travel documents, rental vehicle insurance excess, additional expenses, amendment, or cancellation costs.
• Comprehensive Travel Plans – Overseas medical expenses, luggage and travel documents, rental vehicle insurance excess, cancellation costs.
• Annual Multi-Trip Plans – Covers an unlimited number of domestic and international trips over 12 months.
• Inbound Plans – Provides travel insurance for non-Australian holidaymakers travelling to Australia, covering all that a Comprehensive Insurance Plan does like medical expenses, luggage and travel documents, rental vehicle insurance excess, and cancellation costs.
• Cruise Travel Insurance Benefits – Cruise cancellation, onboard medical and dental cover, ship to shore medical cover, seasickness cover, cabin confinement, missed embarkation, missed shore excursions.
• Snow Travel Insurance Cover – This can be an addition to international, domestic, and inbound plans offering two options Snow Sports and Snow Sports Plus. This product will cover you for accidents, events, injury, or damage to property on snow sports trips or holidays.
• Motorcycle Travel Insurance Cover – This product can also be an addition to other plans and comes in two options, Motorcycle/Moped Riding Cover and Motorcycle/Moped Riding Cover Plus. These products cover you against accidents, events, injuries, or property damage while on a trip.
• Adventure Travel Insurance Cover for Activities – For those adrenaline junkies, this insurance product covers diverse adventure activities on your trip. Some of the covered activities are abseiling, archery, badminton, beach games, boogie or bodyboarding, boxing, bungee jumping, canoeing, kayaking, cycling, glacier crossing, horse riding, hot air ballooning, and much more.
• Senior Travel Insurance – Although many insurance companies have an age limit for travel insurance, numerous cover seniors comprehensively because they realise that adventure awaits in the vast, wonderful world, no matter your age. It may cost you a bit more than the average travel insurance but is well worth it for those in their golden years.
• Travel Insurance Cover for Pre-Existing Medical Conditions – For those with pre-existing medical issues, it can be daunting when travelling with the worry that you will not have cover in the case of an emergency. However, travel insurance products can cover existing medical conditions. The only requirement is that you disclose all and any information about health conditions before purchasing travel insurance to ensure you have complete insurance protection should something go wrong.

COMMERCIAL INSURANCE

Commercial insurance is a valuable tool for small business owners. This form of insurance can be used to secure your company and any assets, properties, business processes, and employees affiliated with the small business. Our Wealth Smart private and company insurance specialists will assist you in reviewing general insurance covers such as:

• Aviation
• Business interruption
• Business pack
• Contract works
• Corporate travel
• Cyber
• Events
• Farm
• Marine
• Management liability
• Products and public liability
• Professional indemnity
• Trade credit
• Works compensation
• Industrial special risks
• Product recall

The different types of insurance assist you in taking care of injuries to your customers if it were to happen and cover your property or buildings if it suffers a fire, theft, or flooding. These different types of insurance also provide vehicle protection if it is involved in an accident or needs repairs, and it provides infrastructure care if needed. Additionally, the different types of insurance mentioned can also recover losses such as eviction costs, damage, and loss of rent if you are the landlord.

Wealth Smart offers a range of resources and services to assist you in choosing commercial insurance products that fit your needs and wants. We refer our clients out to Honan Insurance Group Pty Ltd (Australian Financial Services Licence no. 246749, ABN67 005 372 396). Feel free to contact us with any queries or questions, and let us be your peace of mind. Get in touch with us by calling 1800 765 100.

AVIATION INSURANCE

As you can well imagine, anything to do with aircraft and aviation is an expensive undertaking. If you fly or operate, work on, or work around aircraft, then Aviation Insurance is for you. Flying and working around aircraft comes with some serious risks and implications.

Commercial aircraft insurance, in general, offers complete coverage. In addition, comprehensive insurances help ensure that you can financially pay for plane liability or damage following an unforeseen occurrence like a crash requiring significant repairs.

Of course, the ability to repair the plane will depend on which policy or plan you choose. As everyone’s needs are different, it is possible to tailor the insurance policy to your specific needs. Fortunately, most insurers provide Commercial Insurance options for both renters and owners.

