Insurance for your Business

protect-businessBusiness insurance protects you and your business from financial loss from risks such as fire, theft and property damage. Experien is a nation wide insurance brokerage firm to hundreds of doctors, dentists and other businesses with insurance for their practice or business. We canvas the market on your behalf to secure the best cover for your circumstances.

 

What can business insurance cover?

Category Detail Example
Property damage Damage to internal or external property Fire or storm
Optional sections
provided you have
property damage
Theft If something is stolen from the premises
Glass Glass doors smashed
Breakdown of machinery Fridge or dental chair breaks down
Breakdown of electronic equipment X-ray machine breaks down
Computer breakdown Breakdown of computer server
Restoration of computer data Rewriting of business computer records after a breakdown
Deterioration of stock Medicine fridge breaks – covers the medicine
Money Petty cash stolen
Portable and valuable items Lost laptop
Management liability Covers defense costs and representation expenses e.g. wrongful dismissal claims
Business interruption Fire shuts down the business
Public legal liability Patient falls and hurts themselves in your practice
Tax audit insurance You get audited by the ATO

 

Cyber Insurance

What would you do if your patient’s medical records were hacked and you were required to pay a random – otherwise they would be shared with the public? The threat of cyber attacks is a growing concern for businesses, and medical practices are not exempt. In response to this emerging threat, insurers have developed cyber event products that can offer valuable protection. Many businesses don’t have this cover but should consider it.

Cyber insurance is arranged via a separate product and costs usually start from around $1,000 per annum. EGIS can help obtain a quote for your practice.

Further information

  • Property Insurance: Property insurance covers your building and contents against loss or damage by fire, earthquake, storm, and accidental damage.
  • Business Interruption insurance: Business interruption insurance pays your business’ loss in income as a direct result of a property loss or damage and other specified events.
  • Liability Insurance: Public liability insurance insures you against third party claims arising from personal injury or property damage to others as a result of your normal business activities (excluding professional duties insured under your professional indemnity insurance or medical malpractice insurance).
  • Burglary and theft insurance: Burglary and theft insurance pays you for loss of your contents or money as a result of a burglary or theft by a third party.
  • Machinery breakdown insurance: Machinery breakdown insurance insures the repair or replacement costs of specified machinery following a breakdown, loss or damage due to a number of specified events

 

Common mistakes

  • Not insuring fitout separately
  • Mistakenly thinking that glass its covered under property damage
  • Not covering machinery breakdown
  • Selecting an insurer that doesn’t cover damages from a flood

 

Benefits of a review by Experien

  • Access to a personal adviser to assist with all matters including claims
  • You may be missing some cover e.g. business interruption
  • You may be under or over insured, or incorrectly insured
  • We may be able to get cheaper premium with the same or more cover
  • Receive added support from your broker (as opposed to obtaining cover directly)
  • We help you to take care with noting interested parties on the policy
  • We can recommend an insurer with a claims team that specialises in medical practices and understands the equipment and unique features
  • No obligations of a review, and no additional costs on top of your insurance premium

 

Request a Business Insurance Quote

 

The information above has been prepared by Experien Insurance. This information does not take into account your relevant investment objectives, financial situation and needs. You should assess, or seek the help of your Adviser to assess, whether this information is appropriate to your individual investment objectives, financial situation and needs before making an financial decision on the basis of this information. You should consider the Product Disclosure Statement (PDS) when deciding whether or not to acquire or to continue to hold an insurance product.