Generally, Business Insurance policies are split into sections that allow you to tailor an insurance package to best reflect your needs. The different sections generally available under these types of policies are as follows: Fire and Defined Events/Accidental Damage; Business Interruption; Burglary/Theft; Money; Glass; Broadform Liability; Machinery Breakdown; Electronic Equipment Breakdown; Transit; Portable Property; Optional Benefits.
Commercial vehicles are generally any driveable vehicle over a two tonne carrying capacity and can include trucks, prime movers, earthmoving equipment like bulldozers, excavators and bobcats. For trucks used in carrier and cartage businesses, there are additional insurances like marine transit insurance and load insurance that also need to be taken out. Firstly, any vehicle that goes on a road or public access point like a driveway must be registered with Qld Transport. Vehicle registration provides Compulsory Third Party (CTP). Secondly, the commercial motor vehicle should also have commercial motor vehicle insurance. Thirdly, the owner/business operator needs to make sure that they have appropriate levels of public liability that covers their commercial activity.
Generally an income protection looks to replace a percent of your income in the event you suffer a temporary disability and are unable to work due to an accident or injury. An income protection policy will have a waiting period and a benefit period and in the event of you being unable to work, you will receive a benefit paid to you to help fund your lifestyle expenses and financial commitments like mortgage and credit card payment.
Generally, life insurance pays out in the event of death. It can be used to protect assets, create an estate, payout lifestyle or business debt, eliminate a mortgage, and provide your surviving family members with funds to invest to generate income and/or release personal guarantees so that your estate is unencumbered. It depends on what your personal and business objectives are in relation to life insurance and the sum insured that you put in place will reflect this.
Home-makers make a significant contribution to the family; however, as it is unpaid work it usually can’t be covered under a standard income protection policy. There are now covers available that can help to protect your assets and allow you to keep paying the day to day living expenses should the home-maker in your family become injured or seriously ill. Child policies are available that will cover the life of your child and also pay a lump sum if your child suffered a trauma condition. These conditions can be different for each insurer but can include conditions such as cancer, loss or limbs and brain damage.
Keyman Partnership Insurance
The purpose of key person insurance is to make sure that the financial position of a business returns to where it would be if the loss of your business’s key person had not occurred.
Some examples of things which could be covered with key person insurance include:
- the costs of repaying debt to financial contributors or financial institutions
- the costs involved in recruiting and training replacement personnel
- the costs of lost sales until replacement staff are fully trained.
As a rural property owner, you'll know all about the unpredictable nature of running a business that involves large areas of land, livestock, machinery and vehicles. Insurance packages are available for all clients – from farmers and graziers to small and large regional businesses. There are a diverse mix of regional and rural products, ranging from Farm Motor, Business, Home and Contents and Motor Vehicle insurance to Workers’ Compensation, Crop, Livestock and Liability insurance.
Generally, trauma insurance pays out in the event you suffer a policy specific critical condition. It is a living insurance, and would pay out either your nominated lump sum, or a part payment in the event of a life changing / life threatening condition. Once again, your objectives in determining a suitable sum insured may be similar to life insurance. However you may also consider including funds for medical costs, rehabilitation expenses and lifestyle changes. It is designed to pay out funds at a time when you need have options, choices and flexibility.