Business and Liability Insurance
For the Institute of Executive Coaching and Leadership
Austbrokers Countrywide has recently launched its new and improved Business & Liability Scheme for Institute of Executive Coaching and Leadership members. This unique product is specifically designed for executive coaching professionals. Its aim is to cover the essentials such as office contents, business interruption, broadform liability, general property & tax audit cover.
The Institute of Executive Coaching and Leadership has negotiated an exclusive Professional Persons Office & Liability insurance facility, through Austbrokers Countrywide, that offers very competitive discounted prices for executive coaching professionals.
Some of the benefits are:
- Nill excess on most sections
- Substantially discounted premiums
- Worldwide cover for laptops, PDA’s and other portable equipment
Find out what Austbrokers Countrywide can do for you.
For an obligation free insurance review, talk with one of our specialist brokers today to find out more.
Directors and Officers
Protecting Your Personal Assets – What is Directors and Officer’s (D&O) Liability insurance?
Directors and Officers Liability Insurance came into vogue in the 1980s when the concept of the corporate veil diminished and individuals became litigation targets. It has become common practice to sue Directors/Board Members personally in addition to, or as opposed to suing the legal entity (the Company). This can result in putting your personal assets at risk.
D&O Liability Insurance is designed to protect the personal assets of directors and officers. It provides indemnity for any loss arising from a claim as a result of a wrongful act committed in the course of directors performing their duties.
A ‘wrongful act’ can include any actual or alleged breach of duty, breach of trust, neglect, error is misstatement, misleading statement, omission, breach of warranty of authority or other matter claimed against a director and officer while acting in that capacity.
Corporations Law
Setting up a corporate entity does not instantly protect Directors from personal liabilities. Directors and Officers have statutory obligations under the Corporation’s Law which include:
- Acting honestly
- Being reasonably careful and diligent
- Using information acquired through your office for the company’s benefit
- Disclosing any interest in any contracts with the company
- Stating whether or not the company profit and loss account and balance sheet give a true and fair view of the company’s position
- Reporting on and reviewing the results of the company’s operations during the relevant accounting period and any significant changes in the company’s affairs during that period
- Preventing the company from trading while it is insolvent; and
- Disclosing any errors or matters warranting disclosure in a prospectus
Director Duties extend to other State/Federal Legislation
Corporate failures in the 1980s and 1990s have contributed to a raft of legislation with heavy fines/penalties/obligations aimed specifically at Directors. This has been a global trend (e.g. Worldcom). Directors are now directly affected by more than 2,000,000 references under federal, state and local government law.
- Directors need to ensure the company does not breach the regulations within:
- The Trade Practices Act
- The Fair Trading Act
- Anti-discrimination Act
- Occupational Health and Safety legislation
- Environmental legislation
- Disability Discrimination Act 1992 (all property owners have responsibilities in regards to disabled access/evacuation procedures etc)
- Legislation that relates to the specific industry in which the company trades
Where are the source of Claims against Directors and Officers?
- Regulatory Authorities (ASIC, ACCC, EPA, ATO, Workcover for OH&S)
- Company insolvency/liquidations
- Employees (Unfair dismissal, discrimination, breaches of employment laws/awards)
- Shareholders
- Customers (can involve contractual negotiations, commercial transactions)
- Creditors
- Competitors
- Members of the public
Why do I purchase a D&O Policy?
- Protect personal assets of Directors, spouses and estates
- Protect the company balance sheet
- Help attract and retain qualified/experienced Directors
- Avoid diverting Directors and Managements attention to sort out matters that can be costly in terms of time and reputation
Find out what Austbrokers Countrywide can do for you.
For an obligation free insurance review, talk with one of our specialist brokers today to find out more.
General Property – Special Risks
Loss or damage to your essential equipment can quickly put a halt to your business.
Property insurance may not protect your tools and equipment when they are away from your specified business premises.
Ensuing you have adequate insurance in place for your tools and equipment can help your business continue trading in the event of a loss.
What is covered?
Loss of or damage to:
- Tools of trade
- Listed portable electronic items – including laptops and mobile phones
- Stock in trade cover applies for any sudden, unexpected or unforeseen occurrence not otherwise excluded
Features and Benefits
- Cover applies anywhere in Australia and not just at your business address
- Accidental damage cover is automatically included
- Includes cover for theft due to violent or forcible entry
- Lessens the impact of unforeseen circumstances on your business
Optional extensions of cover
You can tailor your cover to your specific needs by selecting from the following optional extensions:
- Worldwide cover
- Theft of property located in the open air
- Theft without forcible or violent entry
- Accidental damage due to collision or overturning
Find out what Austbrokers Countrywide can do for you.
For an obligation free insurance review, talk with one of our specialist brokers today to find out more.
COMPLIANCE
IMPORTANT LINKS
CONTACT DETAILS
Toll free: 1800 245 123
P: (03) 9835 1300
F: (03) 9763 5932
info@abcountrywide.com.au
Level 2, 35 Dalmore Drive
Scoresby VIC 3179