trade credit cover

Rising corporate insolvency highlights importance of Trade Credit cover

Rising corporate insolvency highlights the importance for businesses to invest in Trade Credit cover, according to new report by credit insurer Atradius.

The Australian economy is for the most part stable contrasted with different economies in the locale and around the globe. Be that as it may, certain segments in the nearby market are confronting an intensifying insolvency problem, according to Atradius. This rising insolvency is not limited to Australia either, but is universal across the Asia-Pacific region.

Rising Insolvency in Australia

ASIC’s quarterly insolvency insights for the quarter finishing June 2017 demonstrated that the quantity of Australian organizations entering into external administration ascended by 28% from the past quarter to 2,198. On a somewhat positive side, the quarterly aggregate was around 3.7% contrasted with a similar quarter a year ago.

The areas that had the most insolvencies so far this year were the construction sector, with 403 in the June quarter alone, trailed by the accommodation and food industries, at 227 bankruptcies, contrasted with last year’s 316.

In an announcement, Atradius said the rising insolvencies in the Australian economy are reflected in the claims being paid out by insurers. The construction sector accounts for 50% of overall credit insurance claims paid in the last year. Insolvencies likewise represented around 75% of credit insurance claims paid – a slight decline from last year’s 79%. However, this is likely increase as of 2018 based on current insolvencies being seen across the nation.

“For some time now we have seen the construction and food and accommodation sector’s insolvency rate increasing,” said Mary Ibrahim, head of client services at Atradius. “For agriculture and food, this may in part be due to increased competition and changing consumer spending habits but for construction it is an ongoing trend. Insolvencies are also affecting the retail sector, which experienced 155 insolvencies. This affected many high-profile brands such as Topshop, Herringbone, and David Lawrence. It will be interesting to see what the sector does in the coming six months, particularly with the entry of Amazon into our market.”

Meanwhile, the transport, portal, and warehousing sector posted 95 insolvencies; manufacturing, 65; information, media, and telecommunications, 61; education and training, 50; electricity, gas, water, and waste services, 47; and rental, hiring, and real estate services, 39.

Rising Insolvency in the Asia –Pacific Region

In 2017, no countries in the Asia-Pacific region reported a decline in insolvencies according to trade publication Economic Outlook. The regional index ­­­has recorded a third consecutive yearly increase of +6%, with China recording a stronger rise of +10%.

Major bankruptcies, particularly in the maritime transportation sector, have been attributed to subdued global trade. While the expansion Chinese middle class promises to have positive benefits for the region, suppliers of industrial commodities and semi-finished products will continue to suffer.

Insolvencies are expected to stabilize soon in both Australia and New Zealand, however, significant regional variations continue to persist. There is an upward trend in Western Australia and Queensland, while other states are experiencing rising a property boom and decrease in insolvencies.

 

 

States Under Threat

Nation-wide, New South Wales had the most bankruptcies at 714, trailed by Victoria, with 649; Queensland, 374; and Western Australia, 309. Other states had a generally more modest number of bankruptcies – 81 in South Australia, 39 in Australian Capital Territory, and 12 in Tasmania.

All states posted an increase in the number of insolvencies from the past quarter – a checked difference to a similar quarter a year ago, when most states saw a decrease in bankruptcies, Atradius said.

“It’s important for business decision-makers to stay up-to-date on insolvencies and at-risk sectors so they can make smarter decisions when it comes to extending trade credit to certain organisations,” Ibrahim said. “This is a key part of due diligence. Companies can also protect their interests by taking out trade credit insurance, which is an affordable and reliable way to protect the organisation in the event a customer fails to pay.”

What Can You Do to Protect Your Business?

Trade Credit insurance or Debtor Insurance protects your cash-flow by covering your losses if a debtor defaults on payment or becomes insolvent, giving you the peace of mind to focus on running your business. There are many reason that contribute to a customer defaulting on their payment – tough economic conditions, reduced margins/increased costs, increased competition. Trade Credit can protect your business against these prevalent  issues. Companies can go become insolvent or bankrupt overnight.

