Category: Private Clients

Benefits of using an insurance broker

All, Corporate, COVID-19, Private Clients, SME, SportsMarch 1, 2020

Understanding what insurance you need can be complex. And it can be devastating if you get it wrong. It pays…

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HDL Guide:

Which coverages do you want to insure?

Here you can select your required coverage options. For most SME businesses, various cover options can be incorporated into a single Business Insurance Policy. Where specialised stand-alone polices are more suitable to your risks, your HDL Account Manager will ensure your policy program is structured accordingly.

Once you have selected your coverage requirements, our online quotation system will only ask the required questions needed to design the most suitable and cost effective insurance program to meet your risk needs.

A summary of each coverage option is provided below:

Please note that a more detailed explanation can be found under the “Coverage details” section of our online quotation system.

Professional Indemnity covers claims made against you for alleged negligence or breach of duty arising from an act, error or omission in the performance of your professional advice or service.

Public & Products Liability includes cover for amounts which your business is legally liable to pay for personal injury or property damage that occur in connection with your business activities or caused by products sold or supplied by your business.

Contents and stock includes cover for loss or damage to your business contents and stock caused by accidental damage, fire, storm, wind, water and / or other insured perils.

Glass includes cover for accidental breakage of fixed external glass and internal glass counters, shelving, interior showcases, fixed mirrors, toilet pans and basins.

Theft includes cover for loss or damage to contents and/or stock from theft, attempted theft, armed hold up or actual / threatened assault.

Buildings includes cover for you for the cost of repairing or reconstructing building/s your business owns as a result of fire and / or other insured perils.

Business Interruption includes cover for the loss of gross profit / revenue from the interruption or interference with your business caused by an insurable event such as fire, storm, malicious damage, accidental damage and theft.

Money includes cover for loss or damage to money in transit, money in your business premises and money in a private residence which has been taken home from your business premises for safe keeping.

Tax Audit covers a business for specified costs in responding to an official tax audit and other official investigations.

Cyber Liability Providing cover for first-party expenses and third-party liability from unauthorised access and use of data or software in your IT infrastructure.

Electronic Equipment This cover provides repair or replacement of Computer and Electronic Equipment following breakdown.

Employee Dishonesty covers financial loss from dishonesty of employees.

General Property (Also known as Portable Property) includes cover for loss or damage to your mobile plant, equipment and tools arising from a sudden and unforeseen accident anywhere in Australia from fire, storm, water and other perils and theft following forcible and violent entry to a locked vehicle or tool boxes.

Machinery Breakdown covers you for breakdown of machinery and for physical loss or damage to other property as a result of that breakdown.

Management liability insurance protects directors, managers and employees and the insured company itself from the many exposures relating to the management of a company. Owners and those responsible for the management of a company have specific responsibilities which can result in personal liability for alleged or actual wrong doing.

Personal Accident covers your income and provides benefits for permanent disability and even death if you’re unable to work due to illness or injury.

Transit covers you for loss or damage to your property or goods whilst in transit.

HDL Guide:

Business Interruption

Business Interruption includes cover for the loss of gross profit / revenue from the interruption or interference with your business caused by an insurable event such as fire, storm, malicious damage, accidental damage and theft.

It’s designed to assist your business to recover from an insured event by paying ongoing expenses (such as wages or rent).

When selecting the sum insured, please refer to the following. Please note that Business Interruption calculations can become complex, and your personal account manager at HDL has the expertise to calculate this for you, so please reach out to discuss.

Loss of Gross Profit

One option is to insure your business against loss of gross profit Annual Gross Profit which is the sum of your Turnover, Closing Stock & Work in Progress, less the sum of your Closing Stock & Work in Progress. This has no relation to your taxable gross profit, either net or gross. In certain situations you may wish to nominate some expenses that you do not wish to insure, which we refer to as Uninsured Working Expenses. Uninsured Working Expenses are the costs/expenses that vary depending on the level of trading and can include the purchase of raw materials, components, freight, packaging, commissions, discounts allowed and payroll.

Loss of Gross Revenue

For businesses in service-based industries with few variable expenses (e.g., solicitors, investment consultants, and medical and health consultants), it may be appropriate to insure for loss of gross revenue. The insured value is generally calculated by taking the turnover from the last year and applying the expected growth for the upcoming period.

Businesses insure loss of gross revenue for a relatively short indemnity period of 3 or 6 months if they anticipate a rapid return to pre-loss trading (e.g., an office-based business with a catastrophic loss to their premises may secure replacement office space, IT equipment etc. and resume full scale trading relatively quickly). In this situation, it is also important to consider a sufficient AICOW coverage limit to cover increased costs associated with the lease of temporary premises, office equipment and employment of additional staff and/or contractors.

Loss of Gross Rentals

This type of cover is designed to respond to loss of rental income to a landlord or property owner. It is important to note that the insured value should include the net rent receivable AND the outgoings paid by the tenant which would be payable by the policyholder if the lease were suspended or terminated.

As with the other coverage options, Loss of Gross Rentals should be considered in conjunction with Additional Increased Costs of Working cover (for items such as advertising costs, contractors’ overtime costs, or rent-free periods for tenants etc.).

Additional Increased Costs of Working

This covers the costs to avoid or limit reduction in revenue and resuming or maintaining normal business operations. This can include leasing of temporary premises, leasing of plant and equipment, overtime payments and temporary employment of additional staff.

Claims Preparation Costs

The insurance under this item is to cover such reasonable professional fees as may be payable by the Insured, and such other reasonable expenses necessarily incurred by the Insured and not otherwise recoverable, for preparation of claims under the Insured’s Material Damage and Business Interruption insurance policies.

Accounts Receivables

The insurance under this item is limited to the loss sustained by the Insured in respect of all outstanding debit balances if the Insured is unable to effect collection thereof as a direct result of Damage to records of accounts receivable.

Indemnity Period

The indemnity period is the period which the insurance policy will provide cover for disruption to your business. It not only covers the period which it takes to rebuild a damaged building or replace stock etc. it is the period which you expect the business will take to be back exactly where it was at the time of the loss. This means getting back or replacing any lost customers and/or protection for any on-going increased costs of working to the business.

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Category: Private Clients

Benefits of using an insurance broker

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HDL Guide:

Professional Indemnity

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Money Cover

HDL Guide:

Which coverages do you want to insure?

A summary of each coverage option is provided below:

HDL Guide:

Tell us about your business

A guide to each question is provided below

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Your contact information

A guide to each question is provided below

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Coverage details

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Public and Products Liability

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Your contents and building

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Glass cover

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Theft Cover

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Business Interruption

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Tax Audit

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Your operations

A guide to each question is provided below

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Electronic Equipment Cover

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Employee Dishonesty

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General Property Cover

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Machinery Breakdown

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Personal Accident Cover

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Goods in Transit

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Additional Information

For businesses located in NSW