A decade ago less than 1% of small to medium enterprises (SMEs) had any type of financial lines insurance. Fast forward to now, and with more and more companies facing litigation in connection with management risks and exposures, management liability insurance is now considered a ‘must have’ for Australian businesses.
From pony club tests to farmers market stalls right up through music and food festivals, there is certainly significant planning that goes into a successful event! But what if everything doesn’t go according to plan? That’s where your event insurance solution plays an important part.
Concern around whether you need professional indemnity insurance is a frequently asked question (FAQ) that insurance brokers get. To help you get a better understanding, we thought we’d prepare a little ‘professional indemnity insurance 101’ and remember we’re always just a call away if you want to talk through your specific situation in more depth.
Running a restaurant, bar, café, hotel or catering service comes with a level of innate risk. Paired with rapidly changing technology (i.e. Uber Eats) and customer demand, hospitality businesses face one of the most challenging risk landscapes of any industry.
The construction industry is the largest non-service related industry, contributing $134.2 billion to the country's economy. But as with any big industry, construction comes with its own unique set of risks, and correlating insurance solutions.
One of the biggest things that keeps us awake at night as insurance brokers is when friends, family or clients are uninsured or underinsured. Some will opt out of insurance claiming cost as the biggest deterrent, but many have never properly had underinsurance explained to them and simply don’t understand the implications on their business or family.
Small business owners know your business is your livelihood, and protecting it helps to protect yourself, your family and your future success. You face a wide variety of risks and challenges, some which you can anticipate, mitigate and prevent. Others are unpredictable and unpreventable. Sometimes these events can result in damage to your property or assets, or worse, to people. Most small businesses wouldn’t financially survive a significant event with the resources you have on hand, and that’s where insurance is designed to kick in and play its part.
Here's a list of some of the typical insurances that we would recommend for Australian small businesses.
We're all aware of the severe drought conditions across our great state, and none of us more than our farmers that are weathering the storm (or the lacktherof).
Although many areas enjoyed lovely rain (and some not so lovely hail!) in the past few days, we all know that the effects of the drought will not diminish overnight.
Due to the well-publicised dry end of winter and beginning of spring we've had, our bushfire season is already well underway. And conditions are expected to continue to be warmer than average and drier than average from now through November, increasing the potential of bushfire risk. See the Bureau of Meteorology video below for more information.
Many of us have seen some of the world's BIGGEST brands, Facebook, eBay, Target, Equifax, become victims to cyber attacks over the past few years. But while these attacks garner a lot of media attention, the reality is that most victims of cyber crimes and data breaches are actually small and medium sized businesses.
For small business owners, the idea of being hit by a cyber attack such as ransomware or denial of service is unpleasant and perhaps even daunting but many of us just cross our fingers and tell ourselves 'it won't happen to me.'
Unfortunately, that's not what the numbers tell us.