On a typical balance sheet, uninsured debtors represent an average of 40% of a business assets, having Trade Credit insurance  may also boost your borrowing capacity with your bank. If you sell goods or services on credit terms you’re vulnerable to bad debt because no matter how efficiently you run your business, bad debts can be a problem.

There are various Trade Credit solutions to protect your business so please calls us to discuss the best options for your business.

For more information on Trade Credit cover, or other risk management strategies for your business, please don’t hesitate to get in touch with us. Find a local Authorised Representative Insurance adviser in your area online, or contact PSC Connect directly.

Disclaimer

Conditions apply for each policy and the information expected from you for a policy to trigger. Coverage may differ based on specific clauses in individual policies. Please ask your broker to explain the additional benefits and exclusions pertaining to your policy.

The information provided is general advice only and does not take account of your personal circumstances or needs. Please refer to our financial services guide which contains details of our services and how we are remunerated.

credit card travel insurance

Standalone vs. Credit Card Travel Insurance – Can you rely on your ‘free’ credit card cover?

Maybe you have a business trip coming up in the near future; or, perhaps you are going overseas for the holiday season. Many travellers nowadays are forgoing standalone travel insurance in favour of their gratis credit card travel insurance. But, can you rely on your ‘free’ credit card cover?

Complimentary credit card travel insurance is a standard feature of most gold or premium credit cards – noticeably absent from standard credit cards. However, according to independent insurance expert Allan Manning, “free travel insurance that comes with credit cards is very basic cover at best.”

“I’ve got credit cards like most people, but I always buy my own insurance. It’s a very important purchase. It can cost you everything if you get it wrong,” says Manning.

Overseas medical cover can be incredibly expensive. According to the Department of Foreign Affairs and Trade (DFAT), daily hospital costs in Southeast Asia regularly exceed $800, and can cost in excess of $10,000 in Europe. Evacuation costs in America can exceed $300,000; and DFAT has recorded medical evacuation costs exceeding $60,000 in Bali.

Other considerations include lost or stolen luggage, liability cover, accidental death or disability, and expenses if you incur a financial loss due to delays, cancellations or rescheduled arrangements.

Consumer advocacy group Choice are keen to point out that ‘free’ insurance isn’t necessarily free, as you end up paying for it through higher annual fees.

“Just having the credit card isn’t enough: usually insurance only applies when you buy your tickets with it. In some cases you also need to have a return ticket booked before you leave, which might be a dampener for explorers looking for more open-ended adventure,” says Finance journalist Daniel Graham.

Travel insurance is an even more pertinent issue for regular business travellers. Standard Travel Insurance is not robust enough to suit the regular business traveller – let alone basic credit card travel insurance. Frequent business travellers can benefit from an annual Travel Insurance policy that covers you for trips taken within that policy period.

Corporate travel insurance is usually a more cost-effective option for regular travellers and can be customised for small business owners and staff through to large corporations that require Travel Insurance coverage for their employees while travelling Domestically or Internationally.

For more information on Corporate Travel Insurance, please don’t hesitate to get in touch with us.

Disclaimer

Conditions apply for each policy and the information expected from you for a policy to trigger. Coverage may differ based on specific clauses in individual policies. Please ask your broker to explain the additional benefits and exclusions pertaining to your policy.

The information provided is general advice only and does not take account of your personal circumstances or needs. Please refer to our financial services guide which contains details of our services and how we are remunerated.

contractors

Risks Of Hiring Contractors – Are Your Contractors Properly Insured?

Have you made sure your contractors and sub-contractors are properly insured? Hiring a contractor can be a convenient option for small business owners. One of the primary reasons being that they provide their own insurance. However, the quality of their insurance could be a major factor if the unexpected does happen.

