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Working for yourself as a sole trader can have plenty going for it. Work/life flexibility. Lower overheads. Zero internal politics. But when the buck starts and ends with you, it also comes with a unique set of challenges – especially in the event you were to become sick or injured. (more…)
Is your building cover actually enough to cover you?
Like most things in life the cost of construction is rising. Building materials, fittings and labour can all be affected. This means each year it becomes more and more expensive to repair or replace the same buildings in the event of major damage, be they part of your home or your business. (more…)
Will your business still be around if you’re not?
Tens of thousands of Australians devote their entire lives to operating a successful business, toiling their heart and soul into setting up and running their company. But none of us are here forever. Just as you need to discuss important issues such as organ donation and your estate with loved ones, it’s important – but often overlooked – to have similar discussions about your business needs in the event of your sudden death or disablement. And then take steps to secure the future you’d want, whatever that happens to be. (more…)
Flooding affects thousands of Australian home and business owners every year. But some rebound much faster than others once the danger has passed and waters have receded.
Rising floodwaters and inundated communities provide exactly the type of human drama the media loves. But what receives far less attention, and is often overlooked entirely, is just how difficult it can be for local home owners and businesses to recover long after the cameras have stopped rolling. (more…)
Did you know Australia is one of the most under-insured nations in the developed world? From inadequate levels of income protection and life insurance arrangements, to grossly undervalued business assets and equipment, alarmingly few Australians have anything remotely like what they’d actually need in the event of a claim. (more…)
Tropical cyclones are a fact of life for communities across northern Australia from November to April. But often underestimated is just how common these destructive weather events really are. Since 1969/70 Bureau of Meteorology records show Australia has experienced an average of 11 tropical cyclones every season. In the past 5 years alone two of these have registered the maximum warning rating of Category 5: Cyclone Yasi in 2011 and Cyclone Marcia in 2015. With wind gusts in excess of 300km/h both led to widespread destruction of property, infrastructure and many injuries. In the case of Yasi, one man also died. (more…)
Insurance claims are often accompanied by considerable amounts of stress. Not so much due to claim itself, but rather the events that have preceded the need to actually make it. Whether it’s the result of an accident, injury, natural disaster or another form of personal or business loss, the last thing you want is to be burdened with the additional trauma of a complex or protracted claim. The good news is you don’t have to be. (more…)
What would you rather after a disaster hits? Close down temporarily with the peace of mind that everything will be back to normal as soon as the business has been fixed and ready to re-open? Or have banks and staff breathing down your neck while you scramble to keep your head above the water?
The ability to keep your business operating, week in, week out, is the lifeline to your own financial future as a business owner. (more…)
Australia’s Biggest Insurance Claims and What You Can Do After A Disaster
Everyday people use insurance as a safety net for their personal domestic possessions, something to fall back on when the impossible occurs. Today, insurance is used as a protection of your belongings, and public liability where you may be legally liability for bodily injury or property damage. Generally, people don’t pay much attention to the importance of having good insurance cover. But every so often a well-publicised event occurs, that reinforces the true value of your insurance. (more…)
Keeping Covered on Land and Sea: Do You Have the Right Marine Insurance Policy Coverage?
In the prestigious Royal Motor Yacht Club marina in Rose Bay NSW, the yacht of Anthony Bell, probably the world’s only celebrity accountant, sunk in the early morning hours.
In the aftermath of Mr Bell’s misfortune, people should consider whether they and their businesses have the right insurance policy to cover such an accident. (more…)
Asbestos – Commonplace yet Deadly Hazardous. When to be Wary of Asbestos
Be Wary of Asbestos After Natural Disasters
Did you know that the negative effects of asbestos can be a serious danger after natural disasters like floods and storms?
Asbestos is a group of mineral fibres that occur naturally. Its versatility, strength, fire resistance and insulating ability make it an attractive material for use in many industries, with over 3000 applications. In Australia, about one third of all homes built contain asbestos products, including roof sheeting, guttering, fencing, telecommunications pits and carpet underlays, despite the fact that it has deadly effects on our health. (more…)
Marine Professional Negligence Insurance – Key Points
By Ray Park – Marine Insure
Marine Professional Negligence Insurance is a specialty line targeted at occupations within the Marine Industry such as Naval Architects, Marine Surveyors and Consultants, Marine Engineers, Ships Managers and Transport/Logistics Consultants to name a few. (more…)
Commercial Marine Hull and Protection & Indemnity (P&I) Insurance – What does it all mean?
By Ray Park – Marine Insure
Commercial Hull Insurance, together with Protection & Indemnity (P&I) is essential for any commercial vessel owner for the protection of their financial investment in their vessel, like any other asset used in connection with a business. (more…)
Marine Cargo Insurance – What are the options?
