Money needs separate protection

If in a retail or hospitality type of business, then you would be receiving a lot of cash transactions. Then a Money section is a must because it covers you for loss of money on the premises, in a locked safe or strongroom, whilst in transit and whilst in your custody.

Money is not picked up by the Burglary section.

It can also cover a float left outside of business hours if not locked into a safe.

The limit you select should be based on the maximum you could lose at any particular time of the day. Remember this policy covers you for being held up whether on the premises or not.  

Processes such as regular banking at various times of the day can allow for a lower limit to be taken but is not always possible in a practical sense. 

Latest News

Illegal or unsuitable cladding now a big issue

Why we have laws, regulations and Australian standards? Because some people just do the wrong thing all for the sake of making money. The cladding issue is the subject of 4 Corners program on the ABC.

We are already seeing Insurance policies now placing exclusion endorsements into their policies excluding and claims relating to illegal cladding. We are seeing Governments demanding Audits of all existing buildings above a certain height. There are accusations of Builders taking other short cuts such as on Wiring, Pipes and sprinkler systems. 

The question is, who is to blame? Who will take responsibility?

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Small business in NSW

Right after the NSW Government have reimposed Fire Service Levies, they have at least made an effort for small business. The government has announced it will abolish stamp duty on a number of policies taken out by a small business. This is an important change.

What is a small business? In order to gain the exemptions, the business must be a small business for Capital Gains Tax Purposes for the income year in which the insurance is effected or renewed. A small business for CGT purposes is: “an individual, partnership, company or trust that is carrying on a business, and has an aggregated turnover of less than $2 million.”

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