Assessing your business’ health and planning for the next year

Given that the majority of businesses have experienced one of their toughest challenges in 2020, it makes sense to take a step back and reassess your goals for the next 12 months. This can be viewed as your ‘recovery year’, where you reassess the health of your business and make plans to operate under the new post-COVID ‘normal’.


La Niña Weather predictions and protecting your business from wild weather this summer

In the past few months, we have seen many news reports predicting that the El Niño Southern Oscillation (ENSO) will enter a cooling phase this year, changing from an El Niño to a La Niña season. These reports have been followed by more recent announcements that the drivers for this event have been fulfilled, meaning that the cooler La Niña phase is now active.

The result of a La Niña phase is that we can expect multiple extreme weather events across the Pacific and into the northern and eastern parts of Australia from now and well into 2021. Above average rains, flooding and more cyclones than normal, off the coast of Queensland, are forecast over the next few months.


A year in review – Insurance 2020

As the end of 2020 approaches faster than ever, it’s appropriate to take a look at where we have been and what the future likely holds for the insurance industry. That’s because at Insurance Advisernet we are committed to building a sustainable future where our clients and community can grow and prosper, despite the distresses of the past year.

So let’s take a look at some of the major obstacles and natural disasters that we, as a community, have overcome this year. Not forgetting to give credit to the many SMEs that have demonstrated their overwhelming strength and resilience, time and time again, in the face of extreme hardship. (more…)

Approaching renewals in a hard market

There’s no escaping the fact that SMEs are doing it tough lately with a combination of losses related to the bushfires, storms and now the COVID-19 pandemic. SMEs are, quite rightly, looking very closely at their current and future finances and how they can protect their businesses from Australia’s declining economy. Clearly, reducing expenses and holding costs, whilst trying to maximise revenues is obviously one workable solution. (more…)

Building and Construction Insurance – What you need to know

Whether you are a sole trader or a small business owner, insurance is a major part of doing business. Without the right type of cover, you are leaving yourself wide open to a range of risks that can be financially devastating. (more…)

Safeguarding your supply chain

The ongoing COVID-19 pandemic has taught us many lessons, one of which is that diversification is one of the key elements in the ongoing success of a business. In this case, we are talking about diversifying your supply chain, because as we have seen recently, when supplies dry up, revenue plummets. (more…)

Ransomware threatening Australian businesses

Dealing with ransomware attacks pre-COVID 19 was a challenge for many businesses, but it’s become much more of a threat recently. That’s because many of these attacks have targeted SMEs who don’t have the resources of the big multi-nationals to fend off these threats. (more…)

Domestic Landlord Insurance – What you need to know

Many purchasers of residential investment properties are also business owners who want to secure their future retirement. Every investment opportunity, however, comes with its own element of risk, which is where Domestic Landlord insurance comes into the picture. Let’s take a look at what this insurance covers and the key take-home messages you need to understand. (more…)

Why maintaining your insurance cover is vital to your recovery

At Insurance Advisernet, we appreciate that many SMEs are struggling to pay the bills during the COVID-19 restrictions. Maintaining your insurance cover, however, is one strategy that can actually help your recovery, resulting in a much brighter future as restrictions slowly begin to ease. (more…)

What you need to know about transport insurance

Transport insurance is a complex and dynamic industry, mainly due to the nature of the work and the high number of claims that are processed each year. This means that insurance advisers need to thoroughly understand the nature of the transport industry so they can craft a policy that’s perfectly tailored to their client’s needs. (more…)

How will the changes to JobKeeper affect SMEs?

With COVID-19 continuing to be troublesome in Australia, the government announced an extension to the JobKeeper program on 21st July, labelled JobKeeper 2.0. This will come into force on 29th September and last until 28th March 2021. These changes have been welcomed by many SMEs who fear that without financial support they will no longer be able to operate under COVID-19 restrictions. (more…)

Rethinking your risk management this new Financial Year

Insurance providers have faced many challenges in the past year mainly due to the bushfires, floods, and the ongoing global pandemic. One of the outcomes from these disasters is that many insurers are reducing their capacity across a variety of industries in an effort to replenish their returns.

Low investment potentials due to extremely low interest rates combined with rising property and liability premiums have rightly drawn concern from the business sector. So how do Australian businesses manage their risk management strategies as the markets slowly recover? (more…)

Business Risks to be Aware of in 2020

Cyber-crime, climate change, natural catastrophes, bushfires, floods and storms are all real-world problems that businesses need to contend with in Australia. We also can’t ignore the recent COVID-19 virus that has posed significant problems for many SMEs. Then there is the Brexit challenge, as well as any trade fall outs that stem from COVID-19 and the interplay between China and the rest of the world (notably Australia, UK and US).

