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Industrial Special Risks
Why Business Interruption?
Impede or stop the process, even temporarily and like a plant denied water, or a heart of blood, the business suffers. If the interruption is severe enough the business may never recover if there is not sufficient capital to call on during the lack of cash flow.
Business Interruption insurance is not a guarantee of prevention and cure of all the calamities that can beset a business, but it is the means of ensuring that the policyholder will have the security of available money to pay ongoing business expenses, retain trained experienced key employees, recover any additional expenditure on loss mitigation and to receive payment of the net profit which the business would have earned had the interruption not happened.
Therefore, if insurance is not arranged on the basis of insuring ongoing expenses which are those which cannot be avoided and which have to be paid whether the business operates at 10 % or 100% capacity then the business may fail.
Research conducted on businesses who suffer a major fire (not necessarily a total loss) show that 43% of businesses never re-open for trading despite having some form of insurance in place, 28% of businesses fail within 3 years of the loss and ONLY 29% survive.
Its best to have an expert assist you to put together your Business Interruption insurance which will give your business the best chance of survival when an insurable major loss occurs.
Cabinet Makers Insurance Brokers are your industry experts and will provide the technical advice required to insure your business correctly and provide security to your business going forward.
Broadform Liability
The liability policy selected provides cover in respect of your legal liability for amounts you become liable to pay in compensation for third party bodily injury and third party property damage in relation to occurrences arising out of your business operations Australia Wide, subject to the policy terms, conditions and exclusions.
Home Warranty Insurance
Cabinet makers can now access a streamlined product that has been simplified to suit the industry. A simplified process eliminates all the builder jargon and makes it easier to comply or to become a registered building practitioner.
Did you know that Home Warranty Insurance is compulsory for all consumer contracts over $12,000?
You could be penalised if you fail to issue the Home Warranty Insurance to customers!
CMIB Will be in contact with you shortly to follow up on your new application process.
- Conditional Eligibility will help you to obtain your Registered Building Practitioner Registration.
- Once you have obtained your residential builders practitioners registration you are required to forward to us a copy of your RBP license. Eligibility can then be confirmed and job certificates will be available to you via application direct to us. Once fully completed job specific application forms are received together with payment by our office, certificates can usually be issued within 24 hours.
Work Cover
Covering statutory employer’s liability against injury to employees.
- Cover needs to be arranged if your business has any employees.
Motor Vehicle Insurance
Covering business and private motor vehicles.
Home & Contents Insurance
Covering accidental loss or damage/defined events to home and contents.
Cargo
Covering loss or damage to stock and/or customers goods in transit Australia wide & Internationally.
Machinery Breakdown
Covering damage to mechanical and electronic equipment and the associated consequential loss that results from mechanical or electronic breakdown or failure.
Fidelity
Covering theft or misappropriation of money by employees / staff members. The money section of the policy automatically provides incidental cover of this type, however higher limits are also available if required.
Management Liability
Covering the liabilities of individual directors and officers of your company arising out of actual or alleged breaches of the individuals fiduciary duties together with complimentary cover for liabilities arising on behalf of the entity for claims made against you during the period of insurance. Cover can be included for a range of cost and expenses exposures for various breaches of regulations and the like, for example employment practices liability.
Construction
Provides cover in respect of exposures to loss or damage to materials on sites during installation and whilst in transit to work sites.
Personal Accident/Illness
Covering weekly/monthly benefits for lost income due to accidents and/or illness.
Income Protection
Life insurance covering weekly benefits for lost income due to accidents/illness.
Corporate Travel
Consider the need to cover key personnel for income replacement or medical costs and risks to loss of property or other financial losses whilst travelling interstate or overseas.
Tax Audit
Covering the costs of your accountants to assist your preparation of a tax audit.
Trade Debtors
You should consider this cover if you have an untenable exposure to loss from the consequence of any customers failing to pay you due to their insolvency or similar event.
Product Recall
Covering costs incurred to recall faulty or defective products. Available on a first party or third party basis together with a range of other options.