It will also make sense that because not all aircraft are the same, the type of insurance will depend upon the type of plane. Commercial Aviation Insurers cover everything from turboprops to jets, helicopters, small planes to experimental aircraft, and even drones, as these come with quite the price tag. Different levels and coverage areas will also depend on the craft and the business enterprise itself.

When purchasing or taking out a commercial aircraft insurance policy, you must ensure it covers and protects both the passengers and cargo on the plane. This intention is because the craft’s items can often be as valuable, if not more so, than the plane itself.

Aviation insurance has several components that it can cover, which varies between insurers, but you can expect these from most companies offering Commercial Aviation Insurance:

• Aircraft Hull and Liability Cover – This product is the primary insurance for owners and operators of all aircraft, big and small, from planes to gliders and even remotely piloted aircraft. These plans cover damage to your plane and any third party and passenger injuries and property damage claims. This liability coverage is for all the above incidents, whether the craft is in the air, stationary or taxiing.
• Aircraft Non-Ownership Liability Cover – This type of aviation cover protects private pilots, charter operators, and other non-owners renting a craft. This policy will cover all liability and damage to aircraft and third parties and passengers in the case of injury and or for property damage claims.
• Aircraft Aerial Application Liability Cover – This plan is for aerial agriculture businesses like farming. With this option, you will have coverage in industry-specific areas of risk. An example of a risk would be chemical drift from crop spraying.
• Hangar Keeper’s Liability – This plan covers businesses that operate in and around airports. Even if the company does not own the hangar but only rents space or operates from it, they will have protection for those working in or around the shelter.
• Remotely Piloted Aircraft Systems Cover – This insurance plan includes Remotely Piloted Aircraft Systems, otherwise known as Unmanned Aircraft Systems or drones. As these crafts vary quite a bit, you can expect the policy to be per craft and have individual options. The cover will protect the operator, extending to accidental damage, including whilst in use, personal injury and property claims in the case of an accident.
• Specialist Cover – This product applies to mechanics, baggage handlers, refuellers, or the construction trade. It covers risks such as damage to aircraft, equipment, and personal injury. In some cases, it can also extend to war or political risks.

BUSINESS INTERRUPTION INSURANCE

This vital insurance can potentially save your business from ruin in the case of disruption of massive proportions. But unfortunately, in many cases, companies do not have this insurance.

The estimation is that more than half of all businesses in Australia fail if they do not have this type of insurance. Company survival is near impossible over long periods of inactivity due to unforeseen events and catastrophes, so this estimation makes sense.

So, what exactly is Business Interruption Insurance, then?

To make it easier to understand, let’s go back to basics. Most companies have their building and contents insured for fire, burglary, storms, and accidental damage. Typically, companies sell Business Interruption Insurance as an extension to property damage insurance.

Most of the time, those who have interruption cover have submitted claims for insured events like needing to rebuild or repair damages in the instance of extreme weather conditions, fire, and break-ins.

So, then, in a nutshell, Business Interruption Insurance covers the loss of profit or missed business opportunity and revenues caused by the interruption of your business from an insured event.

When you have this insurance in place for your business, regardless of events leading to disruption, you will receive aid from your insurer to pay the ongoing costs of the company. In addition, you will actively protect your profit margins until the business can resume full capacity if you purchase this product.

Should you choose a Business Interruption Insurance policy, you can anticipate protection for the following:

• Wages for the business owner
• Staff salaries
• Overall profit margins
• Costs associated with leasing equipment
• Temporary relocation of premises
• Temporary hire of equipment for relocated premises
• Ongoing expenses like water, telecommunications, and electricity
• Businesses suffering due to Covid-19 interruptions will receive government aid in some specific, controlled, and assessed cases.

BUSINESS PACK INSURANCE

A Business Pack Insurance is probably the most practical and comprehensive type of business product as it combines several insurance policies into one bigger plan. However, because every business is unique and specialised, you can imagine that the risks associated with the different enterprises will also fluctuate. Therefore, insurance needs change significantly from company to company also.

A Business Packaged Insurance is specifically designed to provide business owners with easy and affordable ways to secure and protect their business interests against the main risks involved in running a business.

