Insurance Checklist

Insurance Checklist


Fire and Perils – Damage to fixed assets caused by a range of nominated risks
Business Interruption Insurance – If your business activities are interrupted as a result of loss or damage to property covered under Property Damage section , cover is available to protect the income you would otherwise lose during the time your business is not operating
Theft and Burglary Insurance 
Money Insurance – You work hard for your money, so it makes sense to protect what is rightfully yours. This cover provides protection against loss of money while in your personal custody, whilst on the premises, or on the way to the bank, or following forcible entry to your safe. Further cover options are also available
Glass Breakage Insurance – Glass is easily broken and often surprisingly costly to replace. The policy covers you for replacement of both internal and external glass and can also cover damage to frames, sign writing and illuminated signs
Public and or Product Liability Insurance – Covers the cost of compensation in respect of Personal Injury or Property Damage and includes legal fees which may be incurred as a result of the business being held legally liable. This can cover your liability to the public for your negligence and if applicable liability from the products you produce or sell.
Machinery Breakdown & Spoilage of Stock Insurance
– Covers your machinery, mechanical and electronic equipment against unforeseen and sudden physical damage. You can also cover against deterioration of stock as a result of unforeseen breakdown. If your business income depends on operating machinery or equipment, this cover option is vital.
General Property Insurance – Insures individual or specified items away from your usually business premises. You may need to cover items that are away from your regular business premises, such as tools, computers or audio-visual equipment you take with you on business trips
Electronic Equipment Insurance – Covers physical loss or damage, including mechanical or electrical breakdown, to computing equipment and loss due to interruption to the business as a result of loss, destruction or damage by an insured peril. Cover is available for the cost of reinstating data & increased cost of working as a result of the damage
Tax Audit Insurance – Covers professional fees charged by an accountant or other professionals in connection with a Taxation Office audit, including costs in obtaining expert advice
Employee Fraud Insurance – Covers loss sustained through fraudulent or dishonest acts committed by employees


Contract Works – Material damage and public liability for the construction of new works and/or extension of existing property.
Aviation Hull – Loss of or damage to aircraft and related equipment.
Contractors’ Plant & Machinery – Material damage and public liability for the construction of new works and/or extension of existing property
Corporate Travel – Covers baggage, overseas medical expenses, money, personal accident benefits, loss of deposits and other contingencies appropriate for insured persons whilst travelling on the business of the Insured. This policy is often purchased on an annual basis.
Crop & Forestry – Fire or hail damage to cash crops, growing trees
Goods in Cold Storage – Stock deterioration – Loss or damage to refrigerated stock directly due to a rise or fall in temperature of a refrigerated chamber as a direct result of specified risks, or contamination due to the accidental escape of refrigerant gas or liquid into the chamber.
Householders – Loss or damage to residential premises and their contents
Industrial Special Risks – Fire and Perils and Accidental Damage to fixed assets
Jewellers Block – Loss or damage to stock of precious metals and gems
Livestock and Bloodstock – Loss following death or loss of use of valuable animals
Machinery Breakdown – Cost to repair following mechanical or electrical breakdown of plant and equipment.
Machinery movement including transit – If you are moving your own or a third party’s machinery, the policy covers the entire operation – dismantling, loading, transit, unloading, erection and re-siting
Marine Cargo – Damage to goods while in transit
Marine Hull – Damage to private and commercial vessels and related equipment
Marine Transit Insurance – Cargo insurance is divided into Inland and Overseas transit both of which cover property and goods in transit between locations.
Motor – Loss or damage to registered vehicles
This can take several forms as follows:
Comprehensive own damage and third party property damage.
Third Party Property Damage plus Fire and Theft.
Third Party Property Damage only
Personal Valuables – Loss or damage to jewellery, works of art and other valuables
Travel – A composite policy to pay compensation in the event of death disablement, loss or damage or liability while the person insured is travelling overseas
Workers Compensation Insurance – All employees injured by accident or industrial diseases arising out of or in the course of their employment are legally entitled to compensation under the various Workers Compensation statutes. The Acts in each State and Territory require employers in Australia to maintain compulsory “no fault” insurance to cover their legal liability.


Association Liability – Protection to those engaged in community or industry associations who might be held personally liable for mistakes, errors or omissions (Wrongful Acts) whilst undertaking their duties for the association.
Aviation Liability – Bodily injury and property damage arising from the operation of an aircraft, work undertaken airside, the manufacture or repair of aircraft and their parts or in and about airport premises
Builders Warranty – Liability for breach of warranty where a builder is unable to complete due to death, disappearance or insolvency.
Carrier’s Act Liability – Liability under the Carriage of Goods Act 1979 for property damage to goods you contract to carry in connection with the business while in transit anywhere in New Zealand (including any loading and unloading).
Consequential Loss – Liability – Protection to the insured business for its own financial losses incurred as a result of interruption following an event during the period of insurance. In order for the policy to operate a claim must be made and indemnity confirmed under either a Public, Statutory or Employers Liability policy


Directors & Officers Liability – Damages following a wrongful act committed by the directors or officers of a company. (for example misrepresentation, negligence, breach of duty  by a Director or Officer).
Employers Practices Liability – Cover for claims alleging an employment breach such as discrimination, harassment or wrongful dismissal.
Statutory Liability – Provides cover for breach of statutory regulation like an Occupation Health & Safety regulation or the Food Safety Act.
Legal Expenses – Cover for costs associated with an investigation, examination, inquiry, coronial inquest, royal commission or other proceedings instituted or commissioned by a regulatory, governmental, or other authorised professional institution.
Professional Indemnity – Indemnity for the Insured arising from a breach of professional duty (act, error or omission) committed by a professional in the conduct of their business.  It covers the cost and expenses of defending such claims.
Marine Liability – Bodily injury and property damage arising from:
Operation of vessels
Carriers liability
Ship-repair activities
Charterers liability
Container liability
Stevedore liability


Personal Accident & Illness – Death or disability following an accident or illness – (cancellable contract
Personal Accident – Working hours only – Accident protection for directors and staff during working hours only. May be extended to include whilst in direct travel to and from work – (cancellable contract).
Group Journey – Cover for travel to and from work
Travel and Expatriate Cover – Medical and repatriation expenses following injury or illness while travelling or working overseas on an extended contract – (cancellable contract)