IAME Insurance Solutions

MEMBER BENEFIT

iame INSURANCE SOLUTIONS POWERED BY

GET THE RIGHT COVER FOR YOU OR YOUR BUSINESS

As a business owner, technicians or apprentice having the right cover is essential to protect yourself, your workforce, your premises and your ability to stay in business if a disaster occurs. Without it, you could risk losing everything you’ve worked so hard to build. But with so many options available, how can you be sure you’re making the right choice now?

That’s where we can help. We will take the time to understand what risks you and your business faces – and then help ensure that you are covered. We canvas the market on your behalf to ensure you receive market leading cover at competitive prices. We make sure you are supported by industry professionals with extensive expertise in the event you need to make a claim so you can get on with your life and business.

Experience Our brokers have extensive industry specific training and experience to assist you in determining what you and your specialised automotive business should consider to insulate you from commercial and personal risks. We have access to broad range of diagnostic and comparative tools to assist us in preparing cost-effective alternatives for your consideration.

We can help you with the following Business and Private Insurances: • Business Insurance • Building Insurance

Negotiating power Through our Steadfast Network association, we have the opportunity to negotiate better prices and policy terms on your behalf, as your broker.

This membership can provide exclusive access to a broader range of policy terms. We can also negotiate customised policy options, to best suit client’s unique circumstances. This can often result in more extensive protection for specialised risk situations. We always represent the best interests of our clients’ in all negotiations with insurers.

• Professional Indemnity

Strength Enjoy the backing of Australia’s largest general insurance Broker Network, which manages more than 2.3 million policies for personal and small to medium businesses across the length and breadth of our nation. Steadfast has direct access to “best in class” and exclusive products and services from both local and international markets.

• Landlord

• Management Liability • Workers Compensation • Products and Public Liability • Home and Contents • Daily Drive (Car/Bike) • Recreational Vehicle/ Caravan

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3 WAYS WE CAN HELP YOU FIND THE RIGHT COVER

WHAT YOU CAN EXPECT FROM US When you run your own business, or if you are a qualified technician or apprentice you have to work hard. That’s why you need insurance that works just as hard – without taking a break. We can assist you to identify the day-to day risks for yourself and your business, and can recommend a range of solutions to manage those risks through appropriate insurance cover for you to consider. Here’s the services we can provide over the course of a year.

OUR CLIENT SERVICE APPROACH Identifying your insurance requirements We can carry out a business insurance needs analysis to help identify potential risks to yourself and your business.

We have access to the latest tools and systems to identify the most cost-effective products for your insurance risks.

Arranging your insurance cover When you authorise us, we will arrange the policies you select and provide all appropriate documentation for your records. Should you wish to finance your insurance premiums, we can also arrange premium funding, to match business insurance payments over 12 months.

Ask for more details on this service during discussions.

Delivering ongoing service In addition to supporting you if you need to make a claim, we also provide on-going advice and management of your insurance portfolio to keep you abreast of risk cover developments that may be relevant to your insurable risks. Our objective is to try and keep you informed, so you can make sound cover decisions.

iame INSURANCE SOLUTIONS

Managing your claims If you need to make a claim, that’s when our many years of successful experience really counts – we will assist in ensuring you are provided with professional advice and extensive support to ensure you get the best possible compensation and with the least stress and distraction in the unfortunate event of you having to make a claim.

Renewing your cover Well ahead of when each policy is due for renewal, we will confirm with you your current details, to take into account any changes to your insurance needs – now and into the next year. We will provide you with current options based on your latest information. Our extensive market knowledge and broad product access; ensures we can always provide you with leading edge products at competitive prices.

www.iame.com.au/member-benefits For insurance enquiries, no matter where you are in Australia visit: Aviso Broking www.avisobroking.com.au Phone: 02 9876 8199 POWERED BY

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Important note: This information is provided to assist you in understanding some of the terms, implications and common considerations of Business Insurance. You should always consider the Product Disclosure Statement (PDS) before deciding whether to buy (or continue to hold) the insurance and whether the recommended insurance is appropriate for your needs and circumstances. The PDS will be provided to you to review, by Aviso Broking at the time of arranging any insurance.

