Comprehensive Business Insurance Packages

Additionally, depending on your location, flood coverage can potentially be included in your policy. Most policies exclude this coverage unless specifically added. If flood insurance is required, we recommend discussing your business insurance needs with Business Insurance Specialists to ensure you have the proper protection.

Explore our industry insurance options and safeguard your assets with a policy designed for specific risks. For commercial property owners we also can provide specific coverage for your exposures.

Burglary / Theft Insurance

Protecting your business assets from theft is a key part of business liability coverage. Burglary insurance provides financial protection for property (excluding money) that may be lost due to:

• Theft resulting from actual forcible and violent entry into the premises, or any attempted break-in.
• Theft or attempted theft by a person unlawfully concealed on the premises.
  

While this cover helps safeguard your business, it’s important to note that common exclusions apply, such as shoplifting. Having the right security measures in place can help minimise potential losses as part of risk management for businesses.

To protect your business, speak with Business Insurance Specialists Pty Ltd today. 

Electronic Equipment Insurance

Electronic Equipment insurance provides coverage for breakdowns to Electronic Equipment.

The usage of Electronic Equipment is part and parcel of our everyday lives.

As a result, this equipment requires coverage for damage, including electronic or electrical breakdown.

In today’s environment, even with big mechanical equipment, there is a strong element of electronic equipment, e.g., CNC (Computer Numeric Control) controlled, and we would recommend that if you are a manufacturer or a business where your equipment is essential, you strongly consider the better style of breakdown insurance involved.

In our experiences with clients, it is mentioned sometimes that “we do not need breakdown insurance because we have a warranty”. We respect this, however, you need to consider if your warranty provides you coverage for, amongst other things:

• Power surge or Operator error, both of which are common exclusions in warranties
  
• Excludes Business Interruption or spoilage losses. This type of coverage can be provided under better equipment policies; and
  
• Limitations on coverage under warranty to breakdown caused by the equipment supplier - the least likely way a breakdown would occur.
  

Business asset insurance and the right business insurance options can provide the protection your business needs beyond standard warranties.
 

Machinery Breakdown Insurance

The better breakdown policies cover repairs without depreciation or provide functional replacement for almost any fixed pressure, mechanical, electrical, or electronic equipment that breaks down.

Some key extensions available in these comprehensive business protection policies include:

• Business interruption – Covers lost income due to equipment failure.
  
• Additional expenses – Covers extra costs incurred to minimise downtime.
  
• Deterioration of stock – Protects against losses due to equipment failure affecting stored goods.
  
• Service interruption cover – Protects your business if a third party’s equipment failure impacts your operations by triggering business interruption and spoilage coverage.
  
• Wear and tear not excluded – Unlike standard policies, wear and tear may be covered.
  
• No age limit on equipment – Provides coverage regardless of equipment age.
   

Machinery Breakdown insurance is designed to minimise financial losses by covering loss of income and increased costs due to manufacturing downtime caused by an insured peril. As part of risk management for businesses, this coverage ensures that your operations can recover quickly from unexpected equipment failures.

It’s important to note that a standard Business Package policy, even if it includes Business Interruption insurance, will generally exclude coverage for Business Interruption (reduction in Gross Profit) caused by machinery breakdown. If this is critical for your engineering or manufacturing business, a separate stand-alone Breakdown policy that includes Business Interruption should be considered.

The cost of these policies varies, from premium options with high coverage limits and fewer exclusions to more standard, budget-friendly policies. Speak with Business Insurance Specialists to ensure you have the right protection in place.

Business Interruption Insurance

Business Interruption insurance covers the reduction in Gross Profit resulting from Insured Damage to your premises. This coverage, also known as Consequential Loss or Loss of Profits insurance, is a key component of commercial insurance solutions, ensuring businesses recover financially after an unexpected event.

Understanding Business Interruption insurance is crucial, as it covers all insurable expenses plus net profit—provided calculations are done correctly. Business Insurance Specialists Pty Ltd can review your Business Interruption calculations to ensure you have the right level of coverage.

