Tag: cover (page 1 of 2)

Avoiding legal landmines with Directors’ & Officers’ cover

Lawsuits against big corporations tend to capture the spotlight, but executives at smaller businesses shouldn’t be complacent about the potential legal landmines they may face.

In such a litigious environment, and with regulators focusing more and more on corporate culture, there are many areas where directors and managers may find themselves exposed if they haven’t taken steps to lock in protection.

Research says directors’ and officers’ insurance policies are often overlooked at the smaller end of the market, particularly among micro-enterprises.

Many SME (Small and Medium-sized Enterprises) decision-makers often lack knowledge about where and how easily management liability might arise and also about the nature of the Directors & Officers’ Liability (also known as D&O) product and what it covers.

Nowadays, SMEs can easily become the target of legal actions, with customers, suppliers and employees just as aware of their rights whether the business is large or small. Australian regulators are also increasingly active across the financial services spectrum.

Often, company directors and managers believe their individual risks are being covered by other parts of the business’s insurance package, however, that is all too often not the case.

Professional indemnity VS Management liability

Professional indemnity insurance, for example, covers activities of a business, whereas management liability policies, which include directors’ and officers’ cover, provide protection where third parties claim for losses due to mismanagement.

The directors and managers of an SME can individually face claims for actions alleging fraud or other breaches, engaging in unfair competition, defamation and accusations of other illegal conduct, however, a typical D&O policy will cover these representation costs, such as when a person must attend an inquiry, legal expenses in defending a claim and compensation paid to resolve an issue.

SMEs often put a strong focus on making sure insurance policies are in place for property, fire and business interruption, however, directors’ and officers’ cover is also a vital area to address.

If you’re a manager or director of a company, review your options with your risk adviser today.

Secure the foundation of your construction business

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Whether you’re a builder, owner builder, renovator, tradesman or other building industry professional you know all too well that many factors can affect the way your business operates – local councils, neighbours, clients, the weather – the list goes on. “Hoping for the best, but planning for the worst” is the only way to survive in a competitive environment.

The nature of construction work often means that you, your business or employee’s are often exposed to a wide range of risks. Whether it’s accidental damage to someone’s property, flood or weather damage, theft, contractual penalties or in the worst case, risks of injury to you and your employees – there’s no real way to anticipate what could go wrong. There is a solution, however, to help manage these risks, and that’s by making sure you are adequately insured.

Even at a base level, as a registered building practitioner, you must have the appropriate insurance coverage for your registration category/class. The Building Practitioners Board (BPB) requires evidence you have an active comprehensive insurance policy before it will grant your application for registration or registration renewal.

At Adroit, we offer a range of specialist insurance options for those in the construction industry tailored to you as well as the individual needs of your particular business. Our specialised team of brokers will simplify and demystify the options available, and work with you to create the perfect blend of coverage based on your needs and budget.

Successful businesses are built on successful relationships, and that’s why we aim to always be approachable and responsive – as your business grows and evolves, we’re with you every step of the way. We know that builder’s businesses don’t always operate during regular business hours, so we are available around the clock.

Get in touch today!

What Your Broker Needs to Save You Time At Claim Time

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With any luck, you haven’t been put in a position where you’ve had to lodge too many insurance claims. But in the event things do go wrong, rest assured knowing your insurance broker is there to make the claims process as painless as possible.

One thing you might be wondering is what you’ll need to have on hand when you do need to make that call to your broker. We’ve put together this handy guide to help you be prepared for a few standard questions they’ll have.

-The 4 W’s

Who, What, When & Where. You’ll want to have details of who was involved, what you’re claiming on, what happened, when it happened and where it happened.

-Photos

If you have them, photos can be crucial to your claim. In the case of property damage, you’ll need to provide as much visual proof as possible.

-Evidence

Hold onto receipts for expensive items (scanned copies are sufficient). These can be critical to the smooth running of your claim and sometimes your policy will require proof of purchase in the case of theft or damage.

 

Your broker will do the legwork for you in terms of processing the claim, but having these things on hand will speed up the process (making it less likely that they’ll have to ask for them later!) Of course, each claim is different, that’s why having a dedicated broker is so important. They know your policies and your needs and can tell you what you may need that’s unique to your case.

 

An insurance broker works for you

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Insurance claims are naturally made at a stressful time in your life. Whether it’s a minor fender-bender or something more serious it’s not a time when you want to be put on hold or waiting days to hear a response to your claim.

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Business interruption insurance – Case study

As part of our series on business interruption insurance, we’d like to share with you a case study. We think this real-life scenario highlights the crucial need for all businesses to take up interruption cover, as it shows us that business can be pretty unpredictable and – as sad as it may seem – you need to be prepared for the worst.

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