18.04.2018

Insurance By GSA – Look No Further

 

When running a business, you are exposed to substantial risk. Fortunately, there a wide range of insurance products to protect you and your business. GSA discuss a list of some of the key insurance policies you can obtain to help manage these risks below;

Professional Indemnity

Professional indemnity insurance is designed for professionals who provide advice and/or services to their customers/clients. It protects you and your business against claims of alleged negligence or breach of duty whilst performing your professional services.

In some industries, professional indemnity insurance is mandatory before you can legally operate. Professional indemnity insurance is required by ATMS members providing rebated services.

Claims can and do occur and can be a major setback for new businesses just getting started, as well as a major inconvenience for those already well established. Even where no negligence or wrongdoing is proven, the Insurer can pay the legal costs in defending any action that is brought against you, allowing you to continue your business.

Public Liability

If you have any kind of public interaction involved in your business, i.e. clients visiting your workplace and/or home-based businesses you should have a Public Liability policy to protect yourself against claims of personal injury, property damage and economic loss as a result of negligence. Public Liability insurance is easily the most common form of insurance taken by small to medium sized enterprises, as well as large businesses. Like the Professional Indemnity cover, the Insurer may pay the legal costs in defending any action that is brought against you even if no negligence is proven

Product Liability

If you manufacture, sell or distribute products in Australia, you should have Product Liability insurance.
Product Liability insurance covers you for damage or injury that you might cause to a person by your product or service.

This type of insurance is very important because people who believe that they have been injured by your product, can take action against you, as a manufacturer, seller or distributor. In many cases, this action can be taken without the person who sues you having to prove you were negligent or had any intention to cause harm.

Property Cover

The impact of having portable business equipment stolen could be financially devastating.
If the business items you normally carry as part of your profession are stolen or damaged, could your business keep going smoothly as if nothing had happened? For most ATMS Members, the answer to this question is NO.

Members often have thousands of dollars’ worth of equipment in their car, home or office at any given time.
Most members can’t work without their equipment. Your business equipment is your livelihood and it needs to be protected.

Without a General Property Insurance policy, you will have to use your own savings (or borrow money) to replace your equipment and stock. The financial impact could mean heartbreak, loss of reputation, and could lead to financial difficulty depending on the value of your equipment.

Business Interruption

If a disaster or a catastrophic event was to occur, your operations are likely to be interrupted.
As a result of this interruption one of the main losses a business will occur is loss of income due to the inability to work.

Business Interruption can cover the costs of finding and fitting new premises, advertising to let your customers know you have moved, when you’re fully open for business again and ensure you are able to continue to pay and retain key staff while the business gets back on its feet.

ATMS have partnered exclusively with GSA Insurance Brokers to tailor a policy for your unique business needs. 

Head over to GSA’s website to view their offering for ATMS members: www.gsaib.com.au/atms

If you have any queries regarding the coverage under the GSA policy, please contact GSA on the below:

Simone Slattery

Account Broker

Email: atms@gsaib.com.au 

Phone: 02 8274 8100