Services

Our insurance specialists provide a thorough annual review, along with quarterly and half yearly reviews at our clients’ discretion. We tailor not only the insurance but also the entire client management (including review, implementation, maintenance and claims) to suit your business model.

At Ausure, we pride ourselves on our thorough review service, comprehensive cover and competitive premiums.
As authorised representatives of Ausure Insurance Brokers, we have access to over 70 insurers including major insurance markets and specialist agencies.
With our strength as a large, national group we are capable of negotiating competitive premiums with insurance companies. This means better prices and more comprehensive cover for you.
With offices throughout Australia you will receive personal and professional service from your local area, whilst getting the support of a national insurer network.

Our commercial insurance specialists are authorised in all areas of insurance; from broad spectrum cover to specific industry related insurance. Our commercial insurance solutions include:

 

– Builders Insurance
– Renovators Insurance
– Contractor’s All Risks

Sometimes called ‘Contract Works Insurance’, this is an insurance policy which covers contract works, such as new buildings in the course of construction, and engineering projects, on an All Risks basis. This policy would usually include Public Liability cover also. It is often arranged in the joint names of the principal and the contractors but can be done separately.

Business Pack
A range of policies that are designed to meet the needs of a broad spectrum of different businesses and are combined into a single package. A business then effects/activates the policy sections required for their individual requirements. The types of cover typically available in a Business Pack are: fire and perils, business interruption, accidental damage, glass, burglary, money, liability (public and products), machinery breakdown, and general property. Some Business Pack policies also allow for insuring the business motor vehicles, tax audit expenses, and the domestic premises of the business owners or directors.

 

Fire Policy
Depending on the individual territory, a standard Fire Policy usually covers fire, lightning and explosion of gas or boilers used for domestic purposes. Fire means ‘actual ignition’. Scorching or charring is not covered. Cover will sometimes extend to cover fire arising from any cause, but more often it is subject to policy exclusions (e.g. fire damage caused by a riot may not be covered unless the policy is extended to include Riot). A Fire Policy is usually extended to include Additional Perils.

 

Business Interruption
May also be known as Consequential Loss, Section 2 cover, Loss of Profits, or abbreviated to BI. If an insured who has purchased both property and business interruption insurance, suffers loss or damage from an insured event or peril, the Insured may claim the loss of their business income for the period they are not operational and then continue to claim for the amount of trading income deficit until the business returns to full and normal operation. The business interruption policy will only indemnify the Insured for the loss of trading profit for a maximum period declared in the policy as the Indemnity Period. This type of policy has many and varied endorsements and extensions, such as insuring for loss of trading profit arising from loss or damage occurring to the premises of a major supplier to the Insured, or the premises of a major customer. For such a claim to be valid, two criteria must be met: (i) the Insured must have taken out the necessary policy extensions, and (ii) the loss or damage needs to occur.

 

Burglary
The forcible and or violent entry of a premise with intent to commit a theft, larceny or felony.  A generic term which also includes breaking and entering, housebreaking, safecracking, and all attempts thereat. The unauthorised and or illegal removal of goods or property belonging to others or attempt thereat.

 

Glass Insurance
Glass Insurance is normally provided as part of a package policy for shops and other small risks but can be obtained as a separate policy. The policy covers breakage of fixed glass from any cause and may or may not provide cover for damage to frames.

 

Money Insurance
Cash, bank and currency notes, cheques, money orders, postal orders and current postage stamps are excluded from the cover given by a Fire Policy and a separate Money Policy is usually required. Cover is available under a special section of a business pack or as stand-alone cover. Such cover can extend to money in or out of a safe on business premises, in the home of any director or employee, in a safety deposit box, or in transit to or from the bank. One particular area that needs to be considered is the definition of money. Does it really include all the financial instruments that the Insured holds?

