BC1

Is Business Liability The Same As Public Liability?

by blog

Deciding between public liability and business liability insurance, or choosing to have both, is a significant decision that impacts your business’s security. At Business Insurance Consulting, we strive to make this decision-making process as straightforward as possible.

Our insurance experts understand the specific challenges of various industries, from retail and hospitality to manufacturing and IT services. Each industry comes with its unique set of risks, and therefore, requires a tailored insurance approach.

We offer personalised consultations, taking into consideration your business size, industry, risk factors, and specific needs to provide insurance advice that’s best suited to your situation.

Public Liability Insurance

Public liability insurance covers the costs if someone sues your business for causing injury or property damage. But it’s not just about accidents on your premises. Public liability insurance also covers incidents that happen elsewhere, as long as they’re in connection with your business activities.

For example, suppose you’re a contractor and accidentally cause damage to a client’s property while at work, or you’re a retailer, and a customer injures themselves by tripping over your stock. In both cases, public liability insurance would provide protection by covering legal and compensation costs.

Business Liability Insurance

Business liability insurance has a broader coverage, including public liability and several other risks associated with running a business. The broader coverage is why it’s often the preferred choice for larger businesses or those with higher risk factors.

An important inclusion in business liability insurance is product liability. If your business designs, manufactures, or sells products, there’s always a chance of these products causing harm or damage. Product liability coverage protects against claims made in such instances.

Another key aspect of business liability insurance is the coverage of operational risks. Every business operation has its risks, and when these lead to third-party injury or damage, your business liability insurance will provide coverage.

Balancing the Two

Understanding these insurance types and the specific coverages they provide allows you to better safeguard your business. In many instances, businesses may find that a combination of both public and business liability insurance gives them the most comprehensive coverage.

For example, a manufacturing business may opt for business liability insurance for its comprehensive coverage, including product liability, but also choose to add a public liability policy to ensure they’re adequately covered for customer-related incidents on their premises.

Insurance is a critical aspect of risk management for any business. Having the right coverage not only provides financial protection but also contributes to the long-term sustainability of your business.

At Business Insurance Consulting, we are committed to providing our clients with the knowledge and tools they need to make informed decisions about their business insurance needs. Whether you’re a small start-up or a large corporation, understanding the difference between business liability and public liability insurance can be the first step towards better protecting your business.

In the end, it’s important to remember that insurance policies should be tailored to your business’s specific needs. No two businesses are the same, and therefore, their insurance needs will differ. At Business Insurance Consulting, we are here to help navigate these complexities, ensuring you have the right insurance coverage for your unique needs.

Case Studies for Better Understanding

To better understand the distinctions and applications of public and business liability insurance, let’s delve into some case studies.

Construction Company

A construction company runs high operational risks, especially concerning employee and third-party safety. In this case, business liability insurance offers broad coverage. It includes accidents on the construction site, damages due to construction activities, and potential faults in the buildings once handed over.

Retail Store

A retail store where customers are continuously present has high public interaction. Accidents like customers tripping over items or suffering from any mishaps within the store premises underline the necessity of public liability insurance. However, if the store also sells products of its own, a business liability policy covering product liability becomes crucial.

IT Company

An IT company offering software solutions has different liability considerations. While public liability might be lower, the business might still need business liability insurance for cases like a software glitch causing client business interruption.

Understanding the Premiums

One crucial aspect to consider while choosing between public and business liability insurance is the premium cost. Premiums for these insurances depend on several factors:

Business Nature: High-risk businesses, like construction or manufacturing companies, often have higher premiums.

Business Size: More extensive operations typically mean higher risk, translating into higher premiums.

Claim History: Businesses with a history of frequent insurance claims may face higher premiums.

Coverage Amount: Higher coverage limits lead to higher premiums.

Our team at Business Insurance Consulting guides clients to find the right balance between premium costs and coverage needs.

While business liability and public liability insurances are different, both are essential in protecting your business against unforeseen risks. The right insurance coverage helps in safeguarding your business assets, providing medical care for injured parties, and covering legal costs. It’s a small price to pay for peace of mind and business sustainability.
At Business Insurance Consulting, we prioritise educating our clients about different insurance types, enabling them to make informed decisions. We’re here to guide you through the complex insurance landscape, ensuring that your business is comprehensively covered against all potential risks.

BC2

What insurance do I need for my business?

by blog

Navigating the complex world of business insurance can be daunting. As a business owner, you want to focus on growing your business, not spending hours deciphering insurance jargon. 

That’s where Business Insurance Consulting comes in. Our aim is to make the process of choosing and managing your business insurance as straightforward and hassle-free as possible.

Understanding the Importance of Business Insurance

Insurance is a crucial part of any business. It protects your business against unforeseen circumstances, from natural disasters and theft to legal liabilities. Not having the right insurance in place could potentially lead to financial ruin, and could even spell the end for your business.

Choosing the right insurance for your business can be a complex process. The type of insurance you need depends on the nature of your business, its size, location, and many other factors.

The Different Types of Business Insurance

At Business Insurance Consulting, we offer a range of insurance services that cater to different business needs. Here are a few of the key types of insurance we can help you with:

Professional Indemnity Insurance: This insurance covers professionals against legal costs and claims for damages to third parties as a result of an act, omission or breach of professional duty in the course of your business.

Public Liability Insurance: This insurance covers you and your business for damages to third parties on your premises or as a result of your business activities.

Product Liability Insurance: This insurance protects your business against claims of personal injury or property damage caused by products your business has sold, supplied or delivered.

Management Liability Insurance: Management Liability Insurance covers directors and officers for claims made against them personally for wrongful acts in the management of the company.

Cyber Insurance: Cyber insurance covers your business for financial loss resulting from a cyber event such as a data breach or network security failure.

Which Insurance Do I Need For My Business?

Determining what type of insurance your business needs can be challenging. Different businesses have different risks, and therefore require different types of insurance.

A business that provides professional advice, such as a consultancy or a law firm, would benefit from Professional Indemnity Insurance. This type of insurance protects against claims for negligence or breaches of duty, which could arise if a client is not satisfied with the advice or service they have received.

Retail businesses, on the other hand, may require Product Liability Insurance to protect against claims if a product they sell causes harm or damage. Additionally, Public Liability Insurance is crucial to cover incidents that happen in the store, such as a customer tripping and injuring themselves.

Online businesses or businesses that handle sensitive customer data, such as financial information, should strongly consider Cyber Insurance. With the increasing prevalence of cybercrime, this type of insurance has become increasingly important.

Understanding Compliance in Insurance

Insurance isn’t just about managing risks – it’s also about ensuring compliance. In many industries, certain types of insurance are required by law, and failing to have these could lead to hefty fines or even the closure of your business. At Business Insurance Consulting, we understand the ins and outs of these regulations and can guide your business towards compliance.

For example, Workers’ Compensation Insurance is a statutory requirement if you have employees. It provides protection to workers in the event of an injury or disease contracted in the course of their employment.

Meanwhile, in specific professional fields, carrying Professional Indemnity Insurance is a regulatory requirement. For example, solicitors, accountants, architects, and financial advisors must have this coverage in place to operate legally.

Insurance and Financial Health

On the financial side, insurance is not merely an expense. It’s an investment in the sustainability of your enterprise. By providing a safety net, it shields your financial health from unpredictable, potentially large expenses that could occur due to a covered event.

For instance, Management Liability Insurance safeguards your personal and company assets against the potential financial fallout from allegations of mismanagement, statutory fines and penalties, employment practices breaches, and more.

Moreover, the cost of dealing with a data breach or cyber attack can be crippling for a business. Cyber Insurance mitigates this financial risk, covering loss of revenue due to business interruption, data recovery costs, crisis management costs, and even ransom payments demanded by cybercriminals.

Taking a Proactive Stance

Insurance should be seen as part of a proactive approach to risk management, rather than a reactive measure. Regular insurance reviews ensure your coverages keep pace with the evolution of your business and changing regulations.

As your business grows, your insurance needs will change. The policy that protected you when you were a startup may not be sufficient as you expand your operations, take on more staff, or move into new markets. Regular reviews with a professional like Business Insurance Consulting ensure you’re not only financially compliant but adequately protected against evolving risks.

Tailoring Your Business Insurance With Business Insurance Consulting

At Business Insurance Consulting, we believe in providing tailored insurance solutions. We understand that every business is unique, and therefore has unique insurance needs. Our experienced team will take the time to understand your business and its specific risks, and guide you through the process of choosing the right insurance for your business.

We’re also here to help you manage your insurance policies, and navigate the claims process should you ever need to make a claim. Our goal is to make business insurance simple and hassle-free, so you can focus on what you do best – running your business.

Choosing the right insurance for your business is crucial for its survival and growth. Don’t leave it to chance – speak to the experts at Business Insurance Consulting today.

BC1

Is business liability the same as public liability?

by blog

Deciding between public liability and business liability insurance, or choosing to have both, is a significant decision that impacts your business’s security. At Business Insurance Consulting, we strive to make this decision-making process as straightforward as possible.

Our insurance experts understand the specific challenges of various industries, from retail and hospitality to manufacturing and IT services. Each industry comes with its unique set of risks, and therefore, requires a tailored insurance approach.

We offer personalised consultations, taking into consideration your business size, industry, risk factors, and specific needs to provide insurance advice that’s best suited to your situation.

Public Liability Insurance

Public liability insurance covers the costs if someone sues your business for causing injury or property damage. But it’s not just about accidents on your premises. Public liability insurance also covers incidents that happen elsewhere, as long as they’re in connection with your business activities.

For example, suppose you’re a contractor and accidentally cause damage to a client’s property while at work, or you’re a retailer, and a customer injures themselves by tripping over your stock. In both cases, public liability insurance would provide protection by covering legal and compensation costs.

Business Liability Insurance

Business liability insurance has a broader coverage, including public liability and several other risks associated with running a business. The broader coverage is why it’s often the preferred choice for larger businesses or those with higher risk factors.

An important inclusion in business liability insurance is product liability. If your business designs, manufactures, or sells products, there’s always a chance of these products causing harm or damage. Product liability coverage protects against claims made in such instances.

Another key aspect of business liability insurance is the coverage of operational risks. Every business operation has its risks, and when these lead to third-party injury or damage, your business liability insurance will provide coverage.

Balancing the Two

Understanding these insurance types and the specific coverages they provide allows you to better safeguard your business. In many instances, businesses may find that a combination of both public and business liability insurance gives them the most comprehensive coverage.

For example, a manufacturing business may opt for business liability insurance for its comprehensive coverage, including product liability, but also choose to add a public liability policy to ensure they’re adequately covered for customer-related incidents on their premises.

Insurance is a critical aspect of risk management for any business. Having the right coverage not only provides financial protection but also contributes to the long-term sustainability of your business.

At Business Insurance Consulting, we are committed to providing our clients with the knowledge and tools they need to make informed decisions about their business insurance needs. Whether you’re a small start-up or a large corporation, understanding the difference between business liability and public liability insurance can be the first step towards better protecting your business.

In the end, it’s important to remember that insurance policies should be tailored to your business’s specific needs. No two businesses are the same, and therefore, their insurance needs will differ. At Business Insurance Consulting, we are here to help navigate these complexities, ensuring you have the right insurance coverage for your unique needs.

Case Studies for Better Understanding

To better understand the distinctions and applications of public and business liability insurance, let’s delve into some case studies.

Construction Company

A construction company runs high operational risks, especially concerning employee and third-party safety. In this case, business liability insurance offers broad coverage. It includes accidents on the construction site, damages due to construction activities, and potential faults in the buildings once handed over.

Retail Store

A retail store where customers are continuously present has high public interaction. Accidents like customers tripping over items or suffering from any mishaps within the store premises underline the necessity of public liability insurance. However, if the store also sells products of its own, a business liability policy covering product liability becomes crucial.

IT Company

An IT company offering software solutions has different liability considerations. While public liability might be lower, the business might still need business liability insurance for cases like a software glitch causing client business interruption.

Understanding the Premiums

One crucial aspect to consider while choosing between public and business liability insurance is the premium cost. Premiums for these insurances depend on several factors:

Business Nature: High-risk businesses, like construction or manufacturing companies, often have higher premiums.

Business Size: More extensive operations typically mean higher risk, translating into higher premiums.

Claim History: Businesses with a history of frequent insurance claims may face higher premiums.

Coverage Amount: Higher coverage limits lead to higher premiums.

Our team at Business Insurance Consulting guides clients to find the right balance between premium costs and coverage needs.

While business liability and public liability insurances are different, both are essential in protecting your business against unforeseen risks. The right insurance coverage helps in safeguarding your business assets, providing medical care for injured parties, and covering legal costs. It’s a small price to pay for peace of mind and business sustainability.
At Business Insurance Consulting, we prioritise educating our clients about different insurance types, enabling them to make informed decisions. We’re here to guide you through the complex insurance landscape, ensuring that your business is comprehensively covered against all potential risks.

BC2

Do ABN holders need insurance?

by blogBusiness

In the bustling world of entrepreneurship, you’ve taken the first crucial step and registered for an Australian Business Number (ABN). Your business idea is finally in motion, a dream now tangibly within reach. 

But amidst the whirlwind of launching your venture, there’s a critical question you need to ask: Do ABN holders need insurance?

The straightforward answer is yes. However, the ‘why’ is an intricate tapestry woven with legislative requirements, risk management, and safeguarding your financial future. Here at Business Insurance Consulting, the Best Consulting Insurance Company, we’ll unravel that tapestry for you.

