Tools and Equipment

Cover options available for accidental damage and breakdown

All covers purchased online are from the Business Insurance Pack

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Important Notice:

Our policy name and some section names are changing as below effective from 05 April 2021:

The above changes will not impact the extent of covers provided under your policy.

Tools and Equipment

The tools and equipment you rely on are important to run your business. We offer several cover options to help protect you against the unexpected.

Protect your general property

General Property

We know how important your tools and equipment are to your success, which is why we offer General Property cover.

TIO General Property cover offers worldwide protection for your property insured in the event of accidental damage and theft via a break in (unless otherwise noted on your schedule).

What cover options can I choose?

Unspecified items cover

Unspecified items include equipment such as tools of trade and general business property.
Individual unspecified items are covered up to $2,500, and cover for loss or damage to all unspecified items arising from any one event is limited to the sum insured (you can choose either $2,500, $5,000, $10,000 or $25,000).

Stock cover

When you purchase cover online, you can choose to cover $2,000, $3,000 or $5,000 worth of unspecified stock, or you can apply for more by calling us on 131 846.

Specified Items cover

With this cover, you can apply to insure items you specify for an agreed amount. This can include items such as mobile phones, computers and photographic equipment (of any value), other items (unless excluded – refer to the PDS) with a value greater than $2,500, as noted on your policy schedule.

Specified Items must be listed on your policy schedule.

Refer to the General Property Section of the PDS for further details. Cover is subject to the terms, conditions and exclusions listed in the PDS.

The above descriptions of cover apply to the Business Insurance Pack only. The Office Pack and Trades and Services Pack can contain different covers, limits and exclusions, and are not available for purchase online.

All cover purchased online is from the Business Insurance Pack.

Electronic Equipment

Electronic Equipment

Can you imagine working without technology? So much of what we do relies on electronics, which is why we offer optional cover for the cost to repair or replace your insured electronic equipment in the event of a breakdown. Cover is also provided for the cost of temporary hire of replacement equipment to help keep you up and running after an insured event.

Electronic Equipment cover is best suited to those who wish to insure computers or electronic equipment at their business premises against breakdown, but not for those looking to insure against accidental damage or loss. For damage or loss cover, please consider our General Property or Commercial Property cover options.

What can I insure?

Computers

You can insure all your office computers, as long as they weigh less than 5kg.

Other electronic equipment

The following electronic equipment is also covered for breakdown:

  • Electronic machines, devices or instruments used for research, diagnosis or medical treatment.
  • Telecommunication transmission and receiving equipment.
  • Lighting facilities, audio visual, amplification and surveillance equipment; and
  • Office machines.

Refer to the Electronic Equipment Section of the PDS for further details. Cover is subject to terms, conditions and exclusions listed in the PDS.

The above descriptions of cover apply to the Business Insurance Pack only. The Office Pack and Trades and Services Pack may contain different covers, limits and exclusions, and are not available for purchase online.

All cover purchased online is from the Business Insurance Pack.

Machinery breakdown

Machinery Breakdown

If your business relies on specific machinery to function, you may wish to purchase optional cover to repair or replace your machinery in the event of a breakdown. TIO also offers optional cover for loss caused by deterioration of stock as a result of the machinery breakdown. Machinery Breakdown can cover all machinery at your business premises, except for those items specifically excluded (which includes computers, communication equipment and audio visual items – refer to the PDS for conditions, limits and exclusions). If you would like to cover these excluded items, the Electronic Equipment Section could be an option.

What are my cover options?

You can apply to specify each item of machinery to provide breakdown cover up to the specified amount for that item.

Alternatively, you can choose not to specify your machinery. You can choose a level of cover for such unspecified machinery of either $10,000 or $20,000 for each breakdown. If you need a higher level of cover we can also assist you with this. This will mean that all your equipment is covered up to the amount selected, except for the items excluded or impacted in the PDS.

You can also ensure that your air conditioning units are covered by declaring the number of units that you have at your business premises.

Machinery Breakdown also provides a number of additional benefits including:
  • Removal of debris (up to $25,000 any one event)
  • Hire of temporary machinery, costs associated with temporary repairs, and the extra cost of expediting permanent repairs in relation to overtime and freight costs (sub-limits apply).
Higher-value machinery

If your business has items that fall outside the specified or unspecified cover amounts available, simply call us and we will do our best to help you.

Refer to the Machinery Breakdown Section of the PDS for further details. Cover is subject to terms, conditions and exclusions listed in the PDS.

The above descriptions of cover apply to the Business Insurance Pack only. The Office Pack and Trades and Services Pack can contain different covers, limits and exclusions, and are not available for purchase online.

All cover purchased online is from the Business Insurance Pack.

Any advice here does not take into account your objectives, financial situation or needs. Terms, conditions, limits and exclusions apply. Before making a decision please consider the relevant Product Disclosure Statement (PDS) / Policy Wording and Supplementary PDS (where applicable) which are available on this website.

We understand the unique conditions faced in the Territory

TIO is based in Darwin and our strength lies in our solid understanding of the conditions faced within the Territory year after year. Whether that be flood, cyclone or whatever else Mother Nature can throw our way.

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Trusted since 1979
TIO has been delivering a wide range of personal and business insurance products and services to Territorians for over 40 years.