Business Package Insurance
Platinum Commercial and General Insurance is able to arrange, place and manage all your Business Package Insurance.
Business Package Insurance is tailored for small to medium-sized businesses. Insurers have packaged their policies into one Business Package Insurance document.
Typically, Business Package Insurance offers:
- The choice of 12 covers, allowing you to choose the right level of protection for your business
- The option to add security and or sprinkler systems to reduce your premium
- Combined Property (Building, Contents and Stock) and Gross Profit sums insured available up to $5 million
- Public and Products Liability for personal injury and property damage available up to $20 million
The key elements of a Business Package Insurance policy will cover :
- Fire – covers fire, lighting, explosion storm damage, aircraft, water discharge, riot & strikes damage and malicious damage
- Accidental Damage – a sub-limit covering any kind of loss not specifically excluded
- Business Interruption – covers the profits you do not make following an insurable incident
- Burglary – loss of your property by felons
- Glass – accidental breakage of fixed glass or sanitary ware
- Money – loss following robbery from your premises or whilst in transit
- Broadform Liability – public liability and product liability
- Machinery breakdown – repairs following sudden loss to mechanical equipment. Eg. a compressor in a fridge burns out
- Electronic equipment breakdown - repairs following sudden loss to electronic equipment. Eg the cost of rewriting data following a breakdown
- Transit – movement of your goods around Australia
- Personal Accident – payment when you are incapable of working caused by accident or sickness
- Vehicle Insurance – covering accidents and theft
Average Clauses - Underinsurance
Business Insurance policies, e.g. fire, business interruption, industrial special risks policies often contain an Average Clause. Such clauses enable the insurer to reduce your claim settlement in proportion to the amount of any underinsurance. Therefore, you should always insure for full value which may be replacement, indemnity or market value depending on the cover arranged.
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