Understanding The Insurance Landscape for ABN Holders

Firstly, it’s crucial to grasp that holding an ABN changes the game. Suddenly, you’re no longer an individual, but a business entity, stepping onto a platform where the risks are higher and the fall can be harder. This shift brings about certain legal and financial responsibilities, one of which is insurance.

In Australia, some types of insurance are compulsory for businesses. For instance, if you have employees, you’re obligated by law to take out Workers’ Compensation Insurance. Professional Indemnity Insurance is mandated in certain professions like legal services or financial advice.

However, the necessity of insurance for ABN holders isn’t solely about legal compliance. It’s about making your business resilient, capable of weathering storms and emerging stronger.

Why ABN Holders Need Insurance: Real-Life Scenarios

Imagine you’re an IT consultant with an ABN, offering your expert services to businesses. You’ve worked on a project for months, dedicating countless hours to develop a customised software system for a client. But then, something goes wrong. 

The software crashes, leading to a significant loss for your client. The next thing you know, you’re slapped with a lawsuit for professional negligence.

In such a scenario, Professional Indemnity Insurance would cover the legal costs and potential damages, protecting both your business and personal assets. Without this insurance, you could face financial ruin, wiping out years of hard work.

Or consider you’re a retailer with a bricks-and-mortar store. A customer trips over a misplaced item and sustains a severe injury. 

As the business owner, you are liable for any injuries that occur on your premises. Public Liability Insurance would cover the ensuing medical expenses and legal costs, preventing a serious financial blow to your business.

Insurance: A Safety Net for ABN Holders

Running a business is akin to sailing in unpredictable waters. At times, you’ll enjoy smooth sailing under clear skies. But storms can rise suddenly, whipping up tumultuous waves that threaten to overturn your vessel. Insurance serves as the life raft that keeps your business afloat during these challenging times.

Insurance is not a grudge purchase, but a shield that protects your business, your livelihood, and your dreams. It provides a buffer against the unexpected, offering peace of mind that you can weather the storms and sail towards success.

At Business Insurance Consulting, we understand the unique needs and risks associated with holding an ABN. We are here to guide you through the complex maze of insurance, ensuring you have the right coverage for your business.

Your Insurance Journey with Business Insurance Consulting

As the best consulting insurance company, we don’t merely provide insurance – we create tailored insurance strategies that fit your business like a glove. We take the time to understand your business, identifying potential risks and providing comprehensive coverage solutions that ensure your business is prepared for whatever comes its way.

ABN holders, don’t leave your business exposed to the perils of unforeseen events. Contact Business Insurance Consulting today, and let us safeguard your business with tailored, comprehensive insurance solutions.

Dive into the Depths of our Services at Business Insurance Consulting

At Business Insurance Consulting, we cater to a diverse range of business needs. Our array of services forms a broad spectrum designed to provide holistic protection to your business.

Professional Indemnity Insurance: Professional advice is invaluable, but what happens when it goes awry? Our Professional Indemnity Insurance offers a safety net for professionals whose advice or services could lead to a client’s financial loss.

Public and Product Liability Insurance: Whether it’s an unfortunate incident at your premises or an unexpected fault in your product causing harm, our Public and Product Liability Insurance provides you the assurance you need to continue operations fearlessly.

Management Liability Insurance: Managing a company comes with its unique set of risks. Our Management Liability Insurance protects you from claims that may arise from the decisions and actions taken within the scope of regular business operations.

Cyber Insurance: In an age where business and technology are intricately linked, cyber threats are a rising concern. Our Cyber Insurance protects your business from the potentially devastating impacts of cyber-attacks and data breaches.

Broadening the Horizon: Expanding on Real-life Scenarios

Let’s paint a more detailed picture with extended real-life scenarios.

Imagine a manufacturing company that produces a line of toys. Despite stringent quality checks, a defective toy that poses a choking hazard slips through. Unfortunately, a child chokes on a small part, leading to a public outrage and a lawsuit. This is where Public and Product Liability Insurance steps in, covering legal costs and potential damages.

To delve into Management Liability Insurance, consider a scenario involving a company’s board of directors. They make a decision that, while well-intentioned, leads to financial losses. The shareholders could sue the directors for breach of fiduciary duty. In this case, Management Liability Insurance can help protect the directors and the company’s finances.

For Cyber Insurance, envision a small online retailer. Despite maintaining an efficient and secure e-commerce site, they fall victim to a cyberattack. Customer data is compromised, and their reputation takes a hit. Cyber Insurance can help mitigate the costs associated with the breach, including legal fees, notification costs, and even PR efforts to restore reputation.

Safeguard Your Business with Business Insurance Consulting

In the unpredictable realm of business, the only constant is risk. However, you can convert these risks into calculated ones with the right insurance. Don’t allow unforeseen incidents to take the wind out of your sails. Equip your business with robust, tailored insurance solutions from Business Insurance Consulting, the Best Consulting Insurance Company. 

With our comprehensive range of services, you can operate your business confidently, knowing you’re protected against unexpected storms.

BC1

What insurances will you need to purchase to minimise risk to your business?

by blog

As a business owner, it’s crucial to understand that the entrepreneurial world is fraught with risks and uncertainties. An unforeseen incident can significantly impact your business operations and, in extreme scenarios, threaten your business’s very survival. This is where the role of the right insurance becomes paramount, providing a safety net for your business. 

At Business Insurance Consulting, our comprehensive business consulting services aim to guide you towards insurance solutions best suited to your specific business risks.

Understanding the Nature and Scope of Risks

Before we delve into the details of the insurance covers you should consider, it’s essential to comprehend the array of risks your business might face. These risks could be directly related to your industry, the nature and size of your business, and the regulatory environment you operate within.

Risks can range from financial loss due to faulty advice or services, potential data breaches, lawsuits from employees or third parties, damage to property, or even interruptions in business due to unforeseen circumstances.

Mitigating Risks with Tailored Insurance Solutions

At Business Insurance Consulting, we offer an extensive array of insurance solutions that cater to a broad spectrum of business risks. Let’s take a look at these:

Professional Indemnity Insurance

If you are in the business of providing professional advice or services, you can be held liable if a client suffers a loss due to your advice. Professional Indemnity Insurance covers the cost of legal defence and potential compensation to the client, thus protecting your financial stability.

Public and Products Liability Insurance

Regardless of whether you operate a retail store or a manufacturing unit, incidents that cause injury or damage to a third party could occur. Public and Products Liability Insurance protects your business against claims resulting from injuries or damage to property caused by your business operations or products.

Management Liability Insurance

This type of insurance protects the directors and officers of your company against legal obligations arising from mismanagement. It covers the cost of legal defence, potential fines, and penalties, thus safeguarding both the individual’s and the company’s assets.

Cyber Insurance

In the modern digital era, cyber threats pose a significant risk to businesses of all sizes. Cyber Insurance covers the financial losses related to data breaches or cyber attacks, offering a lifeline in the face of a crisis.

Business Interruption Insurance

This insurance is critical for maintaining cash flow if your business operations are interrupted due to a covered event, such as a fire or natural disaster. It compensates for lost income and covers operating expenses during the period of interruption.

Workers Compensation Insurance

This is a mandatory requirement in Australia, providing protection for employees who become ill or injured due to their work.

Directors and Officers Liability Insurance

The directors and officers of your business may become targets for lawsuits due to their decisions that affect the company. This insurance protects them against losses from such lawsuits and related legal expenses.

Choosing the Right Business Insurance Consulting Services

Choosing the right insurance consulting service is just as crucial as the insurance policies themselves. It’s essential to work with an insurance consulting service like Business Insurance Consulting that truly understands your unique business needs and associated risks. 

Our team of experts will work closely with you to identify potential risks and tailor insurance solutions to mitigate them effectively.

Mitigating Risk and Securing Your Business Future

The importance of having the right insurance in place cannot be overstated. It forms a critical part of your risk management strategy and plays a key role in ensuring the sustainability and success of your business. 

At Business Insurance Consulting, our commitment to helping you minimise risk through our comprehensive Business Consulting Services is unwavering. Remember, the success of your business doesn’t just rely on how well you can maximise profit, but also on how effectively you can minimise the risk.

Motor Insurance in Australia

Motor Insurance in Australia: Protecting your Vehicle

by with No Comment blog

Motor insurance is an important consideration for anyone who owns and drives a vehicle. 

Whether you’ve just bought your first car, or own more than one, getting the right kind of coverage can provide you with the peace of mind that comes from knowing should any mishaps occur on the road – whether large or small – you have some protection in place to cover costs. 

But when it comes to understanding motor insurance in Australia, it’s easy to feel overwhelmed by all the different options available and not sure which policy might suit your needs best. 

That’s why we’ve put together this helpful guide on motor insurance in Australia so that you can learn about what it covers, the types of policies offered by insurers, and how to find the best policy for your needs.

What is Motor Insurance and why it’s important in Australia

Motor insurance is one of those things that we all hope we never really need to use, but can provide peace of mind if we do. Vrooming around Australia’s extensive road network is one of life’s little pleasures, but it’s important to consider the risks that come with it. 

Motor insurance is a form of protection that covers you against financial loss in the event of an accident or theft. 

It’s like having a safety net in place that can help you afford repairs or a replacement vehicle. Without it, the financial burden of repairing or replacing your (or someone else’s) vehicle could be significant. 

This is why motor insurance is an important consideration for all drivers in Australia. Not only does it help you avoid unexpected costs, but it can also give you the confidence to hit the open road with peace of mind.

Types of motor insurance available

Motor insurance is a crucial aspect of owning a vehicle. Not only does it provide you with financial protection in the event of an accident, but it is also required by law. But with so many types of motor insurance available, how do you know which one is right for you? 

There’s basic compulsory third-party (CTP) insurance – this is the minimum legal requirement in Australia – which covers damage to other people’s property but not your own. 

Then there’s third-party, fire, and theft insurance, which, as the name suggests, this type of car insurance covers your car if it is stolen or damaged by fire, in addition to third-party damages. 

Finally, there’s comprehensive car insurance, which is the most extensive coverage available and can include:

  • Replacement of a lost or stolen vehicle
  • Cover to help pay for the damage you’ve caused to another person’s vehicle
  • Cover for the cost of a rental car if your car needs repairing or gets stolen
  • A replacement of the same make and model for new cars that are written off within three years
  • Legal liability cover
  • Re-keying or re-coding of vehicle keys that are stolen.

No matter which type of motor vehicle insurance you choose, make sure it meets your needs and budget.

Comparing premiums and coverage offered

When it comes to choosing car insurance, it’s important to compare the premiums and coverage options offered by different providers. While the cost of your insurance is a crucial factor, it’s also essential to consider the level of coverage you’ll receive in case of an accident. 

Some insurance policies may offer a lower premium, but this could mean sacrificing coverage in key areas. For example, a cheaper policy might not provide adequate coverage for theft, personal injury or damage to your vehicle. Whereas, a more comprehensive policy might offer greater coverage, but at a higher cost. 

The key is to find a balance between the cost of your insurance and the level of coverage you require. So, before you hit the road, do your research and compare different motor insurance policies to find the one that’s right for you. 

When comparing policies, it can be a good idea to talk to experienced insurance consultants to ensure you really are getting the best policy for your needs for the best price.

Benefits of having motor insurance

We all experience those moments on the road where we wish we could hit the brakes, turn back time and avoid the inevitable. Unfortunately, accidents happen and that is precisely why having motor insurance is crucial. It is a small investment that can make a big difference in the event of an accident. 

With motor insurance, you are not just protecting yourself financially, but also ensuring the safety of other road users. In addition, some insurance policies offer additional benefits such as roadside assistance, car rentals or even coverage for damage caused by natural disasters. 

Knowing that you are covered gives you peace of mind and allows you to focus on more important things, like enjoying the open road. So next time you get behind the wheel, make sure to have motor insurance – it’s a small price to pay for the peace of mind and protection it provides.

Tips for choosing the best plan for your needs

Choosing the best plan can be daunting, but fear not! With a little bit of research and some careful consideration, you can find a plan that fits your needs like a glove. 

First, determine your priorities. Do you need more data or more talk time? Are you willing to sacrifice speed for a cheaper plan? It’s important to be honest with yourself about what you need and what you can afford. 

Next, shop around! Don’t just settle for the first plan you see. Check out different carriers and what they offer. Read reviews, compare prices, and don’t be afraid to ask questions. 

Lastly, don’t forget to think ahead. Consider if your needs might change in the near future and if the plan you choose will still meet those needs. With these tips, you’ll be on your way to finding the perfect plan for you.

Common situations where motor insurance can help you

Picture this: you’re cruising down the highway on your way to work, bopping to your favourite tunes and daydreaming about that upcoming vacation. Suddenly, out of nowhere, a reckless driver slams right into the back of your car. In this scary and unpredictable situation, it’s important to have motor insurance on your side. 

A good policy can help cover the costs of the damage, medical bills, and any other expenses that arise as a result of the accident. 

But that’s not the only situation where motor insurance can come in handy. From theft to accidental damage, there are a multitude of scenarios where having comprehensive coverage can give you peace of mind and protect you financially. 

So, next time you hit the road, remember the importance of having reliable motor insurance at your fingertips.

Protect yourself and your car

In conclusion, motor insurance is an important necessity for those living in Australia. 

With the different types of cover available, finding a plan that fits your lifestyle and budget can be overwhelming. By taking into account your circumstances, understanding the benefits of motor insurance, comparing reliable providers and premiums, and following our tips – you’ll be able to choose the best package for you. 

