Many SMEs have Business Interruption (BI) Insurance that covers loss of income due to an inability to trade, usually due to a disaster. Whilst the COVID-19 pandemic is on all of our minds today, we can’t forget about the businesses that are still trying to recover from the bushfires.
Continue reading The recent bushfires and Business Interruption coverage
The COVID-19 outbreak has had a global impact on SMEs, either forcing them to close operations entirely or making their employees work from home. The result is that many buildings are now left unoccupied, a situation that currently has no end in sight. Whilst SMEs are being faced with a host of challenges during this time, one issue that might slip under the radar is the problem of unoccupied buildings. Specifically, what are you doing to protect your empty buildings?
The excitement you might have felt when you started your small business is often tempered by the reality of trying to keep your business afloat in the current market. Reality sets in even more when you look at the survival rate of businesses between 2014 and 2018.
Specifically, only 59.6% of non-employing SMEs and 69.3% of SMEs with 1 to 4 employees survive their first three years. So what’s the problem? Why are these SMEs failing and what are you doing that may make your business follow in their footsteps?
Continue reading Top 5 challenges SME’s face & how to survive them
If a business has one or more employees, then Workers’ Compensation is a legal requirement in Australia. This type of insurance covers employees against work related injuries or illnesses, providing them with benefits that cover medical and hospital bills, lost wages, rehabilitation and compensation for permanent injuries. Continue reading How does Workers’ Compensation actually work?
Business Continuity Planning
As of 16th March 2020, the World Health Organization confirmed the total number of global COVID-19, or coronavirus, cases surpassed 140,000. The Australian Government has announced many new measures to contain the spread of COVID-19 and these measures may continue to impact how we do business over the next few months. Continue reading Business Continuity Planning & managing the Coronavirus
Coronavirus & Travel Insurance
While Australia has been relatively protected from the spread of Coronavirus (COVID-19) many travellers have been disrupted due to travel restrictions, while others are reluctant to travel due to the increase risk that the disease poses.
The purpose of this article is to look at the cover available under two types of travel insurance. A similar article is available that looks at Business Interruption Insurance. Continue reading Coronavirus & Travel Insurance
Coronavirus & Business Interruption Insurance
While Australia has been relatively protected from the spread of Corona Virus (COVID 19) many businesses have been disrupted due to travel, import and or export restrictions.
The purpose of this article is to explain and warn that general insurance is unlikely to provide the protection that it does for traditional risks such as fire, burglary or storm. This article looks at business interruption insurance, a similar article is available that looks at Travel Insurance. Continue reading Coronavirus & Business Interruption Insurance
If you are a building contractor, tradie or sub contractor working in the building trade, whether commercial, industrial or domestic, then be sure you have the right type of insurance to cover. Contract Works Insurance can be customised to cover your business for accidental damage to onsite materials, building structures and even your tools. Cover can include, but not limited to, property damage due to fire, storms, theft, malicious damage, losses due to delays in starting a project.
Public and Product Liability Insurance covers your business from claims made by any third party for compensation of an injury or damage to their property as a result of your business activities. So to ensure your business is adequately covered
If your business interacts with the public, it’s likely that you need Public Liability Insurance. This policy covers your company from third party claims of injury or damage to property, as a result of an incident caused by your company’s business activities. Whilst for the majority of SMEs it’s not compulsory or a legal requirement, in some instances a business can’t operate legally without this type of insurance cover.