The package structure includes several insurance protection options that offer broad financial protection for various risks that small to medium-sized businesses often face. If this sounds like you, then it doesn’t matter the business type of industry, a Business Insurance Package will help mitigate the risks that are part and parcel of your environment.

A typical Business Pack includes combinations of the following cover, and specifications will be according to your requirements:

• Commercial vehicle
• General property
• Commercial property
• Business interruption
• Accidental glass breakage
• Machinery breakdown
• Breakage of electronic equipment
• Goods in transit
• Public liability insurance cover
• Business insurance
• Management liability
• Products liability insurance cover
• General liability insurance
• Fire, theft, accidental and malicious damage done to your business
• Personal accident and sickness (terms and conditions)
• Tax audit

CONTRACT WORKS INSURANCE

Contract Works Insurance provides insurance cover for construction projects. However, so many things can potentially go awry during construction work that can cause financial and economic loss and even spoil a good reputation in your field. For this reason, it is to your advantage to purchase a Contracts Works policy to help control the risks during all stages of the construction project, protecting both you and your assets should an incident occur.

Whether your company is small, medium, or massive, deals with industrial and domestic builds, sub-contractors, or you are an owner-builder, this policy is a good idea. Contract Works Insurance covers the construction-related activities of a construction project, all packaged into one policy. You can buy this type of cover for a specific project or annually to cover multiple projects.

Many contract work insurance policies will include:

• Public and products liability for third-party property damage
• Third-party bodily injury arising out of negligence
• Optional coverage for plant, equipment, and tools
• Material damage or theft, defects and malicious damage or vandalism
• Material damage to on-site plant and equipment and existing structures
• Legal liability
• Advanced loss of profits and rental
• Delay in start-up
• Natural disasters like bushfires, fires, earthquakes, flood and water damage, subsidence and landslips, storms, tsunamis, or destructive winds
• Smashed glass

There will be exclusions with all insurance policies or plans as there are often deductibles, excesses, and limits on the cover. Be sure to go over the fine print with your insurance specialist for any policy to safeguard your interests.

CORPORATE TRAVEL INSURANCE

In this day and age, we are not restricted to one town, city, country or even continent when it comes to business endeavours. Travelling across the country or overseas for work purposes is becoming the norm for most industries. While this is a fascinating development of our time, it does not come without risk.

With travel and jet-setting comes the realisation that sometimes things can go wrong. Because this is the case, it is vital to look after your employees and yourself during work-related travel.

With Corporate Travel Insurance, the corporate traveller will receive cover for the everyday risks they may encounter during interstate or overseas business trips. These risks could be things like loss of deposits in the case of flight or accommodation cancellations, loss or theft of baggage and travel documents, accidental death and disability, medical evacuation, or any other personal liability. Further, knowing that you have business travel insurance will make your trip mentally and financially far less stressful.

Business travellers visiting foreign countries will do well to take out business travel insurance because their company may be held liable for certain travel-related expenses or medical bills. Knowing you have laid a solid foundation to limit these risk types, this decision will offer you the necessary relief to focus on growing your company.

Most business travel insurances offer the following benefits:

• Emergency medical evacuation
• Trip interruption
• Baggage delay
• Cover multiple trips
• Emergency medical costs and possible hospital care
• Replacing lost travel documents and lost or damaged luggage
• Cover in the case of losing your income, should you become disabled, and accidental death
• Hire care access
• Reimbursement of expenses following flight cancellations resulting from delays or poor health
• Kidnap and ransom
• Personal liability

Additional insurance coverage can also include:

• Insurance protection for the whole business rather than just one or two people
• Cover for your spouse, children, key business figures like directors and company officers, and other employees
• Insurance protection for leisure activities while on a business trip, but you can also take out separate cover for dedicated leisure travel.
• Insurance protection for pre-existing health conditions should your doctor approve your travel plans.
• Higher insurance cover for a diverse selection of possible risk factors

CYBER INSURANCE

Every technologically advanced business with a database, website or electronic records is vulnerable. It can be in danger of cybercrime, the consequences of which are dire, costly, and damaging on so many fronts.

Therefore, Cyber Insurance protects your business against online risks such as cyber-attacks, computer hacking, ransomware, or data theft. Furthermore, it will offer you peace of mind in the case of a breach of sensitive customer or employee information.

