There’s a saying along the lines of,
your insurance is only as good as your last claim…

This saying rung very true recently for one of our clients with a difficult claim.

A successful Perth-based technology company operating for over 20 years and a client of Westralian Insurance for the past 10 years, this small to medium enterprise operates in a niche technology sector and is growing consistently every year.

What happened?

In the summer of 2018, cyber criminals hacked into the emails of a trusted customer of our client. The criminals then impersonated the customer and placed a large order of goods for immediate delivery.  Not thinking anything was wrong (as the email appeared to come from the customer), our client dispatched the goods the same day.  The error was not picked up until our client chased their customer for payment and discovered that no authentic order was ever placed.

The order contained high value equipment totalling $50,000 in value and potentially could have put the client out of business.

After paperwork was lodged, the insurers originally rejected the claim on the basis that it was a “first party loss”, meaning that no third party was making a claim against our client.  However, after a thorough review of the Professional Indemnity and Cyber Insurance sections of our client’s policy wording by our insurance broker, we were able to successfully overturn the original decision and the claim was paid out in full.

Interestingly, the third-party trigger for the claim became the client’s supplier who had not been paid for the equipment which was shipped to the criminals.  Their demands to our client for payment became the third-party trigger for the claim.  This would have been a difficult claim for the company to deal with directly and clearly shows the value of engaging an insurance broker for your Business Insurance.

Call Westralian Insurance today on (08) 9302 1388, or visit www.westralianinsurance.com.au

Do I need to complete a proposal form for Public Liability?

In many cases, all the information needed for a simple Public Liability quotation can be obtained over the phone.  The insurance broker would then send out a pre-populated proposal form (after binding cover), based on the answers given, which just requires a signature.  

Some higher risk occupations do require a proposal form to be completed prior to obtaining a quote.  Occupations such as solicitors and chemical manufacturers would fall into this category.

Westralian Insurance can assist with your business insurance questions.  Call us today on (08) 9302 1388 or visit www.westralianinsurance.com.au

Do I have to cover sub-contractors for Workers Compensation?

In many cases, subcontractors have to be covered for Workers Compensation in exactly the same way as direct employees.  Although some subcontractors may be large businesses with all of their own insurance policies in place, some contractors may be sole traders who are ineligible for Workers Compensation. These types of subcontractors would have to be included on your Workers Compensation policy every year.

If you have Workers Compensation queries or would like a quote for your small business, call the team at Westralian Insurance today on (08) 9302 1388, or visit www.westralianinsurance.com.au

Business insurance for photographers?

Public Liability insurance is a good idea as it protects you against claims for third party property damage or personal injury.  A General Property policy can also provide Australia-wide cover for your camera and photographic equipment.

For more information on protecting your business and equipment, call the friendly professionals at Westralian Insurance today!  Call (08) 9302 1388 or visit www.westralianinsurance.com.au 

Business insurance for hairdressers?

Public liability for third party injury or property damage is the number one risk for hairdressers.  Business contents and stock are also important for the salon itself and Workers Compensation is a legal requirement for any hairdresser with employees.

Westralian Insurance is your small business insurance broker.  Our friendly and knowledgeable staff are happy to answer any questions you may have, and assist with your business insurance requirements.

If you're a hairdresser looking to start up your own business, or own multiple salons and are looking for an insurance review, give Westralian Insurance a call today!  Call (08) 9302 1388 or visit www.westralianinsurance.com.au

Business insurance for tour operators?

Tour operators come into contact with the public frequently, so public liability is the most important insurance policy to consider.  Motor insurance for the tour vehicle and event cancellation insurance are also common in this industry.

To chat with a fully qualified, professional insurance broker about your business insurance requirements, call Westralian Insurance today, or visit www.westralianinsurance.com.au

Business insurance for carpenters?  

A carpenter’s primary must-have policy is public liability, covering third party personal injury or damage to property during the course of their work.  They should also consider insuring their tools of trade anywhere in Australia.  A good tools policy will include theft from the open air and theft from unattended motor vehicles, which is a common occurrence in the construction industry. 

Workers Compensation insurance must also be taken out for any carpenters with employees.  Carpenters should also include any sole trader subcontractors who work for them under their Workers Compensation policy, as sole traders are not able to obtain Workers Compensation for themselves.

If you're a carpenter, or a tradie of any kind, Westralian Insurance can help with your insurance needs, and answer any questions you may have.  Call the friendly professionals today on (08) 9302 1388, or visit www.westralianinsurance.com.au