Let’s take a look at some of the problems that face Australian businesses and how the right type of insurance cover can reduce your risks and help to mitigate potential losses. (more…)

How SMEs can prepare for potential rising premiums

Whilst some policyholders have already noticed a rise in their premiums this year, it’s not time to panic yet. All insurers prepare and make allowances for increased claims during potentially difficult disaster seasons (bushfires, floods and storms), so it’s not certain that premiums will increase this year.

Nevertheless, nothing is guaranteed, so it’s always a good idea to be prepared for premium increases at some time in the future. (more…)

What you need to know about Home Insurance payouts

One of the most essential policies for homeowners is home insurance. That’s because if your home burns down or is severely damaged by storms for example, without insurance, you have to pay for the repairs or replacement of your home. For most Australians, buying a home is their biggest financial purchase and their biggest asset, so losing it all in a matter of hours is devastating.

Let’s take a look at what home insurance actually covers, what questions you need to ask and how you can make a claim against this policy.


How can SMEs prepare for the challenges to the Insurance Industry in 2020?

With a plethora of challenges faced by the Insurance Industry in 2020, it’s important that SMEs make sure that their policies are up to date. You also need the right type of polices in place, so you will be well positioned to reduce your ongoing risks.


COVID-19 and EOFY Tax Returns

With the EOFY rapidly approaching, what do the COVID-19 stimulus packages mean for your business tax returns? This all depends on whether you have taken advantage of these packages, so let’s take a look at some of these measures and how they may affect your tax returns this year.


Australia’s wild summer and the implications on insurance premiums

The recent bush fires and flooding events across Australia have highlighted the increasing trend towards extreme weather events, evidenced by the Australian Actuaries Climate Index. Whilst used as further confirmation of climate change, this index makes it very clear that the frequency of these extreme weather events has continued to rise since 1981.


Five ways to boost your cyber security during Covid-19

For many businesses, the last several weeks have meant more of us working from home. We often hear stories of corporate hacking or phishing scams hitting thousands of people around the world. So what can we all do to protect ourselves?


The recent bushfires and Business Interruption coverage

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.


Have you done enough to protect your unoccupied buildings during the COVID-19 outbreak?

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?


Top 5 challenges SME’s face & how to survive them

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?


How does Workers’ Compensation actually work?

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. (more…)

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. (more…)

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. (more…)

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. (more…)

When do you need Contract Works 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.


Why is public and product liability insurance important for businesses?

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

When to get public liability insurance

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.

How to protect your SME this Christmas from theft and break-ins

All businesses recognise that Christmas is one of the peak times for theft and break-ins, whether they close down over the Christmas break or continue trading. The risk of customer and employee theft, robberies, and even cyber-crime are all increased during the Christmas season. However, SMEs are often at greater risk than large multi-nationals, mainly because they have fewer backups and resources, and might seem like easier targets. So what can you do to protect your SME from theft, break-ins and cyber-crime this holiday season?

Preparing your retail business for the Christmas season

With the Christmas season around the corner, staff are becoming even busier and work is starting to pile up! There is so much that needs to be completed before the holidays start! Where does all this work come from? Even though everyone is in a festive mood and looking forward to a well-earned break over Christmas, they still need to get their work finished in time for the holidays. Retail stores however, can be even harder pressed at this time of year! With no end in sight, it can become quite manic in the lead up to Christmas, causing small everyday tasks to be easily missed in the mad rush to get everything done. (more…)

Who needs business interruption insurance?

Business Interruption Insurance helps your business to keep operating in the event of a disaster, for example your warehouse catches fire, your showroom is flooded or essential equipment is stolen. If any of these events prevent your business from trading, then Business Interruption Insurance can cover your business’s financial losses from the everyday unavoidable costs of running your business, even though you can no longer trade. (more…)

Protecting your business this bushfire season

As bushfire season takes its toll across Australia, it’s not only homeowners who need to brace themselves against the ravages of fire. Business owners also need protection against bushfire disasters, because without the right type of insurance, recovering from the devastation wrought by bushfires may ruin your business. (more…)

Marine and Hull Insurance Uncovered

The vast majority of international freight (90%) is transported around the world by sea with more than 70% in containers. Unfortunately, merchant shipping isn’t always the safest form of transportation; there were 88 major accidents involving merchant shipping reported worldwide in September 2019, and five ships were lost. <!–more–>

To bring this closer to home, most of us remember the containers lost from the YM EFFICIENCY along the NSW Central Coast, after hitting bad weather on its trip from Taiwan to Sydney in June 2018. More recently, a Chief Officer onboard the cargo ship YALIKOY died after being hit by a snapped mooring line on Oct 8th in Spain, the bulk carrier RT HON PAUL J MARTIN ran aground on Oct 6th in the St. Lawrence Seaway while on its way from Port Weller to Quebec and a mobile crane fell onto the ASTRA MARINE’S cargo deck in Turkey on Oct 7th.

