SIGN MANUFACTURERS INSURANCE BROKERS
 

OUR COVERAGE

 
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WHAT DO WE COVER?

OVERVIEW - THE SMIB FACILITY

CONTRACT WORKS INSURANCE

ERRORS AND OMISSIONS COVER

MANAGEMENT LIABILITY insurance

PROFESSIONAL indemniTY insurance

CYBER insurance

 

 
 

THE SMIB FACILITY

 

WITH THE LEVERAGE OF OVER 500 SIGN COMPANIES
ACROSS AUSTRALIA, WE BRING YOU THE SMIB FACILITY.

 

What is it?

The SMIB facility is made up of a national network of over 500 sign companies all participating in a group insurance facility specifically designed to cater for the risks sign businesses face. The SMIB facility includes a wide range of benefits and extensions that aren't standard in many of the general products and provides market leading protection.

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What's the difference to what I have?

Cover provided under general insurance products are often a "one size fits all" solution and can be both generic and ill-fitting (or in some cases completely incorrect). The cover provided under the SMIB facility is designed with the risks of sign manufacturers in mind, contemplating the range of different risks you face day to day. To ensure the benefits of the SMIB facility are clear, we are able to provide a comparison of the differences between the SMIB facility and what you already have in place. Depending on your existing arrangements, the differences can often be significant.

IS YOUR BUSINESS ELIGIBLE?

To ensure the benefits of the SMIB facility continue to remain available long term, cover is subject to a thorough assessment of your business prior to cover being offered to help us determine your eligibility. The assessment will include a site survey of your premises and is largely dependent on the quality of your existing risk management processes, housekeeping, claims history and general business management.

WE DELIVER WHEN IT COUNTS

We deliver when it counts Working with your industry for over 10 years has given SMIB extensive experience in protecting sign companies in their time of need. We see first hand the impact a major loss can have and will provide you the thorough advice and guidance you need to make informed decisions on your program before something happens. References We understand that selecting your insurance broker can be a big decision and that speaking to another company that has been through the SMIB process before can be an influencing factor in your decision. To help build your confidence, references from other businesses just like yours are available upon request.

REFERENCES

We understand that selecting your insurance broker can be a big decision and that speaking to another company that has been through the SMIB process before can be an influencing factor in your decision. To help build your confidence, references from other businesses just like yours are available upon request.

 
 

 

CONTRACT WORKS INSURANCE

 

ARE YOU TAKING THE RISK OR RELYING ON YOUR SUB-CONTRACTOR IF YOUR INSTALLATION GOES WRONG?

The SMIB Contract Works policy covers you against damage to the signage while it is being installed. It will protect you when you and your employees are installing the signs, or where you have arranged a sub-contractor to install them for you.

“THE INSTALLATION PROCESS IS ONE OF THE HIGHEST RISKS SMIB CLIENTS FACE,
BUT ONLY HALF ARE PROTECTING THEMSELVES AGAINST THE RISKS.”

Many businesses have the misconception that by having someone else do the installation, they are removing the risk from their own business and transferring it to the subcontractor and their Public Liability cover. Whilst good in theory, your business will still be left to fund the loss if they aren't actually liable for the damage, their policy doesn't respond or, they don't have the financial capacity to pay for the loss themselves.

The SMIB Contract Works policy removes that doubt by providing cover no matter who is responsible.

The SMIB Contract Works policy also has the option to include cover for some of the contractual liabilities that you may inherit when signing contracts for the works. This type of coverage has not been included within the attached quotation, but is available to be added if required.

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ERROR AND OMISSIONS COVER

WHAT DOES IT DO?

Errors and Omissions cover is an extension available under Public and Products Liability policies. It provides coverage for amounts you become legally liable to pay as compensation for financial loss in respect of negligent acts, errors or omissions committed or alleged to have been committed by you or on your behalf in connection with your business.

 
 
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HOW IS IT DIFFERENT TO PUBLIC LIABILITY?

WHAT TRIGGERS A PUBLIC LIABILITY CLAIM?

Public and Products Liability provides cover for amounts you become liable to pay in compensation for third party bodily injury and third party property damage that arise from your business operations.

WHY WOULD I NEED THE ERRORS AND OMISSIONS EXTENSION?

Errors or Omissions that your business makes may not necessarily cause third party bodily injury or third part property damage. Instead, your Error or Omission can cause a pure financial loss to a third party, which does not trigger your Public and Products Liability policy unless you have the Errors and Omissions extension.