By Ray Park – Marine Insure
Marine Cargo Insurance has its roots in very early trade times, where traders would spread their commodities over several vessels to ‘spread the risk’. Then came the Lloyds Coffee Houses in London, where several businessmen would receive a payment for signing their name under a certain shipment of goods agreeing to pay a portion of a claim. Hence the name ‘under writer’ and the rest is history with the establishment of Lloyds of London.
Most insured cargo is covered by Institute Cargo Clauses, of which there is a host to choose from, depending on the subject matter insured and what type of cover is required. The most regularly used clauses are Institute Cargo Clauses A, B and C. (more…)
Marine Industry Liability – What to look out for
By Ray Park – Marine Insure
Marine Liabilities in many ways, are no different from other Liabilities. Put simply, when a company or business is involved in the Boat & Marine Industry, whether it be Boat Building, Repairing, Painting and so on, they are all exposed to liability risks just as much as any other business is. (more…)
Travel insurance: Common mistakes and pitfalls to look out for
Ensuring that you have adequate insurance when travelling is paramount, with every policy being different in the coverage provided and exclusions they include. Following is an article from Traveller, with important tips to look out for when selecting a travel policy as either a business/corporate traveller or personal traveller. (more…)
Tip of the month
Spring clean your insurance policies
Is it time you did a spring clean of your insurance policies? After a long winter, now might be the time to do a review of your insurance cover to make sure you are properly insured to enjoy all the pleasures the more temperate weather brings. (more…)
Are you Environmentally Friendly?
Environmental Insurance, formerly known as Environmental Impairment Liability, covers businesses against a range of environmental liabilities and exposures. Designed to respond to all types of pollution, whether it be sudden, accidental, gradual, or part of your clean-up regulatory obligations, this type of insurance ensures you are fully covered as things become more complex over time. Throughout the Asia Pacific, environmental exposures have been amplified by tougher legislation and although business functions may not have changed, the potential environmental liabilities have increased. (more…)
Protect Yourself Against Cyber Bullies
Our previous newsletter talked about the growing need for businesses to implement safeguards to mitigate cyber-attacks in the work place. We want to follow on from that and discuss further how business’ can help protect themselves against cyber threats. (more…)
Prepare, Act and Survive
You do not need to live in the bush to be affected by bushfires. Burning material, embers and smoke can still cause damage to your home and business if you are in close enough reach of a bushfire. The most loss of life and property damage occurs around the fringes of the cities, where homes and businesses are surrounded by flammable vegetation. Queensland’s peak risk to bushfires is around spring and summer, when high-risk weather patterns, such as relative low humidity, high winds and lack of rain can contribute to increased fire danger. (more…)
Protect yourself against terrorist acts
Commercial markets have matured and become much more innovative in their underwriting approach to terrorism. (more…)
Underinsurance reaches $1.8 trillion
According to a new report from Rice Warner, the amount of life underinsurance in Australia is estimated at $1.8 trillion. (more…)
Live long and prosper
Tip of the month
Insure yourself at home
As working practices have changed and more and more people work at home, it is vital to ensure that you have all of your insurances in order. (more…)
Super offers property investment opportunity
Superannuation doesn’t have an exciting reputation, but a self-managed superannuation fund (SMSF) may provide an alternative pathway to property investment that appeals to savvy investors. (more…)
Safety in cyber insurance
In an era in which technology is pervasive and security can be easily compromised, it is important for businesses to put security measures and safeguards in place to mitigate any breaches that may occur. (more…)
Did you know?
One in six drivers have confessed that they would not leave their details if they hit your car in your absence. (more…)
Business Continuity Planning – Why you should have a Plan.
What would you do if you arrived at work one morning and your premises had been destroyed by fire?
Or what if a staff member was seriously injured, either whilst at the workplace or after hours ? (more…)
So, your business has a turnover under $2 million and you want to know how to use the $20,000 immediate tax deduction that’s been all over the news?