 

Broadform Liability
A form of liability wording that extends beyond the scope of a standard liability policy and may include cover for personal injury beyond physical injury, disease or death to include other causes including mental injury, anguish or fright.  Extensions available under a Broadform Liability policy may also be available to include indemnity for false arrest, malicious prosecution, libel, slander, defamation, wrongful entry, eviction or other invasion of the right of private property, assault and battery.  Broadform Liability policies are traditionally an “Occurrence” type policy wording.

 

Products Liability Insurance
In broad terms, a Products Liability policy is instituted to provide indemnity to the insured for claims arising in respect of the nature, condition or quality of goods manufactured, sold or supplied by the Insured, but it is not a goods warranty policy.

 

Public Liability Insurance
A contract of Public Liability insurance is a contract of General Insurance that provides insurance cover in respect of the insured’s liability for loss or damage caused negligently to others, who are not the insured.

 

Machinery Breakdown
Complex industrial plant and simple office machinery can be insured not only for fire and allied perils, but also for any accidental damage including mechanical or electrical derangement. Such cover is usually subject to certain levels of maintenance being maintained and is almost certainly subject to a significant deductible. Industrial plant business interruption following breakdown is also available by some insurers.

 

Goods in Transit Insurance
Property, especially stock, does not necessarily remain at an Insured’s premises alone. It moves around the country and maybe internationally to be delivered from suppliers or to customers. Goods in Transit Insurance provides cover for inland transit by road or rail and often extends to include inland and coastal waters. Cover may be arranged by the owner or by the haulier to protect him/her against his/her liabilities under the haulage contract. International transit by sea or air is insured under a Marine policy.

What is Cyber Insurance?

Cyber attacks have emerged as a serious threat for Australian businesses. The consequences of an attack can be severe, resulting in destruction of assets and reputational damage. As there is only a limited regulatory framework to protect the private sector, businesses need to look after themselves.

Cyber insurance can help organisations get back to business after a cyber attack or a data breach. As organisations become more reliant on technology, insurance products need to adapt to the changing environment. Cyber insurance is a tailor made product offering providing comprehensive cover for liability and expenses a business may incur arising out of unauthorised use of, or unauthorised access to, physical and electronic data or software within an organisations computer network or business.

Download Cyber Information PDF

Products Liability Insurance

In broad terms, a Products Liability policy is instituted to provide indemnity to the insured for claims arising in respect of the nature, condition or quality of goods manufactured, sold or supplied by the Insured, but it is not a goods warranty policy.

 

Public Liability Insurance

A contract of Public Liability insurance is a contract of General Insurance that provides insurance cover in respect of the Insured’s liability for loss or damage caused negligently to others, who are not the insured.

Industrial Special Risk (ISR) is a generic name given to an inherently broad commercial insurance wording.  The ISR policy has numerous versions the most common being:  Mark IV, Mark IV Modified, Mark V & Mark V Modified.  The basic ISR policy wording is generally altered and or made risk specific by the adding of endorsements which alter the scope of the cover.  In excess of 200 wording endorsements are available for some versions of the ISR policy.

Management Liability protects the individuals and the company in relation to the exposures associated with managing a company. Private companies and their directors continue to face greater corporate governance and increasing regulatory surveillance of the management of their business activities. Traditionally directors’ & officers’ policies have been written only to protect the personal interests and assets of individual directors and officers. A Management Liability Insurance Policy has been designed for private companies and their directors and officers.

Features of a Management Liability Insurance Policy typically include:

  • Directors and Officers: covers the Directors and Officers (including where the company can reimburse the directors) for any claim alleging a Wrongful Act (negligence, breach of duty, misrepresentations) by a Director or Officer
  • Company: Covers the Company where there is a claim against the business entity itself alleging wrongful acts.
  • Employment Practise Liability: Covers the Company for claims alleging an employment breaches including wrongful dismissal, discrimination, harassment, deprivation of career opportunity, breach of contract etc
  • Trustee Liability: For trustees of staff superannuation fund
  • Fidelity/Crime: Covers the company for theft by its employees
  • Business Crisis Consultant Fees
  • A set number of hours of legal advice

Download Management Liability Information PDF
Download Management Liability – Employment Practices PDF
Download Management Liability – Statutory Liability PDF

Mobile Plant and Machinery insurance covers plant and equipment for damage – owned and hired in plant, increased cost of working, loss of income, machinery breakdown, registered machine liability, general liability, hired in machines – blanket cover, continuing hire charges, finance payment protection, lease value protection, windscreen cover and hook liability.

