Providing cover that's designed for motor trades and tyre retailers
Marsh Advantage Insurance is dedicated to servicing over 500 tyre retailers nationally including member groups, franchises and independents. That’s why we are the recommended broker to arrange insurance programs tailored for Tyrepower members.
Coming unstuck with unsatisfactory protection when driving customers’ vehicles? We can provide advice to arrange appropriate cover to address this serious and ongoing risk.
We understand that your Tyrepower agreement requires you to have $20 million in Public Liability cover
Public liability insurance for motor trades and tyre retailers provides coverage for loss or damage a third-party suffers, or claims to have suffered, as a result of business activities.
Automatic cyber cover already in place for Tyrepower members
The risk of a cyber breach is very real for any business that has embraced the digital age. Fortunately, the Tyrepower group has taken out cyber insurance on all Australian members' behalf. If you haven't already, download the CFC Cyber Incident Response app on the Apple Store or Google Play. Use the app to quickly and easily report a cyber incident and notify the insurer of a claim under your cyber policy.
Minimum recommended cover for Tyrepower members
In addition to public liability cover, selected business insurances can help you reduce losses associated with running your Tyrepower store:
- Property insurance covers the contents and equipment of your business from unexpected specified events such as accidental damage, theft, fire and other perils such as storm and can extend to include flood.
- There is more to protecting your business than simply insuring the physical assets. Business interruption insurance covers your business’ financial position, following a property loss, starting from the date of the loss and extending to when the turnover levels are back to its pre-loss level.
Emerging risks and trends for Tyrepower members to consider
- Driving customer vehicles. As part of your business, you will inevitably sit behind the wheel of a customer’s vehicle. Are you sufficiently covered for damage to a customer’s vehicle whilst you or one of your employees are driving? This is the most common claim submitted by members.
- During the normal course of repairing vehicles, unfortunately mistakes can happen, damage occurs and rectification of faulty workmanship is required. Fortunately, this is a risk you can insure against.
- Providing advice to customers on products and their installation or use? We can help you address the risk of errors and omissions as part of this customer service through a tailored insurance program.
- Tyrepower members must also adhere to stringent statutory requirements involving the use, maintenance and specifications of equipment and procedures (e.g. Work Health and Safety Regulations, building code, fire code, etc.). If you or one of your employees was to breach these requirements, regulatory bodies can impose fines and penalties in the hundreds of thousands of dollars. Statutory Liability Insurance provides cover for formal investigations by a regulatory body, government authority or professional institution, including any resulting civil fines and defence costs.
- Employees and former employees can sue your business for a raft of alleged acts such as claims of underpayment, unfair dismissal, discrimination, bullying and harassment. Employment Practices Liability Insurance provides cover for claims making these allegations.
For full details of the terms, conditions and exclusions of the covers, please refer to the Product Disclosure Statements (PDS) and policy wordings, which can be requested here.
Don't let your insurance program go flat!
Call the Tyre Retailers team now on 1300 307 563 or email us at firstname.lastname@example.org
Notices: When arranging Public & Products Liability insurance products, Marsh Advantage act under binding authority on behalf of certain underwriters at Lloyd’s of London and not on your behalf. Marsh makes no representation or warranty concerning the application of policy wordings or the financial condition or solvency of insurers or re-insurers. The Coverage Summary is prepared as a brief outline of the proposed cover. It is not a complete description of all the policy’s terms, conditions and exclusions which determine coverage for a claim. Any statements concerning legal matters are based solely on our experience as insurance brokers and risk consultants and are not to be relied upon as legal advice, for which you should consult your own professional advisors.