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Insurance

Insurance is often the first line of defence in protecting your assets. An effective insurance policy which, when activated, will provide you with the peace of mind if an unforeseeable event happens and a claim is made against you, your assets or your business.

A number of insurance policies should be considered when conducting a business or owning assets including:

a) Building and Contents – this covers building, contents and the stock of your business;

b) Burglary – this is very important for retailers of businesses that may have premises that are not   always attended;

c) Business Interruption/Loss of Profits Insurance – this will cover your business in the event of damage   to ensure that expenses are met and profit is maintained by a provision of cash flow;

d) Deterioration of Stock – if Stock is chilled or refrigerated or frozen and freezes break down, this would space: pre;">   provide cover to you;

e) Electronic Equipment – this would cover for theft, destruction or damage;

f) Employee Dishonesty – to cover employee theft or embezzlement;

g) Farm Insurance – to cover things such as crops, livestock, buildings and machinery;

h) Goods in Transit – to cover goods whilst they are in transit by ship, air, post, rail or road;

i) Machinery Breakdown – this can cover your business in the event of mechanical electrical plant and   machinery breakdown;

j) Motor Vehicles and Fleets – it is compulsory to insure all vehicles for third party injury liability. Many   different types of policies are available depending on individual needs;

k) Personal Injury Liability – this will cover you in the event that somebody injures themselves or dies;

l) Third Party Property Damage – this will cover you if another party suffers damage to their property as   a result of your actions, or the actions of your employees or agents;

m) Fire & Theft – this will insure you against the damage caused as a result of fire or theft;

n) Public Liability/Personal Injury Insurance.  This will insure you in the event a person is injured on your   premises/work place;

o) Professional Indemnity – this is imperative in any business so that you are insured in the event a   claim is made for an unforeseeable act of negligence and the result and loss that may suffer as a   result of that;

p) Product Liability – this is also imperative if you sell, supply or deliver goods (even in the form of repair     or service) to ensure that you are covered for damage to those goods, or injury and death;

q) A Key Man Insurance – this type of insurance can cover you if a key person within your business   becomes critically injured or dies;

r) Life Insurance – often businesses have life insurance policies in place for their principles to ensure   and effective and seamless buy-out in the event of death of a principle.

Whilst Ferguson Cannon Lawyers do not provide insurance services or advice, our experienced Lawyers will be able to provide you with advice as to the appropriate policies, and to advise you in relation to the policies themselves, in the event of a dispute.  We can also refer you to reputable brokers.

Ferguson Cannon Lawyers have an experienced team of Lawyers and Paralegals that will be able to assist you with all of your requirements for insurance. For any further queries please do not hesitate to contact Byron Cannon, Director, on 1800 640 509, or email byron@fclawyers.com.au.