Product Recall insurance protects companies from the costs of a product recall resulting from a defect product, government recall, malicious product tampering or product extortion.

Professional Indemnity insurance covers legal liability to others due to professional negligence.

  • Domestic buildings, contents, specified items, owner occupier and personal liability
  • Farm buildings and contents, farm improvements
  • Farm machinery, theft of nominated machinery and specified items
  • Machinery breakdown
  • Stocks of hay
  • Fencing, livestock and loss of agistment income
  • General liability arising out of business activities
  • Crop Insurance
  • Loss of profits
  • Personal Accident.

Strata Title

A system of title that allows the owner of a unit, in a block of units, to have a separate title for that unit.

Body Corporate

A group consisting of the owners of each strata property, established to maintain the common areas of flats or units and to take out insurance for the common areas.

Following the completion of an audit, an Insurer will pay for the professional fees reasonably and necessarily incurred by you in connection with an audit.

 

 

 

Our domestic insurance specialists are authorised in all areas of domestic insurance. Our domestic insurance solutions include:

Provides cover for buildings and contents of dwellings and specified items of value such as jewellery and works of art against various risks of loss or damage (e.g. fire and theft).

Landlords insurance is a policy to cover a property owner’s asset and protect their financial losses connected with their property which they let out.
Personal Accident insurance covers your expenses from an accident with a lump sum payment, a daily or monthly amount or a payment for loss of life from an accident.

Travel insurance provides companies and their employees with a variety of covers ranging from damage to baggage, loss of deposits on flights and hotels, liability, loss of cash, tickets or passports through to the cost of further airfares to send a replacement if an executive travelling abroad falls ill.

Download Business Travel Insurance Information PDF

Fleet Policy

A single policy covering a number of vehicles usually issued to a company operating a large fleet of vehicles. Premiums are usually calculated on the basis of historic claims or a straight discount allowed for the reduced administration costs in combining several policies into one.

Private Motor & Motorcycle

Covers loss or damage to the insured vehicle resulting from destruction, theft or accidental damage.

Private Boat

Private boat insurance covers damage to the insured vessel and personal injury and property damage claims.

Here are some examples of how we’ve helped our clients obtain better premiums and more comprehensive cover.

  • Brisbane city cafe’s renewal premium was $2,806 per annum with their broker.
  • Ausure sourced a policy with a premium of $1,965 per annum; a saving of $841 for our client.
  • New policy included 40% more cover with more comprehensive policy wording.
Contact us today for a free review of your commercial insurance.

  • Ausure established Flood cover for takeaway store in the Brisbane CBD.
  • Two weeks after inception the client suffered the Brisbane Floods.
  • Client made a successful claim for business interruption and loss of stock after the Brisbane Floods.
Contact us today for a free review of your commercial insurance.

  • Accountant required Professional Indemnity Insurance.
  • Ausure arranged cover in one day and saved the client 40% on their premium in comparison to their policy from two years ago.
Contact us today for a free review of your commercial insurance.

  • Client’s business insurance was automatically renewed in October 2009 based on gross turnover of $12 million.
  • Policy was incorrectly reviewed by acting broker. Turnover should have been reduced to $9 million, resulting in a premium difference of approximately $6,500.
  • While not the acting broker, Ausure assisted the client in obtaining a backdated refund.
Contact us today for a free review of your commercial insurance.

  • Ausure client used an external broker for their insurance package.
  • Their premium hadn’t been re-quoted elsewhere for many years.
  • Ausure took over the policy and negotiated better rates with an upfront saving of $9,500 per annum.
Contact us today for a free review of your commercial insurance.

