Business Insurance

Coverage and risk management solutions for companies of all sizes

In today’s ever-changing environment, risk is constant. Business insurance isn’t. We’ll thoroughly assess your business and situation. No matter the size of your business, we take the time to identify risks, and tailor a comprehensive, cost-effective solution.

Business Insurance Products

We know that you cannot outrun your risk, but you can be ready for it. What if a storm causes you to lose power to your building and your operations cease, or if a fire severely damages your building? You shouldn’t have to pay for this yourself, and with the right protection, you won’t have to. Our insurance advisors can help you identify gaps in coverage, look for ways to save money, and keep your assets and income protected.

At Status, you’ll always deal with an experienced business insurance broker, not a call centre operator.

What is Typically Covered?

Cover for your physical assets, depending on the cover options you choose. Below is a general overview to help you navigate the available sections under a typical business package policy

Property Damage

Cover for loss and damage to buildings, contents, business equipment, plant, machinery and stock you own, as a result of an insured event (such as fire, storm, wind). You can also choose to insure fixtures and fittings if you own or lease a property.

Business Interruption

Covers you for the loss of income and increased costs of operating your business caused by a specified insured event (such as property damage or fire). It’s designed to assist your business to recover from an insured event by paying ongoing expenses (such as wages or rent).

Theft

Covers you against loss and damage as a result of theft or attempted theft from your business premises.

Glass

Cover for the damage to the glass, both internal and external, and signage at the insured business location. Glass can also include mirrors, porcelain and ceramics such as toilet and hand basins.

Money

Cover for your business money (which will include not only cash and cheques, but also items such as lottery tickets, gift cards, postal orders and stamps) from loss or damage whilst on your premises or in transit.

Machinery Breakdown

Covers the cost to repair or replace specified machinery following a breakdown.

Electronic Equipment Breakdown

Covers the cost to repair or replace specified electronic equipment following a breakdown. You can also choose to insure the additional costs of working to your business or data restoration expenses caused by a breakdown of electronic equipment.

Deterioration of Stock

Covers for loss or damage to stock caused by a rise or fall in temperature due to a damaged or faulty refrigeration system or failure in electricity supply.

Public & Products Liability

Covers legal fees and compensation costs if a customer, member of the public, or a supplier claims against you for injury or damage to their property as a result of your alleged negligent business activity.

Goods in Transit

Covers (subject to a specified limit) loss or damage to goods owned by you which are damaged in transit by road in Australia and caused by insured events such as collision, fire, flood or theft by forcible entry. Accidental damage cover is available upon request.

Tax Audit

Covers a business for specified costs in responding to an official tax audit. With select insurers, you can also choose to extend cover to multiple entities including an audit of your trust, personal self-managed superannuation fund and an individual.

General Property (Portable Equipment)

General Property (or Portable Equipment) insurance can cover your portable items away from the office including items such as mobile phones, tools, business equipment or electronic items associated with your business. These do not include items such as vehicles, trailers, watercraft and aerial devices such as drones.

Employee Dishonesty

Employee Dishonesty (or Employee Fidelity) covers financial loss from dishonesty of employees.

What is typically not covered

Not all insurance policies offer the same level of protection. Many include standard or industry-specific exclusions, along with deductibles, excesses, and coverage limits that could leave your business exposed. That’s where we come in as your trusted business insurance broker.

General Wear and Tear

Flood Cover – available on request

Contractual Liability

Costs of Rectifying Faulty Workmanship

Professional Negligence

Events Occurring Before or After the Policy Period

The cost of your Business Insurance premium is determined by many different factors, including your occupation and the industry that you operate in, the size of your business, your annual turnover, the types of risks your business is exposed to, as well as your past claims history. It also depends on the risk appetite of your insurer. Always read the Policy Wording to understand the terms and conditions of Business Insurance cover, including any applicable exclusions.

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Business Insurance

Coverage and risk management solutions for companies of all sizes