Insurance Policy: Broadly, the entire written contract of insurance. More narrowly, the basic written or printed document, as distinguished from the forms and endorsements added thereto.
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
In the lead-up to the imminent Queensland state election, the Australian Consumers Insurance Lobby (ACIL) is fervently appealing to prospective legislators to prioritize an overhaul of the antiquated stamp duty regime. ACIL has pinpointed this as a critical issue, particularly in the context of the escalating costs that have disproportionately impacted residents in the north of the state. - read more
For two consecutive days, the flood-affected residents of Queensland have been voicing their concerns during the ongoing deliberations of a federal inquiry, tasked with examining insurers' responses to the catastrophes of 2022. The inquiry, in its concluding phase, conducted its second public hearing in the Logan area on April 10th, 2024. - read more
The undeniable escalation in weather-related calamities has thrust insurers and governmental bodies into the spotlight, urging a tactical shift in Australia's fight against nature's fury. A recent assessment by prominent insurance broker Aon sheds light on the nation's susceptibility to meteorological mishaps. - read more
Professional Indemnity Insurance (PII) remains one of the keystones of risk management for professionals across Australia. Yet, misconceptions and lack of awareness can lead to inadequate coverage, leaving individuals and businesses vulnerable in a litigious environment. - 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
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
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
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
Business: Avoiding Loss with Proper Risk Management Strategies
Business: Avoiding Loss with Proper Risk Management Strategies
A Financial loss is something that no business wants to suffer - and small business owners will do their best to avoid downtime, expenses and accidents.
But will insurance provide the total solution? Or is there more needed to ensure business continuity?
Insurance
Solid protection in the form of commercial insurance, should buildings, tools or materials become damaged, is important for company survival, and many individuals believe that having insurance coverage will replace losses in the case of fire, theft or accidents.
However, there are many financial considerations that business insurances cannot cover.
For example, while your business insurance might provide coverage to replace damaged machinery vital to your company's functioning, the lost productivity from the beginning of the accident to the end of downtime can mean serious costs that could be crucial to your company's survival.
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Risk management strategies help reduce financial loss and avoid unnecessary failures of productivity that many businesses can't afford and shop insurance policies can't cover.
Downtime
While full business insurance coverage is important and vital to the survival of a small company, knowing the risks and the consequences of downtime are imperative.
For example, a damaged piece of machinery can be replaced, but losing a client that didn't receive his shipment on time or having disgruntled employees that don't find their workplace conductive incurs long-term financial loss that most small business need to avoid.
Any financial impact to your small business affects its competitiveness and overall success.
When analyzing what factors need to be taken into consideration to minimize lost income, having solid, comprehensive business insurance is a must.
Professional Advice
A professional advisor can help you choose which type of coverage and commercial insurance policy is best for your enterprise.
During discussions of office insurance options, ask your advisor about deductibles or excess that your business may have to absorb should an accident occur.
Always read the fine print of your policy's coverage and know ahead of time what you'll be facing if misfortune strikes.
Then, prepare a plan to deal with those risks.
Mitigation
Avoiding or mitigating potential risk keeps your business competitive in the marketplace and helps maintain low costs and lost productivity.
Examining your business's workplace for potential accidents or hazards and correcting the situation before something goes wrong can help prevent crucial financial loss.
Make a Plan
Preparing a plan to deal with downtime minimizes the financial impact to your small business.
Also, knowing the potential risks your company faces can help you transfer these same risks to commercial insurance companies, reducing loss should your business suffer an upset in productivity.
Discuss risk transfer with your insurance advisor and be fully prepared to deal with financial losses beyond direct material damage.
Published:Sunday, 1st Aug 2021 Author: 2
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While many people would consider their home or their car to be their most valuable asset, it's your ability to earn an income that is most important in shaping your financial future.
Statistically, two thirds of working Australians will suffer an injury or illness that will sideline them for 90 days or more.
The majority of these people would not be able to pay their mortgage or meet car finance and other loan commitments without adequate income insurance.