Here are some questions we get asked the most. If you have a question that isn’t listed here, feel free to contact us.

 

Ausure holds an Australian Financial Services Licence (AFSL No 238433) and provides both General Insurance Broking and Financial Planning services. Ausure is authorised to provide general and personal advice on and deal in general insurance products, deposit and payment products, government bonds, life products, managed investments schemes, securities, retirement saving schemes and superannuation.

Traditionally Professional Indemnity (PI) Insurance was purchased only by the likes of Accountants, Lawyers, Engineers, Financial Planners and Medical Practitioners – by its very nature it was designed for those pure white collar professions – usually a requirement for membership to their Professional Associations or Licensing to Practice requirements.

We have in recent times seen an increasing number of industries purchasing PI cover, outside of these “traditional” Professions. What must be noted is that Public & Products Liability policies exclude in some way or another “the rendering of or failure to render professional advice or services and/or any related error or omission” usually where a fee is charged for this professional advice or service.

What does this mean? It is a “grey” area, which unfortunately with Contracts of Insurance, can leave clients with uninsured losses that they thought were covered by their Public & Products Liability policy.

There is no quick answer, and a thorough review by your Insurance Broker of all facets of your business is the only way of determining whether or not you require PI Insurance to fully protect your business.

In more recent times, traditional blue collar trades such as Electricians & Plumbers are purchasing PI cover on a more regular basis, because they do provide their clients with “advice” for fee, with such advice being considered knowledge that particular trade holds over and above the normal lay person. PI Insurance is now readily available for dozens of white and blue collar industries.

How many times have I heard that in the last 15 years in the industry: “My brand new brick and steel building which cost $500,000 to build would never burn down. We’ll just insure it for $250,000 to save on insurance premiums”.

Tragically a recent ASIC study confirmed that up to 80% of all insurance consumers in Australia were under-insured by 10% or more.

This trend can also occur over time, with consumers capping their increases to sums insured to the “indexed” increases that the insurers automatically include at each renewal – usually tagged at low single digit inflation rates. Between 2000 and 2005 CPI increased by 17% BUT building costs rose by 33%.

What our clients need to understand is that Insurers have “under-insurance” clauses in most commercial property and business interruption, and some domestic property insurance policies. These policies state that if the client is under-insured, then that client becomes a “co-insurer” of the property.

In the example above where the client has insured a $500,000 building for $250,000 the insurers policy deems that client to have taken 50% of the risk, so all claims are only paid out by the insurer at 50% of the loss. So the client cannot falsely believe that ALL CLAIMS up to $250,000 will be paid in full. A smaller loss for example such as malicious damage via an attempted burglary, which causes $50,000 damage would see the insurer pay $25,000 and the client left to foot the other $25,000 because they were deemed to be “co-insured” for the 50%. In this case the fact that they had a brick and steel building that would never burn down is very cold comfort when finding that other $25,000 from their own pocket.

When you consider the protection (with premiums generally tax deductible for businesses) that the insurance policies provide to your business and financial wellbeing, insurance really isn’t expensive at all. People just don’t like paying for something they are not likely to use.

However if you do need to claim, insurance cover can become your best friend, particularly if it has been properly arranged by a Professional Insurance Broker – who will risk profile exactly what cover you need so that you don’t have any nasty surprises if you come to claim something that is not covered.

Commercial Insurance in Australia, particularly in NSW and Victoria is the most highly taxed in the world. Clients may find the following web link frightening when it compares Australian taxes on insurance to the rest of the world –www.notaxoninsurance.com.au/Content.aspx?catId=95 – with country Victoria taxed at over 100% of the actual insurance company premiums.

