Manufacturing is a diverse industry, and one that is changing at a rapid pace thanks to the effects of technology and globalisation. The risks manufacturers face are complex, and could range from lost production time due to a mechanical outage, fire or supply chain failure, to a product recall due to a defect. In many cases, they will also be specific to what your business manufactures.
Construction projects involve multiple stakeholders and are often undertaken on challenging sites. Construction businesses must often manage changes to scope or orders, poorly written contracts and specifications and complex project management issues. They may need to deal with labour and materials shortages, or theft of tools and materials.
Subcontractors and suppliers can provide extra stress for construction firms, as can the rising number of extreme weather events. What’s more, cybercrime is an emerging threat to construction businesses, which often use insecure connections from mobile workplaces, and share files and data with stakeholders outside the business.
“The construction industry generates over $350 billion in revenue, producing around 8% of Australia’s Gross Domestic Product, and has a projected annual growth rate of 2.5% in the next five years.”
Australian Industry and Skills Committee, Construction, 2020
Who should consider insurance? Whether you’re an owner builder, a contractor or a large construction company, you’ll need a range of insurance covers to safeguard your workers, building and equipment.
The café and restaurant sector is dynamic, with owners and operators busy juggling the plates and spinning the bottles required in the day-to-day management of such a fast-paced industry.
Whether you’re running a café, restaurant, or catering business, some of the
key risks you face include protecting your staff from workplace accidents, your property and business assets from theft, accidental damage, fire, and weather-related risks, plus taking reasonable steps to ensure the safety of your customers at your premises and the safety of the products you’re serving them.
As the population moves towards 70% vaccination against COVID-19, many businesses are slowly transitioning staff back to the office.
But it’s essential to manage this process, not only to ensure the business meets its WHS obligations, but also to ensure its operational processes are fit for a new world.
Steadfast’s head of human resources Justin Mark says everything starts with providing a safe work environment. Review your business’s sanitisation stations, cleaning roster and set rules for wiping down work spaces.
Insurance can seem like a complex area, which is why it’s so important to understand the basics. Here, we explore some of the fundamental concepts that underpin most business insurance policies.
An insurance policy has a number of different parts, explains Steadfast broker support manager, John Clark. “The policy will set out the cover that applies under the policies, the conditions you must comply with and any exclusions. Almost every policy will include these features,” he says.
In a stunning attack, in early 2021 one of the Northern Territory’s government’s IT systems was brought down by a ransomware attack, disabling the system for three weeks.
As this demonstrates, cyber criminals are becoming increasingly sophisticated and strident in the demands they make over the organisations they target. But there are steps business owners can take to reduce the risk of these fraudsters doing serious damage their firms.
The 2021 March floods that hit the eastern seaboard bring home how important it is to be prepared for a flood, especially if your business premises are located in an area that is prone to flooding.
Steadfast Group’s executive general manager - corporate development, Martyn Thompson, says a visit to the local council’s web site is the first step when exploring how flood-prone a property is. “Most local councils have a flood map for their area on their web site. Be aware climate change is changing the way areas flood, so make sure the map is up-to-date.”
COVID-19 continues to pose a significant risk to Australian employers, even as we begin to return to more normal ways of working.
Mr Grossman says that to avoid unfair dismissal claims as a result of redundancies, employers need to have documented procedures for employee termination, and ensure that they are rigidly followed.
What is the cyber risk to small and medium business?
In just 3 months there were over 13,000 cybercrime incidents reported to the Australia Centre for Cyber Security (ACSC). This equates to one case every 10 minutes. Cyber-attacks are an extremely lucrative form of criminal activity, which is fueling a dramatic increase in the number of attacks on Australian businesses of all sizes.