For example, if your contractor’s insurance only provides cover up to half a million, and they happen to incur damages above that, then you may be left with a deficit that could ruin your business. Another thing to consider when hiring contractors is that they have all the relevant cover options for the work they are doing. If you hire a tradesman you should expect them to have adequate professional indemnity, worker’s compensation, contract works, property damage and public liability insurance.

How Do Employees And Sub-Contractors Differ?

Often we like to think that there are firm distinctions between employees and sub-contractors. However, in practice a worker can be deemed a sub-contractor for tax purposes, but an employee for worker’s compensation purposes.

Different states and territories have different rules delineating between employees and sub-contractors. If you are unsure what category your sub-contractor falls under, seeking legal advice beforehand is a sound option.

What Types Of Insurance Are Compulsory?

There are three main types of insurance coverage that contractors need to have when making repairs to your business. They are worker’s compensation insurance, public liability insurance and property damage insurance.

It is important to note that worker’s compensation insurance is compulsory across Australia for all employees. This also applies to any sub-contractors your contractor hires.

If your contractor does not have these types of insurance they could be putting your business at risk.

Have You Got Something In Writing?

The last point is to get something in writing. Getting contractors or sub-contractors to sign a contract before commencing work is the best way to secure both parties legally. Consulting with a lawyer to draft a contract that articulates the chain of liability and has a well thought out indemnity clause, in case of death, injury or loss, is crucial

No matter what the project, and however many precautions are put in place, there is always the risk of injury to other parties or damages to property. If you are an employer or sub-contractor please do not hesitate to get in touch with us to find out more.

Disclaimer

Conditions apply for each policy and the information expected from you for a policy to trigger. Coverage may differ based on specific clauses in individual policies. Please ask your broker to explain the additional benefits and exclusions pertaining to your policy.

The information provided is general advice only and does not take account of your personal circumstances or needs. Please refer to our financial services guide which contains details of our services and how we are remunerated.

Property Maintenance

How to Prevent a Claim through Proper Inspection and Maintenance

General wear and tear on a property is inevitable.  For business owners, it’s particularly important to maintain and care for property in order to keep the long-term costs of owning these assets down.

Why Property Maintenance Is so Important

A minimum investment in the maintenance and care of your business assets can help avoid larger bills for extensive repairs in the future.  More importantly to note, many insurers do not cover property for damage that is caused as a result of an ongoing problem.  Even if your property is covered by insurance, you will have to make a claim to repair or replace it, which will involve a certain excess, and can be a lengthy process.

The best way to avoid having to make a claim is to ensure all business property is adequately maintained.

How to Adequately Maintain Your Property

There are three main types of property maintenance:

  • Regular Maintenance: Jobs that are assigned to be taken care of at regular intervals, either daily, weekly or monthly.
  • Preventative Maintenance: Identifying problems before they become emergencies.
  • Corrective Maintenance: When something breaks, you have to fix it. This type of maintenance can be the biggest drain on your business, and can often be the cause of an insurance claim. It can most often be avoided by employing routine and preventative maintenance.

Any business owner knows that being prepared is key to the longevity of your company.  In order to avoid having the financial expense and time consuming task of Corrective Maintenance, a property maintenance plan can come in handy.

What is a Maintenance Plan?

A Maintenance Plan keeps track of what needs to be done to keep your business property and equipment correctly maintained and protected. In applying an effective Maintenance Plan, you can prevent larger issues to your business from arising.   For example, faulty equipment or a building in disrepair may put your employees safety at risk.  Or if your business building needs to be repaired, you may not be able to operate during the repair period.

A well-managed and properly implemented Maintenance Plan can help to prevent the build up of issues, which is a cost-effective way of ensuring the value of an asset is retained long term.

Calibre insurance has put together a Maintenance Plan that is relevant for SMEs. Click the following link to access a copy of the plan: Link

Each business is unique, so we suggest that you prepare your own plan for your business, but this provides an excellent starting framework.  Ensuring your business property is adequately maintained is a vital step in the entire risk management strategy for your organisation.

For more information on this, or other risk management strategies for your business, don’t hesitate to get in touch with us.

