Frequently Asked Questions

Practice Overview & General Brokerage Questions

What is an insurance broker, and how do they differ from buying directly from an insurer?

An insurance broker acts as an independent professional advisor who works on your behalf, rather than for the insurance company. While direct insurers sell only their own pre-packaged products, a specialist broker assesses your specific risk exposures, accesses wholesale and international underwriting markets, customises policy terms, and manages your claims from initial notification to final settlement.

Where is Business Insurance Specialists located, and do you service businesses across Australia?

Business Insurance Specialists operates all over Australia, providing specialised general insurance brokerage services to corporate, commercial, and small-business clients nationwide across all states and territories.

How does Business Insurance Specialists assist during the insurance claims process?

We act as your dedicated claim advocate. In the event of an incident, we lodge the necessary documentation with underwriters, coordinate loss adjusters, manage queries, and negotiate directly with the insurer to ensure you receive your full entitlement under the policy terms promptly.

Specialised Industry FAQs

Life Sciences

What insurance coverage is required for clinical trials conducted in Australia?

Australian clinical trials require tailored Clinical Trials Insurance that complies with NHMRC (National Health and Medical Research Council) guidelines and Human Research Ethics Committee (HREC) standards. This policy covers legal liability for bodily injury, health complications, and non-negligence compensation claims suffered by trial participants.

What liabilities does Life Science insurance cover for biotechnology and medical device businesses?

Life Science policies provide combined Professional Indemnity and Public/Products Liability, covering design defects, batch contamination, efficacy failure, adverse reactions, breach of intellectual property, and product recall costs for pharmaceuticals, medical devices, and nutraceuticals.

For companies undertaking TGA-regulated local trials, Business Insurance Specialists has expertise to assist.

Business Package Insurance

What sections are typically included in a commercial Business Package Policy?

A Business Insurance Package consolidates essential business protections into one policy. Core sections include:

• Public and Products Liability
• Building and Contents
• Business Interruption (Loss of Gross Profit)
• Theft and Money Cover
• Glass Damage and Breakdown

Can a small business package be customised to specific operational risks?

Yes. Packages are structured modularly, allowing Australian business owners to select only the covers relevant to their industry, such as adding General Property for portable tools, Electronic Equipment protection, or Tax Audit cover.

Contract Plant & Equipment

What types of heavy machinery can be covered under Plant and Equipment insurance?

Coverage applies to mobile plant, excavators, cranes, earthmoving machinery, forklifts, trucks, and fixed site equipment against accidental damage, overturning, theft, fire, malicious damage, and transit risks.

Does Plant and Equipment insurance cover both dry hire and wet hire operations?

Yes. Policies can be endorsed to protect equipment operated by your own staff (wet hire) or leased out to third parties without an operator (dry hire), alongside Hired-In Plant liabilities and road-registered liability requirements.

Medical Cannabis (Manufacture, Wholesale & Retail)

Why is securing Medical Cannabis insurance complex in Australia?

The Australian medical cannabis sector is subject to strict Therapeutic Goods Administration (TGA) and Office of Drug Control (ODC) oversight. Standard commercial insurers often decline these risks due to tight international reinsurance constraints. Specialist brokerage knowledge is required to place these policies safely.

What key risks are covered for cannabis cultivators, manufacturers, and distributors?

Specialised coverage protects high-value crops and stock against fire, theft, and climate control failure, alongside Product Liability (contamination, labeling/efficacy claims), Product Recall expenses, and secure transit protection.

Building Surveyors & Certifiers

What protection does Professional Indemnity insurance provide for Building Surveyors?

Professional Indemnity (PI) insurance protects certifiers against financial loss, statutory penalties, and legal defense costs arising from alleged errors, omissions, negligent advice, or regulatory oversight in building compliance certifications.

How does Business Insurance Specialists assist Building Surveyors in a hard market?

Due to strict state regulation (such as NSW Fair Trading requirements) and historical issues with combustible cladding, PI market capacity is constrained. We leverage specialist underwriting networks to secure compliant statutory coverage with manageable exclusions and excesses.

Labour Hire Agencies

Does Labour Hire insurance cover injuries to workers placed on client sites?

While state-based Workers' Compensation schemes cover personal workplace injuries, Labour Hire Insurance provides Public Liability and Vicarious Liability. This protects your agency if a placed worker accidentally causes third-party property damage or injury while working under the host employer's direction.

How are contractual indemnities managed under Labour Hire policies?

Host employers frequently require labor placement agencies to sign agreements containing broad indemnity clauses. We review contract terms and endorse your liability policy with appropriate clauses where applicable. By reviewing your contractual obligations, we can highlight issues relating to Hold Harmless and uncapped liabilities within your contract.

Aged Care Facilities & Child Care Centres

What insurance covers are mandatory for Aged Care Facilities in Australia?

Aged Care operators require a combined risk strategy including Medical Malpractice, Public and Products Liability, Management Liability (covering employment practice breaches and statutory fines), Commercial Property, and Business Interruption.

What unique risks are covered under a Child Care Centre insurance policy?

Child Care policies cover Public Liability for child injuries on-premises or during excursions, Professional Indemnity for carer oversight, property damage to playground equipment, and specialized Crisis Management/Molestation Defense extensions.

Hotels, Pubs & Bars

What are the primary insurance risks for licensed venues, pubs, and bars?

Key risks include Public Liability (slips, trips, security staff incidents), Property Damage (fire, malicious damage), Glass Breakdown, Business Interruption, and specialized Liquor Liability exposures.

Can gaming machines and stock spoilage be included under hotel policies?

Yes. Customised hospitality packages include coverage for Electronic Gaming Machines (EGMs), stock spoilage resulting from breakdown of refrigeration equipment, and money in transit or stored in safes/cash drawers.

