Representing Arborists in Queensland & Nth NSW
02 Sep 2018

Fitzpatrick & Co Insurance Brokers – RUN OFF COVER

I’ve closed my business; do I still need insurance cover?

Most Public & Products liability policies only provide cover against liability for damage to property or injury to person where the occurrence (damage/injury) happens during the currency of the policy.  Therefore, any damage/injury that occurs after your policy expires may not be insured, unless you have taken out a replacement policy or run off cover.

If you are a sole trader, partnership or a registered company and you cease to trade you may need to maintain liability cover for goods or services that you provided in the past against any claim that may arise in the future. This cover is called Run Off cover and is available to ensure protection against future liabilities even though the business has ceased trading.

We strongly recommend that you arrange Run Off Cover, especially if you’re a sole trader or partnership or the company continues to exist and has ongoing net assets.  The last thing you want in your retirement or when no longer working for yourself is a large bill that a liability policy would have responded to if an incident has occurred.

Please contact Fitzpatrick & Co to discuss your situation and to arrange a competitive quote to ensure continued protection against unexpected liabilities.

Mick Le Grand, Director of Programs at Fitzpatrick & Co. on 03 8544 1634 or email mickl@fitzpatrick.com.au.

Fitzpatrick & Co have specialised in the horticulture and arboriculture industry for over 30 years providing assistance and financial support to companies, associations and events. We are there when your industry needs you.

02 Sep 2018

Fitzpatrick Insurance Brokers – Tools of the Trade

I have a liability policy, does this cover my Tools.  No!

Tools of Trade cover is a separate policy that provides in most policies Australia Wide cover for all your Tools.  Insurers don’t need an individual list of items but will need a value for them, and some may require you to specify items if they are over a certain value, around $2500 depending on the value of the item.

If any of your Tools got stolen can your business still run?  Or if your entire toolbox was stolen how much would it cost you to replace all of them items in it, including many of the items that you have built up over many years.  Tools of Trade cover can provide cover for these items and not leave you out of pocket or unable to work without these items.

It is important to check your policy on a Tools of Trade policy as sometimes the cover can be limited by either location, or theft exclusions.  For example if a Tool was stolen from a non locked vehicle, toolbox, shed or back of a ute, it may not be covered depending on the insurer.

Can you afford to run your business without your tools?  Or will the small cost of Tools of Trade insurance provide adequate protection to keep you running in a frustrating time when your tools have been stolen.

For assistance with any of your insurance needs please contact Mick Le Grand, Director of Programs at Fitzpatrick & Co. on 03 8544 1634 or email mickl@fitzpatrick.com.au.

Fitzpatrick & Co have specialised in the horticulture and arboriculture industry for over 30 years providing assistance and financial support to companies, associations and events. We are there when your industry needs you.

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