 

Disclaimer

Conditions apply for each policy and the information expected from you for a policy to trigger. Coverage may differ based on specific clauses in individual policies. Please ask your broker to explain the additional benefits and exclusions pertaining to your policy.

The information provided is general advice only and does not take account of your personal circumstances or needs. Please refer to our financial services guide which contains details of our services and how we are remunerated.

Intellectual Property rights

Protecting your Business’ IP

Innovation is the key to growing a successful business, as it enables companies to adapt and grow in an ever-changing marketplace.  It is vital for today’s SMEs to innovate in order to stay relevant.  It’s even more important that they do it safe in the knowledge that their idea is protected.

According to IP Australia figures, Australian SMEs are leading the way for innovation in the country, as they are submitting 70 per cent of intellectual property protecting filings each year.

What is IP?

Intellectual Property (IP) is the property of your mind, or proprietary knowledge. The IP Australia website (https://www.ipaustralia.gov.au/) states that this can be an invention, trade mark, design, brand or even the way in which an idea is applied.

By registering your IP with IP Australia (and its overseas equivalents), it becomes easier to enforce your IP rights.  Furthermore, IP is a form of property that can later be sold.

The Process Of Registering Your IP

Intellectual Property (IP) rights are designed to encourage small business owners and others to innovate. Applying for an IP right will not only protect your idea, but it will also help you build your business and establish a presence in your chosen market.

IP Australia suggests that the first step for SMEs that are considering applying for an intellectual property right, is to conduct a comprehensive search to make sure your idea hasn’t already been registered.

If you’re considering a patent or a design right, it’s important to keep the idea to yourself until you’ve got the paperwork ready to go. Otherwise, you could jeopardise your ability to claim a patent or design right before you even apply.

It’s also important to be aware that there are some rights that IP Australia doesn’t administer. Copyright and circuit layout rights are administered by the Department of Communications and the Arts, while business names, company names and domain names are not types of IP (ASIC looks after business and company names).

A lawyer who specialise in IP and trademark law could be of assistance throughout this process.

Be Prepared for an IP Infringement

While registering your IP with IP Australia is the best way to protect it, it’s important to be aware that enforcing your rights can be a costly process. As such, IP Australia advises taking out an IP insurance policy.  This type of insurance policy can provide protection for legal costs to enforce claims against infringers, as well as any legal costs incurred for defending infringement claims made against you.

Your insurance policy must be current at the time of the claim, and the amount you are insured for needs to be adequate to meet your possible legal costs.

Speak to us for more information on IP Insurance, and the best way to protect your IP and your business.

 

Disclaimer

Conditions apply for each policy and the information expected from you for a policy to trigger. Coverage may differ based on specific clauses in individual policies. Please ask your broker to explain the additional benefits and exclusions pertaining to your policy.

The information provided is general advice only and does not take account of your personal circumstances or needs. Please refer to our financial services guide which contains details of our services and how we are remunerated.

Partnership Protection Insurance

Partnership Protection Insurance: Is Your Business Covered?

Most business owners won’t operate without some sort of insurance in place.  However all too often, business owners purchase the most common policies, without considering the less discussed risks.  There are insurance policies today to cover most things, some will be more relevant to your business than others.  The key to ensuring you are adequately protected, is to be aware of the most prevalent risks to your business and seek out the insurance policies that will be most effective in covering these risks.

Partnership Protection Insurance is a lesser-known policy in the insurance market, however it can be one of the best policies to protect SME businesses.

What is Partnership Protection Insurance?

If your business relies on one or more partners to operate, Partnership Protection Insurance can ensure that it continues to run, should the worst happen.

Partnership Protection Insurance provides financial protection in the event that one of the business partners suffers a serious illness, becomes permanently disabled or dies.

The cover provides the financial means for other partner(s) to buy the share of the business from either the person who has inherited it, in the case of death, or from the original partner if they suffer a serious illness or become disabled.

Why is Partnership Protection Insurance So Important?

