Anthony Bell’s insurance decoder

By Anthony Bell, Finance Expert

Insurance is crucial for financial peace of mind, but choosing insurance policies can be baffling. So we asked RESCU’s finance expert, Anthony Bell, to create this insurance ‘decoder’, which describes the top insurance products that women need to consider. With Anthony’s help, you’ll be an insurance expert in no time…

There are a number of insurance products that you and your business can consider, including:

  • Public Liability: provides you and your business with cover should you be found liable to a third party for death or injury, loss or damage of property or economic loss as a result of your negligence.
  • Workers Compensation: provides cover to workers and their employers due to a work related injury or disease. This insurance can even be required for sole working director entities.
  • Industrial Special Risks: can provide cover for loss or damage to buildings, plant and machinery, contents, stock, raw materials and the property of directors and employees. This insurance can also cover loss of profits, burglary, theft of money, accidental damage and glass breakage.
  • Income Protection: this insurance can pay a proportion of your salary if you are temporarily unable to work due to a sickness or injury.
  • Professional Indemnity: protects you from legal action taken for losses incurred as a result of your professional advice. It provides indemnity cover if your client suffers a loss that has occurred due to your negligent acts.
  • Directors and Officers Liability: is designed to protect the personal assets of directors and officers by providing indemnity for a loss due to a claim that has come about in the ordinary course of their duties.
  • Product Liability: if your business sells, supplies or even delivers goods, you may need this form of cover should the item fail and result in injury, death or damage to another person or business.
  • Death/Life Insurance: provides a payment to the beneficiaries under the policy upon your death. This payment can be used to payout any loans you may have.
  • Total and Permanent Disability: provides a payment if you are not able to work again in the future.
  • Business Expenses Protection: Pays wages, rent, fixed costs and other overheads for up to 12 months if you are unable to work.

All of these insurances can be tax deductible, however you need to speak to your accountant in order to understand the ramification of claiming the insurance premium as a tax deduction.

For more information about your finances or to make an appointment with a specialist from Bell Partners, go to

Congratulations to Bell Partners for winning the Business Weekly Review (BRW) Top 100 Accounting Firm for 2009, making that the seventh consecutive year running.

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