 
 

 
 

management liability insurance

 
 

Management Liability is designed to cover liabilities and financial losses (including some of the associated legal costs and expenses) that may arise from wrongful acts or breaches of law in the course of your business activities. The primary intention of the cover is to protect Directors, Officers and Employees of the Company against personal liabilities that can be incurred whilst acting on behalf of that Company, while certain elements of the cover can also extend to cover liabilities of the Company / Entity itself. Depending on your insurer, the industry you operate in and your risk management procedures, cover may also be able include a number of other optional cover sections, including:

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Employment Practices Liability

Covering a range of employment related liabilities which may include allegations of unfair dismissal, sexual or racial discrimination, workplace harassment or other employment related matters. •

Statutory Liability

Primarily focusses on providing a range of covers relating to breaches of OH+S Legislation, but may also extend to cover amounts you become legally liable to pay for breaches of other Acts of Parliament. Cover generally extends to include defence costs and in some cases the actual statutory fine and penalty you may incur.

Crime Cover

Covers theft of money and other types of property committed by Employees. Cover may also extend to theft by a third party depending on your insurer and policy type.

Tax Audit

Covering many of the costs associated with complying with a Tax Audit notice issued by the Australian Tax Office.

PROTECT WHAT YOU WORK FOR

The laws governing the way in which a Company is managed can be onerous and liabilities can easily attach to an individual whilst they act on behalf of the Company. Management Liability Insurance can help protect you and your staff's personal assets from these types of liabilities while also being able to extend to cover other ancillary risks.

HOW MUCH IS IT?

Management Liability Insurance is a separate policy that would be in addition to your existing program. The premiums will vary widely depending on your business size, occupation and your general risk management procedures, however premiums will generally start from $2,000 - $5,000+ annually.

SOCIAL ENGINEERING

Social Engineering is defined as being “any act that influences a person to take an action that may not be in their best interest”. The most common Social Engineering example are targeted phishing emails impersonating internal staff mostly for the purpose of redirecting payment of funds to a third party.

Whilst this type of loss can sometimes be included under the Crime section of a Management Liability policy, broader cover may be available under a stand alone policy or a Cyber Insurance policy. Your cover options for Social Engineering cover will vary depending on your business type and selected insurer.

 
 

 

PROFESSIONAL INDEMNITY

 

WHAT IS IT?

Professional Indemnity provides cover against claims made against you for liabilities owed to third parties arising out of your ‘Professional Services’. The most common Professional Service offered by sign companies is 'Graphic Design'.

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ANNUAL COST OF COVER?

Professional Indemnity policies for Graphic Design activities are priced according to your estimated annual fees charged for Graphic Design. Depending on your estimated Graphic Design fees, premiums typically start from around $1,000 per year and increase depending on your estimated Graphic Design fees.

DOES PUBLIC LIABILITY COVER IT?

No, typical Public Liability policies exclude cover for professional liabilities, especially where you charge a separate fee for them.

 
 

DO I NEED IT?

If you offer professional services such as Graphic Design as part of your business, there's a high chance you have a Professional Indemnity exposure and could benefit from having a policy in place. A Professional Indemnity policy is particularly beneficial for those who are involved in corporate or government tenders where Professional Indemnity is often a requirement.

 

 
 
 

CYBER INSURANCE

W H A T I S IT ?

Most Cyber Insurance policies within the market generally comprise of four main sections of cover. Those sections include:

 
 

First Party Loss

First Party Loss refers to your own expenses to reinstate your I.T infrastructure after an insured Cyber Event. These costs could include those to eliminate malicious software from your systems and/or other expenses that may arise throughout the process of re-securing any compromised data.

Third Party Cyber Liabilities

Third Party Cyber Liabilities arise when you are found liable for financial losses incurred by others caused by an insured Cyber Event. For example, you may accidentally infect of a third party's I.T system by unknowingly facilitating a harmful or malicious virus.

Online Business Interruption

Online Business Interruption relates to your online loss of profits arising from an insured Cyber Event such as hacking. For example, your website may be compromised from a DOS (Denial of Service) attack which disables your website and transactional platform for a period of time.

Costs and Expenses

Cyber Cost and Expenses are generally related to privacy breaches and the associated costs of notification to the affected third parties. Depending on your business and size, you may be legally obliged to notify potentially affected third parties as part of the Privacy Act and National Privacy Principals (NPP's).

SOCIAL ENGINEERING

Social Engineering is defined as being “any act that influences a person to take an action that may not be in their best interest”. The most common Social Engineering example are targeted phishing emails impersonating internal staff mostly for the purpose of redirecting payment of funds to a third party.

Social Engineering coverage can sometimes be provided under a Professional Indemnity or Management Liability policy, but can commonly be included under a Cyber Insurance policy. Your options for Social Engineering cover will vary depending on your business type and selected insurer.

 

BACK TO TOP

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HOW MUCH IS IT?

Cyber Insurance is a separate policy that would be in addition to your existing program. The premiums will vary widely depending on your business size, occupation and your I.T risk management procedures, however premiums will generally start from $1,000 - $5,000+ annually.

WHEN YOU NEED IT MOST

When you discover you're the victim of an insured Cyber Event, a quick response from your insurer is critical. Most Cyber policies include a 24/7 claims service benefit allowing you to report and manage situations in real time in conjunction with your insurer and I.T providers.