No one likes to think of the possibility of illness, disablement or death affecting themselves, or one of their partners.  However, no one knows what is round the corner, and it’s vital to have a plan in place.   With Partnership Protection Insurance, you can ensure your business will continue to run should the worst happen, so that you can keep generating income that will assist the families of all partners.

Partnership Protection Insurance may or may not be relevant for your business, but it may be a consideration.  Ask yourself the following questions, to see if it is something that you should look in to further:

  • Would your business survive if one of the partners in your business became disabled, ill or passed away?
  • Who would inherit each business partner’s shares, if they were to pass away?  Would all other partners be comfortable working with this person?
  • Would you be able to afford to pay out a partner’s share if something were to happen to them?

Before purchasing any insurance policy, it’s important to consider the role it will play in reducing your business risk.  If you have key partners in your business, Partnership Protection Insurance may be relevant for you.

We can assist you to obtain advice on this product, speak to us for more information

 

Disclaimer

Conditions apply for each policy and the information expected from you for a policy to trigger. Coverage may differ based on specific clauses in individual policies. Please ask your broker to explain the additional benefits and exclusions pertaining to your policy.

The information provided is general advice only and does not take account of your personal circumstances or needs. Please refer to our financial services guide which contains details of our services and how we are remunerated.

Contingency Insurance

Why Your Business Should Consider Contingency Insurance

There are several types of Contingency Insurance available to cover a range of unpredictable circumstances that may affect your planned business activities.  These are:

  • Cancellation & Abandonment
  • Pluvius
  • Prize Indemnity

The following describes a bit more about the types of Contingency Insurance that may be necessary for your business.

Cancelation and Abandonment

Event organisers, promoters and sponsors incur expenses prior to an event for deposits and upfront costs.  They cannot afford for an unpredictable event beyond their control to cause the event to be postponed, cancelled or relocated. However, there are a number of situations that can result in this happening, from adverse weather, to physical damage to the venue or issues with access to the venue, non-appearance of artists or speakers, failure of electrical supply, strikes and late arrival of essential items.

Cancelation and Abandonment Insurance may cover organisers, promoters, sponsors and venue owners for costs & expenses as well as loss of profit, as a result of an unpredictable event.  Events that can be covered include:

  • Indoor and Outdoor Sporting Events
  • Conferences, Exhibitions and Trade Fairs
  • Concerts and Festivals
  • Charity Gala Evenings, Dinners and Balls
  • Theatre, Opera or Ballet Productions
  • Public Speaking Events
  • Open Days and Fetes
  • Publicity Launches
  • Corporate Events
  • Film and Commercial Production

Pluvius Insurance Cover

Pluvius Insurance Cover (names after the Roman god of Rain) is a specific type of cover, where the insured is paid an agreed amount should a specified amount of rainfall at their event. More rain means less spectators and lower ticket sales.

For Pluvius Insurance cover to kick in, the event doesn’t necessarily need to be cancelled, however rainfall must exceed tolerance.

Prize Indemnity

Prize Indemnity Insurance cover is when the insured is indemnified for the value of a prize in their promotion or competition.  Competitions that may be covered include prize Draws and Skill Contests.

  • Prize draws: Competitions drawn at random, such as envelope picks and wheel spins.
  • Skill contests: Competitions that involve a level of skill in order to win, such as a golf hole-in-one or a shot at goal in soccer.

It’s important to be aware that specific State Legislation may require licenses according to the value of the prize.  Furthermore, for compliance purposes it may be necessary for a 3rd party to supervise the competition.

If your business has an important event coming up, Contingency Insurance may be a worthwhile consideration.  Speak to us about your options.

Disclaimer

Conditions apply for each policy and the information expected from you for a policy to trigger. Coverage may differ based on specific clauses in individual policies. Please ask your broker to explain the additional benefits and exclusions pertaining to your policy.

The information provided is general advice only and does not take account of your personal circumstances or needs. Please refer to our financial services guide which contains details of our services and how we are remunerated.

