Corporate Travel Insurance At A Glance ?

What is corporate travel insurance?
When business travel doesn’t go to plan, corporate travel insurance can help to cover out-of-pocket costs to your business and employees.

"If you're going overseas, travel insurance is as important as a passport. If you can't afford travel insurance, you can't afford to travel."
Australian Government, Smart Traveller website, 2022

Who should consider it?

If you or your employees need to travel for work, corporate travel insurance can protect your business from financial loss associated with situations such as overseas health emergencies, flight cancellations or lost and stolen baggage.

Corporate travel insurance is similar to personal travel insurance. It can cover your business for unanticipated travel costs if specific events happen.

Corporate travel insurance also covers your directors and employees, and spouses and dependents travelling with them.

The tradie's guide to insurance?

You've got your tools, you've got your ute, you've got your ABN. You're all set, right? Not so fast. It's important to cover your back, too – here’s a guide to what insurance you’ll need and when.

Most tradies like to run their own race. And fair enough. If you wanted someone looking over your shoulder 24/7, you would have taken a desk job.

But having someone watch your back? Well, that's something else altogether. It's also something AJB Insurance Solutions specialise in.

“In just about every case where we deal with tradies, they're under-insured” says John Clark, Steadfast's Broker Support Manager

Here are the top exposures tradies need to cover their backs against.

1. Product Liability Insurance
No matter how good your handy work usually is, every now and then you can get stitched up by a faulty product.

And it doesn't matter if the work was done ages ago, whether it was the manufacturer's fault or if the claim seems bogus – if something goes wrong with a product you've installed, you could find yourself defending a claim.

So if you're a tradie who supplies or installs goods, then you'll want to consider Product Liability insurance.

2. Employer Liability Insurance/Workers’ Compensation
In all states and territories, employers are required by law to take out workers’ compensation for their employees.

But it's not just slips and trips that you need to protect your workers against. You also need to foster a positive working environment to ensure your apprentices are not harshly treated by their more seasoned colleagues.

Tradies and construction workers have the highest suicide rates of any occupation in Australia, and young men are particularly vulnerable, so it's important to take steps to stamp out bullying or harassment on your worksite.

3. Public Liability Insurance
Say a contractor who's not your employee is injured while visiting your work site. Even if you've done your best to maintain a safe environment, you might still wear a claim if the insurer underwriting their workers’ compensation believes you're at fault.

“Their insurer might say 'we're going to sue you for that workers comp claim we just paid'” explains Clark. “That would generally refer back to your public liability policy if it has been structured properly.”

Meaning that if you’ve got your ducks in a row, you should be right – your public liability policy should take care of it.

4. Material Damage Insurance
This is the number one exposure for carpenters, mostly because their tools are always getting nicked.

But Material Damage insurance can cover much more. It's main purpose is to replace a lost or damaged asset, including buildings, fixtures and fittings.

After all, things often happen that are simply beyond your control, including storm and weather damage, someone strippinga site’s copper, bored teenagers damaging a worksite or even a fire spreading to the site.

Final considerations
Depending on your business, there are many other insurance protections you may need to consider, including professional indemnity, motor and equipment breakdown.

Then there are policies to help protect you and your family's income, including life insurance, income protection and trauma.

Your best bet, says Clark, is to prepare yourself by seeking help from an experienced insurance broker.

What Insurance Do Factories Need?

Australia is in the midst of a factory boom as the manufacturing sector experiences a much needed revitalisation, with a 4.1per cent rise in output from manufacturing expected in 2024.

As a result, more of these structures dot our cities and populate their outskirts. But factories come with a set of specific risks.As technology becomes increasingly integrated into these buildings, how they are insured becomes even more important.

“Factories are not sophisticated, they are basically just a big shed with some office space and maybe a display area,” says Michael White, Steadfast Broker Technical Manager.

Nevertheless, with old factory buildings, risks like asbestos roofs have to be taken into account with insurance. This kind of roofing is very fragile and is past its use by date.

“They decline to ensure the building because of the asbestos roof or put on a very high excess, say $250,000,” says White.

Asbestos aside, while the ‘shed’ may be relatively simple to insure, aspects of insuring the machinery in the factory building need careful consideration to ensure the policy adequately covers the building’s contents.

Often, the plant in the building will have very specialised components that come from overseas. If they are damaged in a fire,for instance, it may take months or even years for the machinery to be ordered, manufactured by specialists offshore andcommissioned on site in Australia.

Additionally, choosing the right specialist to manufacture the new component and how to get the factory up and running more broadly may be a complex process, requiring careful consideration and decision-making.

“With factories, it’s important to take sufficient account of the difficulties with replacing machinery,” says White.

There are related business interruption issues, as the more downtime the plant suffers, the longer it is unable to meet orders. This needs to be taken into consideration when planning factories’ insurance programs.

First some housekeeping
Factories need specific risk mitigation processes. For instance, they are often dusty, and the way stock is stored can be a fire risk. So, a proper cleaning regimen is necessary.

“Look at where materials are stored, ensuring there are adequate gaps between stock and the walls and ceiling. Make sure the sprinkler systems are in working order by doing regular checks and ensure the water pressure is satisfactory so that in the event of a fire, they provide some protection, ” says White.

