Builders

Business Insurance Update: COVID 19

Important update for our clients

imar is closely monitoring the impacts of the prevailing coronavirus (COVID-19) pandemic and our priority is maintaining the safety and wellbeing of colleagues, clients and communities.

Your insurance remains critical

With the current uncertainty for businesses throughout Australia, we wanted to help you with some key insurance information, and provide support through this time.

Staying safe

Following COVID-19 Health Department and government guidelines is critically important to protect you and your staff, and ensure that you are taking all reasonable levels of precaution.

Staying protected with the right insurance

Public Liability, Injury and Illness and Tools insurance remain vital safety nets for the ongoing risks associated with a business, even if you’re not trading. An overview of the key information for each insurance is outlined in the following:

Public liability insurance covers impacts to a third party (member of the public or property damage) that may result from negligence by you or your staff, such as failing to demonstrate reasonable care for others resulting in injury to a member of the public.

Continuation of cover is important even if you are not currently working. Should a problem arise from work you’ve already finished, or are in the process of completing, you need to be in a position to defend a claim against you and have cover for any liability which may arise. For example, if a pipe bursts causing flooding as a result of work you’ve undertaken, it can be difficult to determine when the damage was caused and if it is found to be outside of the policy period, you’ll have to defend against the claim yourself and if you are found negligent, pay for rectification of the resulting damage.

Injury and illness insurance

Am I covered for injury and illness?

You may only be covered if you have an existing Injury and Illness policy in place and the following criteria are met:

  • your injury or illness is diagnosed by your medial practitioner
  • you are currently employed
  • you currently are earning an income
  • you can prove your income has been lost due to you current injury and or illness

Does this policy provide support for COVID-19 related illness?

If you are currently employed, earning an income and are diagnosed with coronavirus (COVID-19) and the policy was in place prior to the virus being deemed a pandemic, you may be eligible to make a claim.

There is no cover under your policy due to loss of earnings based on temporary shut downs only. Under any of the above circumstances, please make sure you have consulted your medical practitioner and advise us as soon as possible so we can provide assistance.

These policies are not specific to COVID-19 and claims related to COVID-19 will be determined on a case-by-case basis. Please refer to your policy schedule to check if you have selected illness benefits and refer to the policy wording for all inclusions and exclusions.

Tools insurance covers theft of tools or stock from a locked vehicle or premises as well as damage or loss from things like fire, flood and vandalism. Even if you are forced to down tools, that doesn’t mean accidents won’t happen and without your gear, it will be harder to get back on the job quickly.

While these policies are not specifically related to COVID-19, they are vital to ensuring you or your business can continue to operate through this complex time.

Supporting small businesses through these challenges

There are considerable government and service provider initiatives aimed at supporting small businesses to ensure that you can continue to operate throughout this crisis.

We’re here to help

We will continue to monitor and update you on relevant information regarding the COVID-19 pandemic and any implications that it may have for insurance and risk management. If you have any questions or concerns, please don’t hesitate to get in touch with your imar team on 1800 284 627 or email imar.insure@ajg.com.au

Regards and stay safe

Christine Osborne
Head of imar and Small Business

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