Insurance

Liability

Our policy will indemnify the Insured and any Additional Insured against legal liability for damages and claimants’ costs and expenses in respect of:

  1. Injury sustained by any person;
  2. Damage to property;
  3. Nuisance;
  4. Loss of use of physical property not lost, destroyed or damaged arising out of an occurrence but subject to a sub-limit of AU$1,000,000 to apply; and:

In respect of Legal Costs incurred with the written consent of the Underwriters in connection with

any Event which is or may be the subject of indemnity per the above

Legislation Extensions

  • Victorian Plumbers Warranty
  • Queensland Electrical Consumer Protection Warranty

Property in your Care, Custody or Control

Cover provided for damage to a 3rd party’s goods held in your Care, Custody and Control, and extends only so far as to indemnify the insured in the event you are negligent in your action.

Tax Audit & Legal Investigation Expenses

Tax Audit will indemnify you in the event you are subject to an Audit by the Australian Taxation Office or appropriate government authority or agency authorised to conduct the relevant activity.

This would likely be an investigation into the

  • GST Dispute with the ATO
  • Fringe Benefits Dispute with the ATO Conditions

Conditions

The Insured must contact the Free Legal Advice Service and follow the advice given as soon as possible

Tools of trade

Tools of trade extension will pay to or on behalf of the Insured up to the applicable limit for the Tools of Trade noted on the Schedule for theft, loss, or accidental damage to the Tools of Trade, owned by or on Deferred Purchase or lease to the Insured, whilst situated or in transit anywhere within the Australia

Professional Indemnity

Professional Indemnity will indemnify the Insured against all sums which the Insured becomes legally liable to pay as a result of a Claim first made against the Insured for breach of professional duty arising from any act, error or omission in the conduct of the Insured’s Business.

Statutory Liability

OH&S

“Act” means any Act of the Parliament of Australia and any Act of the Parliaments of the

States or Territories of Australia, including any subordinate or delegated legislation made under those Acts; and any amendment, consolidation or re-enactment of any of the above Acts or legislation.

Environmental Impairment

The underwriters will indemnify the Insured subject to the Limit of Liability against:

A Remediation Costs

B Injury

C Damage

(collectively known as a Claim) directly caused by a Pollution Event within the Territorial Limits arising as a direct result of Business operations;

Life Insurance

Life Insurance is the ‘cornerstone’ of personal insurance protection. It is an important aspect in building financial security to ensure that you and people dependent on you are protected against the unexpected.

Life Insurance pays an agreed ‘lump sum’ payment in the event of death during the term of the policy. An appropriate level of cover should be decided after discussion with a qualified adviser. Factors to be considered should include, the level of household debt, the education and care needs of any children, the amount of potential household income that needs to be compensated by premature death etc.

Premiums are based on a function of age, sex, sum insured, smoker status etc.

Income Protection

As our income is generally seen as our biggest asset, it is extremely important that this asset is protected. Income Protection is designed to replace income in the event of illness or accident.

Income Protection enables you to insure a maximum of 75% of your regular personal exertion income (including salary sacrificed superannuation contributions) against sickness or injury that prevents you from carrying out your work. You need to be under the care of a Doctor.

There is a waiting period before benefits are paid under this type of cover. A short waiting period is generally designed to suit those who could be in financial difficulties very quickly if their income stream stops

Benefit payments continue until you are able to return to work subject to maximum benefit periods. Typical benefit periods range from 1 year, 2 years, 5 years, to age 55, to age 60, to age 65.

Generally, premiums for this form of cover are able to be claimed as a Tax Deduction, however any insurance proceeds paid are subject to income tax – you should consult your Accountant for formal confirmation.

Total and Permanent Disability Insurance (TPD)

TPD provides an agreed ‘lump sum’ payment should you be classified as being permanently disabled and never likely to perform:

  • your usual occupation Or
  • an occupation for which you are qualified by reason of education, training and experience Or
  • any occupation

The more generous the definition, the more expensive the cover.

There is a waiting period before payment is made which varies between insurers but is typically classified as being 6 months.
Benefits are generally considered tax free. (This may not be the case depending on ownership of the policy) You should consult your Accountant for formal confirmation.

Trauma/ Critical Illness/ Recovery Insurance

With the remarkable advances in modern medicines, more and more people are now surviving major traumas such as heart attack, cancer, coronary artery surgery, etc. However, the recovery period and the cost of care associated with such illnesses normally places extreme financial strain on the person suffering the illness.

Trauma Insurance pays an agreed ‘lump sum’ to the insured person upon diagnosis of one of a number of specified conditions (up to 30 conditions can be specified). Some policies have a 14 day survival period requirement after diagnosis.

Such a payment will assist you to be financially secure and may be used in any way you like.
Benefits are generally considered tax free. You should consult your Accountant for formal confirmation.

This information is provided on a general basis only. No account has been made of any person’s individual circumstances. You should seek professional advice before any decision is made and read the insurance company’s Product Disclosure Document for full terms and conditions.

 

CorpSure Private Wealth Pty Ltd is a Corporate Authorised Representative (AR# 1249381) of AIW Dealer Services Pty Ltd (ABN 69 627 079 412 WorkSure P/L).