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?

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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.

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.

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

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’

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High level of underinsurance in flood affected areas

by with No Comment Uncategorized

The Queensland and NSW floods have caused losses reaching an estimated $2.3 billion. This devastating extreme weather event has deeply impacted many families and businesses.

A survey conducted by the Insurance Council of Australia (ICA) has highlighted a significant level of underinsurance among the affected communities. 

The ICA reported on March 21st that insurers had received 153,769 claims, which is a 2% increase from the previous week’s figures. 

ICA also released results from a survey of more than 1000 people from three flood-prone areas in southeast Queensland and NSW. The survey found that 37% of respondents say they wouldn’t have enough insurance to rebuild. 

Two-thirds of respondents also stated they don’t believe governments are investing enough to properly protect homes and communities from extreme weather events. More than 90% of those respondents said the spending should at least double. 

From the survey the ICA reports that an astonishing 94% of people said there should be better controls on where homes are built so they are not at risk of flood. 

On affordability and availability constraint drivers, the survey finds 47% say flood cover can be difficult or expensive to obtain due to the risk of flood, one in five says it is driven by insurer profits and 11% cite climate change. 

“The Insurance Council has long called for greater investment in measures that better protect homes and communities from the impact of extreme weather,” ICA CEO Andrew Hall said. 

“This most recent flood has unfortunately brought this issue into sharp relief, and now those directly impacted have added their voices to this call.”

The ICA survey was conducted from March 11th-14th across the Northern Rivers, Western Sydney and Greater Brisbane regions. 

If you wish to discuss your home or business insurance options, you can contact Craig from Business Insurance Consulting. 

Email: [email protected]

Phone: 0412 212 099

Credit: https://www.insurancenews.com.au/local/flood-losses-rising-as-survey-shows-high-levels-of-underinsurance

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Personal hardship assistance extended to more flood-affected areas across South-East Queensland

by with No Comment Uncategorized

On March 2nd, the Insurance Council of Australia (ICA) stated that insurers received 48,220 claims related to the flooding in South-East Queensland and the New South Wales coast. 

This was a 53 percent increase from the previous day’s claims count, and further demonstrated the significant impact from this event. 

37,807 of the claims were from Queensland, with the remainder from New South Wales. The New South Wales figures are expected to increase, as more policyholders return to their homes and businesses. 

Eight-four percent of the total claims relate to property, with the rest being motor vehicle claims. Insurers do not currently have an estimate of claims costs. 

The personal hardship assistance has been extended to more flood-affected individuals and families, as flooding continues to affect people across South-East Queensland. 

Grants are available through the jointly funded Commonwealth-State Disaster Recovery Funding Arrangements (DRFA) for eligible flood-affected residents in Ipswich, Lockyer Valley, Moreton Bay and Somerset. The personal hardship grants have also been extended to the entire Local Government Area of Gympie Regional Council, Fraser Coast and Sunshine Coast.

The Federal Minister for Emergency Management and National Recovery and Resilience Senator the Hon Bridget McKenzie said that if eligible, the DRFA assistance would provide grants of up to a maximum of $900 for a family of five or more, or $180 per person. 

“These payments are designed to cover essential items such as food and clothing for people who are doing it tough as a result of the floods, in addition to the reconnection of essential services once it’s safe to return home.” 

“Areas affected by flooding in Brisbane and Logan are currently being assessed for the provision of personal hardship financial assistance and those assessments are being progressed as a matter of priority.” 

“Brokers are contacting their clients in affected areas and are offering their assistance,” said NIBA CEO Philip Kewin. 

“The Australian and Queensland governments continue to work closely to support ongoing recovery efforts and identify where further assistance is required to ensure all flooded communities have the assistance they need to get back on their feet.”

You can find more information on Personal Hardship Assistance and Essential Services Hardship Assistance here, or contact the Community Recovery Hotline 1800 173 349. 

Credit: 

https://www.niba.com.au/2022/03/01/personal-hardship-assistance-for-insurance-catastrophe-affected-areas/?utm_medium=email&utm_campaign=Broker%20Buzz%202%20March%202022&utm_content=Broker%20Buzz%202%20March%202022+CID_e6939488bb93f5b6d1e850621fed373c&utm_source=Email%20marketing%20software&utm_term=Personal%20hardship%20assistance%20for%20flood%20affected%20communities

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Insurers step up their commitment to tackling climate change

by with No Comment Uncategorized

Allianz Australia has stepped up their climate commitment in 2021 by becoming the first insurer to join Climate League 2030. 

