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Professional indemnity insurance protects against claims for financial loss, bodily or personal injury or property damage arising from an act, error or omission in the performance of professional services. It is recommended for professional services businesses, and in some cases is a requirement to trade under an associated governing body’s guidelines.
Public liability insurance protects against claims of personal injury or property damage that a third party suffers (or claims to have suffered) as a result of your business activities.
It is ideal for businesses that interact in public places. It is compulsory for some businesses that operate under a state government issued licence.
Keyman insurance should be considered if your business is co-owned. Smaller businesses may use it to protect the interests of each co-owner. If one owner in the business passes away, the other owner may need to purchase the shares in the business from the family of the deceased. Keyman insurance ensures that this process runs smoothly, where the correct Buy/Sell Agreements are in place. Buy/Sell Agreements are contracts which detail each owners’ plans should either unexpectedly suffer a major illness, injury or death.
Income protection can pay a portion of your salary (generally 75%) if you are temporarily unable to work due to sickness or injury. Payments can be received over a specified time, depending on the terms in the contract.
Agreed value income protection is more expensive, however pays out a benefit the amount of which is agreed at the beginning of your policy. Indemnity value income protection, pays out a benefit based on your income at the time of making a claim. A fluctuating salary will affect this amount. Indemnity value income protection is also available through superannuation funds.
Life cover will ensure an amount of money is provided to your nominated beneficiaries if you pass away. Life cover can be purchased within your superannuation fund or externally.
Tax audit insurance provides for the payment of professional fees incurred as a result of you being selected for an audit, review or investigation by the ATO or other Government body.
The cost of being properly represented in these matters can be quite considerable depending on the length of time involved. Tax audit insurance provides a fixed cost effective solution to guard against these unbudgeted costs.
Please contact Altitude Advisory for more information.
Phillip Cross, Royce Cross Agencies
Luke Talbot-Male, Adventures Beyond