Sydney's violent hailstorm, which has left millions of dollars of damage in its wake, is a crucial reminder of how important it is to protect yourself against potentially crippling damage to your business.
It can take just moments for fire, flood or thieves to wipe out years of hard work, asset accumulation and stock. But it can be months before you realise the full extent of the damage – and even longer to recover – if you don't have a detailed and up-to-date inventory list encompassing business asset including equipment, as well as stock.
The insurance market cycle can impact your bottom line by increasing or decreasing your premiums. Like any industry, the insurance market contracts and expands. As it does, this impacts the availability of insurance and the premiums charged.
When you’re ready to push your home business from the nest and into a shopfront, it’s an exciting time. It can also expose you to a whole new world of risk that could cripple your fledgling business before it can soar.
The Royal Commission hearings have highlighted what we at Synchron have always believed to be true – that direct life insurance is barely worth the paper it’s written on, that direct insurers will do almost anything to make a sale and that they will do almost nothing to honour their policies at claims time.
If you live in Australia, you probably have a flexible braided hose somewhere in your property. These under-the-sink accessories are popular and convenient, but they can cause a lot of damage if you don’t take the right precautions, such as correctly installing and maintaining them.
Traditionally, professional indemnity insurance has been viewed as the domain of core professionals like accountants, engineers, architects and lawyers. However, it’s available for a far broader umbrella of roles.
“The definition of ‘professional service’ can be broad, often extending well beyond popular perception,” says Declan Rye, director of London Australia Underwriting.
Beautiful one day, stormy the next – Australian weather can do anything at any moment, and homes and properties can suffer.
Storms can bring strong winds, rain, lightning, hail, snow, dust or flash flooding. This can cause damage to windows, overflowing stormwater drains, erosion and landslides, falling trees and branches, or electrical surges.
The insurance text books will tell you that insurance contracts fall under the legal doctrine of “utmost good faith”. In fact some will still use the Latin phrase uberrimae fidei. This means that all parties to an insurance contract must deal in good faith, making a full declaration of all material facts in the insurance proposal.
An elderly couple have been arrested by Strike Force Ravens after a morning raid in their home in Hinchinbrook, south-west Sydney for allegedly defrauding the compulsory third-party (CTP) insurance scheme.
Welcome to the gig economy. Subcontracting, outsourcing and freelancing are becoming ever more common as both workers and businesses chase flexibility. But having non-employees regularly work for you can open you up to a whole new range of liabilities.
Allianz Australia has urged vehicle owners to better protect their cars and valuables against theft, following new data which revealed that many Australians continue to leave the safety of their prized possessions up to chance.
Rogue nation states and cybercriminals are looking to disrupt business operations, make money, or spy on targets across organisations and critical infrastructure, according to a new report by consulting firm Accenture.
In particular, the report named five “key threats” that are influencing the cyber risk landscape:
"To think that this is coming in historically, the coldest month of the year for Australia, and not the height of summer, is a wake up call that this risk is ever present. Those living in bush fire prone areas need to have a carefully considered and documented evacuation plan and of course, full insurance coverage." - Allan Manning
To be more cyber resilient, organisations not only need to have the ability to assess cyber risk and have a protection plan, they must also be able to quickly – and successfully – recover and respond in the event of a cyber incident.
A senior underwriter has urged brokers to further educate their clients on cyber risk, saying criminals are still having alarming success with traditional methodology.
Speaking at a webinar earlier this week, Gerry Power – Emergence’s national head of sales – told the 1,100 attendees that hacking was involved in 48% of breaches, while malicious software was to blame for 30%.
When you’re a business owner, making sure your insurance policies protect your assets and your business are important and are often forgotten. There are times where the success or failure of your business can rest on whether or not you have the right insurance in place.
With all of the risks that have the potential to derail a business, having a strong risk management plan in place can often mean the difference between a business surviving and folding should any of these risks come to fruition.
When you’re put in a position of having to make a claim on your insurance, it can be traumatic. It’s not the claims process itself that is traumatic — in fact, making a claim is usually quite simple — but whatever event has happened to make you need to make an insurance claim is typically unpleasant and can often carry with it significant emotion and stress.
Australian insurance brokers are among the finest in the world says NIBA Broker of the Year 2016, Dale Hansen of Austbrokers Coast to Coast. He says, “Having spoken to professionals in Canada and New York as well as London where I go a couple of times a year, I am constantly told that some of the finest brokerages and work in risk management in the world comes from Australia.”
Tasmania continues to face rental housing shortage – an issue made worse by damages to rental properties that not only discourage people from investing in housing, but also drive up insurance premiums.
