For many of Australia’s larger organisations, standard business insurance may not adequately cover their business for the risks and exposures that they face. An Industrial Special Risks Insurance policy is unique in the cover it provides as it has open-ended wording, which means cover is not limited to selected risks. Instead, with an Industrial Special Risks policy, you are protected against most losses and damages except for any noted exclusions.
What is Industrial Special Risks Insurance?
Industrial Special Risks Insurance (ISR) protects companies against losses involving assets and business interruption arising from physical loss of or damage to property used in business. It is designed for medium to large organisations with comprehensive operations and asset values of more than $5 million.
Industrial Special Risks Insurance can help your business survive the unexpected, with minimum losses.
Our Insurance Partners
Our systems do the hard work, quickly matching the insurance that best suits your business.
We do all the hard work analysing insurance policies and their covers to match them against your business risks and needs.
Our expertise insuring thousands of businesses means we know the questions to ask you.
We find the right insurance for your needs and because we operate online we have lower costs to pass more savings on to you.
You can access and update your information at any time of the day and night, when it suits you most.
What Risks May an Industrial Special Risks Insurance Policy Cover?
An Industrial Special Risks Insurance policy has open-ended wording, which means cover is not limited to selected risks. Instead, you are protected against most losses and damages except for the exclusions noted in the policy.
From fire, to storm or earthquake, theft and glass, you may be covered for any kind of disaster or catastrophe. For example:
- A bad storm damages the glass and signage in several stores within a chain of local coffee shops. An Industrial Special Risks policy may cover the costs of replacing the signs and repairing any damage caused to the buildings.
- A large warehouse is broken into and the thief steals a lot of stock. The business owner may be covered for the costs involved in replacing the stock as well as any damage to building under their Industrial Special Risks Insurance policy.
- A fire starts in a supermarket, destroying the building. Industrial Special Risks Insurance may cover the costs of repairing the damage, including architect and engineer fees.
What Are the Key Things That May Be Covered By Associations Liability Insurance cover?
Industrial Special Risks policies are typically divided into two sections: Property Damage and Consequential Loss.
Property Damage in an Industrial Special Risks policy may cover:
- Reinstatement or replacement of the assets such as building, stock, contents, machinery or glass
- Fees payable to architects, engineers or surveyors that have accumulated as a result of property damage
- Costs associated with protecting the property while awaiting its repair or replacement
- Removal of debris, reinforcement of damaged property and costs associated with interim repairs
Consequential Loss in an Industrial Special Risks policy may cover:
- Decline in turnover or revenue
- Costs associated with getting the business operational again such as relocation costs, overtime payments to employees or necessary importing of equivalent products
- Payments to professionals and other expenses to prepare a claim
Who Needs Industrial Special Risks Insurance?
An Industrial Special Risks Insurance (ISR) policy can provide protection for companies that own significant assets, such as property, equipment, plant and machinery, stock and merchandise or other significantly valued property.
Industrial Special Risks insurance is often used by larger commercial and corporate businesses with a great deal of size and diversity. Most insurers will however have a minimum size criteria, and only consider offering this type of policy if the business has more than $5 Million in assets to be insured.
How PSC Direct works for you
As specialist small business insurance brokers, PSC Direct uses our considerable experience to provide multiple quotes for you. Combining our expertise insuring thousands of other similar businesses with our detailed database of insurers and insurance products; we’re best placed to advise you on the right insurance for your business.
We have strong relationships with the leading underwriting agencies and insurance companies. We can source the most appropriate business insurance policy for you, covering you for what you really need, at the right price.
We can help sole practitioners, small, medium and large businesses protect the businesses you are growing and ensure your assets are covered in the event that disaster strikes.
With our strong relationships to a broad range of highly-rated insurers we are able to advise you on business insurance, professional indemnity insurance, and professional indemnity insurance specifically tailored to meet the risk exposure of your business.
We can also provide advice on a range of additional insurance policies and cover that can affect your business and make sure you have the right insurance at the right price.
72% of Australian businesses fail after experiencing a major loss.
The right business insurance will ensure you are not one of them.
While good insurance covers you for most things – Professional Indemnity, Professional Liability and Property, great insurance covers you for the specific risks that your business faces. We understand that every business is unique and you need a policy that addresses the specifics. We make sure that when you have a claim that’s out of the ordinary and complicated, you’re covered.