Business Insurances

Following is a summary of the Business Insurance policies available at Vaughan & Monaghan*: 

Aviation All forms of Aircraft & Liability associated therewith.
Business Interruption Loss of business income as a result of insured damage to your property. This cover usually taken as an extension to an ISR or Business Package policy.
Business Package Policies Policy available for small to medium sized businesses. Can tailor the package by selecting various covers required to meet individual requirement e.g. Fire & Perils, Burglary, Money, Glass, Public Liability.
Commercial Marine Hull To cover boats etc used for commercial purposes e.g. fishing trawlers or charter vessels.
Construction Risks Policy  Covers loss, damage or liability arising out of new constructions, or renovation/extensions to existing property. Note: ISR, Business package and house policies usually have a fairly low sub limit for construction which necessitates taking this separate cover.
Defamation Insurance  Cover for Libel & Slander made during the normal course of your business
Directors & Officers Cover   Provides cover for individual Directors &/or Officers for which the Corporation involved is liable to reimburse. Also for the Corporation, reimbursement for payment to its directors and officers for expenses incurred in successfully defending actions based on negligence, default, breach of duty or trust. Sources from which claims can originate include:- Shareholders, Employees, Unions, Members of the Public, Regulatory Authorities, Federal & State Government Offices.  
Employment Practices Liability   Cover for Industrial Relations actions such as wrongful dismissal, sexual harassment, racial prejudice etc. 
Fidelity Provides protection against embezzlement or misappropriation of funds or property by your employees.
General Property To cover portable equipment or property removed from your business premises/office e.g. tools or trade, portable computers, laptops etc.
Goods in Transit or Marine Cargo Covers damage to goods or purchases in transit within Australia or Worldwide.
Host Employers Liability Specifically designed to cover an employer against actions arising out of personal injury by labour hire employees or third party contractors or State Workers Compensation Authorities seeking claim recoveries for these type of workers. 
 Industrial Special Risks (ISR) Covers Material loss or damage to the assets at any given site. Cover usually only available for larger corporate or industrial risks. Policy covers accidental loss or damage and business interruption (subject to the selected sub-limits). 
Legal Expenses Covers legal expenses to defend an action brought against you. Many commercial actions may arise where there is no “insurable event” covered under a liability or professional indemnity policy etc e.g. a contract dispute
Livestock & Bloodstock Covers death of livestock &/or bloodstock.
Machinery &/or Electronic
Equipment Breakdown
Covers cost to repair/replace machinery or equipment after breakdown or an insured event. Cover may also be extended to include deterioration of stock, loss of data, portable equipment or business interruption costs.
Motor Vehicle Cover Covers damage to your own vehicles &/or liability to other vehicles or property.
Professional Indemnity Covers costs and damages arising out of errors or omissions in advice, designs &/or plans which has resulted in a financial loss to your clients.  
Product Recall Provides protection against the cost of a recall associated with Malicious Product tamper, Accidental Contamination, Extortion or Third Party Rec
Public & Products Liability Covers against legal liability for any unexpected or unintended damage to property or personal injury to third parties arising out of the operation of your business.
Statutory Liability Insurance To protect against liability for statutory fines and penalties which result from a breach of legislation. (Excluding wilful, intentional or deliberate acts, gross negligence or recklessness
Tax Investigation  Covers professional costs associated with a Tax Audit including those for GST, Record keeping, Payroll Tax, FBT and any commonwealth or state legislation.
Trade Credit Insurance Provides protection for your customers going broke and owing you money.
Travel Insurance Cover for cost and expenses incurred as a result of private or business travel e.g. baggage, cancellation, loss of deposits, overseas medical, kidnap etc. 
Workers’ Compensation Compulsory Insurance in ALL states for companies and anyone employing labour &/or engaging contractors. It is strictly controlled by each state government’s legislation and there are severe penalties for non-compliance.

 * Disclaimer: This page only lists the major insurance policies currently available. There are several other specialist or niche products on the market and from time to time new products become available. We will always endeavour to inform clients of these products where we believe they may suit their requirements.

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