Very exciting to announce our Genesis Financial Services website! If you're interested in learning more about what a Financial Services adviser can do for you head over to www.genesisfin.com.au and read all about our team and how they can help you.
Insurers may remain cautious about the opportunities brought about through cyber insurance but 2018 could be a boom year for the industry, a report has suggested.
This year’s 2017 General Insurance Barometer, released by J.P Morgan and Taylor Fry, surveyed insurers, brokers and reinsurers about the challenges and opportunities brought about by the advent of cyber.
“A tough period for insurance markets,” was how RSA group chief executive Stephen Hester described the year when announcing the international insurer’s group results for 2017. However, the firm has still managed to set a new company record for its combined ratio – albeit its performance on its home turf of the UK, was less pleasing for the firm.
Non-compliant restraints for air-conditioning, telecommunications and other fittings likely caused damage to commercial buildings in Wellington during this month’s Kaikoura earthquake, according to the Insurance Council of New Zealand (ICNZ).
Ride-sharing services such as Uber are legal in Queensland after a range of reforms began rolling out last week.
New regulations include identification signage rules, annual safety inspections and driver authorisations for taxis and ride-sharing services. All ride-booking vehicles must have compulsory third party (CTP) insurance.
QBE has defended its decision to deny an NRL player’s claim for a “career-ending injury” that has been highlighted by media during the past week, saying the injury that forced Parramatta Eels player Anthony Watmough into retirement was due to a pre-existing condition.
We’ve often heard of people insuring body parts that are considered to be exceptional. Some athletes like David Beckham insure their feet, some entertainers insure their voices, others like J’Lo insure… other parts. But now, thanks to the wonderfully weird world that is the Guinness Book of Records there may be a new body part worth insuring.
The TV advertisements for British department store John Lewis have gained a reputation even outside the UK for shamelessly pulling on the heartstrings of viewers – and the latest one to promote its home insurance arm is no different.
Insurance fraud clearly needs to be tackled. After all, who wants to pay more in premiums to subsidise swindlers?
But, according to a new Financial Rights Legal Centre report, claims investigations have gone too far, with innocent consumers treated as criminals and subjected to bullying and harassment during gruelling interviews.
Bushfires are an indelible part of the Australian environment.
For indigenous people they have been a constant and vital feature of life for up to 65,000 years. Aborigines used fire to “care for country” – reducing fuel levels and encouraging the growth of grasslands, making for better hunting, easier passage and safer communities.
The sheer magnitude of rainfall, not man-made features, caused the floods in the Lockyer Valley in southeast Queensland that killed 12 people and destroyed more than 50 homes, a commission of inquiry has found.
The inquiry was investigating whether a breach at a local quarry or railway line embankments in Grantham exacerbated the flooding on January 10 2011.
According to one car insurance analyst, the advent of safer vehicles – and eventually even driverless cars – will be so disrupting to the transportation sector, it could eliminate the need for car insurance altogether.
SME's often rely on free travel insurance cover under their credit card in lieu of buying a Corporate Travel policy. Whilst most brokers and clients understand that a Corporate Travel policy offers broader cover than the credit card insurance, did you know that:
The current El Nino is growing faster than the record event of 1997/98, according to the latest statistics.
The Bureau of Meteorology says weakened or reversed trade winds have caused further warming in the tropical Pacific, with all key monitored areas more than one degree above average for 10 successive weeks.
In a move that some consider to be an automotive “game changer,” many cars and trucks have recently undergone major redesigns replacing steel body panels with a new material: aluminium. But the trend that was once heralded as the future of motor vehicles could spell an uncertain fate for the insurance industry.
On a recent episode of the UK program Mock the Week, a British-Canadian comedian responded to the prompt “Lines You Wouldn’t Hear in a Sci-Fi Movie” with: “The dinosaurs are killing everyone. Why do we keep reopening this park? Who keeps giving us public liability insurance?”
Insurance cover for the commercial use of unmanned aerial systems, usually referred to as drones, will become more easily available in Australia as numbers of the machines grow, LMI MD Allan Manning says.
Each year the Fair Work Commission carries out an annual minimum wage review. The 2015 annual wage review was announced on 2 June 2015, with the new minimum wage rates taking effect as of the first full pay period on, or after 1 July 2015.
The findings are enough to make former Top Gear host Jeremy Clarkson blow a gasket but a study by UK insurance company Privilege into the driving habits of both sexes has found that women are better drivers than men.
The boom in internet accommodation sites like Airbnb has led to more Australians opening their doors to people we don’t know. But what if something goes wrong? Check out what happens after strangers check-in.
The ALS/MND ice-bucket challenge swept the world at the end of 2014 and helped raise millions of dollars for charity, however one hapless participant could face a six figure legal bill or time in jail.