If the factory is in a flood zone, consider how stock and electric equipment need to be protected in the event of a storm or other weather event.

“Public Liability can be another tricky area with factory insurance. If the business employs the workers through a labour-hire firm, that can create significant insurance issues,” he adds.

With many factories connected to 'The Internet of Things', cyber insurance is also a must.

While factories may look simple, there are many complexities to work through.

Talk to your us today to find out more

10 Steps to help prevent a cyber attack in your business

The Australian Cyber Security Centre’s (ACSC) most recent annual report states medium-sized businesses with between 20 and 199 employees are the most at risk of attack, with the average cost of an attack for a business of this size being $88,407.

While the risk of cyberattack remains high, there any many preventative measures businesses can put in place to reduce the risk of attack and, should one happen, reduce its severity.

1.. Make a plan 
Your approach to cyber security should have a clearly articulated strategy that’s regularly revisited. This should guide the actions taken by the business to ensure it adopts the latest cyber risk mitigation techniques. ACSC recommends adopting eight security controls to help prevent attacks.

The controls include taking away unnecessary network administration privileges from employees who don’t need them and putting in place multi-factor authentication for access the network. These are described in more detail below.

2. Secure the business’ internet connections

Make sure all the points at which the business connects to the public internet, such as remote desktop applications, file sharing software and webmail are secure and not vulnerable to penetration by hackers. It pays to work alongside an experienced IT professional through this step.

3. Safeguard all devices

All the common tools your team uses to connect back to the business such as their laptops, tablets and smart phones also need to be secured to ensure they are not a back door through which criminals can enter a business and exploit its weaknesses

4. Configure automatic updates for software

The business should be fully protected for viruses and spam through the protections of a suite of leading anti-virus anti-spam (AVAS) software solutions and intrusion detection systems. Make sure any patches and updates are automatically installed so you’re protected from emerging threats.
 

5. Automate back ups

Like software updates, data should be automatically and regularly backed up offsite to a system of servers not connected to the business. That way, if criminals do infiltrate the system, they cannot access back-ups through it and delete them. This means in the event of an attack, the business can be up and running in no time, having accessed the most recent back-up. These systems should also be regularly tested, well before an attack occurs.
 

6. Implement multi-factor authentication

It should be nearly impossible for criminals to get into a system if it has the right protocols in place. These can include, but are not limited to, multi-factor authentication and mandatory regular password updates. As a minimum, passwords should include a mix of lettering, numbers, symbols and cases. Passphrases are even better than passwords, as they can be harder to crack yet easier to remember.
 

7. Audit third parties

Criminals can gain access to your system through external parties such as suppliers if they can access your systems remotely. Regularly audit their cyber security protocols to identify and fix and insecurities through which hackers and scammers could access your business.
 

8. Train staff quarterly

Cyber security training should be a routine aspect of staff professional development. At least each quarter, train staff about the latest threats and run simulations to identify staff who are at risk of opening phishing emails.
 

9. Respond immediately to threats 

Make sure to put protocols in place, so in the event of an attack, you can lockdown the system and stop criminals misusing it further.

10. Put in place a cyber insurance policy

Cyber policies can help businesses recover from an attack by paying for associated costs and helping to mitigate the effects.

Your broker can help you identify and address the cyber risks in your business. Talk to us today for your peace of mind.

Important note

This general information does not take into account your objectives, financial situation or needs.  Information is current as at the date the article is written but is subject to change

Property Development At A Glance?

What are the key risks for property developers?

Property development can be an exciting and financially rewarding industry – but the risks can be significant.

As a property developer, you need to be across a range of council regulations and manage complex finance arrangements. You may also have to deal with the rising costs of materials and labour, missed deadlines and budget blowouts. Then there’s the chance your builders could become insolvent, weather events could damage your project, or equipment and materials could be stolen or lost. Finally, like all businesses, property developers need to be vigilant in protecting themselves and clients from the growing threat of cybercrime.

“In order to be successful in property development, you’ll need to educate yourself on property, the markets, economics, finance, town planning, the construction processes and the marketing of real estate projects.”
Michael Yardney’s Property Update, The Property Development Process, 2021

Who should consider it?

All property developers – from those developing a house to those in charge of major retail and factory developments – should take out some kind of insurance.

Event Insurance At A Glance?

What is event insurance?

Whether you’ve organised a one-off corporate function or a large- scale festival, you’ll know just how stressful arranging an event can be. There are so many things out of your control, including weather, ticket sales and even the behaviour of your attendees.

That’s why you should help protect yourself and your business with a tailored events insurance policy. With the right insurance, you can safeguard yourself if things don’t go to plan – allowing you to run your event with confidence
“Insurance for events includes event cancellation insurance, non appearance insurance, public and employers liability and property insurance.” WorldWide Special Risks, Event Insurance, 2022

Who should consider it?

Events insurance is usually taken out by professionals in the hospitality or entertainment industry, such as:

- Event managers and coordinators.

- Event promoters and organisers.

- Sound and lighting operators.

- Stage managers.