An example below might leave some clients shocked at these hidden taxes, based on a commercial property insurance policy in country Victoria: Insurance Premium = $100 + Terrorism Levy 4% = $4 – cumulative total $104 + Fire Brigade Levy 63% of the cumulative total = $65.52 (yes that is a tax on a tax) – cumulative total $169.52 + GST 10% of the cumulative total = $16.95 (yes that is now a tax on a tax on a tax) – cumulative total $186.47 + Stamp Duty 10% of the cumulative total = $18.65 (yes that is now a tax on a tax on a tax on tax) – TOTAL CHARGE TO POLICY HOLDER = $205.12

In essence for a policy that the insurance company charges the client $100, the taxes to the State and Federal Governments bring this cost up to $205. It is therefore worth asking, is insurance really all that expensive, or are the taxes just pricing insurance out of peoples reach?

CIP is an acronym for Certified Insurance Professional. According to ANZIIF or the Institute (The Australian and New Zealand Institute of Insurance and Finance), CIPs are insurance professionals who:

  • distinguish themselves through an Institute qualification or recognised equivalent
  • maintain up-to-date technical skills and knowledge through a program of professional development
  • abide by ANZIIF’s Code of Ethics.

The CIP program run by the Institute sets the standard for professionalism for the insurance and financial services industry. So if your broker has CIP status you can be sure they operate according to the best standards of professional practices and integrity. It demonstrates a high level of specialisation and expertise attained through completion of the Institute’s internationally recognised education programs.

Having CIP accreditation also provides an invaluable tool for Australian financial services professionals to show that they are maintaining compliance with ASIC RG 146 and for professionals in Hong Kong and Singapore to demonstrate that they are meeting their continuing professional development requirements in their country. The Institute actively promotes CIP throughout the financial services industry and broader community as the symbol of insurance professionalism.

Financial services legislation protects you as the consumer so you can easily compare similar products, make informed decisions as to whether to acquire these products or not and trust that your provider is regulated by an independent body.

The Corporations Act makes sure there is:

  1. a uniform license and definition applying to all providers of financial services
  2. a consistent set of requirements for advise and product disclosure for all financial products sold to you.

The Corporations Act imposes overriding obligations on Australian Financial Services (AFS licensees) to:

  1. Do everything necessary to ensure financial services covered by their license are provided efficiently, honestly and fairly
  2. Comply with the conditions on their license and the financial services laws
  3. Take reasonable steps to ensure that their representatives (i.e. employed brokers) and authorised representatives comply with the financial services laws and are adequately trained and competent to provide the financial services
  4. Have available adequate resources (including financial, technological and human resources) to provide the financial services covered by their license and carry out supervisory arrangements;
  5. Have adequate risk management systems
  6. For retail clients:
    1. Have a complying dispute resolution system
    2. Have adequate arrangements for the management of conflicts relating to the provision of financial services
    3. Have approved compensation arrangements
    4. Comply with any other obligations prescribed by the Regulations.

In addition, licensees need to comply with various other obligations in the Corporations Act including ASIC’s (The Australian Securities and Investments Commission) requirements, the disclosure and advice obligations, and the conduct obligations.

There is also further legislation and Codes of Practice which govern the running of an insurance intermediary business. These include:

  • Australian Securities and Investments Corporation Act
  • Insurance Contracts Act
  • Insurance Brokers’ Code Of Practice
  • NIBA Code of Conduct
  • General Insurance Code of Practice
  • Privacy Act
  • SPAM Act
  • Federal Trade Practices and State Fair Trading Acts
  • Federal and State Employment laws
  • Occupational Health & Safety legislation
  • Anti-Discrimination legislation.

A strong regulatory framework governs financial service operations in Australia. This framework has evolved over time, most recently improved by the introduction of the Financial Services Reform Act through changes to the Corporations Act in 2001.

The APRA is the body which licenses and regulates financial service businesses. This includes banks, general insurers, life insurers and fund managers who are licensed to operate in the country (particularly in relation to capital adequacy). For insurers, this occurs where the insurer carries on an insurance business in Australia.

ASIC regulates the distribution activities of financial service businesses. This includes banks, general and life insurers and fund managers, but also intermediaries such as insurance brokers and underwriting agencies.

