Entries by Andrew Silcox

Employee or Contractor? What’s Riskier for Your Business?

If you are planning on expanding your workforce, deciding whether to hire a new employee or contractor can be difficult. There are, of course, various benefits and risks associated with each of these options that could significantly influence your final decision. Before going ahead with your preferred choice, it is crucial that you consider these […]

Does Your Property Insurance Cover You for Airbnb?

Airbnb has over 650,000 hosts worldwide and, if you are one of them, ensuring you have the right insurance for your property is crucial. A global company, Airbnb helps members arrange temporary accommodation solutions in over 191 countries. This online marketplace makes board and lodging, homestays and travel experiences readily available to users, all while […]

Cladding Issue Causes Major Rift Between Insurers & Government

Australian insurance providers are under rising pressure amidst calls for them to help rectify the combustible cladding crisis. After the recent discovery of severe defects in multiple apartment buildings, the Victorian Cladding Taskforce has suggested insurers contribute funds towards their repair. They believe that, by addressing the issue now, insurance providers will reduce their exposure […]

How Insurance Fraud Can Impact Your Business

Insurance fraud is estimated to cost up to $2.2 billion every year. Many consumers ignore these figures, assuming that insurance fraud only affects the big insurance companies. The truth, however is that insurance fraud directly impacts the premiums for honest policyholders. In order to remain profitable, insurers have to pass the costs that they lose […]

Is Your Business Underinsured?

1 in 10 Australian small businesses with insurance don’t have enough cover to protect themselves. Many Australian businesses are underinsured, which gives them a false sense of security and leaves them exposed to potential risks in case of an incident. Business owners and companies who become complacent with their insurance often don’t seek professional advice. […]

Ways to Reduce Your Business Insurance Costs this Year

The Australian insurance market is starting to enter the ‘hardening’ phase.  This means many business owners can expect more expensive premiums, higher excesses and more narrow coverage. While there’s not much you can do to stop the hardening market, there are certain steps you can take to ensure the market hardening has less of an […]

The Evolving Threat of Cyber Crime: Is Your Business Next?

In the past year, the number of reported Cyber attacks have damaged more networks and exposed more consumer data than ever before. While there are certainly more attacks occurring year on year, more stringent laws have been put in to place that mean greater transparency is necessary when a breach does occur. This has meant […]

Managing Your Business Risk In 2019

The recently released Allianz Risk Barometer report identified ‘Changes in Legislation and Regulation’ to be the top risk for Australian businesses in 2019.  According to the report, this year companies are most concerned about increasing legislation and more onerous compliance process. The statistics released in the report were as follows: Respondents rated ‘Changes in Legislation […]

Royal Commission Highlights Need for Quality Financial Advice

The Royal Commission into misconduct in the Banking, Superannuation and Financial Services Industry uncovered disgraceful behaviour from some of the biggest names in these industries. The findings of the Commission created fallout from scorned clients, and sparked conversations across the industries about moving forward.  The MetLife Adviser-Client Relationship Report (2018) looked into how the Commission […]