As rapidly evolving technology becomes more intricate, sophisticated, and complex, the company’s threats grow proportionately. That is why it is paramount that you have a Cyber insurance policy to protect your livelihood and those of others.

The breach of company, employee or client data can harm your computer systems and cause irreparable damage to your reputation, possibly leading to bankruptcy, insolvency, and a severe crime response to leaked information.

If cybercrime impacts your business, a Cyber Insurance policy will help mitigate losses by providing financial benefits and support from your insurer in dealing with the breach.

These are some of the benefits and protection you can expect with a policy:

• Loss of finances and revenue due to interrupted business
• Data loss and restoration
• Decontamination and recovery of data
• Copyright infringement
• Payments of possible ransoms
• Network or data extortion/blackmail
• Hiring of negotiators
• An investigation by a government regulator
• 24/7 multilingual incident response and investigation costs
• Reputational mitigation or lawsuit expenses
• Liability arising from a confidential data breach
• Obligation because of the unauthorised use of your network
• Online media liability
• Liability and loss of third-party data
• Defence of legal claims
• Crisis management and monitoring
• Prevention of further attacks

EVENTS INSURANCE

If you have an events business or own any company that organises regular in-company or public events, you will need an events insurance policy. Regardless of the size of the gathering, it takes intricate organising and planning for specific occasions. If you are offering these services or own these types of companies, then you will benefit from an events insurance policy:

• Event organisers
• Tour promoters
• Charities
• Councils
• Event suppliers
• Visitor and tourism attractions
• Schools, universities, student unions
• Venues, hotels, bars and restaurants
• Any business with financial exposure to an event.

You would, of course, want the assurance that if something goes wrong, you’ll have a safeguard in place. That’s where the events insurance policy offers you security should an unforeseen incident threaten your back pocket, you can rely on it covering damages.

Therefore, your insurer could include these cover areas in your policy to protect you and your company from the various risks you may expose yourself to when conducting an event.

The insurance protection will vary according to your requirements and be specific to the insurer:

• Public and employers’ liability
• Loss or damage to event equipment
• Event cancellation cover protecting the loss of revenue in the case of circumstances out of your control, such as:
• extreme weather conditions
• non-appearance of critical persons or performers
• enforced reduced attendance of guests/patrons/delegates
• terrorism
• declaring a state of national mourning
• an infectious disease outbreak
• civil commotion and unrest
• labour strikes and industrial action
• enforced venue closure or denial of access

So, in a nutshell, any individual or company holding an event needs the comprehensive cover that events insurance can provide.

Most insurance companies cover these types of events:

• Music, culture, food, and art festivals
• Carnivals, fetes, fairs, and community fun days
• Conferences, exhibitions, tradeshows, and expos
• Parties, banquets, dinners, and dances
• Concerts, tours, shows and theatre productions
• Triathlons, marathons, cycling events and fun runs
• Amateur and professional sporting events and tournaments
• Weddings and birthday parties

FARM INSURANCE

If you own a farm, the chances are that it means everything to you and is the source of your livelihood. However, anyone in the farming or agricultural industry will know how perilous it can be.

The risks associated with farms are unique and require specialised cover and experienced management. There are multiple elements of farming that are risky or can result in loss of revenue if things do not go as planned or turn out unfavourably.

Therefore, farm insurance cover must be in place. Most insurance companies offer a range of specialty farm insurance options. They will provide you with unique, individually designed, tailored packages to ensure your peace of mind.

When working in the agricultural sector or owning a commercial farm, you will need more than the standard business insurance policy. It would be best to look for farming insurance that covers everything on the farm and its processes. An evaluation can include coverage of crops, livestock, equipment, buildings and structures, vehicles and worker-related issues.

Most insurance companies can offer you a specialised package covering all the areas you need in one package. In-depth evaluation and coverage ensure a more affordable product that is easier to manage.