However, it is important to note that Loss of Income from an uninsured or excluded event is not covered. For example:

• If Flood is not included in your policy and a flood occurs, any Business Interruption losses will not be covered. 
• If a Cyber event disrupts your business for a month, you would need a Cyber insurance policy, as Business Interruption coverage under your standard business coverage plan will not apply. 

For larger clients, a more structured insurance programme can include higher levels of coverage and protection for Loss of Income arising from damage to:

• Supplier premises – If a key supplier suffers damage, it impacts your business.
  
• Customer premises – If a major customer is affected, causing revenue loss.
  
• Utilities (electricity stations, water supply, etc.) – If disruptions halt operations.
  
• Events such as murder, suicide, or incidents at nearby locations (e.g., shopping centres).
  
• Loss of attraction – If an event reduces foot traffic or customer demand. 

Many businesses struggle to recover after a disaster due to inadequate Business Interruption insurance. Companies may face staff layoffs or even closure without a comprehensive insurance policy bundle.

To ensure you have the right business liability coverage, speak with Business Insurance Specialists about securing a tailored insurance policy bundle that meets your specific needs.

General Property Insurance

General Property insurance, also known as Portable insurance or Special Risks insurance, provides coverage for property lost or damaged anywhere in Australia. This type of insurance is particularly valuable for businesses with mobile assets. Standard exclusions are based on the type of item being insured or the type of loss incurred.

Some policies may require specific items, such as photographic equipment, to be listed explicitly before coverage is provided. For Theft coverage under this section, forcible entry to the premises or vehicle is typically required.

Incorporating General Property insurance as part of an insurance policy bundle can strengthen risk management, providing peace of mind for businesses with valuable mobile or portable equipment.

Glass Insurance

Glass insurance protects against damage to glass, offering coverage for broken or cracked windows. Additional benefits are also included, such as damage to the window frame or temporary shuttering. However, exclusions apply, such as glass chipping or damage that does not result in a complete fracture.

This type of coverage can be essential for businesses with glass installations, ensuring you're protected from unexpected costs. Including glass insurance as part of your corporate insurance package provides comprehensive protection for your business assets.

Liability Insurance

Liability insurance offers protection for loss suffered by third parties due to your business activities that you are legally liable for. Personal Injury or property damage (known as "triggers") must occur first, and any resultant financial loss will also be covered.

Understanding the exclusions of business liability coverage is essential, as these can vary depending on the policy. Some standard exclusions include:

• Injury to employees
• Injury arising from asbestos
  
• Damage or injury caused by registered vehicles 

In the event of a potential loss, your insurer will act on your behalf in dealing with the Third Party and/or Third Party insurers. It is an important condition of this cover, to not prejudice the rights of your insurer, hence, you must not admit Liability to the Third Party, with this solely the prerogative of your Insurer.

In the event of a potential incident, advise us immediately so we can notify your insurer accordingly. 

Liability incidents can result in major financial losses being suffered by Third Parties, hence, having this coverage is normally a minimum requirement of any business. 

Money Insurance

Money insurance provides coverage for the loss or theft of money in various situations at a business, including:

• During business hours
• Outside business hours
• In safe - 24-hour basis
• In transit
• At private residence
   

While the need for this coverage has decreased in recent years due to the rise of EFTPOS and credit card payments, it remains relevant for businesses that still handle significant amounts of cash. Incorporating money insurance into your business strategy can help protect you from potential financial losses.

Tax Audit Insurance

Tax Audit insurance covers accountancy fees incurred due to a regulatory audit, which can be initiated by various bodies like the ATO or ACCC. However, this policy does not cover fines or penalties and will not typically provide coverage if a tax penalty exceeds a certain percentage.

As tax audit insurance is increasingly included in various policies, reviewing your existing coverage is vital to avoid duplication. Ensuring you have the proper protection through comprehensive business protection will safeguard your business from unexpected audit-related costs.

Other Insurances

Whilst a standard business policy does not provide coverage for everything, it is beneficial to know that other policies can be added such as Cyber, Management Liability, Corporate Travel and many others which in combination can meaningfully reduce risk to your business.