Motor insurance can provide protection in all kinds of situations; so it’s worth investing your time and energy into finding the right coverage at an affordable rate. 

At Business Insurance Consulting we can help ensure your car is protected by offering advice on competitive policies, helping you make informed decisions when selecting motor insurance options. Don’t leave yourself exposed – contact us today!

Credits

Business Insurance Consulting – https://businessinsuranceconsulting.com.au/motor-insurance-at-a-glance/

Steadfast – https://www.steadfast.com.au/insurance-types/personal-insurance/motor-insurance

Farm Insurance in Australia

Farm Insurance in Australia Made Easy

by with No Comment blog

Farms and small business owners in Australia know that farm insurance is important – not only to keep their operations running smoothly, but also to protect their livelihoods. Unfortunately, many don’t understand all the options available or know how to go about getting the right coverage.

To help you navigate the complex world of farm insurance in Australia, here’s a comprehensive guide with practical tips and advice for farmers to help protect your business and livelihood. 

We will cover what type of coverage you need for your specific situation as well as legal considerations that come along with it. Come take a journey through Farm Insurance 101 – easy peasy!

Understanding the basics of farm insurance in Australia

Australia has a rich agricultural sector, one that supplies the world with various food products. While farming is a rewarding venture, it is also inherently unpredictable and subject to various risks. 

This is where farm insurance cover comes in handy. Farm insurance is a type of policy that protects farmers and their property from financial loss resulting from any unforeseen events, such as natural disasters or theft. 

As a farmer, understanding the basics of farm insurance is essential in safeguarding your livelihood. It can be a daunting task, but breaking it down into smaller, more manageable chunks can make it much more accessible. 

By doing so, you’ll have peace of mind knowing that you’re covered should anything go wrong on your farm.

What types of cover do you need for your farm or rural property

Your farm or rural property is not just a home, it’s an investment that needs protection. Whether you’re a farmer or a hobbyist, it is important to have the right types of cover to ensure that you are protected in case of any unforeseen events. 

From livestock to crops, your farm is filled with assets that could be damaged or stolen. That’s why having a comprehensive protection plan is crucial to keeping your livelihood secure. The types of cover that you need will depend on your specific needs and circumstances. 

The types of cover can include: home property, farm property, public and products liability, accident and sickness cover, livestock, and machinery breakdown. With a comprehensive Steadfast Farm Insurance policy you will be covered for all of these.

It is always wise to consult an insurance consultant who can guide you through the process and help tailor a plan that is uniquely suited to your farm or rural property. With the right protection in place, you can have peace of mind and focus on growing your farm for years to come.

How to choose the right insurance policy

As a farmer, protecting your livelihood with the right insurance policy is crucial. With so many options out there, it can be overwhelming to find the policy that fits your unique needs. But fear not, there are a few key factors to keep in mind when choosing the right policy. 

First, consider the type of farming operation you run and the potential risks involved. From crop damage to equipment malfunction, different policies will offer varying levels of coverage. Next, evaluate your budget and choose a policy that not only fits your needs, but also your financial means. 

Lastly, don’t hesitate to ask questions and seek advice from professionals in the industry. By taking these steps and doing your due diligence, you can feel confident in the insurance policy you choose and focus on what truly matters – growing your farm.

Tips to help make sure you get the right coverage at the best price

Farming isn’t just a business, it’s a way of life. And just like any other aspect of life, it pays to have the right protection in place. But how do you ensure that you’re getting the right coverage at a price that works for you? 

The first step is to assess your needs. Once you’ve determined your coverage requirements, it’s time to shop around. Meeting with insurance consultants can help you compare policies and find the best deal for your needs with a tailored insurance policy. 

And be sure to ask about bundling policies or implementing safety measures on your farm. With these tips, you’ll be well on your way to finding the perfect farm insurance coverage at a price that works for you.

Benefits of getting farm insurance in Australia

If you own a farm in Australia, then you know just how difficult it can be to maintain a steady income from year to year. With unpredictable weather patterns and expensive, well-used machinery, it can be challenging to keep your finances in order. 

But there’s good news: getting farm insurance can help enhance your financial stability and give you peace of mind. With coverage for risks like crop losses, livestock injury or death, and machinery damage, you’ll no longer have to worry about unexpected expenses destroying your budget. 

Additionally, some insurance policies can also provide protection for public liability and employee injury claims. In short, investing in farm insurance is a proactive and practical step towards protecting your livelihood, your family and your farm.

Invest in farm insurance in Australia and protect your livelihood

In conclusion, farm insurance in Australia is a must-have for any farmer or rural property owner. Not only does it protect you financially in the case of an unexpected event, but also gives you peace of mind knowing that you are covered and your livelihood will remain intact. 

Whether you’re a novice or experienced in farm insurance shopping, understanding the basics, the type of cover needed, choosing the right policy, finding great deals and weighing up the key factors will help ensure that you get the best coverage at a competitive price. 

By ensuring all these things are considered when looking for farm insurance policies, it will provide farmers with fantastic protection and give them greater flexibility in their farming operations so they can take advantage of the incredible benefits of farm insurance in Australia! 

If you need guidance while shopping around for the perfect policy our experienced team at Business Insurance Consulting can help.

Credits

Business Insurance Consulting – https://businessinsuranceconsulting.com.au/farm-insurance-at-a-glance/

Steadfast – https://www.steadfast.com.au/insurance-types/business-insurance/farm-insurance 

Cyber Protection Insurance in Australia

Cyber Protection Insurance in Australia: Why You Need It

by with No Comment blog

Did you know that cyber protection insurance in Australia is one of the best ways to keep yourself protected?

As a business owner, it is important to protect yourself and your company against the ever-evolving digital risks posed by cybercriminals.

Cyber protection insurance covers claims related to data breaches, extortion attempts through ransomware, as well as other cyber threats –  making it an incredibly beneficial policy for Australian businesses.

Let’s take a closer look at why this type of insurance may be just what your business needs in today’s uncertain cyberspace.

What is Cyber Protection Insurance and How Does it Work in Australia

Diving into the digital world comes with a fair share of risks, and sometimes the waves of cyber threats can leave us feeling overwhelmed.

Fear not, friends! We have a solution to ease your worries: Cyber Protection Insurance.

This nifty safeguard works wonders in the realm of interweb insecurities, providing a digital shield for organisations across Australia.

So, how does it work, you ask? Picture an effective team of tech wizards and legal maestros who swoop in when cyberattacks arise, providing financial support and expert services to help repair damages caused by these virtual mishaps.

From data breaches to phishing scams, Australian cyber protection insurance has got your back, helping to keep the digital world a safer place for businesses and individuals alike.

So why not consider getting onboard, and keep those cyber-villains at bay with the ultimate digital lifebuoy!

Common Threats

In today’s fast-paced world, it’s important to be aware of the common threats lurking around, waiting to catch you off guard. 

But don’t worry, we’re here to help you navigate these potential hazards with a friendly and engaging approach.

One major threat you could fall victim to is cybercrime. Cyber criminals are getting smarter by the day, always coming up with creative ways to steal your personal information or take control of your devices.

Another concern is the risk of falling for scams, such as fake investment opportunities or being lured into providing sensitive information through phishing.

Plus, as we become increasingly dependent on technology, there’s a higher possibility of falling prey to accidents caused by distractions or improper use of devices.

The key is staying alert, informed, and vigilant – and with our helpful guidance, you’ll be better equipped to face these threats with confidence. And protect your business with strengthened cyber security and insurance.

Benefits of Investing in Cyber Protection Insurance

In today’s digital age, investing in cyber protection insurance is a smart move for every business owner.

Not only does it offer peace of mind but it also provides valuable safeguards, ensuring your intellectual property, data and critical operations remain safe from cyber threats.

Imagine the relief when a cyber security breach occurs, and you know you have an insurance policy in place to help mitigate financial losses and assist with recovery processes.

Furthermore, cyber protection insurance often includes access to expert guidance and resources in order to bolster security and defence against rapidly evolving cyber risks.

So, why wait? Investing in this invaluable insurance is a step towards future-proofing your business and maintaining reputational trust with your customers. It’s time to protect your digital world, creatively and effectively.

How to Choose the Right Coverage for Your Business

As a business owner, choosing the right coverage for your enterprise can feel like a daunting task, but you don’t need to be fearful. With a few helpful tips and a touch of creativity, you can ensure your business stays protected and thrives.

Begin by assessing your unique needs – consider factors like physical assets, types of services offered, and the size of your workforce. Research various insurance providers and compare their offerings, keeping an eye out for those that cater to your specific industry.

Don’t be afraid to ask for recommendations from fellow entrepreneurs or seek professional advice – after all, a friendly nudge in the right direction can make all the difference.

Remember, choosing the right coverage is an investment in your business’s future, so take your time and select the package that will give you the peace of mind to let your entrepreneurial spirit soar!

Tips on Keeping Your Data Secure and Avoiding Risks

Keeping your data secure and avoiding risks is more important than ever. With a few simple steps, you can create a digital fortress to protect your personal information and maintain your online privacy.

Start by creating strong, unique passwords for different accounts and enable multi-factor authentication wherever possible. Keep your software and operating systems up to date, as regular updates often come with crucial security patches.

Another simple, yet effective tactic is being wary of phishing attempts – make sure to scrutinise emails and messages before clicking on any links.

Lastly, don’t forget to regularly back up your data in case of accidental loss or a malware attack, and when logging onto public Wi-Fi networks, use a reliable virtual private network (VPN) to keep your data encrypted and safe from potential eavesdroppers.

With these tips in hand, you’ll be well on your way to maintaining a secure digital presence, and you’ll be able to sleep better at night knowing that your personal information is safe from cybercriminals, cyber events, and cyber extortion.

Protect Your Cyber Security

The impacts of cyber-attacks can be devastating for businesses and it is vital to protect your data in a digital age. Cyber liability insurance can cover an array of costs associated with a breach, cybersecurity incident or litigation related to data loss.

You don’t want to be caught off guard and the most effective way to make sure you are ready if one occurs is to invest in cyber protection insurance before you are vulnerable.

With the benefits of covering incidents from all levels, from compliance and legal costs, crisis management and customer compensation, there is no doubt investing in cyber protection insurance can help protect and streamline your business against any potential attack. 

After all, data is often seen as akin to money – so it only makes sense that you want to make sure your assets are adequately covered. Plus, by keeping an eye on potential threats posed by malicious actors out there aiming to take advantage of any vulnerabilities that may exist in your system, staying alert can help you stay ahead and mitigate potential risks before they occur. 

At Business Insurance Consulting we can help ensure your business is protected so that even if the worst happens you remain secure at all times. So contact us now to purchase cyber security insurance coverage tailored just for you!

Landlord Insurance Australia

Landlord Insurance Australia: Protect Your Investment

by with No Comment blog

In this blog post, we’ll provide you with an overview of why landlord insurance in Australia can be beneficial when it comes to protecting your investment property.

Are you a landlord or property manager looking for more peace of mind when it comes to protecting your investment?

Whether you’re a new startup or an experienced real estate investor, having the right kind of insurance in place is essential for safeguarding your asset and ensuring long-term success.

At Business Insurance Consulting, we understand how important it is that landlords protect their investments with the right policy – and we want to help.

With our team by your side and best practices in hand, you can trust us to keep your asset safe from any unexpected hazards. 

Get ready to learn all about the importance of landlord insurance – let’s go!

Understanding landlord insurance and the benefits it offers

Navigating the world of landlord insurance in Australia may seem like a daunting task, but fear not, for we’re here to shed light on the subject and unravel its many benefits.

As a property owner who plays the role of the landlord, you’ll come to appreciate the security this type of insurance provides, as it safeguards against potential financial loss or damage to the property and ensures the smooth running of your rental business.

From protection against tenants who fall into rent arrears to coverage for unforeseen circumstances like natural disasters and other insured events, landlord insurance serves as a trusty shield to help prevent unexpected setbacks from derailing the trajectory of your investment.

Moreover, it also covers your responsibility as a landlord for personal injuries suffered by your tenants or their guests within the premises.

So, whether you’re new to the rental property game or a seasoned expert, landlord insurance is a valuable ally in safeguarding the fruits of your hard work and dedication.

Choosing the right policy for your investment property

Embarking on the journey of acquiring an investment property can be an exhilarating mix of excitement and trepidation.

As you dive into the fascinating world of real estate, one crucial aspect you need to consider for a seamless and rewarding experience is choosing the right insurance policy.

First and foremost, think long term and assess your investment goals. Are you looking for rental income or capital appreciation?

Next, evaluate the risks your property could face, such as natural disasters or tenant-related concerns, including rent defaults or cover the costs to repair or replace after damages.

Don’t shy away from seeking professional advice or doing some online research to find a tailored policy that provides comprehensive coverage for your investment.

There are many options out there depending on your needs, you can opt to choose a smaller policy to only apply contents cover or building insurance. Or you can opt for a Steadfast Direct landlord insurance policy and enjoy extensive protection.

Remember, the right policy will go a long way in safeguarding your investment property and ensuring it generates the returns you desire, so take your time and embrace the journey towards becoming a savvy property investor!

Tips for Reducing Your Premiums

The first step towards a more pocket-friendly policy is looking for discounts, such as bundling different policies together or choosing a higher deductible. This can feel like a mini treasure hunt!

Next, consider stepping up your home security measures, as they can not only protect your beloved abode but also earn you discounts from your insurance provider.

