AVR-Chat

G'day all

With the cost of running our businesses ever increasing
I have been re-assessing my business insurance requirements
an have been canvassing ideas from a few colleagues. Then
I thought I would cast the net wider, and even if only the
Australian conditions would be applicable, I would not
mind receiving overseas' views and experiences.

I'm not asking about the round of the mill fire, income,
sickness insurance but more specifically about public
liability, product liability and professional indemnity.

The story so far:

Worker's compensation is compulsory in Australia if
you operate as a company. Should look at some other
form of accident insurance if you don't.

Public liability and product liability are pretty much
tied together for those of us that manufacture some goods.
Those of us who simply design or write software for
third parties may get away with public liability, HOWEVER
read on.

The old fashioned 5 million dollars insurance is no longer
good enough and a 10 millions dollar insurance or even 20
million is necessary.

THE KILLER PART!! If a disaster happens and someone dies
or your product starts a fire that burns down a shopping
centre or other major disaster and the fault occurred
because of a faulty design or formula (software bug??)
then you are NOT COVERED by your public and product
liability insurance. This is when you need professional
indemnity insurance. A friend of mine almost had a heart
attack when he checked his insurance and found out that
he did not seem to have professional indemnity insurance.
(he designs and manufactures his own products)

So far it seems that only GIO, NRMA and CGU seem to
offer the above types of insurance in Australia.
ABBI does not offer any insurance for electrical engineers
or anything else that has to do with electricity.

I would very much appreciate your views, experience, knowledge,
etc. and which insurance companies you deal with apart from the
above.

If only I knew all that is required to run a business 15 years
ago.....

Regards

John Samperi

******************************************************
                         Ampertronics Pty. Ltd.
   11 Brokenwood Place Baulkham Hills, NSW 2153 AUSTRALIA
          Tel. (02) 9674-6495       Fax (02) 9674-8745
                Email: samperi@ampertronics.com.au
                  Website  http://www.ampertronics.com.au
* Electronic Design   * Custom Products   * Contract Assembly
******************************************************