BUSINESS INSURANCE

PROFESSIONAL INDEMNITY

What is business insurance?

A business takes years to build – but an accident or disaster could destroy it all in minutes. That’s why businesses should help protect themselves with a quality business insurance pack.

What is professional indemnity insurance?

Anyone can make a mistake – but if your business is found liable for negligence, the costs can be financially devastating. Not only can it lead to an expensive lawsuit, but your business’ hard-earned reputation may be damaged as a result.

With the right cover in place, owners can run their business with confidence, knowing that their premises, stock, equipment and reputation are protected by insurance.

Who should consider it?

Business owners can benefit from taking out an affordable and comprehensive business insurance pack to help protect them against the main risks involved in running a business.

What can it cover?

Business insurance packs can offer general protection for a business, which may include cover against: Property Damage - Repair or replacement of property damaged.

Business interruption - Loss of trading profit following insured damage to property and additional costs and expenses incurred during a claim.

Theft - Repair of replacement of stolen property, including tools.

Money - Loss of money.

Public or products liability - Your liability to pay compensation for personal injury and property damage as well as the costs involved in defending a claim triggered by the policy.

Glass - For replacing glass inside or outside your premises, including your shopfront windows, mirrors or display cases.

Transit - For stock that is in transit on the road, in the air or by sea.

Electronic equipment breakdown - For repairing or replacing electronic equipment that breaks down.

That’s why professional indemnity insurance matters – for help protecting your assets and brand if your advice causes a client to take legal action against You. Who should consider it?

Professional indemnity insurance is mandatory in some industries, such as medicine, accounting, law and financial advisers – with the requirements differing from state to state. But even in cases where it’s not required by law, it’s recommended for anyone who is providing professional services or advice in exchange for a fee – like, graphic designers, IT consultants and more. Regardless of your legal obligation, it’s often a customer requirement that you have this cover in place.

What can it cover?

As a wide-ranging insurance solution, professional indemnity cover may include anything from accidents to errors and omissions.

Depending on your policy, professional indemnity insurance can cover: Civil Liability - Civil liability to a third party arising out of the conduct of their professional business.

Inquiry costs - The cost of defending an inquiry by a regulatory body into the professional conduct of the insured.

Defence costs - The costs involved in defending a claim triggered by the policy.

Machinery breakdown - Cover for costs directly with machinery breakdown and other associated business losses that may occur.

Fidelity cover - Direct financial loss of the business caused by the dishonest or fraudulent conduct of an employee which is first discovered during the period of insurance.

General property - To cover your tools of trade, including laptops and tools that you use for your profession or trade.

Advancement of costs and expenses - Additional costs and expenses incurred during a claim.

Tax audit - To cover your costs, including professional preparation and assistance in negotiations with the ATO. To cover your costs, including professional preparation and assistance in negotiations with the ATO. Employee dishonesty - Direct financial loss of the business caused by the dishonest or fraudulent conduct of an employee which is first discovered during the period of insurance.

What usually isn’t covered?

Exclusions, and the excess you will need to pay, understand the limits of the insurer’s liability that applies to each policy recommended.

What usually isn’t covered?

Exclusions, the excess you need to pay and limits of liability can vary greatly depending on your insurer. Policies generally won’t include cover for: • Contractual or commercial liabilities • Liabilities which results from fraud and dishonesty • Pollution • Unpaid fees VER2_1022

WORKERS’ COMPENSATION What is workers’ compensation insurance?

If you’re a business owner, it’s easy to assume that accidents won’t happen at your workplace.

But the statistics say otherwise.

Employers are required by law to take steps to ensure their workplaces are safe. This includes having workers’ compensation insurance for all their employees.

Who should consider it?

Workers’ compensation insurance is compulsory for all employers in every state and territory in Australia. Each state or territory has its own workers’ compensation scheme, run by independent regulators, with rules differing slightly between each jurisdiction.