Little changes can make a significant impact, and that includes maintaining a good credit score – which magically opens the door to lower premiums.

And of course, don’t forget to frequently review your coverage with your insurance consultant and shop around for the best deals, because sometimes they are hidden in plain sight.

Making these small yet effective changes will help you achieve the perfect balance between a well-protected home and a delightfully lighter wallet.

Common Claims and What’s Covered

Landlord insurance can feel like a maze, with numerous common claims and coverage options to navigate through. Fear not, fellow property owners, as we are here to shed light on the most frequent claims and what your policy might cover.

To start, one of the most common grumbles is the pesky leaky pipe that causes water damage to your property. Thankfully, most landlord insurance policies cover this type of accidental damage.

Mischievous break-ins and thefts are another typical claim, but worry not, as these policies often provide coverage for these incidents, safeguarding your valuable assets.

And let’s not forget about the occasional unanticipated natural disaster like a storm or flood. This is where your insurance steps in to provide a protecting umbrella, shielding your property and your bank account from the stormy weather.

Then you also have to consider the painful tenant that constantly forgets to pay their bills, leaving you out of pocket in loss of rent. Some policies will also provide the option to cover for loss of rent, so you’re not left out of pocket the weekly rental amount.  

So, while the idea of insurance can be overwhelming, knowing its coverage capabilities can help you find peace of mind in the unpredictable world of property management.

Why Landlord Insurance is a Necessity for Investors

We all strive to make prudent investments, don’t we? One of the most popular and secure options is, of course, real estate.

However, with great investments come great responsibilities, and that’s where the necessity of landlord insurance comes into play for property investors.

As a landlord, you’re not only standing guard over your valuable investment but also assuming the liability that comes with being a trusted custodian for your tenants’ welfare.

With landlord insurance, you’ll rest easy knowing that both your property and your financial well-being are protected from the unforeseen – from potential property damage, tenant disputes, and loss of rental income to devastating legal battles.

With that peace of mind, you’re free to watch your investments flourish and enjoy the sweet taste of success. 

So, remember to arm yourself with a solid landlord insurance policy, because every smart investor deserves to have their hard work and dedication rewarded.

Protect your investment

If you’re a property investor, then having landlord insurance in Australia can make all the difference. Attaining the most appropriate policy for your investment property and familiarising yourself with the coverages available can help protect you financially in the event of any damages or losses.

Furthermore, there are several ways to reduce premiums so that it fits into your budget. Whether due to legal requirements, security or peace of mind, it’s important to make sure you have taken out landlord insurance in order to safeguard your investment.

At Business Insurance Consulting, we understand the importance of having such a policy and are here to assist you in finding the right coverage for your unique needs.

Our professional insurance consultants can provide advice and guidance on landlord insurances as well as figure out which type of policy would best suit your needs and work with you throughout this process. Contact us today to find out more about how we can help ensure your property is protected!

Credits

Business Insurance Consulting – https://businessinsuranceconsulting.com.au/landlord-insurance/

Steadfast Insurance – https://www.steadfast.com.au/insurance-types/personal-insurance/landlord-insurance

marine transit insurance

Top Tips For Investing In Marine Transit Insurance

by with No Comment blog

As a business owner, you know that protecting your products and shipments is crucial to your success. That’s why investing in marine transit insurance is a smart move. Marine insurance cover, including marine cargo insurance, can protect your business against loss or damage to goods during shipping.

However, with so many different types of insurance coverage available, it can be difficult to know which one is right for your business. To help you make the best decision possible, we’ve put together some top tips for investing in marine transit insurance. Keep reading to learn more!

What is marine transit insurance and why do you need it?

When you’re involved in any kind of commercial maritime operation, marine transit insurance is absolutely essential. This form of insurance protects ocean freight and goods that are being transported by sea, covering them against risks such as theft and damage due to storms or accidents.

It also covers associated costs such as those incurred from rescuing a damaged vessel, recovering the contents of said vessel or legal fees associated with any claims made regarding the losses that were experienced.

In addition to this, marine transit insurance pays out in the event that the goods bought with the investments have not reached their destination or have been contaminated en route.

By investing in marine transit insurance, you can be certain that you and your goods are protected no matter what obstacle may come your way on your maritime journey.

The top benefits of investing in marine transit insurance

Marine transit insurance can be a great way to protect your goods and assets while they are transported across the seas, giving you peace of mind as a business owner to ensure that what you have invested in is protected.

This type of insurance has many benefits, both financially and practically. It is the ultimate form of risk management for cargo owners and maritime businesses.

You’ll be covered if there’s ever an accident, damages from fire or negligence on the part of the carrier, total loss of your goods due to sea-piracy or other disasters, etc.

Additionally, marine transit insurance will often cover legal costs for claims, for which investors would otherwise have needed to pay out-of-pocket expenses.

Finally, this type of insurance offers flexibility for rates and coverage based on the investor’s unique situation and needs. Therefore investing in marine transit insurance is a wise business decision that can help to safeguard your investments and give you peace of mind at sea.

How to get the best value for your money when investing in marine transit insurance

Investing in marine transit insurance can be a great way to protect your business from potential financial losses due to unforeseen circumstances. To get the best value for your money, business owners should consider consulting with an insurance consultant.

An experienced business insurance consultant will be able to guide you through the process of selecting the right type of inland marine and cargo insurance cover and ensure that you receive the best value for your money.

Your insurance consultant will also have extensive knowledge regarding the different types of coverage available and help you identify those that might provide more comprehensive protection for your business operations.

With their assistance, you can make an informed decision regarding what type of insurance is right for your business, set yourself up with the most cost effective policy, and invest in peace of mind.

The top tips for finding the right marine transit insurance policy for you

Finding the right insurance policy for you isn’t always easy. So, to make the process smoother, look out for these top tips when researching your options.

First, consult with a professional insurance broker who specialises in marine transit insurance – they can help you navigate the range of options on the market, and explain which policy will be most suitable for you and your business.

Second, make sure that no detail of your cargo’s journey is overlooked. Any gaps in coverage can leave you at risk of being underinsured.

Finally, don’t underestimate the need to update your policy whenever needed. Review it regularly so it reflects changes to your transportation methods as well as any new regulations that may apply.

With these tips in mind, you can find the perfect marine transit insurance policy to keep all your goods safe!

How to make sure you are getting the most out of your marine transit insurance policy

Insurance can give you peace of mind that your goods are sufficiently covered, but ensuring your policy is fit for purpose and tailored to your needs is a must.

It’s important to carefully examine what the policy covers including transit time, modes of transport and methods of loss prevention. While the cost of the insurance may be expensive initially, spending a little time now saving on extras can save you in the long run if you do have an incident.

Make sure you are familiar with common claims events such as port-related losses, water damage or pilferage and shop around for quotes to ensure you get the best price for the cover you need.

Taking this proactive approach helps mitigate risks and ensures there are no nasty surprises further down the line.

Final Words

In conclusion, it’s important to note that marine transit insurance is vital for anyone dealing with goods moving overseas.

Not only does marine transit insurance provide you with greater peace of mind and protection should something go wrong during transit, but it also has financial benefits.

To get the most out of your policy, make sure you shop around and compare different insurers, opt for comprehensive cover and use our top tips to narrow down suitable providers.

Furthermore, if you need help finding a policy that provides the best value for money or have any questions at all about marine transit insurance, our team at Business Insurance Consulting can help you get comprehensive cover to safeguard your goods in transit.

Business Interruption Consulting & Insurance

Benefits of Business Interruption Consulting & Insurance

by with No Comment blog

If you’re a business owner, you know that interruptions to your operations can be costly. That’s why business interruption insurance cover is so important. But did you know that a business interruption consultant can also help you reduce the impact of disruptions?

A business interruption consultant can help you identify vulnerabilities in your operations and develop plans to mitigate the effects of disruptions. They can also provide valuable resources and support during the indemnity period of time after the insured event.

While no one can plan for everything, having a business interruption consultant on your side can give you peace of mind knowing that someone has your back when things go wrong.

So, if you’re looking for ways to protect your business from interruptions, consider consulting with a business interruption specialist or insurance broker today. Let’s take a look at some of the benefits of business interruption insurance.

Business interruption insurance can help protect your business from financial losses due to unforeseen events

Having business interruption insurance can provide a valuable level of protection to companies that might not have the financial ability to bounce back if they experience losses due to unforeseen events.

These events can range from natural disasters, pandemics, or even the closure of a supplier. It can be any event that causes disruption of a business’s operations and delivers serious blows to their financial situation and confidence.

With business interruption insurance in place, businesses can receive financial compensation for staff wages, rent or loan repayments and other ongoing expenses during a period of interruption, allowing them to more easily cover any resulting costs. This ensures the business can continue paying their staff so there is minimal lost income.

Not only that, but having an expert team available for consultation is beneficial too; providing valuable insight into what type of coverage is available, which one best suits individual needs and situation, as well as knowledge on how to file business interruption claims.

Regardless of company size or industry, having this type of insurance is worth considering as it’s when our backs are against the wall that we need support the most.

Business interruption insurance is an important part of any risk management plan

Business interruption insurance is an essential part of any comprehensive risk management plan. Should misfortune occur, this coverage prevents especially small businesses from experiencing a sudden and stark financial shock that could otherwise prevent recovery.

Thanks to business interruption insurance, the road back to full operations can be much less arduous and costly.

Professional consulting services are available to evaluate the unique needs of your business, from understanding key areas of risk to partnering with experienced and knowledgeable insurance companies who can provide tailored solutions for your specific situation.

Ultimately, working with an expert consultant will help ensure that you’re provided with budget-friendly coverage that gives you peace of mind when it comes to protecting your business should a significant disruption take place.

A business interruption consultant can help you determine the best coverage for your business

Many businesses face the potential of interruption due to a variety of circumstances. Yet, oftentimes business owners don’t have the necessary experience or skills to know the best options for protecting against unforeseen risks.

This is where working with a business interruption insurance consultant can be of great help. A consultant is well versed in this area and can work closely with you to evaluate your unique needs and come up with cost-saving recommendations for getting the right coverage for your piece of mind.

With their expertise and guidance, you won’t have to worry about a pause in operations causing unnecessary financial losses.

A business interruption consultant can take annual deep dives into your policy and ensure that it always fits with the current needs of your company, both now and what might be necessary in recovery mode.

Furthermore, they can guide you through how to properly file a claim should it become necessary, helping you maximise the benefits it provides.

With their assistance, you’ll have peace of mind knowing your coverage is up-to-date and will provide you with the most value after any unexpected setback or disaster.

A business interruption consultant can help you get back on track quickly

Unfortunately, business interruption is sometimes inevitable due to unforeseen circumstances. When your company is in this situation, having the right help on-hand is essential to minimising any setbacks.

That’s where a business interruption insurance consulting expert can assist you. An experienced consultant can assess the impact of the interruption and develop a course of action for getting your business back up and running quickly.

They can also support you with resuming operations after the disruption has been resolved. With their reliable guidance, you can get through trying times and navigate complex legal procedures smoothly so that your business remains efficient and healthy.

Summary

In conclusion, there are many benefits to working with a business interruption consultant. With the help of an experienced business interruption consultant from Business Insurance Consulting, you can rely on experts who understand the risks businesses face and know how to manage them.

Take action today and don’t wait until disaster hits – contact us now for the peace of mind that comes with having adequate business insurance. Not only will it protect your business financially, but it’ll protect your employees as well.

At Business Insurance Consulting we take pride in helping our customers protect their businesses and get them back on track quickly when they’re experiencing interruptions. Let us help ensure that your business is safe in any situation!

BIC (2)

What to Expect During a Business Insurance Consulting Consultation

by with No Comment blog

If you’re a business owner, you know that protecting your company is a top priority. That’s why you need to have the right insurance cover in place. But what does that process look like?

Today, we’re going to walk you through what to expect during a Business Insurance Consulting consultation. This way, you’ll know exactly what to expect and can be prepared for your meeting. We’ll cover everything from the initial questions your agent will ask to the types of coverage they may recommend.

By the end of this post, you’ll have a clear understanding of the business insurance consultation process and what steps you need to take to get the type of insurance coverage your business needs. So let’s get started!

The first step is to schedule a consultation with your Business Insurance Consulting agent.

An important part of business operations is the process of business insurance consulting. Making the decision to secure business insurance is a key step in safeguarding against unforeseen issues.

If your business is considering business insurance, the first step is to schedule a meeting with a consultancy firm who are fluent in a range of insurance products. During the consultation, you can discuss your business’ needs and risk assessment, making sure that you are getting coverage that addresses all your possible risks and necessities.

By taking this initial step towards business insurance, you will have peace of mind knowing that your business will be protected against any potential risks in the future, including data breaches, property damage, financial losses and more.

During the consultation, the agent will ask you questions about your business in order to get an understanding of what type of coverage you need.

Having an insurance policy tailored to your business’ needs is important and the best way to make sure you’re getting the most out of that policy is to have a consultation with an experienced agent.

During your consultation, the agent will ask you questions about your business such as the nature of your professional services and operations, the size of your workforce, and more in order to understand what kind of coverage will work best for you.

Not only will talking through these details make sure you get the coverage that best matches your situation, but it’s also a great opportunity for you to ask questions or voice any concerns you may have so that you can make informed decisions when it comes to protecting your business and employees.

The agent will also go over your current policy with you and make recommendations for changes or additions to the coverage.