Although ACCC (Australian Competition and Consumer Commission) regulates competition and consumer protection issues for most businesses in Australia, ASIC is the body responsible for regulating financial services businesses in this regard.

(Information sourced and edited from the Gold Seal, Gold Book.)

There is a Financial Ombudsman Service (FOS) which is responsible for monitoring compliance to codes of conduct.

There are various Codes of Practices:
The General Insurance Code of Practice which regulates the conduct of INSURERS WHO ADOPT THIS CODE. It covers all general insurance products with the exception of:

  1. Workers compensation
  2. Marine insurance
  3. Medical indemnity insurance
  4. Compulsory third party insurance
  5. Life and health insurance products issued by life or registered health insurers.
  6. The Insurance Brokers Code of Practice which regulates the conduct of INSURANCE BROKERS
    It covers all general and life insurance services (not just retail classes of insurance) and includes where a broker acts under binder. It excludes reinsurance but includes related services such as risk management, inspection, valuation and arrangement of premium funding.
    The Code covers NIBA Principal Members or Corporate Associates and any other person who adopts the Code.
    The Financial Ombudsman Service monitors the Code standards and can impose binding orders or sanctions on brokers who breach the Code, such as reporting the broker to ASIC or requiring the broker to undertake corrective action or a compliance audit. It cannot impose a monetary penalty.
  7. NIBA Code of Conduct

Principal NIBA Members and their employees are also bound by NIBA’s Code of Conduct as a condition of their membership. The Code has an overriding requirement that brokers work towards maintaining and enhancing the reputation of NIBA and its members. They do this by acting in the spirit of the Code and encouraging others to do likewise.

Breaches of the Code can result in fines of up to $10,000 or expulsion from NIBA. The Code of Conduct is required to be clearly displayed in a member’s office at all times.

You can report it to the Financial Ombudsman Service (FOS) which will then:
  1. Investigate the alleged breaches
  2. Provide the opportunity for the alleged breaching party to respond
  3. Determine whether a breach has occurred
  4. Reach agreement with the breaching party as to corrective action, time frames and monitoring of completion
  5. Determine if corrective measures have been implemented within the agreed time frame
  6. Report any failure to correct the breach to the Code Compliance Committee within 10 business days of the end of the agreed time frame.

The FOS will report to the Code Compliance Committee on:

  1. A significant breach of the Code, including agreed corrective action
  2. The outcomes of agreed FOS Code compliance monitoring reviews
  3. Any incidents where the FOS cannot reach agreement with a breaching party regarding corrective action.

The Code Compliance Committee may impose the following sanctions:

  1. A requirement that particular corrective action be taken within a specified time frame
  2. A requirement that a compliance audit be undertaken
  3. Corrective advertising
  4. Publication of the non-compliance.

Code Compliance Committee decisions are binding on Code subscribers.

  1. How can I get a discount?
    Some insurers offer discounts or other incentives for policyholders who:
    1. install smoke alarms, sprinkler systems and monitored intruder alarms
    2. are senior citizens
    3. are loyal and long-term policyholders.
  2. Insurance Excess An excess is the self-insured part of any loss. It’s the amount you must pay for each claim. In most cases, the insurer will deduct this amount from your claim payment.
    You can often choose to lower your premium by opting for a higher excess for claims relating to your home and its contents.
  3. Can I under-insure or over-insure? Make sure you don’t under-insure the contents of your home. Make realistic estimates of the replacement value of your possessions and update this inventory at least once a year. Remember to include GST. If the value of your possessions is greater than the amount of contents coverage specified in your policy, have it changed accordingly.
    Don’t under-insure your home either. Your building sum insured does not include the market value of the underlying land. In most cases it should include the costs to demolish the house and any council fees or architects fees to rebuild or repair.

To fully understand how much insurance you need you should read your PDS and understand what insurance companies consider your Home and Contents to be. Generally, Insurance Brokers cannot give you advice on how much your home or possessions are worth. You should consult a licensed valuer if you have any doubts.