What can it cover?

Workers’ compensation insurance pays employees who are injured at work or become sick because of their work. Workers’ compensation can provide weekly benefits, medical and hospital expenses, rehabilitation services, certain personal items and a lump sum payment for permanent impairment on the basis set by the particular state or territory scheme.

• Employee wages If they’re not fit to work.

• Employee injury Cost of their rehabilitation and medication

MANAGEMENT LIABILITY

PUBLIC LIABILITY

What is management liability insurance?

When you’re running a business, you may be personally liable for any actual or alleged breaches of the Corporations Act. And it’s not just large companies that are exposed – small and medium business owners and officers could be at risk as well.

What is public liability insurance?

If an accident or unforeseeable incident causes damage or injury to someone (other than your employees), you may be found legally liable to cover the costs. Public liability insurance can help to protect your business from the financial risk of liability claims – giving you the certainty you need to trade with confidence.

Management liability insurance covers the costs of defending directors, managers and employees against any claims that are the result of their actions or decisions.

Who should consider it?

If you are faced with unexpected liability costs, management liability insurance can protect your business and personal assets, such as your home, from being sold to cover the cost of paying claims.

What can it cover?

Management liability insurance policies vary in the benefits they provide. To give you an idea, here’s the type of cover that your policy may include: Employment practice liability - Covers payouts for claims of employment breaches, such as wrongful dismissal, bullying or discrimination.

Directors’ and officers’ liability - Protects your proprietary limited company’s past, present and future directors, officers and managers against claims of wrongful acts, such as misrepresentation or breach of duty (subject to business size).

Crime - Protects your business against claims such as employee or third party fraud (not all criminal activity is covered).

Corporate liability - Covers costs that your business would incur if you need to defend and settle claims from outside parties alleging wrongful conduct, as well as investigation into the affairs of the company.

Statutory liability - Covers the cost of defence, fines and penalties under some statutes e.g. Work Health and Safety (fines under Work Health and Safety cannot be covered by insurance in NSW).

Defence costs - Covers your legal costs if your business ends up in court.

What usually isn’t covered?

Exclusions and the excess you need to pay can vary greatly depending on your insurer.

Generally your policy won’t cover: • Cyber crime, unless specifically set out in your policy (you can get cover extensions in some cases).

• Employee entitlements.

• Property damage or bodily injury.

PUBLIC AND PRODUCTS LIABILITY

What is product liability insurance?

No matter how stringent your company is, mistakes can happen. For example, you may design or sell a product that causes a customer harm. Even if you’re not at fault, you could risk serious financial damage through legal and court costs if a customer decides to sue you.

Product liability insurance is designed to help protect your business if you’re sued because a product you sell, assemble or supply has caused harm to a person or property.

Who should consider it?

While public and product liability insurance isn’t mandatory for most businesses, it is recommended for all companies. That’s because the unpredictable nature of accidents makes them hard to prevent – and the costs of being sued can be extraordinarily high.

What can it cover?

Public and products liability insurance helps protect your legal liability to third parties, including clients, customers and the public for injury or damage to their property, caused by your business. It can even cover emotional distress or shock that your business causes another person.

It will generally pay your costs of investigating, defending and settling claims, as well as any compensation payment you are found legally liable to pay.

Depending on your policy, public and products liability insurance can cover: Personal Injury - If somebody is wrongfully injured by your actions or your product, public and products liability insurance can cover you for your liability to pay damages to the claimant.

Property Damage - If property is damaged due to your actions or your product, public and products liability insurance can cover you for your liability to pay damages to the claimant.

Advertising injury - Liability arising out of advertising carried out by or on behalf of the insured.

What usually isn’t covered?

Exclusions, the excess you need to pay and limits of liability can vary greatly depending on your insurer. Policies generally won’t include cover for: • Cost of rectifying faulty workmanship • Damage to your own product • Claims by employees • Claims arising out of the use of a registered motor vehicle • Claims related to asbestos

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