Marine Transit Insurance

What is marine transit insurance?

If your business takes you across the seas, you can be exposed to risks from mother nature, misadventure and even piracy.

Such risks can prevent your commercial vessel, cargo or truck from reaching its destination, or cause costly damage during the voyage.

Marine transit insurance refers to a range of insurance products which help protect your business from loss or damage to vessels and cargo. It can cover the door to door delivery of goods worldwide, by sea, road, rail and air – including their storage on the way.

The Australian maritime sector has an estimated annual revenue of $5.76 billion and added approximately $2.03 billion to the Australian economy in 2019-20. Australia is the fifth largest user of shipping services in the world, and 80% of Australia’s imports and exports by value are carried by sea.” Australian Industry and Skills Committee, Maritime, 2022

Who should consider it?

Marine transit insurance is important for businesses involved in shipping or receiving goods, operating watercraft commercially, repairing vessels,running a marina and more.

Marine insurance can provide valuable cover on both land and sea for:

Freight forwarders
- Importers and exporters
- Marina owners
- Mining companies

Primary producers
- Removalists
- Tourism operators
- Wholesalers

Management Liability insurance at a glance?

What is management liability insurance?

When you’re running a business, you may be personally liable for any actual or alleged breaches of the Corporations Act. And it’s not just large companies that are exposed – small and medium business owners and officers could be at risk as well.

Management liability insurance covers the costs of defending directors, managers and employees against any claims that are the result of their actions or decisions.

“Management liability insurance is designed to protect the directors and the company against financial losses in the event they are alleged to have not met their duties”

QBE, Management Liability insurance, 2022 Who should consider it?

If you are faced with unexpected liability costs, management liability insurance can protect your business and personal assets, such as your home, from being sold to cover the cost of paying claims.

Landlord Insurance At A Glance?

What is landlord insurance?

Like home insurance, landlord insurance can cover your rental property and its contents against risks like storms, floods and fire. It can also cover the damage that tenants can cause to your contents – and even loss of rental income.

Unlike some landlord policies, Steadfast landlord insurance can cover holiday rentals and long-term rentals.
 

“Landlord insurance is designed to cover the cost of replacement or repair needed when certain events occur that damage your residential investment property. It can also cover any contents you provide for your tenant’s use that could leave you out of pocket.” - Allianz, Landlord Insurance, 2022

Who should consider it?

Without landlord insurance, you could lose your valuable investment if it’s damaged or destroyed.

You could also lose income from rent if you’re unable to rent it out during repairs, or if your tenants get evicted or break their lease.

Business Insurance at a glance?

What is business insurance?

A business takes years to build – but an accident or disaster could destroy it all in minutes. That’s why businesses should help protect themselves with a quality business insurance pack. With the right cover in place, owners can run their business with confidence, knowing that their premises, stock and equipment are protected by insurance.

"Business insurance can protect the equipment and machinery you need to stay in business. It can ensure that you, your employees and any members of the public with whom you interact in your business are protected from the risk you face as a business owner."

Understanding Insurance, Insurance Council of Australia

Who should consider it?

Business owners can benefit from taking out an affordable and comprehensive business insurance pack to help protect them against the main risks involved in running a business.

Are You Underinsured?

Make sure you have the level of protection you need
Your business is probably one of the most valuable assets you have – so it makes sense to protect it in good times and bad. The major reason why small businesses in Australia fail is inadequate cash flow1. That’s where having the right level of insurance can make all the difference by helping to ensure your business continues to operate smoothly if the unexpected happens.
“1 in 10 Australian small businesses with insurance don’t have enough cover to protect themselves.”

The risk of underinsurance
Unfortunately, 1 in 10 Australian businesses with insurance don’t have enough cover to protect themselves against business disruption, legal liabilities or loss or damage to their assets2.

This is referred to as ‘underinsurance’ and it can greatly increase the risk of a business having to close down if something goes wrong. So why are so many businesses underinsured?

Some business owners are driven by low premiums and don’t take the time to make sure they are adequately protected after an insurable event. As a result, the sum insured may not be enough to cover losses – or the terms of their policy may limit the amount that can be recovered.

It’s also common for business owners to underestimate either the reinstatement or replacement costs of their business assets after a damaging event such as a fire or storm. If the sum insured doesn’t reflect an up to date reinstatement or replacement cost, the owners will be underinsured and may face substantial out-of-pocket expenses if they need to make a claim.

1ASIC, Insolvency statistics: External administrators’ reports (July 2017 to June 2018). 2Insurance Council of Australia, Non insurance in the small to medium sized enterprise sector, July 2015.

What are the key risks in the building and construction industry?

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.