Why not all insurance policies are the same

We all know arborists are engaged to provide reports to a variety of clients such as schools, government departments, businesses and consumers. These clients rely on these reports to make important decisions about protecting property, equipment and people.

This reliance exposes arborists and landscape architects to various risks which can contribute to financial loss, personal injury and property damage suffered by third parties.

Insurance cover is essential. The right insurance cover is critical

When protecting your business against risks, careful consideration needs to be given to the scope of your business activity and the type (or types) of coverage that are required. It may sound cliché, but there is limitless truth in the saying, ‘Not all policies are the same,’ and ‘cheap insurance’ can cost you a lot more in the unfortunate event that you need to claim and are not covered by the policy.

So what cover should you consider?

• Public and Products Liability: provides cover for any injury or damage to third parties arising out of your business. Does not cover financial loss suffered by a third party.
• Professional Indemnity: provides cover for financial loss suffered by a third party who has relied on your professional services, and in the event it turns out to be wrong. It doesn’t cover personal injury or damage to property.

Level of cover

Austbrokers SPT has negotiated with two leading Australian insurers to provide coverage which considers both scenarios in a cost-effective package to the industry.

The level of cover under such policies is often determined by a third party, usually the principal contracting party. An example is when you are working around power lines, a public liability limit of $50,000,000 to any one claim is currently required.

A serious incident which occurs now may not be heard by the courts for several years. The Public Liability policy which pays the claim is the one in place when the incident occurs but the policy limit needs to be adequate for the claim when it is settled in the future.

For Professional Indemnity policies, the level of cover is not so clear and can be determined by a number of factors, such as budget and scale of the project, the client and complexity or uniqueness of the project. These policies operate to pay the claim when you first become aware of the incident, even though the work was done in the past.

The best way to manage the risks you have is to follow your policies and procedures when doing the work, and to work to the brief you have been provided.

Why contact an insurance broker?

• A broker works for you and understands the claims process, making it faster, more efficient and less worrying for you
• They advise you if and when you insurance policy
• They are your representative and will help you through the challenging times as well – like when you need to make a claim • Your broker is the link between you and the insurance company to ensure you receive everything you are entitled to when making a claim
• The insurance broker acts as the primary contact between you and the insurer, because insurers have existing relationships with brokers too – they speak the same language, and
• A broker understands the complexities of your policy fine print and is familiar with the claims process. You don’t have to stress over the tricky bits!

Austbrokers SPT is passionate about the horticultural industry, and it is this passion that continues to drive it to exceed its clients’ expectations.

Cover your income. Protect your lifestyle

Personal Accident or Income Insurance for as little as $1000
• Agreed Value $1000 @ 100%
• 14-day wait period
• 104-week benefit period
• $100,000 Capital Benefit Cover
• Business Expenses Inclusion such as rent, car / equipment leases & depreciation
• No medical checkups • No motorcycle exclusion • Sickness Cover up to age 70
• Amatuer football and sports covered
• 24/7 worldwide cover
• Tax-deductible premiums
• Cover also available for your partner Protect your business, family and lifestyle.

 To discuss your insurances, contact Austbrokers SPT on (02) 9525 9311, email info@sptinsurance.com.au, or log on to sptinsurance.com.au. 



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