Consulting Engineers

What does Professional Indemnity insurance cover for engineering practices?

PI insurance covers civil, structural, mechanical, electrical, and geotechnical engineers against third-party claims alleging flawed design calculations, incorrect specifications, inadequate site inspections, or professional negligence.

Does engineering insurance cover claims involving sub-contractors and joint ventures?

Yes. Policies can be tailored with Vicarious Liability extensions for sub-contractors and Joint Venture endorsements, ensuring your practice remains protected across collaborative project delivery models.

Recycling & Waste Management

Why is property and liability cover restricted for waste management facilities?

High fire hazard profiles, stockpiled materials, and severe environmental pollution risks cause many mainstream Australian insurers to decline waste and recycling risks. We can assist in placing this cover at competitive rates.

What coverage does Environmental Impairment Liability offer waste operators?

Environmental Impairment Liability (EIL) covers emergency clean-up costs, statutory environmental remediation orders, legal defence fees, and third-party property damage resulting from sudden or gradual pollution incidents.

Financial Planning

What are the ASIC Professional Indemnity requirements for Australian Financial Services Licensees (AFSL)?

Under ASIC Regulatory Guide 126 (RG 126), AFSL holders must maintain Professional Indemnity insurance that covers client losses resulting from professional duty breaches, inappropriate financial advice, or fraud by representatives.

Does Financial Planner insurance cover dispute claims brought through AFCA?

Yes. Standard Professional Indemnity policies for financial advisers cover legal defense fees and compensation determinations awarded against the firm by the Australian Financial Complaints Authority (AFCA).

Prestige Home & High-Value Property

How does Prestige Home insurance differ from standard home and contents policies?

Prestige Home insurance caters to luxury architectural residences. It provides extended sum insured features, worldwide contents and personal valuable coverage, higher sub-limits, trace and access cover for unlocatable leaks, and tailored rebuild valuations.

Are fine art, jewelry, and luxury collectables covered under Prestige Home policies?

Yes. High-value individual items, such as original artwork, antique collections, luxury watch collections, custom wine cellars, and specialised landscaping, can be individually itemized for agreed market values.

General Liability & Specialised Risks

What does Public and Products Liability insurance cover, and why is it essential for Australian businesses?

Public and Products Liability protects your business against legal claims if a third party suffers personal injury or property damage due to your business operations, on-premises activities, or products supplied.

What is Management Liability insurance, and how does it differ from Directors and Officers (D&O) coverage?

While D&O specifically protects the personal assets of company directors and officers against management misconduct claims and targets large or ASX-listed organisations, Management Liability provides additional protection for private companies, including employment practice breaches, corporate crime, tax audit costs, and statutory fines.

What is statutory liability insurance, and does it cover fines issued by Australian regulators?

Statutory liability covers defense costs and civil penalties imposed by regulatory bodies (such as WHS or environmental authorities) for unintentional breaches of Australian legislation, provided the fine is legally insurable depending upon the respective state or territory legislation.

Cyber, Technology & Intellectual Property

What does Cyber insurance cover for small and mid-sized businesses?

Cyber policies cover first-party losses and third-party liabilities resulting from data breaches, ransomware attacks, and system outages, including forensic investigation fees, data restoration, extortion payments, PR management, and mandatory notification costs under Australia’s Privacy Act.

What is IT Liability insurance, and who needs it?

IT Liability combines Professional Indemnity and Public/Products Liability into a single policy designed for technology contractors, software developers, and IT consultants to cover system downtime, software failure, data loss, and breach of duty claims.

Commercial Property & Business Interruption

What is Industrial Special Risks (ISR) insurance, and when should a business transition to it?

ISR is a high-level property policy designed for larger commercial operations (typically holding asset values over $5 million to $10 million). It provides broader, all-risks coverage for physical damage to property and resulting business interruption compared to standard Business Packages.

How is Business Interruption insurance calculated, and what does it cover?

Business Interruption covers lost gross profit, revenue, or ongoing fixed costs (such as payroll and rent) if an insured property event (like a fire or storm) temporarily halts your operations.

What coverage does Commercial Property insurance provide for vacant premises?

Vacant Commercial Property insurance provides essential protection against fire, storm, glass damage, and public liability risks for unoccupied commercial, retail, or industrial buildings while they are between tenants or undergoing renovation.

Asset, Transport & Fleet Cover

What is Commercial Motor Fleet insurance, and how many vehicles are required to qualify?

Motor Fleet insurance consolidates multiple vehicles, such as passenger cars, vans, utes, and heavy trucks, under one policy with a single renewal date including benefits such as automatic additions during a policy year, with adjustment in cost at the end of the year in order to reduce ongoing administration. Most Australian underwriters require a minimum fleet size of 15 to 20 vehicles to qualify.

What does Trade Credit insurance protect against?

Trade Credit insurance protects businesses offering credit terms against non-payment, customer insolvency, or protracted default, safeguarding your working capital and cash flow.

What does Corporate Travel insurance cover for business trips?

Corporate Travel insurance covers employees travelling for business (both domestically and internationally) against medical emergencies, flight cancellations, lost baggage, personal liability, and kidnapping/evacuation expenses.

Workers & Personal Protection

What is Tax Audit insurance, and what expenses does it cover?

Tax Audit insurance covers the professional fees of accountants, tax agents, and advisers incurred when responding to an official audit, inquiry, or investigation by the Australian Taxation Office (ATO) or state revenue authorities.

What is Journey insurance, and how does it support workers?

Journey insurance provides income protection and lump-sum benefits for employees who are injured while travelling to or from work, bridging a common gap where state Workers' Compensation schemes do not cover door-to-door commutes.