One of the most important steps in a business insurance consultation is for your agent to go over your existing policies with you. This way, you can understand the coverage that your policy affords and make sure it’s meeting the essential needs of your business.

They may even be able to identify areas where additional coverage could be beneficial for you. Whether you’re looking to add more protection or to reduce costs wherever possible, your agent’s expertise can help you assess which changes or additions would be best for your individual circumstances.

Be sure to take advantage of their insights during this consultation process – they are there to provide valuable guidance!

After the consultation, the agent will provide you with a quote for the new policy.

After your consultation with the insurance agent, you will be provided with an estimate of how much your new policy will cost. This quote is given by taking into account various details such as property value, industry type and the size of the business.

Furthermore, this helps to ensure that you are getting the best possible coverage for your company’s needs. It’s important to always grab a quote after each consultation in order to compare prices and find the policy that works best for you and your business.

You can then decide whether or not to purchase the policy from the agent.

After the consultation with your business insurance agent, you can make an informed decision on whether or not to purchase the policy.

Whether you ultimately decide that the policy is indeed a great fit for your business, or that there may be other options more suited to your needs, it’s important to take some time to weigh out all of your choices and understand the implications of each.

Ultimately, only you can decide what will serve as the best protection for your business.

If you decide to go ahead your agent will provide ongoing services and help manage any future claims, they will also review your cover yearly.

Deciding to purchase business insurance is a major step in ensuring your company will have the protection it needs. Once you decide to go ahead with a policy, your agent will provide ongoing services and help you manage any future claims.

They will also review your cover on an annual basis so that you can be sure that your coverage meets all of the changing needs of your business.

Having a knowledgeable professional handling these important tasks can save you time and energy while giving you extra peace of mind knowing that your business will be well protected going forward.

In Summary

A business insurance consultation is a process that begins with scheduling an appointment with your agent. During the consultation, the agent will ask you questions about your business and go over your current policy. They will then make recommendations for changes or additions to coverage.

After the consultation, you will be given a quote for the new policy. You can decide at this point whether or not to purchase the policy from the agent. If you do decide to purchase the policy, your agent will provide ongoing services and help manage any future claims.

Request a business insurance consultation today by visiting our website or contacting us. We would be happy to review your current policy and make recommendations for changes or additions to your coverage to ensure your business is fully protected.

Credit:

Business Insurance Consulting – https://businessinsuranceconsulting.com.au/what-you-can-expect-from-us/ 

Home and Contents Insurance Australia

Important Things To Know About Home and Contents Insurance [Australia]

by with No Comment blog

Your home is likely your most valuable asset, so it’s important to make sure it and your belongings are properly protected in the event of an accident, natural disaster, or other insured event.

Home and contents insurance in Australia can give you peace of mind by knowing that you’re covered financially if something happens to your home or possessions.

Here are some important things to know about home and contents insurance to help you choose the best coverage for your needs.

Home insurance can cover your dwelling and attached structures

Home insurance is an important accompaniment to homeownership. Not only does it provide peace of mind, but it also protects your most significant financial asset—your home!

Home insurance policies can cover the rebuilding costs for a variety of areas, including your dwelling and any other structures attached to the house. This could range from garages and sheds to porches and gazebos.

If you think these structures are not protected under your general homeowner’s policy, then you should check with your provider since coverage may differ based on the contract terms of your policy. It’s always best to be prepared with all the facts and secure ample coverage so that in the case that your home is damaged, you know that additional costs will be covered.

Contents insurance protects your personal belongings inside your home

Having contents insurance can bring so much reassurance when it comes to protecting your belongings from damage, loss, or theft. It gives you the assurance that any items you hold dear and value will be secure.

Contents insurance covers almost all of your personal things inside your home and depending on your cover, can even include items you might take away with you such as mobile phones, laptops, or jewellery.

So whether you have a treasured family heirloom or an expensive piece of tech equipment, contents insurance can act as an extra layer of protection.

Plus if you need monetary help owing to any repairs or replacements, the cost could be covered by your policy – giving you a little backup should something unfortunate occur.

Many home insurance policies cover replacement costs

Home is an important place, and it’s always important to have the proper insurance in case something unexpected happens.

Many home and contents insurance policies cover replacement costs so homeowners can rest easy knowing that whatever items are damaged will be replaced with equal value.

Replacement cost means exactly what it implies – the cost of replacing or repairing any given item if it was being bought today. This measure helps ensure that the replacement will be subject to industry technology updates or price increases and ensures fairness when making a claim.

Though no one likes to think of bad things happening, injury or damages to you, your home, or your possessions can occur at any time so it’s important to make sure you’re covered with the right replacement cost policy.

Some home insurance companies offer discounts for bundles

Home insurance companies often offer homeowners a great way to save money – that is through bundled policies.

By combining your home and contents insurance into one policy, many home insurance providers will offer a discount. This makes it much easier to keep track of all your coverage needs, while taking advantage of the lower cost benefits at the same time.

So if you’re looking for ways to save on your home and contents policy premiums, make sure to check if your insurance provider offers a bundled plan. It can really help save on premium costs in the long run!

You may also be able to get discounts for installing security features

Protecting your home should always be a priority, and what’s better is that you may be able to get discounts for it?

Installing smoke detectors, deadbolts, and other security features can not only give you greater security, but they can also save you money on your insurance premiums.

It’s easy to take advantage of this – just check with your insurance provider to see what types of discounts are available for adding these valuable measures to the home. Investing in security measures is always a worthwhile choice, so why not make the most out of it?

It’s important to shop around and compare rates

Shopping around for the best rate on home and contents insurance can save you time and money in the long run.

Business Insurance Consulting has a wealth of experience helping households secure appropriate coverage for their needs so it’s important to make use of this great resource if possible.

Comparing rates between companies can have a huge impact on the premiums you pay so take time to look into this before pulling the trigger. Not only will you often find lower premiums due to shopping around, but you’re more likely to find an insurance plan that suits your needs better.

At Business Insurance Consulting we specialise in helping businesses and individuals find the right coverage for their circumstances. To ensure your home and contents are sufficiently protected, visit our website or contact us today to get started!

Credits

Business Insurance Consulting – https://businessinsuranceconsulting.com.au/home-and-contents-insurance/

BIC

How To Protect Your Business With Business Insurance

by with No Comment blog

As a business owner, you want to protect your investment and livelihood. The best way to do this is by carrying the right type and amount of business insurance. Whether you’re running a small business or a larger one, it is important to protect it. 

But with so many options available, it can be difficult to determine what coverage you need. This blog post will help you understand the basics of business insurance and how to choose the right policy for your company.

What is business insurance and why do you need it

Business insurance protects your business from unforeseeable events or lawsuits that might otherwise put it in jeopardy. With the right types of business insurance, you can gain peace of mind knowing that you are protected if something unexpected happens.

For instance, if there is an accident on your business premises that results in the personal injury of customers or employees, business insurance can provide liability coverage to help protect against related legal costs and damages. Similarly, it provides the protection necessary to restore operations and rebuild quickly following a disaster.

As such, having the right business insurance is vital to running a successful business and helps safeguard both current and future profits.

The different types of business insurance available

When it comes to understanding the different types of business insurance options available, there are quite a few things to consider. Depending on your business and industry, you may need multiple types of coverage.

Common policies include general liability, property protection, workers’ compensation, product liability, professional liability and business interruption insurance. While some of these policies provide similar protection, others are specifically designed for certain types of businesses.

For example, professional liability is ideal for people providing services, such as consultants and lawyers. Shopping for the right type of policy can seem overwhelming but having quality coverage can be essential in protecting your business from financial loss in the event of a claim or lawsuit.

The benefits of having business insurance

Running a business is never easy but it comes with immense satisfaction and rewards. Having the right insurance in place can help to reduce some of the risks associated with it and help ensure your business will succeed.

Business insurance policies provide coverage and financial protection against potential losses you may face as a result of unexpected events such as property damage, theft or lawsuits. This type of insurance also helps you cover any liabilities and legal fees that may arise if a client or customer issues a claim related to the services you offer.

In short, having business insurance offers peace of mind knowing that no matter what challenges you face, your assets and interests are safely taken care of.

How to choose the right business insurance for your company

Business insurance is an essential component of any company’s risk management strategy. With so many different types of business insurance policies available, choosing the right one for your company can be a daunting task.

At Business Insurance Consulting, we can help you find the right policies to cover your business’ risks and liabilities.

Our business consultants have the experience and expertise required to research the options available to you and narrow them down to those that best suit your needs. In addition, we can help you understand the nuances of each policy, assess potential risks, and select coverage limits that are most appropriate for your organisation.

Business Insurance Consulting is a wise investment that may save you time and money in the long run.

How to get the best deal on business insurance

Getting the best deal on business insurance can be a daunting task, but Business Insurance Consulting are here to help. By leveraging our expert knowledge and extensive market experience, we will guide you through the process of finding the most cost effective policy for your business.

Through an initial consultation, you can explore which type of coverage is necessary to meet your specific needs and budget. Then our team will also discuss adaptation strategies and review current policies while researching other alternative policies that match your goals.

Business Insurance Consulting has your back when it comes to finding the right insurance at the right price so you have one less thing to worry about.

The importance of reviewing your business insurance policy regularly

Taking the time to review your business insurance policy is incredibly important for ensuring that you and your business are adequately covered in the event of an unforeseen issue or accident.

Regularly reviewing your policy will make sure that it is up-to-date and allows you to be mindful of what kinds of coverage are included in it. Business owners need to be aware of any changes in coverage needs over time, whether due to employee changes, modifications to their industry or regulatory guidelines, or a change in the size of their business.

Reviewing your policy on a regular basis can help ensure that you are not left with gaps in your coverage should something unexpected occur.

Working with professional insurance agents can be extremely helpful in navigating the details of different policies and making sure that all your business needs are being met.

Protect your company with business insurance

Business insurance is an important consideration for any business owner. There are a variety of types of coverage available, and it is important to choose the right policy for your company. The benefits of having business insurance can be significant, and it is important to get the best deal on a policy.

At Business Insurance Consulting, we specialise in helping businesses find the right coverage for their circumstances. We have years of experience providing professional advice to help businesses secure the right policy so they can focus on what matters most – running their business operations successfully and confidently!

To ensure your business is protected, you can contact us today to get started!

Credits

Business Insurance Consulting – https://businessinsuranceconsulting.com.au/business-insurance-at-a-glance/ 

BIC - Trade Credit Insurance

Understanding Trade Credit Insurance in Australia

by with No Comment blog

As a business owner, you have to be constantly looking for ways to protect your business and finances, and minimise risks. One way you can do this is by getting trade credit insurance. 

Trade credit insurance protects businesses from risks associated with selling goods and services on credit. It is an important tool to help with risk management while allowing companies to expand their customer base and extend credit terms confidently. 

Let’s take a closer look at what trade credit insurance is and how it can help businesses in Australia. 

What is Trade Credit Insurance? 

Trade credit insurance is a type of policy that helps protect companies against losses incurred when customers don’t pay their bills on time or go out of business altogether. It acts as a risk management tool that can help protect companies from bad debt and financial losses, which will help protect your cash flow.

It covers the receivables owed to businesses if they were not able to get paid, allowing them to focus on other aspects of their business operations without worrying about unpaid invoices or debts. 

All businesses that sell goods and services on credit terms, such as 30 days to pay, should invest in trade credit insurance, this includes domestic and international trade.

The Benefits of Trade Credit Insurance in Australia 

There are several benefits of getting trade credit insurance for your business in Australia. 

For example, it allows you to expand your customer base by offering more extended payment terms without having to worry about increased risk exposure. It also helps you manage cash flow by allowing you access to funds that would otherwise be locked up in unpaid receivables due to late payments or non-payments from customers. 

Finally, trade credit insurance can also help boost your company’s reputation by showing potential customers that you have taken the necessary steps to ensure their financial security when doing business with you. 

This can be a great way for small businesses in particular to stand out from the competition and gain trust among customers looking for reliable vendors who take their financial security seriously. 

How Does Trade Credit Insurance Work? 

The process of setting up trade credit insurance begins with an assessment of your business’s accounts credit portfolio. This helps the insurer or insurance broker identify potential risks and determine whether they can offer you coverage. 

Once an agreement has been reached, the insurer will then cover up to a certain percentage of any outstanding payments if something happens to your customer’s finances and they cannot or fail to pay their bills. The insurer will then pursue legal action against the customer in order to recoup any losses incurred because of their nonpayment. 

Who Can Benefit from Trade Credit Insurance? 

Trade credit insurance can be beneficial for businesses of all sizes, from small startups to large corporations. 

It’s especially useful for companies that rely heavily on accounts receivable income as their primary source of revenue – such as wholesalers, manufacturers, distributors, retailers, service providers and more – as it provides them with additional security in case one of their customers fails to pay their invoice or goes bankrupt. 

Additionally, it can also help boost confidence among lenders who may be reluctant to provide financing without seeing some sort of protection in place first. 

Trade credit insurance is an important tool for businesses looking for ways to protect themselves from risks associated with selling goods and services on credit. It can help minimise debt risks while also giving companies access to funds that would otherwise be locked up due to late payments or non-payments from customers. 

How Can I Get Trade Credit Insurance?

Trade credit insurance provides assurance and peace of mind knowing that your business is protected against potential losses due to customer insolvency or slow payments, helping boost the reputation of your company among potential clients as well as current ones.

Of course, all businesses should weigh up the costs and benefits before deciding whether or not this type of coverage is right for them but having an understanding of how it works can be hugely beneficial when making these decisions. 

