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.

Farm Insurance At A Glance

What is farm insurance?

Working on the land brings many rewards – but just as many risks. As a farm owner, you’re vulnerable to bushfires that can destroy livestock or damage your buildings and other property; machinery breakdown which can cost you time and money; personal illness or a serious accident; or even a claim from a guest injured on your property.

That’s why farm insurance can help protect your farm and its produce, and the wellbeing of you, your family and the people that pass through your property.

“Australian agriculture accounted for 12% of goods and services exports in 2020–21.”

Australian Government Department of Agriculture, Water and the Environment, Snapshot of Australian Agriculture 2022

Who should consider it?

Whether you’re a large-scale crop grower or livestock producer or a small family or hobby farm, farm insurance can help protect your farm, its produce and livestock – and the people who benefit from it.

The importance of a policy review?

If you’ve had the same insurance policies in place for a long time, there’s a good chance that your circumstances are not the same as when the policy was first taken out.

As part of our client service approach, we can handle the day-to-day management of your insurance cover. This includes holding regular review meetings to help make sure you continue to have the right level of protection and recommending changes where necessary to account for either new or emerging risks to your business.

It’s good practice to not only review your policy each year, but also when there are changes in your regular circumstances.

62% of SMEs are unlikely to have the right insurance in place to protect their business.
(QBE SMEs and Insurance Report – Pureprofile research study of 609 Australian SMEs completed for QBE Insurance during April 2019)

When should you have your policy reviewed by a broker?

There are many situations that should trigger a review of your insurance policies, including changes in the following:

•  Levels of stock – you should ensure your policy covers the current value of your stock on hand. We can adjust your policy to reflect this value.

•  Staffing – if you have either increased or reduced the size of your team, this may affect the types and levels of cover you need.

•  Equipment and other business assets – your current policy may not cover new business assets you have purchased recently. If you have sold assets, you may be able to decrease your sum insured to reduce your premium.

•  New risks to your business – has the way you operate your business created any new risks to consider? For example, increased cyber risks from working in different environments.

•  Increased or reduced turnover can impact your business interruption policy.

•  New products or services you have launched.

•  Changes to sales channels, distributors or trade partners.

•  Any newly created entities may have affect your operations or have interests in assets.

•  Any changes to directorships.

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.