What is Association Liability Insurance?

Association Liability Insurance is a packaged insurance policy which is designed to meet the needs of Associations (including "Not for Profit" Organisations).

Typically, Association Liability Insurance combines the following insurance covers:

• Professional Indemnity Insurance
• Office Bearer's Liability Insurance
• Employment Practices Liability Insurance
• Fidelity Insurance
• Tax Audit/Investigation Insurance.

The Cloud You have probably heard from different media sources, business colleagues or your IT partners about “The Cloud” and most will probably not quite understand what this really means and why should they take notice.

Having adequate cover against fire, theft, breakdown and all the usual unforseen calamities is an essential and necessary part of doing business. If you’re abusiness owner this is not exactly news and you probably already protect your business from the threats to its viabilitywith a range of insurance policies. But what about YOU, the person; the individual with the personal responsibly of that close circle of people totally dependent on your continued wellbeing – your family?

These days you'd be mad to travel abroad without travel insurance especially when you consider the cost of a trip to hospital in another country can be in the thousands and payment is expected at the time of your stay.  In addition to unlimited medical coverage it is also important to look out for a few other items when considering a travel policy.

What would you do without your income?

Income Protection Insurance is not something that you think about when you head off to work each day or go for that weekend drive or overseas holiday.  You insure your home and car without a second thought.  You always organise the travel insurance for the holiday.  But have you considered insuring your income?  With the average annual income nearing $70,000 per year this is your biggest asset over your lifetime (ABS), an asset that is worth protecting.

 

Don't think it can happen to you? Neither did these directors, luckily they had protected themselves and their business with a Management Liability Insurance Policy.

As the owner of a private company you will continue to become aware of the greater corporate governance and increased regulatory surveillance of the management of your business activities.

Fraud is a major threat to business despite regulation and increased internal controls. Loss scenarios include: stock misappropriation, supplier collusion, excessive IT access risk, fund transfer authorisation losses, contract allocation kick back and personal expense abuse.

NSW company directors and officers could still face prosecution in cases of industrial manslaughter, but WorkCover will now have to prove their case before action is taken.

The ever increasing reliance on technology by business and consumers has driven fantastic growth in the IT sector – but that reliance on technology means the companies that provide it are increasingly vulnerable to legal actions claiming non-performance, failure to deliver and a whole host of other liabilities.

A NATIONAL study into fraud by bookkeepers employed at small and medium-sized businesses has uncovered 65 instances of theft in more than five years, with more than $31 million stolen.

A burglary happens just about every minute across Australia*, costing business almost $800m per year#.

Under-insurance can have wider ramifications than some business owners realise, particularly when it comes to cleaning up after a catastrophic event. Even before you start to repair or rebuild, cleaning up is costly.

But it's all covered by insurance isn't it?

Don't think it can happen to you? Here are some recent real life claims examples provided by one of our insurance partners Prorisk Underwriting.