To learn more about how trade credit insurance could benefit your business in Australia contact Business Insurance Consulting today. Our dedicated team will be happy to discuss your needs further and give you advice tailored specifically for your business’s needs!

Credits:

Business Insurance Consulting – https://businessinsuranceconsulting.com.au/trade-credit-insurance-at-a-glance/

BIC - management liability insurance (1)

Importance of Management Liability Insurance in Australia

by with No Comment blog

In today’s modern business landscape, it is important for businesses to have the right management liability insurance coverage. 

With the ever-changing legal and financial regulations, having a comprehensive management liability policy can protect your business from potential risks and liabilities. This blog post will discuss the importance of management liability insurance in Australia and why your business should not go without it. 

What is Management Liability Insurance? 

Management liability insurance is an important form of protection for businesses operating in Australia. This type of insurance covers a range of risks that could potentially cause financial losses for public and private companies, or resources if they were to occur. 

What Does Management Liability Insurance Cover? 

Management liability insurance covers a range of exposures that could be faced by businesses in Australia, including wrongful acts, wrongful dismissal, employment practice liability, corporate criminal liability, fiduciary liability, and statutory liability, tax audits and penalties. 

This type of insurance is designed to protect directors and officers liability from personal financial losses in the event of a claim being made against them or their companies for wrongful acts committed while managing the business. 

By having management liability insurance cover, business directors and officers can protect themselves from costly lawsuits or other legal action taken against them by their employees or customers. The policy covers the legal costs associated with defending these claims, regardless of whether or not they are successful. 

Why do Businesses Need Management Liability Insurance? 

As a business owner, you have a responsibility to ensure that the company is operating in accordance with all applicable laws and regulations. However, even with proper procedures in place there is still risk involved when running a business – especially if there are multiple people involved in decision-making processes.

This means that having management liability insurance is essential for any business operating in Australia as it provides financial protection from potential risks and liabilities. As businesses are exposed to a wide range of potential liabilities each day, having this type of coverage will provide peace of mind that your business is protected should any claims arise. 

Without adequate protection, your personal assets may be exposed if someone takes legal action against you or your company for any kind of wrongdoing. With management liability insurance in place, you can rest assured knowing that your assets will be protected from any claims made against you or your company.

Additionally, most insurers and insurance brokers offer additional benefits such as access to risk management services and professional advice to help you stay ahead of any potential threats to your business. 

How Can I Get Management Liability Insurance? 

In conclusion, having suitable management liability insurance in Australia is essential for any business operating within the country’s borders. With the ever-evolving legal and financial climate, having this type of coverage can provide peace of mind knowing that your company has adequate protection from potential risks and liabilities should they arise. 

So, if you’re looking for management liability insurance for your business in Australia, it’s important to work with an experienced provider who can tailor a policy that meets your specific needs. 

At Business Insurance Consulting we specialise in helping businesses find the right coverage for their circumstances. We have years of experience helping businesses secure the right policy so they can focus on what matters most – running their business operations successfully and confidently! 

To ensure your business is protected, contact us today to get started!

Credits

Business Insurance Consulting – https://businessinsuranceconsulting.com.au/management-liability-insurance/

Commercial ship

Three Major Types Of Insurance Involved In Marine Insurance

by with No Comment blog

Do you work in the marine sector? Are you responsible for the transportation of goods via sea?

If you answered ‘yes’ to either of these questions, we have a follow-up question: Do you have a comprehensive marine insurance policy?

Let’s take a look at why it is so important that you get a new, or review of your current policy.

Australia relies on marine transport for 99% of its exports. This means that it is extremely important that your cargo makes it to its destination. 

Many things can go wrong at sea, including injuries, cargo loss, and ship damage. When things go wrong you and your business must be protected by marine transit insurance.

What is Marine Insurance?

Marine insurance refers to the range of insurance policies that help protect your business from financial losses from damage to vessels or cargo. Some policies also cover the delivery of goods right to the door and their storage along the way. 

Marine Insurance is essential for businesses that are involved in:

  • Shipping or receiving of goods
  • Commercial watercraft operations
  • Vessel repairs
  • Running a marina
  • Any other marine-related business 

It provides valuable cover for all of your operations both on land and out at sea. 

There are 3 main types of marine insurance cover that you can choose from, depending on your business’s operations and needs.  

Marine Liability Insurance

Worker watching marine port with tablet.

The first kind of cover is marine liability insurance. This covers the legal liability of vessel owners for any injuries or damages that occur as a result of marine-related activities. 

Unfortunately, accidents happen more often than we may think aboard ships. The Australian Marine Safety Authority recorded 319 injuries in 2019 alone, with 54.5% of these occurring on bulk carriers or container vessels. 

While insurance won’t stop these accidents from occurring, it will ensure you won’t face hefty bills after the fact. 

For commercial operators, liability insurance can also cover deviation expenses, legal assistance, and defence costs. 

Ship or Hull Insurance

Ship or hull insurance provides cover for commercial vessels which are engaged in harbour, inland, and coastal operations. This can also be extended to include damage to machinery, third-party liability, and loss of earnings. 

Marine vessels are subject to harsh weather conditions including lightning strikes and tsunamis, as well as collision risks. For this reason, it is important to ensure that you are covered for the costs associated with these damages. 

You can also adapt your cover to include an accidental damage clause, to ensure that your ship is insured against all kinds of damage. 

Cargo Protection

cargo ship out at see with another ship in the distance.

Marine cargo insurance covers the transportation of goods while being transferred, acquired, or held on the ship or dock. Some cargo insurance policies will also cover the cargo to its final destination.

If any accidents occur that result in physical loss or damage of cargo, then your insurance company will cover you. 

These policies are highly customisable, so you can be sure your goods are substantially protected during their entire journey. You can opt to include specific clauses to cover frozen or chilled goods, theft, fires, collisions and so much more. 

So, you will have peace of mind that any losses or damages will be covered by your insurance provider rather than out of your back pocket. 

Insure Your Marine Business

Is your marine business covered by all of these insurance plans? If it is, then you can have peace of mind that you’re protected. If not, then we can help. 

We can help review your insurance options and help ensure your business operations and cargo are fully insured. Visit our website or contact us to request a quote.  

Credits

The Department of Infrastructure, Transport, Regional Development – https://www.infrastructure.gov.au/infrastructure-transport-vehicles/maritime

NTI Limited – 

https://www.nti.com.au/marine-protect/marine-liability-insurance

https://www.nti.com.au/marine-protect/hull-insurance

https://www.nti.com.au/marine-protect/cargo-insurance

Home for rent

Is Landlord Insurance Valid In The Event Of Malicious Damage?

by with No Comment blog

If you have an investment property, then you probably already know about landlord insurance. But do you know exactly what it covers?

We know that not all tenants are as respectful of your property as you would hope and expect. When damage occurs to your property, whether it’s accidental or malicious, you will often be the one left with the legal liability and bill. 
To ensure that your losses are minimal, you must protect yourself with comprehensive insurance.

What Is Landlord Insurance?

Landlord insurance covers your rental property and its contents against a range of risks, including weather events, fires, and tenant-caused damage. 

Damage to your property can lead to months worth of repairs or refits that leave your property empty. We understand that for landlords, this loss of rent, paired with the cost of the work, can have a major impact on your financial status. 

Having Steadfast Direct landlord insurance will ensure you will not be left with endless bills and no profits due to property damage.

Is Malicious Damage Covered?

Property with significant damage.

In the case that you’ve walked into your property for an inspection or following the end of a lease, you hope to find it in a similar condition to when you first leased it. 

But what happens when it’s not?

What happens when you walk in to see holes in the walls, or shattered windows? 

If you don’t have insurance then the first thing is likely to stress out and frantically try to call builders and rearrange your budget. Whereas, if you do have landlord insurance then you can skip all the stress and calmly contact your insurance provider. 

Unless the tenant is still living in your property, and likely even if they are, it’s going to be difficult to know for sure whether the damage was caused with malicious intent. 

That is unless you take them to the RTA or court. However, this can also be a lengthy process that can leave you without a rental income while the case is being processed. 

Each policy is unique, some will only cover accidental damage, while others will cover all damage. For example, our Steadfast Direct landlord insurance will cover the damages caused by your tenants and their guests – malicious or not – and the associated financial losses. 

However, like all good things, there are a few exclusions. Most policies will not cover damage caused by general wear and tear, or neglect. It’s important to check with your insurance provider to find out exactly what kinds of damage your policy covers.

Malicious Damage Process

Living room all messed up with a broken TV.

If you or your property manager notice signs of malicious damage during an inspection there are a few steps you can take. 

The first and most important step is to take photographic evidence. You will then be able to use this if legal action is required. 

The second step is to issue your tenant with a breach notice, and give them a chance to repair the damage within a set period of time. If the tenant fails to make the repairs then you can lodge a police report.

In Australia, malicious damage charges can carry large fines or even involve imprisonment if the damages are excessive. Thus, you should never face these damages lightly.

To avoid facing more damages in the future you can screen your tenants to find renters that are more likely to respect and care for the property. You can also carry out more regular inspections, to keep better track of the state of your property.

The final thing you can do is to ensure your insurance policy is comprehensive and will cover you in the case of any future tenant damages.

Protect Your Investment

If you are a landlord and do not have landlord insurance, we can help. Our team of insurance experts can provide any guidance and set you up with a comprehensive policy.


You can visit our website or contact us to learn more about our services and how we can help protect your investment property.

Credits

RentWest – https://www.rentwest.com.au/advice-for-property-owners/dealing-with-malicious-damage/

Top 5 Benefits Of Event Insurance in Australia

Top 5 Benefits Of Event Insurance in Australia

by with No Comment blog

Are you planning a small work function or a large-scale public event? 

Regardless of how often you plan events or the size of them, it’s important to protect yourself with event insurance. Here are 5 of the top benefits that event insurance provides. 

 1. Protected Against Weather Related Cancellation

Bad weather ahead sign.

There are so many factors beyond your control when planning any kind of function or event. If anything goes wrong, it’s you that’s left out of pocket or indebted. 

The best way to protect yourself in these situations is to ensure you have a comprehensive insurance policy.

We know that especially in Australia it can go from being sunny to rainy in a matter of minutes. This is why bad weather is at the top of the list of uncontrollable events that can lead to having to cancel your event.

Your event insurance policy can cover you for any losses that you endure as a result of having to cancel your event due to dangerous weather conditions. 

 2. Covered For Performer Related Losses

Stage with instruments but no performers.

Another common unexpected factor that can impact your event is if your star performer doesn’t turn up. We understand that it can be hard to keep track of everyone performing at big functions like music festivals. And sometimes, smaller functions also.

But if you don’t, and a performer doesn’t turn up or falls ill this can lead to a wave of refund applications or event cancellation, depending on the size of the function. 

With event insurance cover, you will be protected against any financial losses that occur as a result of abandonment or non-appearance of a performer.

 3. Covers Personal Accidents

Leg in cast with crutches.

When planning an event of any size you are likely to have a host of voluntary workers helping make sure your event runs as smoothly as possible. 

Accidents happen, so you must protect yourself in the case of any accidental injuries or death. 

While it is a grim thing to think about when planning a fun celebration, you should be aware of the reality of the risks and statistics. Safe Works Australia states that ‘from 2003 to 2016, there have been 29 fatalities related to an event’.

So, with this in mind, it is beneficial that event insurance covers the out-of-pocket expenses related to any accidental injuries that may occur. 

 4. No Losses From Damage

Broken Apple laptop on table.

Accidental injuries occur and so can property damage. In the excitement of an event, the venue or equipment such as sound systems or instruments can sustain damage.

Depending on the venue or equipment it can be expensive to repair or replace it. This can leave you potentially thousands of dollars out-of-pocket. With venue and equipment insurance you will be covered for these costs. 

5. Public Liability Protection

Desk with keyboard, money, pen, and clipboard saying 'Liability Isurance'.

When hiring a public venue, it is common for the venue to request that you obtain your own public liability insurance or public event insurance. This is to ensure the venue owners know that they will be protected in the event of any injuries or damages.

Regardless of whether they require it though, it is a good idea to protect yourself with liability cover so that you are also not left out-of-pocket. 

This type of insurance will also cover any costs associated with claims from third parties. So, if any attendees get injured at your event or the venue owners have any complaints, you will be protected. 

Cover Your Next Event

If you don’t have event cover and have a function of any size coming up, we can help ensure you’re protected. 

Visit our website or contact us to request a quote, and we can help review your insurance options and get you set up with any business insurance that you require. 

Credits:

Safe work Australia – https://www.safeworkaustralia.gov.au/sites/default/files/2017-014_-_whs_in_major_events_transcript.docx 

McKenzie Ross & Co Pty Ltd – https://mckenzieross.com.au/commercial-insurance-solutions/entertainment-events-insurance/

Everything You Need to Know About Farm Insurance

Everything You Need to Know About Farm Insurance

by with No Comment blog
Everything You Need to Know About Farm Insurance

Did you know that there are approximately 85,681 farm businesses in Australia, most of which are owned and operated by families? 

This number is astounding yet understandable, due to the amount of vast open farming plains that Australia has to offer and the amount of mouths that there are to feed. 

With this statistic it is obvious that it’s about time we discussed Farm Insurance. If you’re a farmer then it is important that you protect yourself and your business. To help we’ve compiled a list of the top things you need to know about Farm Insurance in Australia.

What is Farm Insurance?