Your provider should cover these aspects under a farm insurance policy:

• Crop and farm income protection
• Home and contents cover
• Farm motor, machinery, buildings, and liability
• Livestock cover
• Fencing cover
• Hay cover
• Farm loss of income and business interruption
• Goods in transit cover
• Large, corporate, small and hobby farm insurance
• Farm vehicle cover
• Machinery breakdown insurance
• Cyber cover
• Management liability

MARINE INSURANCE

Marine insurance encapsulates all aspects of the industry. It facilitates and addresses the safe transportation of marine material in all its forms from ports to warehouses worldwide. It also covers and protects the processes involved in the management of massive infrastructure projects all around the world.

Marine insurance will protect you against destruction to property in extreme weather conditions, theft, vandalism, and accidental damage. In some cases, the company will cover revenue lost due to business interruptions such as riots, strikes and war. A policy will also protect you in the case of liability for injury of workers and employees.

Marine insurance will protect the ship and the cargo in transit by boat. Therefore, marine insurance is a must for those in the industry. It is, in fact, a compulsory requirement for all ship or yacht owners who are explicitly using their vessels for commercial or transportation purposes.

Marine insurance can be tailor-made to your specific needs and requirements by your insurance specialist. Marine Insurance is for:

• Importers
• Exporters
• Distributors
• Manufacturers
• Vessel charterers/operators
• Inland marine operations
• Marine operations worldwide
• Commodity traders
• Logistics companies

As goods move across oceans, keeping them safe and secure is essential for safeguarding the interests and the business reputations and relationships that drive these commercial activities. Consequently, guarding against hazardous aspects is crucial in protecting current and future company interests. So, your customised Marine Insurance policy will afford you comprehensive protection and minimise the impact of costly incidents.

MANAGEMENT LIABILITY

Owning or running a business enterprise is a massive undertaking, no matter who you are or in which industry you operate. However, suppose you are a director, officer, manager, or commercial entity. In that case, Management Liability insurance covers you for most risk exposures that may arise from governance, finance, benefits, and management activities.

Business enterprises may face unanticipated and extremely complex risks that can severely and negatively impact their reputations and bottom lines. Management Liability insurance features coverage and benefits specifically designed to address these severe and often life-altering risks.

With this type of policy in place, you will receive protection for your company and management team. In addition, this assurance and security will allow you to focus on the business and leave the worry of potential hazards behind you.

With Management Liability insurance, your business will receive coverage from these risks or liabilities that might require forking out extra costs for repairs due to employee-related mismanagement or the need to defend a legal claim:

• Replacement of property due to employee at fault
• Payment for professional fees in the case of auditing for tax purposes
• Claims for wrongful acts, including breach of duty brought against past, present and future directors
• Regulatory body investigations
• Crime such as fraud or theft
• Statutory liability covering organisations and their management from breaching various Australian statutes where legally insurable
• Allegations of unlawful employment practices include wrongful dismissal, workplace harassment, or discrimination.
• Cybercrime
• Ransom or extortion

PRODUCT AND PUBLIC LIABILITY

Public and Products Liability is one of the essential insurance covers for all businesses regardless of size or industry. Suppose you are looking at starting a business or are operating a well-established one. In that case, it is critical to its longevity and success that you have this product and public liability protection.

Everyone does their best to prepare, but the cold reality is that accidents can happen where you could be held liable for compensation. Public liability insurance could mean the difference between completely shutting doors and losing your business or receiving the help that will protect your business against financial or reputational ruin.

In a nutshell, Public and Products Liability insurance could mean that your business does not drown in high costs. Damaging costs may comprise legal action, property destruction or personal injury for yourself, your employees or a third party whilst acting during your business dealings or handling products.

It is imperative and is your ethical duty to look after the wellbeing of your customers, employees, and the general public. The reality is that without this liability coverage, if an accident or incident occurs even without direct malice, negligence, or intent, you may be legally required to compensate claimants, resulting in massive financial pressures. This consequence can then lead to overwhelming and damaging outcomes for the company’s financial health.

Public and Products Liability insurance can cover you for:

• Monetary amounts because of claims
• Compensation for third party personal injury and/or property damage arising from an occurrence connected with your business
• Legal proceedings, including costs incurred to defend the claim
• Liability for damage to property under your physical and legal control

What a Public and Product Liability Insurance policy includes can vary between policies and insurance companies. Hence, it is always good to fully inform yourself of the ins, outs, inclusions, exclusions, and terms and conditions before deciding which policy to purchase. Being well informed will always be in your best interest!

