Industrial Special Risks Insurance Australia

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Industrial Special Risk Insurance *

Industrial Special Risk (ISR) insurance policies are designed for commercial property owners and enterprises with significant asset values or operations across multiple locations. 

ISR insurance typically offer extensive coverage against material damage, business interruption, theft, and accidental damage, ensuring your business remains resilient in the face of potential threats.

ISR insurance provides protection for a range of risks NOT specifically excluded in the policy, and may be crafted to protect against a broad spectrum of perils, securing not just operational continuity but also fostering growth and development.

Many Business Owners are UNSURE if they are COVERED PROPERLY.
We help them find affordable and SUITABLE INSURANCE so they can run their business with CONFIDENCE.*

What is Industrial Special Risk Insurance?*

Industrial Special Risk Insurance (ISR Insurance) is a sophisticated form of coverage designed specifically for commercial property holders with significant holdings and medium to large businesses that possess significant asset values, typically exceeding $5,000,000, or operate across multiple locations.

ISR insurance policies are typically divided into two sections: Property Damage and Consequential Loss.

Unlike standard business policies, ISR Insurance may offer a higher degree of flexibility and customization, allowing some policies to be tailored to meet the unique needs of the client.

ISR insurance is critical for commercial property holders and businesses with substantial physical assets, including properties, commercial premises, and equipment, providing comprehensive protection against a range of perils such as fire, natural disasters, theft, and accidental damage.

Polices may be structured to cover material damage, and business interruption, ensuring that businesses can sustain operations financially in the aftermath of unforeseen events.

With its ability to accommodate a vast array of industries—from industrial and offices to retail and healthcare—ISR Insurance stands out as an essential solution for businesses seeking robust protection for their high-value assets and continuity in their operations.

Why do businesses need Industrial Special Risk Insurance?*

For businesses with significant assets exceeding $5 million, Industrial Special Risk (ISR) Insurance emerges as a critical safeguard. This necessity stems from the multifaceted risks that today’s businesses face, that can threaten their operational continuity and financial stability.

ISR Insurance may be tailored to offer expansive coverage for physical assets, including buildings, stock, plant, and machinery, ensuring that businesses are protected against a wide array of potential damages.

By covering any cause of damage not explicitly excluded, ISR may provide a robust safety net that enables businesses to focus on growth and development rather than the potential setbacks caused by unforeseen events.

Particularly for organisations that span multiple locations or engage in diverse business activities, the broad indemnity offered by an ISR policy may provide protection, regardless of where their operations are based or how varied their assets may be.

What does Industrial Special Risk Insurance cover? *

Industrial Special Risk (ISR) Insurance is a comprehensive policy designed to protect businesses against a wide range of risks and damages to their valuable assets. It is structured to cover virtually any cause of property damage not specifically excluded, ensuring a broad safety net for businesses with high-value assets.

An ISR policy is divided into two main sections: Material Loss or Damage, and Consequential Loss.

Property Damage in an ISR policy may cover:*

  • Reinstatement or replacement of the assets – building, stock, contents, machinery, theft, money , glass
  • Architects, engineers, surveyors and other fees payable to facilitate reinstatement;
  • Fees necessary for local authorities for rebuilding approvals and costs necessary to comply with statutory authorities – eg. heritage;
  • Customs fees, excise and other duties necessary;
  • Temporary protection of property awaiting its repair or replacement;
  • Replacement of locks, alarms, keys and combinations when damaged or stolen;
  • Removal of debris, reinforce damaged property, interim repairs;
  • Repair or replacement of directors and staff valuables left on the premises;
  • Costs in quashing a fire and/or restocking fire protection equipment;

Consequential Loss in an ISR policy may cover:*

  • A decline in turnover or revenue
  • Increased costs to limit any decline in turnover or revenue ( increased cost of working). This may include any valid expense incurred to get the business operational again such as the use of back up facilities or sites, overtime payments to employees, importing equivalent products etc.
  • Payments to professionals and other expenses to prepare a claim;
  • Payroll costs

Industrial Special Risks policies can be complex so may require a full needs analysis to understand the risks faced and develop an appropriate risk protection program for your business.

It takes a significant amount of experience to advise on a suitable industrial risks policy, brief in your business risks in detail ,and negotiate competitive terms with insurance companies and underwriters.

Depending on your industry the “risk appetite” of insurance companies and underwriters vary considerably. A high calibre broker with extensive experience working on ISR policies can make a significant difference in the outcome for you at both policy inception and if you ever need to claim. As claims can be significant with industrial special risks policies it is vital to have your business risks suitably specified and covered.

What type of businesses may be covered with Industrial Special Risk Insurance?*

  • Commercial property owners with assets over $5,000,000 spread over multiple locations
  • Medium and Large businesses with assets over $5,000,000 spread over multiple locations

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What are the costs of Industrial Special Risk Insurance?*

How much does industrial special risk insurance cost for a business?*

Key factors in determining how much industrial special risk insurance will cost a business include:

  • Asset Value
  • Industry risk profile
  • Location risk profile
  • The size and turnover of your business
  • The optional covers selected
  • Your claims history
  • Breadth of Coverage
  • Indemnity Limit
  • Excess / Deductible

Our helpful business insurance brokers may be able to help you find suitable and affordable industrial special risk insurance for your small business on 1300 542 573 

Why should businesses use an insurance broker in Australia?*

If you are a business owner deciding on whether to use an insurance broker for your business industrial special risk liability insurance, it is important to consider that brokers act in the interests of you, not the insurer.

Direct insurers and agents act for the insurer This can be important; especially if you need to claim.

Brokers can help business owners by sourcing competitive quotes on policy inception, negotiate with the insurance companies to prevent or limit increases on renewal, remarket your policy to other suitable insurance companies where appropriate, talk to underwriters about policy wordings, industry classifications and terms, talk to insurance assessors during the claims process and repairers where necessary.

How do I get an Industrial Special Risk Insurance quote?*

Simply TALK to a SMART Business Insurance broker on 1300 542 573 or contact us online for suitable and affordable industrial special risk insurance quotes for your business.

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