Farm Insurance can help protect your farm and your family during any large or small scale incidents that occur on the farm. Many issues can cost you dearly in time and money if you’re not protected, and it can be difficult to bounce back. 

Therefore, if you’re a large-scale crop grower, livestock producer or if you have a family or hobby farm of any size you should invest in this insurance.

What Does it Cover?

Your policy can be tailored to suit your needs. It can help cover the costs associated with many incidents that your farm or family may be subject to, including during bushfires, machinery breakdowns, personal and guest illness or injuries that happen while on the farm property.

Home Property

This insurance will cover your domestic property and belongings from all defined events and accidental damage. 

This can cover everything from buildings, contents, personal effects, legal liability and domestic workers compensation cover.

Farm Property

Much like home property, this insurance can protect you from damages caused to your farm property. This can include all physical loss and damage that is caused to your farm buildings or equipment by your defined events or as a result of accidental damage.

Public & Products Liability

In farming, you are likely to have a range of third parties who you are liable for, as well as this if you’re shipping out produce then your risk is heightened in this area as you are liable for all products that you sell.

Having liability insurance included in your plan will ensure you are protected from any claims by third parties for personal injury, property damage, and legal costs that are connected to your farming business.

Accident & Sickness Cover

Everyone gets sick every now and then, and injuries are bound to occur in your line of work. But if you don’t have anyone to cover for you while you’re recovering it can make it hard to stay afloat. 

Save yourself the extra stress by investing in Farm Insurance. It will ensure that you receive regular payments so you can keep your business running smoothly while you take the necessary time to recover. 

Livestock

If your livestock are the heart of your business then losing them, especially unexpectedly, can be stressful not just emotionally but also financially. To help make any losses slightly less painful you can ensure your cover includes livestock insurance covering the death or loss of your livestock due to specified events.

Machinery Breakdown

Similar to motor vehicle insurance, your Farm Insurance cover can be tailored to protect you from any financial losses incurred by machinery breakdowns.

We know farmers rely heavily on their machinery to get things done efficiently and properly around the farm and when things go wrong it can cause a lot of stress. 

That’s why it’s important to invest in insurance that will ensure you’re protected from farm machinery damages including damage to electrical and mechanical machinery, boilers and pressure vessels, and any damage caused by these breakdowns. 

To start the process of better protecting your farm business you can visit our website or contact us to request a quote. 

Credit:

Australian Farmers – https://farmers.org.au/farm-facts/#:~:text=There%20are%20approximately%2085%2C681%20farm,of%20food%20consumed%20in%20Australia. 

How Beneficial is it to Have Motor Insurance

How Beneficial is it to Have Motor Insurance

by with No Comment blog

Are you an Australian who drives a motor vehicle? 

With 20.1 million registered motor vehicles in Australia as of the beginning of 2021 it is highly likely that your answer is “yes”. If you own a car then you likely already have at least a minimal understanding of the necessity of car insurance. 

But do you really know how beneficial motor insurance is and how it can protect your wallet if you need to repair or replace your car due to damage or theft? We’ve compiled the following guide to help you understand these benefits.

What is Motor Insurance

Firstly, let’s start with the most simple facts: and take a broad look at what it is.

Motor insurance covers your vehicle against cases of accidental damage or theft. It also protects you from costs associated with repairing or replacing another person’s vehicle if you are involved in an accident where you are at fault. 

Accidental Damage

Accidents can happen at any time and are usually completely unexpected, yet can leave us heartbroken and in debt. To prevent a little of this pain you can ensure your vehicle is insured and your wallet is protected.

With comprehensive insurance you can ensure any damages are repaired by repairers of your choosing or one from our books, either way you will receive a repair guarantee on all materials and workmanship during the authorised repairs. 

With this cover you can also opt to include an excess free windscreen claim every year. So, you don’t have to deal with looking through old chips or scratches. 

If your car is written off within three years and has less than 60,000 kilometres during an accident or natural disaster then your insurance company will help cover the replacement of the same make and model of your vehicle.

With this cover you only have to worry about paying your agreed upon excess amount, which in most situations is much less than the cost of all the required repairs. 

If You’re at Fault

We know you’re probably a great driver so you may think you don’t have to worry about protecting yourself against the unlikely situation of you causing an accident. But, all it takes is one tiny distraction and you could end up in debt, trying to pay for someone else’s car as well as your own.

To avoid this situation, no matter how unlikely you may think it is, it’s important to protect yourself with third party insurance. Having third party property damage (TPPD) insurance will ensure that in the case that you are at fault for the damage or write off someone else’s car, the costs will be covered. 

This however does not cover any damages incurred to your car during the accident. So, you would only rely on this cover alone if you have a low-value vehicle, and are mainly concerned about any costs incurred for the damage your car could do to someone else’s more valuable vehicle or other property.

To ensure you are completely protected and not left with a mountain of debt after an accident, it is beneficial to have comprehensive cover. A comprehensive insurance policy will also help you pay for any damage that your car sustains during an accident even if you are at fault.

Theft

Now onto a risk that has nothing to do with you and your driving abilities. 

Hopefully, you will never have to experience this heartbreak of your car being stolen. However, with over 15,805 thefts in 2021 it’s an unfortunate risk that you need to protect yourself against.

With comprehensive motor insurance your insurance company will pay you an agreed price or the equivalent of your car’s market value so you can afford to replace your stolen vehicle. 

If you opt for this cover you can also be granted a rental car for up to 14 days so that you are not left stranded while you are searching for a new car. 

In the case that your keys are stolen but not the car or the car is recovered in working condition, your insurance policy covers the cost of rekeying and re-coding your car to ensure it is secure. 

Final Notes

One tip we want to mention is that you can only reap the benefits of auto insurance if you follow the rules. While each policy is different and can be tailored to your needs, there are a few things that you need to remember.

There are a few reasons that you may not be covered after being involved in an accident, including if you or the person driving your car is unlicensed, under the influence of drugs or alcohol, and if your car is being used in a sport or time trial. 

If you and everyone you let drive your car is responsible then you will be covered and have peace of mind that you will not be left out of pocket if your car is damaged or stolen. 

To learn more about our motor insurance policies and how we can help you, you can visit our website or contact us to schedule a quote. 

Credits:

Motor Vehicle Census, Australia – https://www.abs.gov.au/statistics/industry/tourism-and-transport/motor-vehicle-census-australia/latest-release

Understand Insurance – https://understandinsurance.com.au/types-of-insurance/car-insurance#:~:text=It%20protects%20any%20person%20that,property%2C%20or%20your%20own%20vehicle 

Insurance Business Australia – https://www.insurancebusinessmag.com/au/news/breaking-news/australian-states-and-cities-with-the-most-motor-vehicle-thefts-413862.aspx#:~:text=21%20Jul%202022-,Australian%20states%20and%20cities%20with%20the%20most%20motor%20vehicle%20thefts,leading%20car%20insurers%20in%20Australia. 

Why Management Liability Insurance Is Important

Why Management Liability Insurance Is Important

by with No Comment blog

As a business owner you are personally liable for most things that go wrong in your business whether you are actually at fault or not, the liability will always be on your shoulders as the owner. 

And it’s not just larger businesses that are at risk, small and medium sized businesses can be affected as well, so it is important that you protect yourself and your business. 

Investing in management liability insurance can save you from unexpected liability expenses and legal costs from any claims that arise. 

To give you an idea of what this insurance can do for you exactly, here are a few of the protections that management liability cover offers.

Employment Practice Liability

When running a business you will have your own inhouse systems for managing employee disputes and ensuring everyone is being treated fairly. However, if any of your employees claim that a wrongful act such as wrongful dismissal, workplace bullying, or discrimination has occured it can be costly to you and your business. 

Having management liability insurance cover can protect you by financing the payouts for employment breach claims. 

Directors and Officers Liability

As a business owner you are responsible for protecting everyone that works for you including directors, officers and employees.

Having business insurance can help protect your company’s past, present and future directors, officers and managers against claims of wrongful acts, such as misrepresentation or breach of duty. 

Crime

There are a range of crimes that can occur in the workplace, so it is important to be prepared. While management liability cover won’t protect against all forms of criminal activity, this cover will protect your business from claims of employee or third party fraud. 

There are additional policies you can look into for cover for various workplace crimes, depending on the severity of the crime. 

Statutory Liability

Statutory liability covers costs associated with defending and settling claims from outside parties who are alleging wrongful conduct, as well as investigation into the affairs of the company.

This ensures your business can afford to get a high level of legal defence and protection without facing large financial losses which could bankrupt your business. 

Defence Costs

If your business ends up in court for any reason it can be expensive to seek legal advice and great defence lawyers. Without insurance, going to court can destroy a small business if they cannot come up with sufficient funds. 

Having management liability insurance can protect your business, no matter the size, by covering all the costs associated with going to court. 

If you are a business owner and do not yet have liability insurance or are looking to upgrade your policy we can help. 
Business Insurance Consulting specialises in a wide variety of business insurance policies including management liability. To learn more about our services and how we can help protect your business, you can visit our website or contact us to request a quote.

Benefits Of Cyber Protection Insurance

Benefits Of Cyber Protection Insurance

by with No Comment blog

It is no secret that the majority of our lives and business is completed online, this also means however, that the risk of cyber attacks is now higher than ever. So, it is essential to protect yourself and your business from cyber attacks. 

You can do this by investing in cyber protection insurance. This is a relatively new form of cover as cyber risks have recently begun to become more prevalent. 

Some of the biggest benefits of cyber protection insurance include covering financial and reputational losses incurred by cyber attacks, as well as providing liability protection.

Let’s take a look at some of the ways that cyber protection insurance can help your business. 

Business Interruption Losses

Having cyber insurance will ensure any and all financial and work related losses that you may suffer as a result of a cyber incident or attack are covered, so your business is not significantly impacted. 

Cyber Extortion

Depending on the nature of the cyber attack, the hackers may try to blackmail your business by requesting a payment in exchange for your data or systems. 

Without insurance this can be costly, and if you cannot afford the ransom amount you risk losing all your data. With cyber insurance, all the costs of hiring professional negotiators, covering the demands, and preventing future threats will be covered. 

Electronic Data Replacement

Repairing, recovering and replacing your business’s data can be a time consuming and expensive process following a cyber attack. 

If you have insurance, through this process won’t hurt as much, as all costs will be reimbursed. This ensures you can get back to normal business operation as soon as possible, with minimal financial losses. 

Security and Privacy Liability

Cyber breaches can result in damage to your reputation if any third party data held in your system ends up in the wrong hands. 

Having cyber liability insurance your insurance company will help minimise the damage to your business. They will cover the included costs of immediate responses, ensuring payments are made on a no fault basis without admission of liability. This will ensure your business’s reputation is protected. 

Legal Costs

If you need to seek any legal defence or have to face court for any reason related to a cyber breach or attack, your insurance will cover all relevant legal costs. 

As well as covering defence costs, your insurance company will also cover all legal expenses and costs that arise from government regulator investigations.

Electronic Media Liability

Cyber attacks can result in a massive data breach, which can have detrimental effects on your business, financially and reputationally. 

Cyber insurance will ensure your reputation remains intact and cover all costs associated with data breaches, including copyright infringement, defamation claims, and the misuse of certain types of intellectual property online.

Crisis Management Expenses

If you have to call in crisis management experts to help manage the effects a cyber attack has had on your business or team, your insurance provider will cover for the costs. 

Notification and Monitoring Expenses

Notifying all of your customers of a security breach and monitoring all of their data against future attacks can be expensive and time consuming. However, with insurance it doesn’t have to be, your insurer will cover all of these expenses for you. 

If your business has a website or any electronic data online, it is important that you protect it. If your business is in need of cyber protection insurance we can help. 
You can visit our website to learn more about our insurance services or contact us to request a quote to start protecting your electronic data.

Suncorp Building

Suncorp sells bank with intentions to focus on insurance sector

by with No Comment blog

Suncorp has recently announced the $4.9 billion sale of its banking operations, with the hopes that this will simplify the business, and allow it to focus its attention on insurance in Australia and New Zealand. 

ANZ will purchase the regional bank in a cash deal expected to close in the second half of 2023, subject to regulatory clearances. 

Suncorp Group CEO Steve Johnston says the transaction won’t change the insurance strategy, but it will strengthen the company’s focus as it continues to drive the performance of its brand portfolio. 

“Strategically we feel it is an opportunity for us to really focus exclusively on our insurance business and drive the sort of performance we think we can deliver in that business,” Mr Johnston said. 

Suncorp estimates net proceeds of $4.1 billion from the deal, and say that “consistent with the approach taken in previous divestments”, the current intention is to return the majority of that to shareholders.

Chairman Christine McLoughlin says both businesses will benefit from a singular focus on their growth strategies and investment requirements. 

The company’s brands include AAMI, GIO, Suncorp, Shannons, Apia and Vero. In New Zealand, it also has the AA insurance joint venture and Asteron Life.

“Our purpose of building futures and protecting what matters – the focus of our company for over 100 years – will remain at our core and enable our people to deliver on our vision to create the leading Trans-Tasman insurance company,” she said. 

Mr Johnston says Suncorp has momentum in its motor portfolio and he expects the home portfolio to ultimately recover some lost market share after the company shifts pricing to reflect increasing costs. 

“I go into this transaction with a very comfortable disposition around the performance of our insurance business,” he said. 

Both Suncorp and ANZ have made commitments to the state of Queensland as part of the transaction. 

