How to minimise being underinsured

Many Australians, especially those who own businesses, discover they don’t have the cover they need in the worst possible circumstances. Insurance is one of those subjects that many people glaze over. So, just to test how knowledgeable you are about this important but unsexy topic, see how many of the following you can answer. Questions…

Why small businesses use an insurance broker

Small business owners tend to be born optimists with little inclination to think about what could go wrong. That’s why it pays to have an insurance broker in your corner to safeguard what you’ve worked for. Paul Harrison’s family-owned shoe shop in Sydney’s Neutral Bay has operated out of various locations for more than half a…

Changes to QBCC – New Security of Payment Laws

With effect from 17 December 2018 elements of the Building Industry Fairness (Security of Payment) Act 2017 (BIF Act) and amendments to the QBCC (Queensland Building and Construction Commission) Act commence. The purpose for these changes and amendments means that it should be easier for both the Contractor(s) and sub contractor(s) to be paid for…

What does the Royal Commission Report mean for insurance?

The Royal Commission into misconduct in the Financial Services Industry released its Final Report in February after 69 days of hearings with 76 recommendations made and 22 referrals to regulatory authorities for criminal investigation and potential prosecution. Of the issues that were raised during the royal commission, none related to insurance broking. In total, there…

How to protect your business against non-compliant cladding

The UK’s Grenfell Tower disaster has had widespread implications for professionals in Australia’s construction industry. Here’s how to help protect yourself if you’re a contractor who’s worked on any Australian building project. The UK Grenfell Tower disaster claimed the lives of 72 people on 14 June 2017. The tragedy unfolded on television and computer screens around the…

How to reduce your business insurance costs

More expensive premiums, higher excesses and narrower coverage are set to become an insurance reality for many Australian businesses. Here’s how SMB’s can prepare for a hardening market. Australian businesses have benefited from a soft insurance market for some years now, but it’s time to prepare for a change. We spoke with Steadfast Broker Technical…