Before you start spending, there are a few things you need to know. (more…)
As a company director, there are very important responsibilities and duties placed on you under the Corporations Act, and enforceable by ASIC should you fail to carry out your duties in the best interests of the company. The same rules apply to a small company with a sole director, as a large corporate organization with a board of directors. (more…)
Federal Budget 2015/2016 – The ‘have a go’ Budget
by Mark Stewart, Director – Integrity Wealth
This is a highly targeted Budget that seeks to keep change within community tolerance levels. (more…)
In this short article, Adrian Kitchin, Managing Director of Insurance Advisernet Australia and New Zealand explains why you should protect the key people in your business, including you. An important path to peace of mind for the business owner, allowing them to get on with business without having to worry if they are covered for any eventuality. (more…)
Jan Watman, Director of Start Fresh Finance, navigates the minefield of finance types and technical terms to give you an insight into your options when applying for equipment finance. (more…)
The 31st of March 2015 marks the end of the 2015 Fringe Benefits Tax (FBT) year. If you are an employer that has provided any non-salary benefits to employees, you may have an obligation to prepare and lodge an FBT return with the Australian Taxation Office (ATO). (more…)
For most businesses, workers’ compensation premiums can be one of their largest insurance costs. Many organisations are not aware that this cost to their business can be controlled and reduced with strategic premium, claims, injury and risk management practices. (more…)
Property Purchase within reach!
This months 0.25% rate cut by the RBA means interest rates are set for record lows and some borrowers will now enjoy historically low rates approaching 4.50% p.a. (more…)
Did you know….many small and medium business owners and managers can expose themselves to potential financial difficulty by entering into contracts? (more…)
by Denise Gibbons, Director – Integrity Wealth
There are many milestones that happen throughout our life’s journey. Leaving home, commencing a career, starting a business and starting a long term personal relationship to name a few. (more…)
Importance of Reviewing Policy Sum Insured
I’m sure you’ll agree, having insurance in place for your physical asset pool is a necessity. What you may not have considered however is that being under insured can be just as devastating financially as having no insurance at all. (more…)
1. They don’t Buy Insurance
This is relatively the biggest mistake business owners make on insurance. Insurance can seem like the benefit doesn’t justify the cost or maybe they don’t realize they need coverage. Business owners can sometimes feel that as long as they follow the rules, operate legally, and do what they are supposed to do, they will be ok. What many don’t realize is that even if they are sued and win, the cost of defending themselves against even an unfounded lawsuit may be enough to put them out of business. (more…)
Your Summer Protection Newsletter
Aussie summers and the great outdoors go together like shrimps and barbies!
Before long, we’ll be packing up the kids and heading to the surf for some fun in the sun. Teaching junior to boogie board, playing beach cricket till dusk and lazing in the sun are just some of the ways we Aussies enjoy our welldeserved R ‘n’ R at year’s end. (more…)
You know about Business Expenses but….
If you are self-employed or in a small partnership, an extended absence from your business as a result of sickness or injury could have a severe financial impact on you and your family. (more…)
The year is rushing by and it will be Christmas before we know it. But don’t allow the year to run away on you without doing yourself, and those you love, the biggest favour of all – review your insurances. (more…)
With a number of changes being made to the investment rules for self-managed super funds, allowing investments in a wider range of assets including property assets, many self-managed super funds have a large percentage of assets tied up in a single investment – leading to lack of liquidity. Appropriate insurance cover becomes especially important when SMSFs look at property investment and have debt. (more…)
If you’re a 35-year-old Australian with an annual income of $80 000, you could earn around $3.8 million before you turn 65. With that kind of multi-million-dollar value, your ability to earn a living could be considered one of your greatest personal assets, which means: You need income protection insurance! (more…)
Many small and medium business owners and managers can expose themselves to potential financial difficulty by entering into contracts. The business owner is typically focusing solely on the perceived benefit and not necessarily appreciating the liabilities and other consequences of what is being signed. At Insurance Advisernet we understand the risks associated with signing contracts and we are pleased to provide you with a free copy of “Mannings Guide to Contract Reviews”. This free guide explains the major issues that should be considered when signing any contract, large or small. (more…)
With the middle of the year now upon us, getting your financial affairs in order and setting goals for the year ahead should be top of mind. (more…)
If you own your own business, chances are it’s your livelihood. But what if something
happened to you or your partner and you were unable to continue operating it?
As a business owner you’ll need to consider the ‘what ifs’ should you or your business
partner exit the business involuntarily, if you know what I mean? (more…)
Income Protection with Trauma Cover
Turbo charge your Income Protection with Trauma Cover
Your ability to earn an income is one of, if not, your most important asset. The value of income protection insurance is gaining a widespread understanding, as people are recognising that they need a contingency plan which will pay a regular monthly income if sickness or injury prevents them from working (more…)
There are many reasons why you should be thinking about Forefront — Chubb’s leading management liability insurance solution. Chubb has developed a Management Liability solution to offer broad coverage for SME clients. (more…)
Our success has been built on personalised service and support.
We conduct an analysis of your risk/needs and advise our recommendations on the correct coverage required to protect your assets and liabilities. We objectively recommend the best insurance products from a range of the best insurance providers, matching the right insurer to you. (more…)