All of these disasters, mean that marine insurance is a priority, but what type of insurance do you need?

Marine Insurance

Marine Insurance is designed to provide peace of mind when you have a ship, vessel or marina that requires insurance, or you are moving your cargo across sea, land or air.

Marine Cargo Insurance

Marine Cargo Insurance covers the loss or damage of goods in transit, generally due to theft, collisions, fires and explosions, and stranded or sinking ships. Whilst this type of insurance lowers the risk of loss or damage to cargo, there are three different types of Marine Cargo Insurance available:

  • Open Cover Cargo: This policy either covers goods to a specific value for a specific time period (single trip voyages) or multiple shipments with no specified value during the policy period.
  • Specific Cargo: This policy covers one consignment for one voyage and ends when the cargo arrives at its destination.
  • Contingency Cargo: This policy is used by freight brokers to reduce their risk when the carrier of the policy refuses to honour a claim against damage or loss of cargo.
Commercial Hull Insurance

This policy is designed specifically for businesses who operate commercial vessels where their vessels are the centre of their business (namely charter boats, barges, ferries etc). Commercial Hull Insurance covers you for accidental damage or sinking (in the case of sinking, the vessel must be in a sea worthy condition prior to sinking), malicious damage and theft, and any liability resulting from use of the vessel. Due to the nature of their businesses, many marine operators need both Marine Cargo and Commercial Hull Insurance.

Marine Liability Insurance

Similar to third party auto insurance, Marine Liability Insurance reduces the risk of damage to third parties (property and personal injuries). These include collisions with other ships (in transit or stationary) and removal of wrecks, but can also cover collisions with terminals, docks and piers. It’s suitable for ship repairers, import and export marine businesses, yacht owners, port and marina operators, charter service operators, docking facilities, and so on.

Ensuring that you have the correct type of Marine and Hull Insurance is the first step to protecting your cargo when in transit if something were to go wrong. To decide what type of marine insurance is suitable for your business, please contact Lewis Insurance Services on 07 3217 9015 or send us an email by clicking here.

This article was published by our AFSL Licensee, Insurance Advisernet Australia P/L (26/11/2019),

This information and any accompanying material does not consider your personal circumstances as it is of a general nature only. You should not act on the information provided without first obtaining professional financial advice specific to your circumstances and considering the Product Disclosure Statement.

Have you had your tools stolen from the back of the ute? Or from a construction site? For tradies, this is a well-known crime across Australia every day. If your tools and other equipment are vital to your livelihood, loss or damage to these can often be devastating, and turning up to a job site without your tools isn’t an option, but it can and does happen. 


On 15th April this year, the world watched in horror as the Notre Dame Cathedral, which was built in the 13th Century, was gutted by fire. Whilst to date, there has been no confirmed evidence of arson, investigators currently believe that various scenarios could have instigated the fire, from an electrical issue, a cigarette, or was it plain negligence.  (more…)

How to keep your business afloat in the event of a disaster

No-one likes to think that a disaster could happen to their business, but it can and does happen far too frequently in Australia. For example, the recent floods in Townsville which were declared a disaster zone; imagine the problems faced by small business owners who were prevented from trading during the aftermath of the floods. (more…)

6 common business insurance myths busted

Insurance for small businesses can be complex, so finding the right type of insurance policies for your business can be a challenge. The matter is made even more complicated by the existence of numerous insurance myths, making the decision process even harder. To ensure that your business is well protected against any future claims, it’s important to identify these myths, so that you can make the right insurance choices for your business.  


Do your employees face danger every day and do you have a Workers Compensation policy?

Most jobs have some element of risk, whether it’s a slip and fall in the office, forklift incident in the warehouse, muscle strain, cuts or burns in the kitchen, they can happen. So what are highly dangerous jobs? And is your Workers Compensation policy adequate to cover your employees. 


