When Small Businesses Suddenly Need ISR Insurance

Our client had a small wholesale fashion business when they approached us for business insurance. They operated out of a warehouse space in Sydney and serviced clients Australia-wide. We originally provided them with a Business Pack that provided comprehensive all-in-one insurance for their business. It's a commonly accepted solution that if your business has asset values under $5 million, a business pack policy will work well as you can customise your policy from different risks. Our client needed all the usual insurance policies for their wholesale business, including building and contents, theft, public liability, glass, machinery breakdown, general property and business interruption. After a couple of years, our clients' business had expanded and they were operating out of a much bigger office and warehouse space, and they had opened their own retail stores throughout Australia. We re-evaluated their policy and issued them with an Industrial Special Risks (ISR) insurance policy. Why did they need this?

An ISR policy provides them with more competitive rates and broader cover to accommodate their larger exposure, including unspecified suppliers or customers premises in case their suppliers have an insurable claim which results in loss of revenue for our client. We designed the ISR for our particular client as they have multiple business locations. The ISR we issued them accommodates the growth of their business.

Typically, this type of insurance provides cover for high value assets over $5 million including property, buildings, materials and machinery, although minimum values do vary by insurer and different conditions can apply. An ISR policy is a more appropriate customised policy where high valued properties are concerned. ISR insurance is the broadest and most flexible property policy, and can protect your business or commercial property from incidents relating to loss or damage, loss of profits, burglary, accidental damage and mechanical breakdown. All businesses should have insurance to cover for unintentional and unexpected perils. At Macquarie Insurance Brokers Sydney, we help clients understand the specific policy wordings to ensure their business exposure to risks is minimized. To discuss your specific requirements contact Macquarie Insurance Brokers Sydney today.