Climate League 2030 is a private sector-focussed 10-year initiative that aims to reduce Australia’s annual greenhouse gas emissions, in line with the targets set by the Paris Agreement in 2015. 

The Investor Group on Climate Change (IGCC) launched the initiative in October 2020, starting with investor participants. 

IGCC is a collaboration of both Australian and New Zealand investors focussed on the financial impact of climate change on investments. 

Supporting Climate 2030 means Allianz must commit to taking at least one new action each year that will make a demonstrable contribution to reducing Australian emissions. 

Allianz Australia MD Richard Feledy says the business is “proud” to be the first insurer to join the initiative.

“Allianz is committed to a net-zero emissions future and we are decarbonising our operations, insurance portfolio and investments to help us achieve that goal,” Mr Feledy said. 

“We believe climate risks are better mitigated when we collaborate with other organisations, industries and markets.”

“By joining initiatives such as Climate League, we hope to enable an orderly transition.” 

IGCC CEO Rebecca Mikula-Wright says hopefully more insurers will follow Allianz and join the initiative. 

“More and more investors, banks and insurers are now recognising that reducing emissions on a Paris-aligned pathway represents responsible action to secure a healthy economy for Australia,” she said.

“The Investor Group on Climate Change continues to support other organisations, including hopefully more insurance firms, to join Climate League to support a stronger 2030 national emissions reduction commitment, which will remain in focus in the lead up to COP27 in Egypt next year.”

Allianz also announced changes to reduce their ties with fossil fuels. They are removing thermal coal from proprietary investment and underwriting portfolios and in 2021 the insurer stopped insuring or investing in infrastructure facilities that derive more than half their revenue from thermal coal. 

From 2023, Allianz plans to no longer provide property & casualty insurance or make proprietary investments in companies that plan new coal mines, generate more than 25% of revenue from thermal coal mining, or produce more than 10 million tons of thermal coal annually. 

This focus on handling climate change is no new thing, and has been a hot topic in the insurance industry. 

After a turbulent year last year in terms of extreme weather events, Suncorp CEO Steve Johnston also made comments on the need to face this issue head on. 

“Call it La Nina, climate change, or just bad luck, it really doesn’t matter – the results and impacts are the same.” he said. 

“At a time when homeowners really need adequate home insurance, allowing tax revenue from insurance to keep growing due to climate change makes little economic sense.

“Pushing people out of the insurance market simply transfers the cost of the extreme weather event, and the one after, to the taxpayer.”

Mr Johnston said “climate change is an intergenerational challenge that must be tackled” by setting ambitious targets and providing support for industries and jobs impacted by the transition.

You can read more about what he had to say here. 

Australia continues to face extreme weather conditions each year. 

If you want to discuss your personal, home or business insurance, get in touch with us today! 

Credit: 

https://www.insurancenews.com.au/corporate/allianz-steps-up-climate-commitment
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AFCA says there is no excuse for not disclosing your claims history

by with No Comment Uncategorized

A couple has lost their claims dispute after failing to remember their previous claims history when purchasing an Auto & General motor policy. 

The Australian Financial Complaints Authority (AFCA) has ruled that the oversight was a breach of the disclosure obligations and the insurer was entitled to decline the latest claim for damage to the couple’s vehicle. 

When purchasing their policy, the couple was asked how many claims they had made in the last five years. They indicated they were unsure whether it was one or two, and the insurer’s representative suggested that they disclose two claims. 

The couple should have disclosed four claims. If they had disclosed the full extent of their claims history, the insurer’s underwriting criteria would have ruled them out. 

“The complainants say they forgot about one of the non-recoverable claims,” the AFCA’s ombudsman said. 

“While this may have been the case, it does not change the outcome.”

“It is reasonable to expect a person to know their claims history. I do not accept forgetting means the claims history was not known to the complainants for the purpose of section 21A(5)(i) of the [Insurance Contracts] Act.”

The AFCA said that an innocent non-disclosure is still a non-disclosure, and therefore a breach of the complainant’s duty. 

“I am satisfied that, by failing to disclose two of the four claims the complainants had in the five years prior to policy inception, the complainants failed to comply with their duty of disclosure.”

“I am satisfied if the complainants disclosed their full claims history, the insurer would not have agreed to offer the policy and would not have insured the complainants.”

“Therefore, under section 28 of the Act, the insurer is entitled to reduce its liability to nil and refuse to pay the claim.” 

You can read the full ruling here.

Interested in a dedicated broker for your home or business? Contact us for your own specialised quote. 

Credit: 

https://tinyurl.com/yhwdseck