Insurance Made Easy
Tailored to suit your business
Complementary Health Insurance Policies
Complementary Health Industry
Insurance Made Easy can provide you with the perfect insurance remedy for the Complementary Health Industry. We have over 20 years’ experience in assisting businesses involved in the manufacturing and distributing of complementary medicines, vitamins and health products. No other insurance broker in Australia is better suited to arranging your insurance requirements.
We have been able to improve the insurance covers and achieve premium savings for many of our clients simply because their existing insurers did not understand the complementary health industry or their business.
Insurance Made Easy is members of CMA Complementary Medicines Australia and both exhibitors/attendees at National Conference & Regulatory days furthering our commitment and understanding of the industry.
If you would like to talk to us about your insurance arrangements, please give us a call, our services extend Australia wide – we will visit you at a time convenient to you.
Policies coverage
◉ Products & Public Liability including TGA listed /Registered Products
◉ Property Including Fire & Burglary
◉ Motor Vehicle
◉ Goods in Transit Australia and Overseas
◉ Machinery Breakdown including Refrigeration & Spoilage of Stock
◉ Professional Indemnity
◉ Directors & Officers (Management Liability)
◉ Corporate Travel And Much More
◉ Product recall and crisis management
What is the Difference between Public Liability Insurance & Professional Indemnity Insurance
It is often asked, ‘Aren’t Public Liability Insurance and Professional Indemnity Insurance the same thing?’
The short answer is ‘no’ they are not.
Public Liability insurance covers your purchase to protect your business from claims made against it for injury/death or property damage you/your staff cause to third parties (your clients, their employees, and the general public).
Examples of such events are:
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One of your employees arranges a meeting with a client at a coffee shop, taking their laptop and laptop bag with them. The laptop bag is placed on the floor, and subsequently, someone in the coffee shop walks past and trips over the bag, injuring themselves in a fall. As a result, they decide to take legal action against you.
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One of your employees is undertaking a tour of a scientific laboratory and, in doing so, accidentally damages highly valuable equipment, causing the Business owner financial loss. The Business owner then takes legal action against your business for their loss.
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Your new client is being shown your warehousing premises and slips on a pool of oil left there by a forklift truck. The client subsequently suffers severe back injuries and decides to take legal action against you for not cleaning up the oil spill on the floor.
On the other hand, professional indemnity insurance covers you for a negligent act, error or omission when providing professional advice or service to your clients, causing them a financial loss. Even if it is proven that there was no negligent act, error or omission committed by your business, significant legal fees will often be incurred to defend any legal action brought against you. In most cases, these costs will be covered by your professional indemnity insurance.
Key areas of cover can include:
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Defence & legal costs including Advancement of legal fees if necessary
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Dishonesty and fraudulent activities of your employees/contractors
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Official enquiries or investigation costs including ATO, ASIC, APRA, ACCC
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Retroactive Covers you for all past work provided that you have had continuous Professional Indemnity Insurance
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Breaches of Competition & Consumer Act 2010 and Related Legislation
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Libel/Slander/Defamation
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Runoff cover for the policyholder
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Court attendance costs
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Lost documents
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Public Relations cover
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Employment Practices liability cover
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Fidelity cover
Claims Made basis explained for Professional Indemnity Insurance
It is worth noting that Professional Indemnity Insurance is based around what is known as a Claims Made basis or in other words when the Claim is notified, not when the event happened.
This is why it is so important to continue to renew your Professional Indemnity insurance each year. Example; You provided professional advice to a client in 2017 however it is not until 2020 that your past client suffers a financial loss due to alleged negligence .Your past client decides to take legal action against you. This is the time that a potential professional indemnity claim may exist (2020) and the date you need a current Professional Indemnity Policy in place, not when the event happened (2017).
Here to help
Operating in its 26th year the Insurance Made Easy Group is a leading provider of risk management solutions and specialist consultancy services for the Complementary Health Industry when it comes to your Public Liability, Professional Indemnity and other Business insurance needs.
For further information about all the types of insurance we can help you with please contact Philip Watson at Insurance Made Easy on 0423 791 368 or email Philip on pwatson@imeinsurance.com.au.