PROFESSIONAL INDEMNITY INSURANCE

Professional Indemnity insurance is specifically designed to protect and provide financial cover for businesses that deliver advice or services.

This type of liability and indemnity insurance covers the financial ramifications of claims made against you under various categories. Such categories may include alleged negligence, breach of duty, or error or omission in your professional advice or service processes.

In simple terms, the structure of the Professional Indemnity Insurance covers the costs arising from liability or compensation if you are found to be at fault following a complaint against you. The insurance policy will protect you from the damaging effects these kinds of claims can cause to your business’s cash flow.

In Australia, there is a massive variety of advice and service-based business. In some cases, depending on state or industry, it will be a mandatory requirement to be a holder of a Professional Indemnity Insurance policy. Fortunately, our insurers can cater to your needs and guide you in making the best choice to suit your business interests.

With our insurers, you will have the opportunity to design the perfect fit for your business regardless of the industry in which you fall.

We cover many of the sectors below and more:

• Architecture and engineering consulting professionals
• Building energy consultants
• Loss assessors or loss adjusters
• Management consultants
• Accountants
• Agronomists and agricultural consultants
• General insurance agents
• Human Resources professionals
• Interior designer
• Veterinarians
• Work health and safety consultants
• Registered BAS agents and bookkeepers
• Risk management professionals
• Travel agents
• Marketing media and publishing industry
• Real estate agents
• Swimming pool inspectors
• Training organisations

Our insurance specialists will guide you through all the necessary processes in purchasing a Professional Indemnity Insurance policy. In addition, we are available to answer any of your questions.

TRADE CREDIT INSURANCE

The most basic way to understand it is that Trade Credit Insurance protects your business from bad debt. If you sell a product, design or service on credit, you could fall prey to bad debt and payment defaults.

Unless you ask for payment upfront as a business owner, offering goods and services to customers can leave you vulnerable where payment is not honoured for services rendered. It may be one thing to cope with the smaller bad debts that come across your path but imagine the possible income losses relating to larger projects. It could be a devastating loss for your business.

The benefit of having a Trade Credit Insurance is that it protects your business’ cash flow. Whether payment for a service is not honoured due to customers’ insolvency or default on payment, it will provide you with the support to focus on running your business as you should.

Some perks to having a Trade Credit Insurance policy are:

• It may also boost your borrowing capacity and access to finances with your bank.
• It can help grow your customer base as insurance security will allow you to offer better credit options to potential clients or buyers.
• Augments your trading, providing you with the confidence to develop and extend your market
• Assurance of cash flow enabling you to build strong relationships with your suppliers and employees
• Provide you with the confidence of being able to meet the risk management requirements of your stakeholders or board representatives

Our insurers pride themselves on offering the best and most comprehensive approaches to purchasing a Trade Credit Insurance policy. Additionally, our teams of professional insurance specialists will look after and guide you in selecting suitable insurance for your business.

It does not matter what the size of your business is. You will benefit from the advice that our WealthSmart consultants deliver. We have extensive expertise in our field and access to all the top companies and products. Importantly, we are ready to share our knowledge to help you protect yourself, your assets, and your business interests.

WORKERS COMPENSATION

Workers’ Compensation is a specific insurance product type that an employer purchases. The purpose of this product is for the employer or the business owner to compensate or pay employees if they are injured at work or become sick due to their work or work environment.

In Australia, Workers’ Compensation is compulsory for most employers. However, Workers’ Compensation arrangements differ across states and territories. These differences could include:

• Scheme funding
• Common law access
• Coverage and eligibility
• Level of entitlements
• Return to work arrangements

Worker’s Compensation laws are based on Australia’s ‘no fault’ principle. The default of this system is that a worker or employee does not have to prove that their employer is the cause of an injury or disease through malice, intent, or negligence. They only need to show that their case is work-related to be eligible for Workers’ Compensation.

As you can see, it would then definitely be in the interest of the business owner or employer to have Business Compensation Insurance in place to support the running of their business.

