Make Sense Of The Insurance Market?

Like any market, the business insurance market experiences different cycles that can affect pricing and how easy it is to getcover. Depending on the stage of the cycle we'rein, this can mean more risk and higher premiums for you.

That's where we can help. As insurance experts, we can help you navigate the insurance market to find you value for money insurance that's suitable to cover your business needs. And as part of Steadfast, Australasia's largest network of general insurance brokers, wecan help negotiate better cover.

A hardening market can mean higher premiums and tougher underwriting decisions - so it pays to get an expert on your team.

Understanding insurance market cycles

Insurance premiums are generally governed by the insurance cycle which moves between a 'hard' and 'soft' market, based on economic and other factors. In a soft market, insurers are chasing market share- competing with lower premiums and better underwriting terms-and making it easier and cheaper to get the cover you need.

Factors like a worsening economy, higher claims- perhaps due to a string of natural disasters and storms-and poor investments can lead the market to harden. In these times, premiums tend to be higher -and underwriters less willing to take on additional risks

Get the right cover for your business

As a business owner, having the right cover is essential to protect your workforce, premises and your ability to stay open if you’re sued or a disaster occurs. Without it, you could risk losing everything you’ve worked so hard to build. But with so many options available, how can you be sure you’re making the right choice?

That’s where we can help. We can take the time to understand exactly what risks your business faces - and then help ensure that you’re properly covered. We can even help you negotiate a better price for your policy - and support you if you need to make a claim. You can get on with your day-to-day business without the worry, knowing that your insurance is in capable hands.

Experience

Our brokers have a deep understanding of businesses across a range of industries. We can also take the time to understand your company’s specific risk profile. This means we can provide expert advice on tailoring insurance policies for your business - so you don’t waste valuable time researching and comparing cover options.

Negotiating power

As part of the Steadfast network, our brokers have the power to negotiate better prices and policy terms. We have access to exclusive Steadfast policy terms that offer broader and more comprehensive cover for our clients. We Can also arrange for customised policy options, so no matter how unique your needs, we can help ensure your risks are covered. This means better procession for you business - at a more competitive price.

Strength

Enjoy the backing of Australia’s largest general insurance broker network, which manages more than 3.2 million policies for small to medium businesses. As part of the Steadfast network, we have access to policies across local and international markets - so we can help you find the cover you need, at a competitive price.

Trade credit insurance at a glance?

What is trade credit insurance?

If you trade or sell goods on a credit basis, you’re at risk of bad debt or non-payment by customers. This can disrupt your cashflow and leave you out of pocket.

Trade credit insurance is important for protecting your income and business assets against potential customer failure. With the right cover, you can grow your business confidently, knowing you can be protected if things go wrong.

“Late payment times have continued to increase, this suggests that some of the weakness evident in the economy early in 2017 has impacted the time it takes firms to pay their bills.” - Stephen Koukoulas, Dun & Bradstreet Economic Adviser

Who should consider it? All registered businesses that sell goods and services on credit terms, such as 30 days to pay, should consider trade credit insurance. This includes businesses that trade domestically and internationally.

Some trade credit insurance policies also offer the bonus of working with designated collection agencies to help you recover your debts – taking the pressure off this difficult and time-consuming process.

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.