Suncorp’s commitment includes establishing a Disaster Response Centre of Excellence, which will incorporate modern technology to monitor, prepare for and respond to extreme weather events and natural disasters. 

This centre will also include an employment hub for the firm’s flexible event workforce. 

Mr Johnston says the company has recruited more than 1000 new employees over the past six weeks to manage the east coast flooding, with a large majority of the new staff in Queensland.

Home insurance and ‘side hustles’: how worried should we be?

by with No Comment blog

There’s momentum building on an insurance issue that could theoretically invalidate thousands of home and contents policies, and has consumer groups throwing around accusations of “junk” cover.

When customers take out home and contents policies they are invariably asked if any business activity takes place at the home. If the answer is no, and that’s not accurate, or it later becomes inaccurate, there’s a serious risk of claims being denied.

At first glance it doesn’t seem that different to any other non-disclosure issue, and if consumers are dishonest, or careless with the truth, or fail to tell their insurer about changed circumstances, then the consequences are on them.

There are also very good reasons why business activity increases risk – even extra visitors to the home adds to liability concerns – and if insurers don’t want to take that on, well, that’s up to them.

But is it quite that simple?

There are estimated to be hundreds of thousands of Australians carrying out some form of business activity from home, especially since covid. And business activity can be quite difficult to define.

Recent examples highlighted by ABC News where claims have reportedly been denied or cover withdrawn include eggs being sold from an honesty box, bike repairs taking place in a garage, and a food truck parked at – but not trading from – a home address.

One broker told insuranceNEWS.com.au that a pensioner client of his was informed that continuing to sell $5 worth of eggs to his carer every month would force the cancellation of their home and contents policy.

While we may not have all sides of every story, and insurers are entitled to decide which risks they want to pass on, these articles don’t pass the all-important “pub test”. And the more stories that are told, the more this threatens the industry’s reputation.

Consumer Action Law Centre CEO Gerard Brody told the ABC that if a consumer has a policy that was never going to provide coverage, it’s “effectively junk” and insurers need to “look at the fairness of what they’re doing and come up with a better solution for their customers”.

Politicians are getting in on the act too, with ACT Independent Senator David Pocock writing to the Insurance Council of Australia, Financial Services Minister Stephen Jones and others.

“There is a real issue here,” one industry source told insuranceNEWS.com.au.

“Lots of people will be doing little business activities for modest amounts of income. I wouldn’t be surprised if ASIC turned around and wrote a letter saying ‘review your home book and let us know the extent of this issue’.

“It’s something that the industry needs to think through just to satisfy ourselves that there isn’t some great big latent systemic issue out there.”

Bringing us back down to earth is that fact that we haven’t heard about many claims being denied on this basis.

Insurers are paying out hundreds of thousands of home claims in the wake of a spate of natural catastrophes – and if flood claims were being denied en masse on the basis of undisclosed garage sales or fresh produce honesty boxes, we would surely have heard about it.

Insurers don’t appear to be actively investigating such activity, and in most cases, how would they even know about it?

The Australian Financial Complaints Authority (AFCA) says complaints about the issue are not common, pointing to only one relevant determination in recent years.

That case related to a fire caused by undisclosed jewellery manufacturing taking place in a garage.

The complainants thought it was more a hobby than a business, but AFCA pointed out that income was generated, there was a business bank account and an ABN.

Some have flagged the fact that the duty of disclosure changed on October 5 last year to a duty to take reasonable care not to make a misrepresentation.

This swings the balance slightly in favour of consumers, and means the insurer needs to ask questions clearly and specifically, and communicate to the insured the importance of answering correctly, and the possible consequences of failing to do so.

However, it may not have much impact on this issue. Answering a question about business activity inaccurately is probably going to fall foul of either duty. And the same applies to not updating a previous answer on renewal, so long as the insurer has issued the renewal notice correctly.

Contrary to popular belief, the claim would not have to be directly related to the business activity for the insurer to deny it.

But under the new duty the insurer would need to prove that a misrepresentation had occurred, that reasonable care was not taken, and that, had it known about the undisclosed matter, it would not have offered cover in the first place.

“It comes down to the basis of the insurer’s denial,” AFCA’s Senior Ombudsman General Insurance Chris Liamos tells insuranceNEWS.com.au.

“If it’s a non-disclosure or a failure to take reasonable care not to make a misrepresentation, they don’t necessarily have to prove a link between the claim and the non-disclosure.

“What we are looking at, because it’s a precontractual issue, is what would the insurer have done differently, and what’s the prejudice that they’ve suffered.

“The insurer will still need to step through how it would have affected them. If they still would have issued the policy on the same terms then they can’t deny a claim on that basis.

“If they would have charged an additional premium they can deduct that from the claim, or if they would have applied an exclusion that wasn’t applicable to the claim then there is no prejudice.”

As to how business activity is defined, AFCA would first look for definitions within the policy. If there were none, it would move to the ordinary meaning of those words.

Mr Liamos admits “it’s a difficult one” and there are some “grey areas”.

“If your kid is selling lemonade at the front door, that would be a big stretch to say that’s somehow a business.

“On the flip side, if you’ve got a situation where someone has got an ABN and a fairly large turnover they are generating from their home, that might be less controversial.

“We would be looking at what would be the ordinary consumer’s understanding of that term in the context of the policy wording. Then we would look at the specific activities of the insured that the insurer is saying falls foul of the language.”

Does simply working from home as a paid employee cause a problem? You’d think not, but can anyone afford to make assumptions?

One industry source suggests that policies may need to introduce greater clarity – and refer to specific income thresholds or activities.

And however daft some might think it is, insurers have every right to decline to cover home and contents customers due to low-level business activities, if that’s what they want to do.

“They have a commercial discretion as to what they’ll insure and under what circumstances,” Mr Liamos says.

“If they want to be strict about certain types of business they don’t want to insure then generally they are entitled to do that.”

The advice to consumers is, as ever, read the Product Disclosure Statement. If a customer is unsure about anything, they should give the insurer a call.

Don’t assume something relatively minor doesn’t matter – it might. And if something changes, they should tell their insurer immediately, and pay attention at renewal time, making sure to check that the answers previously given are still accurate.

A little extra cash can go a long way in easing the pressure as the cost-of-living rises. But it’s not worth invalidating insurance on your biggest asset.

And as far as the industry goes, prepare for more scrutiny on this issue – especially if more people decide to tell their story to the ABC.

blurred heads looking at palm trees

Affordability

by with No Comment blog

Why is insurance affordability so important? 

Insurance plays an essential role in the economy, and affordable insurance is central to resilient communities.

Our members recognise that access to appropriate levels of insurance cover is a crucial to supporting our communities and national economic recovery and growth.

Committed to addressing affordability

Insurers share a commitment to addressing insurance affordability and availability over the short and long-term and the ICA works closely with all levels of government and consumers to help communities understand risk and work towards practical and meaningful solutions.

Why have some premiums been rising?

Insurance prices reflect the level of risk within a given market. Different types of insurance will therefore be priced differently. 

Generally speaking, premiums tend to be lower and stable where there is competition, freely available reinsurance and known risk factors. As insurance works by pooling risk, insurers cannot have a concentrated exposure to any one source of risk and the level of premiums is one way they can manage their exposure.

In recent years, our changing natural environment has impacted the cost of insurance in parts of Australia. Catastrophic natural events have damaged or destroyed property worth tens of billions of dollars. This has been most recently visible in the Australian bushfires of 2019-20 and floods of 2021 and the increasing frequency of these events poses long-term questions for the insurance industry and the Australian community.

Reviews into insurance affordability

Two prominent reviews have taken place into insurance affordability in the last two years:

  • ACCC Northern Australia Insurance Inquiry  
  • Role of the Private Insurance Market –Independent Strategic Review: Commercial Insurance

ACCC Northern Australia Insurance Inquiry

Concentrated impact in northern Australia

Catastrophic natural events impact different parts of Australia in different ways. In northern Australia, the increasing scale and frequency of claims due to cyclones and flood has raised costs and rendered the insurance market unprofitable over a long period of time.  This focus was the subject of recent reports, including:

  • ACCC Northern Australia Insurance Inquiry(released in December 2020)

Findings of ACCC Northern Australia Insurance Inquiry 

Over three years, the ACCC conducted a wide-ranging inquiry into the supply of residential building, contents and strata insurance in northern Australia.

The final report, released in December 2020, concluded that “the higher risk of natural disasters in northern Australia is driving higher premiums” and suggested that “reforms to land use planning and building standards may offer the best hope for achieving sustainable and equitable improvements to insurance affordability in northern Australia in the future.”

Role of the Private Insurance Market – Independent Strategic Review: Commercial Insurance

An independent report was commissioned by the Insurance Council of Australia and led by industry expert John Trowbridge in collaboration with economist Michael Blythe. A draft was released in May 2021 and the final report, including 13 recommendations, was released on 20 September 2021.

The final report concluded that in the context of a hardening insurance market there is no one-size-fits-all solution to issues of affordability and availability for small business sectors, and that solutions require collaboration and goodwill between the insurance sector, the SME sector, and governments.

The Review’s recommendations broadly fall into three categories: improved engagement between insurers and the SME sector; better understanding of insurance by SME policyholders; and advocacy to government and transparency. The ICA supports all recommendations of the Review.

Submissions to the ICA

Access submissions to the ICA for the ‘Role of the Private Insurance Market –Independent Strategic Review: Commercial Insurance’

bi

Floods predicted for Australia this spring and summer

by with No Comment blog

The Bureau of Meteorology warns that above-average rainfall and flash flooding could occur in Australia this spring and summer. 

Atmospheric and oceanic observations have yet to consistently reach La Nina levels, but there’s still a 70% chance of a La Nina system developing. 

“Regardless of whether La Nina thresholds are met, a La Nina-like pattern in the Pacific may still increase the chances of above-average rainfall for northern and eastern Australia at times during spring and summer,” the bureau said in its latest update. 

Various other weather systems are combining to point to wetter than average conditions across much of Australia. 

The negative Indian Ocean Dipole (IOD) has weakened, but cloud patterns in the eastern Indian Ocean suggest the atmosphere is still responding to warmer than average sea surface temperatures in the region.

A negative IOD increases the chances of above-average spring rainfall for much of southern and eastern Australia.

Meanwhile, a Madden–Julian Oscillation (MJO) is forecast by some climate models to strengthen and move eastwards into the western Pacific over the coming fortnight. If the MJO strengthens this would increase the chances of heavy rain across northeast Australia, the bureau says.

The Southern Annular Mode (SAM) has been positive for the past three weeks and is forecast to remain at positive levels to the end of the year.

A positive SAM during summer typically brings wetter weather to eastern parts of Australia, but drier than average conditions for western Tasmania.

It’s more important than ever for Australians to prepare for the oncoming storm season. 

The QLD Get Ready campaign, supported by Suncorp and featuring representatives from Queensland Fire and Emergency Services and Lifeline urges Queenslanders to prepare for the risk of flooding, torrential rain and other severe weather events. 

Get Ready recommends three steps: prepare an emergency plan, pack an emergency kit and make sure insurance is up to date. 

Suncorp CEO Steve Johnston says the insurer is committed to helping encourage Queensland households and businesses to be weather-ready as “waiting until a storm is bearing down is just too late”.

“Each summer, we see homes and communities destroyed by natural disasters, with much of this damage avoidable,” he said. “Even small-scale events can have a big impact, financially, emotionally and even physically, so it is critical Queenslanders undertake home preparation and maintenance now.”

Queensland has been hit by almost 90 significant natural disasters and weather events in the past decade, leaving a recovery and reconstruction bill of more than $16.8 billion. Last season, it was hit by 11 natural disaster events across 50 local government areas including hailstorms, bushfires, floods and cyclones.

Credit: 

https://www.insurancenews.com.au/regulatory-government/queensland-launches-suncorp-backed-get-ready-storm-campaign
https://www.insurancenews.com.au/daily/la-nina-holds-off-for-now-but-floods-still-feared
bc

IAG and Suncorp raise peril costs expectations after storms

by with No Comment blog

Storms in South Australia and Victoria have been declared a catastrophe by the Insurance Council of Australia (ICA). These extreme weather events have elevated claims within the insurance industry, and Suncorp and Insurance Australia Group (IAG) have raised their outlooks for financial-year natural peril costs. 

IAG increased its full-year natural perils forecast by 36.6% to $1.045 billion and lowered its reported insurance margin guidance range to 10-12% from 13.5-15.5% previously.

IAG says its net cost for the storm’s catastrophe is anticipated to be $169 million, the maximum retention for the first loss under its catastrophe program.

The full-year figure includes $535 million for the first four months. In addition to the recent storms, that comprises $204 million for the September quarter, $142 million for other weather events across eastern Australia in October and $20 million for attritional events last month.

Suncorp expects natural hazard costs of $1.105-$1.130 billion for the fiscal year. That’s $125-150 million above the previously announced $980 million allowances, divided equally between the first and second halves. 

There have been six declared weather events in October. Suncorp says costs for the half have also been inflated by the 2021 Victorian earthquake and other storms in both Australia and New Zealand. 

Suncorp expects the total cost from the recent storm events could reach $225-250 million, which led to a revised year-to-date estimate for natural hazard costs of $597-702 million. 

Earlier in the year Suncorp had begun issuing grants for remote, rural and regional Australia in the hopes to rebuild resiliently in preparation for any future disasters.  

Credit

https://www.insurancenews.com.au/corporate/iag-suncorp-raise-peril-costs-expectations-after-storms