Why is this cover important?
A Business Insurance policy helps to protect those aspects of your business to which you value most and could not carry on your own. Business Insurance is not a “one size fits all” cover, we want to hear about your business, big or small, to determine what level of cover is required, and tailor a policy to suit your exact needs.
POLICY COVER CAN INCLUDE
As a business owner there is nothing more important than having comprehensive business insurance as the risks increase. The policies available through Citycover can cover:
Fire / Flood or Material Damage
Covers your Building and Contents/Equipment against losses due to Fire, Storm and tempest, Earthquake, and Malicious Acts. Cover is automatically extended to include Accidental Damage or Loss.
Building, Contents or General Property
Damage to property (Building, Contents, and Stock etc.) caused by Fire and nominated perils.
Burglary / Theft
Covers your property for loss after a break and enter.
In the event that an insurable loss causes you to cease trading, this cover can replace any lost income during a period of time. Other covers such as accountant’s fees can also be insured under this section.
Internal and External Glass
This section covers breakage of fixed glass for its full replacement cost. Cover for Advertising signs is also included up to a designated limit.
Covers Loss or damage to cash, cheques, and negotiable instruments.
Covers repair or replacement cost after a breakdown to your plant and equipment.
Electronic Equipment Breakdown
Covers repair or replacement cost after a breakdown to your electronic equipment.
Public and Products Liability
Covers your legal liability for any bodily injury and property damage arising out of the course of your business activities.
This covers the preparation expenses in the event the ATO conduct a tax audit on your business
Employment Practices Liability
Covers you against employment related issues including sexual harassment, discrimination, and defamation in the workplace.
Cover can be extended to include company owned vehicles if required.
Broader Protection & Additional Cover
Some important and beneficial extensions of cover are as follows:
Temporary Removal of Contents
Automatic cover for property while it is away from your standard place of business. Cover is included for 20% of your Contents sum insured for up to 90 days.
Temporary Protection & Watchmen
Covers costs reasonably incurred by you to protect the property including the cost of temporary repairs, the hiring of watchmen or the removal of insured property to a place of safe storage pending the repair or reinstatement of your premises.
Business Interruption Extensions
If this section is taken, cover is extended to cover interruption to your business from Public Utilities and your suppliers if they suffer a loss at their own premises.
When you take out a tailored Business Insurance package, you will immediately have access to our expert claims team for personal service on claims, and our experienced brokers for advice on Risk Management.
Frequently Asked Questions for Business Insurance.
What is a ‘Flood’?
In June 2012, the Insurance Council of Australia and Federal Government agreed to adopt the below definition:-
The definition of flood is:
- The covering of normally dry land by water that has escaped or been released from the normal confines of:
- Any lake, or any river, creek or other natural watercourse, whether or not altered or modified; or
- Any reservoir, canal, or dam.
Can I pay my premiums by the month?
Yes. All insurance offered by Citycover can be paid by the month through premium funders. If you chose to use the premium funder’s service, your monthly instalments will be tax deductible.
Is Flood cover automatic?
No – most insurers do NOT offer Flood as an automatic cover. If you want this cover under your policy, please tell your Adviser.
What is “Underinsurance”?
Also known as the “Average” or Co-Insurance” Clause, Underinsurance is the result of nominating a value for an asset which is too low to actually replace it in the event it is lost or damaged.
Certain cover sections (Fire, Business Interruption – Income, and Electronic Equipment) contain the under-insurance clause. It is important to review the level of cover you have declared, as if the amount you have declared is too low, the insurer can apply a formula which limits their settlement to you for that loss. This can occur if you have declared less than 80% of the actual value of the risk/asset.
Many businesses unknowingly under-insure as they apply heavy depreciation to their assets or simply forget to include certain assets into their calculations.
Need to Claim?
The knowledge and experience of Citycover’s amazing team is widely recognised. We are extremely passionate insurance professionals, who love what we do.
Senior Insurance Adviser
Claims Services Manager
Senior Claims Adviser
- Robyn W
Daneille and the Citycover team has been helping us with our insurance needs for over 10 years now.
I highly recommend Citycover, as they are not only professional, they actually care about getting the best outcome for not only my business, but also my personal insurances and those of my family.
If we ever have any questions, Daneille and her team are always available to answer them promptly. Citycover’s Claims Team go above and beyond, to ensure that we get what we are entitled to, with each and every claim we have ever had.
I am so happy that we have Citycover, and Daneille as my Insurance Adviser. This way I can focus on growing my business, and not have to stress about my insurance.
26th October, 2017