Five ways to plan for growth in 2019

Most business owners undoubtedly will say that they are focused on business growth.  However, far too often a cohesive and executable plan has not been completed to achieve this growth. If they do have a plan, it’s usually far too vague and doesn’t really get off the ground.

Multiple factors in today’s marked undoubtedly impede business growth, namely the increasing costs of materials and resources, rising fixed costs (such as rent, power and fuel), and complicated government regulations. Not to mention a lack of skilled labour, competition within the market space, and the changing landscape introduced by e-commerce.

So how can you help your business grow and expand?


Insurance claims – tips for small businesses

Whilst making a claim on your business insurance can be a straight forward process, if you are unaware of the process and don’t know what to expect, navigating your way through this can be time consuming and frustrating. This is particularly relevant if a serious incident has occurred on your premises and the police are involved. 

To alleviate any stress or concerns you may have about submitting a business claim, here are a few tips that should make the process less stressful.


Recent flooding in parts of North Queensland has left thousands of families and small businesses devastated, loosing not only their homes, but their livelihoods as well. The millions of dollars of property damage has resulted in both emotional and financial stress to many.


The threat of a cyber breach for small to medium sized businesses (SMEs) is a very real concern, one that has been recently highlighted by the General Data Protection Regulation (GDPR) in Europe and the Notifiable Data Breaches Scheme (NDP) in Australia.


Creating a risk management plan for your SME business

Does your business have a risk management plan? How will you manage if a catastrophe occurs? 

A risk management plan helps to prepare for these events, once you have identified the key risk concerns, you can ensure necessary precautions are taken to protect your business, together with the right type of insurances.   Do you want to create your own risk management plan, but don’t know where to start, here are three easy to follow steps.


What’s happening in the world of Professional Indemnity Insurance?

Professional Indemnity insurance isn’t just limited to typical ‘professions’ such as accountants, engineers, lawyers, doctors and architects. Essentially, anybody providing advice for a fee has an exposure that needs to be considered, even casual advice to customers about the use of a product for example. 


Do you need Strata Insurance?

Strata Insurance is mandatory in Australia and covers common property under a strata title or body corporate. When purchasing a unit or townhouse either for yourself or as an investment property, you will share the costs of this insurance with the other owners in the complex as part of your Body Corporate fees.


The perpetual importance of insurance advisers

With the rise of the internet, many consumers are now choosing online DIY options when it comes to selecting insurance coverage for their business operations. These online options generally aren’t providing accurate advice as to what exposures you face, therefore what policy is the right one to effect? 


What is Management Liability Insurance and do you need it?

The increase in corporate litigation in Australia has caused many SMEs to reassess their risk of exposure and to redesign their insurance cover. One of the most underrated and underutilised insurance covers is Management Liability Insurance, mainly due to a global misunderstanding about its relevance to small businesses.


Why do you need to read the PDS when effecting insurance?

Insurance providers are required to give their clients a PDS (Product Disclosure Statement) that details the terms and conditions of the policy. The PDS contains all the relevant policy terms and conditions that will dictate the effectiveness and outcomes of the policy you have purchased. It is a legal document, and you are likely not to disregard any other legal document if it was provided to you, which entitled you to settlement benefits. 


Why do you need Professional Indemnity Insurance?

If you are a professional who provides services or advice to others, then it’s quite likely that you will need Professional Indemnity Insurance. This type of insurance reduces your exposure to the costs of legal action taken against you by your clients (and any associated financial losses) for an act of negligence that occurred during the commission of your professional duty.


Five Factors that affect your insurance premiums

Most people understand that insurance premiums rise and fall, the questions is why do your premiums change? What factors cause the amount of money you pay to your insurance company to increase or decrease?

If you have to pay higher premiums, does that automatically mean that you have better coverage? If not, what about lower premiums, should you opt for the lowest you can find?


If you are not happy with your insurance claim – here’s what to do next

The General Insurance Code of Practice requires insurers to be honest, fair and open with their customers and to maintain high standards when dealing with claims or customer complaints. What happens however, if the insurance company won’t pay your claim or only gives you a partial payment? What can you do if you are not happy?


Running your own business is risky – here’s how to protect yourself

One of the most ignored risk minimisation strategies for small businesses is insurance cover. For some reason, many business owners ignore the issue of insurance for their business, because after all – what can go wrong?


ONE FOR ALL: Business Pack Insurance isn’t right for every business. But could it work for you?

Consolidating can deliver real savings and efficiencies across a wide range of business services. Insurance is no different, especially thanks to something known as Business Pack Insurance.


