Business Insurance FAQs

 

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Frequently asked questions

Professional Indemnity Insurance covers you on what is known as a claims made basis.This means that you need to have a current policy on the date that a claim is made against you, regardless of when the work was done.  
Both of these insurances provide protection for your business against legal action and compensation awards to third parties; however they offer different forms of protection in your business. Public Liability protects your business against damages that may arise from a claim for either personal injury or property damage that occurs as a result of your negligence (either at your work place or another location). Professional Indemnity Insurance protects your business against financial losses for any legal action taken against you for any professional services or advice that you provide.
Business Insurance covers you for material damage losses that occur from an unexpected event like theft, a storm, fire or accidental damage. You can typically get cover for damage or theft of office contents & stock, damage to buildings, cover for portable values, glass, money and machinery breakdown. You can also get cover for financial loss that occurs as a result of material damage in the form of Business Interruption.
As a general rule you can deduct your insurance premiums for most revenue expenses, as long as you can show that the purpose of the insurance relates to your ability to earn your assessable income or is required for carrying on a business for the purpose of earning assessable income.
We offer flexible payment options to suit your business. You can choose to pay annually upfront or you can choose to pay in monthly instalments (this option incurs a small monthly fee). 
As soon as your payment has been successfully made we will issue your insurance documentation including your Certificate of Currency and Tax Invoice.

Important Note:
The answers above are to be used as a reference guide only and do not substitute or replace your insurance contract, the Product Disclosure Statement (PDS) or Certificate of Insurance.

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