In an intriguing turn of events, a dedicated car enthusiast's claim for damages to his vintage vehicle under home insurance has been denied after a careful review by the Australian Financial Complaints Authority (AFCA). The individual's relic, a 1970 Mercedes-Benz 280e sedan, which was being lovingly restored and was far from operational, rolled into an adjacent van following the snap of a winch cable. - read more
Residents and officials from regions affected by flooding have observed a discernable shift in insurers' handling of claims following natural catastrophes, with recent proceedings reflecting a more positive trajectory. This outlook emerged during a federal inquiry session that gave a voice to flood-impacted communities in Heathcote, Victoria. - read more
An individual's anticipation of a serene vacation in Hawaii was met with a grievous twist when wildfires ravaged Maui, leading to an urgent evacuation and unplanned expenses. A customer of Mitsui Sumitomo ventured to the Pacific paradise only to have plans upended by nature's wrath. The ensuing insurance claim denial sparked a dispute which has now been resolved by the authoritative voice of the industry’s dispute resolver, leaving a glaring reminder of the importance of scrutinizing insurance options. - read more
Last year, research from a major insurance provider signaled a significant shift in the life insurance landscape within Australia, showing a marked decrease in the percentage of insured non-dependent adults of working age. Only 77% now carry some form of life insurance, a stark contrast to the 94% coverage rate recorded in 2017. Industries evolve, yet the dip in these figures marks a noteworthy trend within the life insurance sector. - read more
In a strategic move to fortify its Australian footprint, the prominent London-based cyber insurance firm CFC has announced the procurement of Melbourne's Solution Underwriting. Already an experienced player in the Australian insurance sector, CFC’s recent acquisition marks a significant augmentation of its local operations. - read more
Professional indemnity insurance is an essential safeguard for practitioners and businesses that provide expert advice or services. This type of insurance helps to protect professionals against legal costs and claims for damages from an act, omission, or breach of professional duty in the course of their work. For Australian professionals, where litigation is increasingly common, it's a pivotal component of risk management. - read more
In an era dominated by digital innovation, understanding the crossroads of cybersecurity and indemnity insurance is more critical than ever for IT professionals. As cyber threats evolve with increasing sophistication, the concept of cyber liability has come into sharp focus, pinpointing the potential legal and financial risks associated with data breaches and cyber-attacks that professionals in the information technology sector may face. - read more
The professional services industry has undergone a significant transformation in recent years, largely due to the integration of digital technology into everyday business operations. From cloud computing to mobile applications, the digital landscape for professional practices has expanded, offering new avenues of efficiency and connectivity. - read more
If you're an Australian consultant, you understand that your advice is a valuable commodity. But with that value comes responsibility, and a level of risk that you could be held liable if your guidance results in financial loss to a client. This is where professional indemnity insurance comes into play, serving as a vital shield, providing protection and peace of mind for both you and your clients. - read more
Indemnity insurance may sound like complex legalese, but at its core, it's a straightforward and crucial protection for businesses of all types and sizes. Simply put, it's a form of insurance that shields a business from bearing the full brunt of financial losses due to lawsuits or claims made against it. - read more
Looking over your insurance premiums each year, you may be wondering how you could save a dollar or two on your next premium.
As an intangible asset, it can be difficult to put a value on insurance ...
until something goes wrong and you need to claim.
In this article, we highlight the five most common mistakes that business owners make when evaluating their insurance requirements:
Not understanding your full Risk Profile
When reviewing your insurance needs, it's essential to sit down and determine what types of events could occur in your business that would create adverse impact. From there, you need to determine what would have the biggest business impact - in terms of dollars, time and effort. Then you need to work out how to ensure that you are adequately covered against these risks.
Often policy holders will do away with one part of a policy thinking that they can save money. For example, they will go for theft, fire and glass coverage, but not take out burglary even though it's a relatively minor additional fee.
Business Insurance
If you're in the process of buying or renewing your business insurance, whether it be a factory, a shop, office, warehouse, a farm or whatever .. even a home-based business, we can show you a quick way through the maze of offers and options available on the market. Our Australia-wide broker panel will ensure that you get the best cover for your specific needs … and at the right price to suit your budget.
It is Murphy's Law that the one thing you leave out is the one thing you need to claim for on your insurance. And it can be for the most oddest of items. The strangest story I've heard of is a fish and chip shop that was robbed of all their frozen fish. Although it was never proven, it was suspected that a competitor fish and chip shop, just around the corner, decided that they wanted a freezer full of product to sell without the set up costs!
Not disclosing everything!
Yes, it is true ... if you don't disclose everything upfront when you sign up your insurance policy, the insurance company is quite within their rights to not pay out on your claim. Worst still, they won't even refund your premium paid to date. Therefore, don't hold back. Disclose anything relevant to your insurance upfront to save any drama's at a later date.
Insuring assets at written down value instead of replacement value.
It is essential that you insure your assets for REPLACEMENT value. In other words, how much would it cost you to repurchase the items insured at full price. A common mistake, particularly when purchasing an existing business, is to insure the assets at the "written down" (or depreciated) value, rather than replacement cost.
Being "cheap" on your premium
Don't get caught out by trying to save yourself a few hundred dollars on your insurance premium, to the detriment of being fully insured. Being cheap now could end up costing you thousands of dollars down the track.
Not listening to your Insurance Broker
Your insurance broker is the best person to advise you on insurance cover. Having seen many similar businesses to yours, they have seen other business owners go through the pain that you don't need to. Your insurance broker will know what works for your type of business and how to get it for the cheapest possible price. As an insurance agent, they know the ropes and can maneuver you through the subtleties in insurance policies which will save you dollars in the long term.
It's a quick, efficient and cheap way to grow your profits immediately!
Published:Sunday, 1st Aug 2021 Author: 62
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