Is your business ready? Notifiable Data Breach (NDB) Scheme in effect 22nd Feb.

In 2017, a single data breach resulted in sensitive information of almost 50,000 Australians being leaked. This appears to be an ongoing trend and as a result, laws surrounding data breaches are being strengthened with amendments to the Privacy Legislation coming into effect on 22 Feb 2018. 


How to leverage your existing data and increase your bottom line

Many small businesses pay a fortune in research, marketing and advertising costs, totally unaware that they have a gold mine of data just waiting to be plundered. Generating new leads, exploring new markets and targeting specific groups of consumers can all be vital to the growth and success of small businesses. 

Most businesses however, go ahead and pay marketing companies a fortune to achieve these goals. However, mining your own data is the way of the future and can not only help small businesses to save money on outsourcing, but can also help to drive customer acquisitions, boost growth and identify gaps and opportunities in the market.


Do you need Directors and Officers insurance?

Company Directors earn a good living, but this must also be countered with the increase in responsibility, stress and liabilities that comes with such lofty positions. The ride isn’t always rough however, as there can be long stretches of company growth and smooth sailing, but what happens when something goes wrong?


Start on the right foot. 7 things to know when setting up a new company.

Starting your own company is an exciting time. It’s likely to be one of the more pivotal moments in your career, if not your entire life. But it’s also a time inevitably filled with processes, responsibilities and pitfalls. The good news is with a little planning and a trusted support team around you, you can significantly smooth the process. While there are many things you’ll need to consider when starting out, here are seven of the most common – and important. (more…)

Better the devil you know?

Using an adviser VS going direct to an insurer

It’s human nature to crave familiarity and ‘go with what we know’. Unfortunately, in many parts of life this doesn’t always give you the best possible outcome – including insurance. (more…)

What do the new data breach laws mean for your business?

After a series of false starts, the senate has finally passed new data breach laws that force Australian businesses to notify the Australian Information Commissioner of any cyber attacks. The Notifiable Data Breaches Bill, which passed the Senate on 22nd February 2017 will be enacted into law on 22nd February 2018 and includes any business or organisation that is accountable under the Privacy Act.


Have you reviewed your small business insurances lately?

Insurances are an accepted part of doing business, but many small companies in Australia are essentially putting their businesses at risk, simply because they don’t have the right type of insurances. 

If you are a small business owner, then you are most probably aware that ‘off-the-shelf’ insurance policies don’t always suit your business’s needs. In fact, most small business insurance policies need to be expertly crafted to suit the individual needs of each business. (more…)

What would happen if you weren’t fully covered?

Imagine something serious happens at your business. You need to make an insurance claim. You contact your insurer. But the news isn’t good. In fact, it turns out the policy you’ve been paying for – the one you thought was protecting you – actually doesn’t because of an exclusion you hadn’t even realised was in your policy. Your mind races. Your heart sinks. And, suddenly, your blood pressure rises. A lot. (more…)

TO RENEW? OR REVIEW? Making sure your insurance keeps pace with your changing business needs

Okay, okay. Not many people look forward to renewing their insurance each year. After all, when you’re busy running a business the last thing you probably want is to spend time reviewing policy schedules and Product Disclosure Statements. But as tempting as it can be to get your renewals over and done with simply by sticking with what you already have, be careful. (more…)

Basic Cyber Protection

So it’s a scary world out there – not just on the streets, but even more so online. We hear about huge corporate hacks every other day, that the Russians hacked the US elections, China hacks everyone all the time and, most recently, that a massive ransomware attack hit hundreds of thousands of people around the globe. So, what does the average person need to do to protect themselves from these events??? Read on. (more…)

Flying Solo – Insurance for the Self-Employed

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…)

Rising construction costs

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…)

Understanding the importance of Personal Insurance in your business plans

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…)

Head above water: Recovering from flood damage.

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…)

Understanding the risk of Under-insurance

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…)

Softening the blow of cyclones

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…)

What’s the secret to stress-free insurance claims?

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…)

Why a disaster needn’t be a financial catastrophe – Understanding business interruption insurance.

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

A study by HR and recruitment specialists Randstad, has found almost one in five (18%) Aussie workers expect to retire in their 70s and believe their children will live to over 100. (more…)

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…)

Proceed with caution when using the $20k Budget tax deduction

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…)

2015 Fringe Benefits Tax – Be Prepared And Be Aware

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…)

Workplace Risk Management – Protecting You and Your Business

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…)

Exciting News for Property Purchase

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…)