However, any individual or company holding an event should consider the cover that events insurance can offer. Events can include concerts, exhibitions, festivals, fundraisers, theatre productions, trade shows, dance parties or corporate functions.

What Insurance Do Events Companies Need?

Each event comes with unique risks, from corporate conferences to music festivals.

Weather disruptions, venue mishaps, supplier failures, and unforeseen cancellations are just a few pitfalls that could derail even the most meticulously planned occasions.

While recognising and mitigating these risks is paramount, insurance can provide financial protection and peace of mind.

It could shield organisers from the costs associated with unforeseen circumstances.
Whether it's property damage, liability claims or event cancellation, the right insurance coverage can spell the difference between a minor setback and a catastrophic loss.

Why liability insurance is essential for events
Liability insurance is one of the main insurances that event companies rely on. This protects organisers from legal and financial liabilities arising from accidents or injuries that happen during the event.

From slips and falls to equipment malfunctions, liability insurance may provide protection against lawsuits and compensation claims, allowing organisers to focus on delivering memorable experiences.

Event cancellation insurance is another essential part of risk management for these businesses. Even after months of effort planning an event, unforeseen circumstances like extreme weather, natural disasters or unexpected vendor cancellations canderail an event at the last minute.

Event cancellation insurance may reimburse organisers for expenses and revenue and minimise the financial fallout of a cancelled or postponed event.

"Event organisers often take out policies for specific events. If they run five or six events a year on one property, the policy might cover all the events," says Michael White, Steadfast Broker Technical Manager.

Insurance For Small Businesses With Flood Risks?

What are the key risks posed by flooding?

Flooding can have a devastating impact on your small business, causing damage to your premises, fittings and fixtures, plant and equipment and stock and disrupting your ability to trade.

Even businesses outside of the flood zones can feel the impact of flooding, with supply chain disruption affecting their ability to access goods and demand surge increasing the difficulty of accessing some services.

“Flood insurance covers the situation when normally dry land is covered by water that has escaped or released from a lake, river, creek or other natural watercourse, or a reservoir, canal or dam.”

Flood Insurance, Understand Insurance, Insurance Council of Australia

Who should consider it?

While you can’t control the weather, insurance can help to protect small businesses across Australia from the risks posed by flooding to both their premises and trading. Any business located on a creek, lake or river should consider adding a flood insurance extension to their property policy.

Understanding how landlord insurance works?

What's typically covered in a landlord insurance policy?

A landlord policy typically comprises a combination of building, contents and landlord insurance.

Property damages from natural disasters (such as fire, flooding and storms) are likely to be covered, as are possessions kepton the rental premises for maintenance purposes, such as tools and gardening equipment.

The landlord component of the policy typically covers loss of rental income if the property becomes uninhabitable. This couldhappen as the result of a covered event, rent default, damage or theft by tenants and their guests, liability in the event of anaccident, and legal expenses, if necessary.

What landlord insurance doesn’t cover are the regular costs associated with being a landlord.

This could include construction defects, normal wear and tear, and ordinary expenses, such as plumber’s bills for clearing drains.

“The landlord component of the policy typically covers loss of rental income if the property becomes uninhabitable”

Paying for peace of mind

Landlord insurance has proven a worthwhile investment for Rodney Holder, whose property portfolio includes a block of units in the central Queensland town of Rockhampton as well as houses in Canberra and Brisbane.

His policy covered the cost of making good the damage caused by one less-than-careful tenant in his Canberra property,including torn curtains, a hot pot burn mark on a newly laid floor and a broken door on a new oven.

“As with any insurance, you’re paying for peace of mind,” Holder says. “It’s also tax deductible and a cost of doing business.”

Other claims can be significantly larger, warns Jo Napoli, the Principal of real estate agency The Rental Specialists.

She recently helped a client evict squatters from their investment property and says the bill for lost rent, new locks, damage to the premises and cleaning came to just under $10,000.

After being provided with a copy of the condition report, tenancy ledger, photographic evidence of the damage and invoices for repairs, the client’s insurer paid the claim within 14 days, Napoli says.

Contact us today to discuss any questions you may have 

Trades Insurance At A Glance?

What are the key risks for tradies?

From putting up scaffolding to welding and bricklaying, there’s always a lot happening on a building site, no matter if it’s a tall structure or a residential dwelling and everything in between. Which is why it’s so important to have insurance.

The hazardous environment of most building sites is one of the biggest risks tradies such as electricians, plumbers and carpenters face. Hot works, incomplete electrics and scaffolding are just some of the hazards tradies navigate every day. The need to use often-dangerous tools can also increase the chance of physical injury. This means the risk of injury can be much higher than for people working in places like an office.

If you employ contractors, there can be an additional risk they will become injured and they could make a claim against you. Theft of tools from building sites or vehicles is another significant problem for trades workers.

“Almost 190 Australian tradespeople lodge workers compensation claims every day."

SafeWork Australia, 31 July 2022

Who should consider insurance?

Trades insurance is a good idea for sub-contractors and sole traders. If you are a subcontractor, you may be able to make a claim on the main contractor’s policy. But it can be dangerous to rely on these policies as you may not be covered and do not have any control over it.