Some additional benefits provided by the TLS QBE Insurance policy include:

• Public Liability is extended to one additional Business Centre situation or Office at no additional charge
• Increased benefits under Business Interruption for both Claims Preparation (Accountancy) Costs and the Increased Cost of Working
• A higher level of Money Cover at $10,000 as this is the standard we offer to TLS Association members
• A standard $20,000,000 Indemnity for Public Liability
• Increased levels of Damaged Stock under the Glass section
• A Financial benefit back to the TLS Association via a commission cede on the policy.

Do your business activities include:

• A Fee for Service component?
• Consulting on any of the following
  • Business Solutions?
  • Network Solutions?
  • Network Installations?
  • Ongoing Services and advice?
• You can be held liable for any financial loss arising from any acts, errors or omissions from your advice, service and recommendations. You do not even have to be “in the wrong”, it only requires an allegation of negligence on your part and you start having to input large amounts of both time and money to defend yourself.
• Austbrokers Countrywide are offering an exclusive Professional Indemnity Policy which can protect your business should this scenario arise.
• For a total payable of $1,040, Austbrokers Countrywide have arranged for a Professional Indemnity Insurance policy to cover your business via QBE Insurance. Subject to a satisfactorily completed proposal form.
• This pricing is well below the entry market price of approximately $1,800
• The policy covers you for any Civil Liability including Acts, Errors, Omissions, TPA or Copyright Breaches and Defamation to a limit of $1,000,000 in any one claim and $2,000,000 aggregated in a 12 month period.

TLS Working Example
An employee recommends and arranges for a commercial client to take out a 5GB monthly internet plan which has shaped speeds. Upon taking your advice and implementing this plan, the client who has a highly web-based business uses their limit very quickly and as a result suffers lost business from being unable to utilise their systems or function properly due to having their internet plan reduced to a lower speed. In this instance the client could opt to seek recovery for their lost business against you as a result of your negligent advice. It is important to note that the cost of the claim is not just the plan cost which may be trivial, but the consequential loss suffered by your client as a result which can be significant.

What the policy covers:

1. Directors and Officers Liability
   The Company or Directors personally, can be sued based on their conduct as business owners. These claims can come from investors, customers, suppliers, government regulators and/or competitors. Claims can arise out of breaches of the Trade Practices Act, anti competitive behaviour or other regulatory infringements. Allegations of trading whilst insolvent can potentially be a large exposure for Directors. ($1,000,000 cover).
    
2. Employment Practices Liability
   Employees and former employees can sue a firm, its board members and its officers for discrimination, harassment, and other illegal employment practices. ($1,000,000 cover)
    
3. Fidelity (Employee Fraud Cover)
   A trusted employee can embezzle funds, or commit fraud over a long period of time and this can include stock items not just money. ($150,000 cover).

PLEASE NOTE – The TLS Licensee must be able to demonstrate the following:

They incurred a direct financial loss
(the policy does NOT cover a loss purely incurred by Telstra who then want to recover that against the TLS Owner.)

The TLS Owner can demonstrate which employee committed the fraud
For example – staff fraud by making minor changes to customer names at point of contract to ensure customer passes Telstra credit checks – this is not covered by the policy as the staff fraud has not directly caused the TLS Licensee a financial loss. If staff fraud involves stealing stock or embezzling funds then the TLS Licensee has suffered a direct financial loss and can claim under the policy.

4. Statutory Liability
   A regulatory/Government body may impose a fine upon the company for breach of their statutory requirements such as an OH&S infringement ($250,000 cover)

We welcome your feedback, as we are working closely with insurers to build a competitive product to service the insurance needs of all Association members nationwide.