This kind of policy covers:

• Wages of your workers or employees
• Medical expenses, treatment, and rehabilitation costs during and after the accident/incident
• Lump-sum payments in the case of permanent injuries
• Payments to families for work-related deaths

Those the Workers Compensation Insurance policy will cover:

• All your employees, including:
• Employees receiving wage or commission payments
• Those in casual and temporary employment
• Apprentices
• Trainees
• Contractors

A Workers Compensation Insurance does not cover the employer or any partners in the business. Worker’s Compensation is for employees and workers only. Our professional and highly competent insurance specialists at WealthSmart will facilitate obtaining this insurance and guide you through all the requirements and laws for your state.

INDUSTRIAL SPECIAL RISKS INSURANCE

An Industrial Special Risks Insurance policy is specifically designed for medium to large organisations. It is most appropriate for these organisations because they tend to engage in numerous business activities across multiple locations. However, in some cases, Industrial Special Risk Insurance can also be for smaller companies with high-value assets for which the standard insurance policies are not apt.

Industrial Special Risk policies provide a more comprehensive indemnity for organisations with high-value assets and multiple properties, including companies that generally own commodities over $5 million. However, minimum values do vary from insurer to insurer.

An Industrial Special Risk policy provides insurance for a range of loss scenarios or damages to high-value physical assets. You can expect most insurance companies to extend coverage in the following areas:

• Fire and perils
• Loss and/or damage to buildings
• Loss and/or damage to plant and machinery
• Loss and/or damage to contents, stock, and raw materials
• Loss and/or damage to unregistered vehicles and the property of directors and employees
• Prevention of access cover for a loss due to the inability to access your business premises
• Loss of profits, revenue, or rentals and/or increased expenses caused by damage to the insured property
• Business Interruption Cover for losses incurred due to non-operation or reduced operations
• Removal of Debris Cover for the clean-up costs after the damage to assets
• Loss of profits, revenues, or rentals and/or increased expenses caused by contingent damage to property at the premises of suppliers, customers, and utilities
• Burglary, theft of money as well as losses sustained due to employee dishonesty
• Accidental damage and breakage of glass

Areas of cover differ between insurance companies, so it is always best to communicate your needs clearly and be sure of the cover levels you need before purchasing an Industrial Special Risks insurance policy. There are always options and additional extras you can buy to make sure all your bases are covered.

PRODUCT RECALL INSURANCE

Product recall events happen almost every day due to safety or illness reasons. If you are a manufacturer, producer, or supplier, this can affect you significantly. Those who will typically purchase Product Recall Insurance are manufacturers in the following industries:

• Food, beverages, and other perishable items
• Toys
• Electronics

In Australia, both consumers and businesses are well-positioned to obtain reimbursements for product recall incidents. This feature is mainly because the legal system and pro-consumer legislation are well developed and established.

Product Recall Insurance provides cover for many financial losses that occur because of or during the process of recalling a product.

Product recalls can operate in two ways:

• Involuntarily – Recall is required by a regulatory agency or the government
• Voluntarily – The manufacturer will decide on their own recall terms after noticing defects.

Either way, this process can be extremely costly. Therefore, insurance providers cover these events under a Product Recall Insurance policy:

• Accidental contamination cover
• Intentionally impaired ingredients – Intentional and wrongful, but not malicious
• Malicious product tampering
• Product extortion
• Government recall

Since recalling a product can severely impact your financial wellbeing as a business enterprise, a Product Recall insurance policy will cover a full spectrum of costs associated with the process. These costs can include and should be covered under a Product Recall Insurance policy:

• Recall costs including disposal, replacement, advertising, and transport
• Pre-recall expenses
• Business interruption – reduction in gross profit
• Product extortion costs
• Crisis management consultants and advisors
• Product rehabilitation
• Third-Party recall costs
• Fines and penalties
• Brand reputation management costs
• Product recall liability

As previously stated, product recall continues to increase, and the costs are incredibly prohibitive for any business enterprise’s smooth running and success. If you are a company that does not have insurance in this area, then, as you can imagine, the cumulative costs eventually have the power to sink your business altogether.

Our insurers are waiting to assist you in obtaining the security you will need for your future business growth. Moreover, our insurance specialists at WealthSmart will make the process as smooth as possible so that you walk away having purchased the best Product Recall policy for your business. Peace of mind is invaluable, and no price is too small or big to pay for this status.