Business Interruption Insurance

Business Interruption Insurance: A Comprehensive Guide

Most business owners understand the importance of business insurance when it comes to repairing damage or replacing equipment.  However, natural disasters and vandalism can not only harm your business, but can make it almost impossible to get back to normal operations – often for an extended period of time.

The owners, shareholders, and other financiers of your business expect an ongoing income in order to cover financing costs, business operation costs, and an acceptable level of profit. As such, profit and ongoing expenses including payroll, management and financing costs should be insured. The type of insurance that covers these kind of events is called Business Interruption Insurance.

Without Business Interruption Insurance, your company may not survive in the event of a loss, however:

Three out of every four businesses don’t have business interruption insurance.

Having protection in place to keep your operation financially stable in the event that it is unable to resume business as usual is vital.  A recent report published by CGU further highlighted the importance of Business Interruption Insurance in a recent campaign with the following statistics:

  • 1 in 4 small businesses would not survive if they had to close their doors for 3 months
  • 38% of small businesses would shut down if they experienced a business interruption during a busy period in the year
  • 1 in 7 businesses experienced a shortfall in income because of a business interruption in the last 12 months

The campaign aimed to educate CGU staff and brokers about Business Interruption Insurance with a series of informational webinars.  The webinar series focused on why business owners need Business Interruption Insurance and the most common Business Interruption Incidents.

Why Business Owners Need Business Interruption Insurance?

Business Interruption insurance is designed to protect the money or income you may lose when your business operations are interrupted and you are unable to operate as normal. This can be as a result of a natural disaster, or even something simple like a power outage.

The following Infographic from CGU explains in a bit more detail the benefits of securing a comprehensive Business Interruption Insurance policy.

Business Interruption Insurance

The Most Common Business Interruption Incidents

Certain incidents are more likely to result in a Business Interruption claim. CGU outlines the following as the most common incidents to result in a Business Interruption claim.

Business Interruption Claim

Some of these are out of the business owner’s control, however there are certain events that you can, and should, take steps to prevent.  While you can’t control the weather or malicious damage caused by others, there are a number of risk management strategies that your business can employ to reduce the risk of theft, fire, burst pipes and accidental damage.

If you have any queries about the above, or would like more information on Business Interruption Insurance feel free to contact us.

Disclaimer

Conditions apply for each policy and the information expected from you for a policy to trigger. Coverage may differ based on specific clauses in individual policies. Please ask your broker to explain the additional benefits and exclusions pertaining to your policy.

The information provided is general advice only and does not take account of your personal circumstances or needs. Please refer to our financial services guide which contains details of our services and how we are remunerated.

Business Interruption Insurance

Australian Businesses Suffering in the Wake of Cyclone Debbie

Hitting Australia’s Eastern Coast at the end of March, Cyclone Debbie ripped roofs from houses, destroyed power lines, knocked trees onto major roads and flooded houses, gardens and roads across Queensland and New South Wales.  While emergency workers were quick to respond, the cyclone caused severe damage, and was declared a “catastrophe” on the 28th of March by the Insurance Council of Australia.

The full extent of the damage is yet to be seen, and thousands of claims are still expected to be lodged with insurance companies in the coming weeks.  Less than a week after the catastrophe, the Insurance Council of Australia reported that 19,600 claims had already been lodged, amounting to $224 million.

Spokesman for the Insurance Council, Campbell Fuller stated “Claims are flowing in from many, many places – all the way from Bowen and the Proserpine region through to the Gold Coast.”  He continued that most of the damage was caused by ‘wind-driven rain’, and that many properties that look relatively untouched from the outside have suffered significant damage to the interior.

The clean up operation continues, with many home and business owners left to rebuild, repair or replace their property.  Property damage claims, such as replacing broken tiles, smashed windows and ruined carpets, are the most common claims incurred as a result of wild weather.  Protecting your business property against the destructive effects caused by the forces of nature is essential.  A Property Insurance policy can protect your assets and minimise the financial impact on your business in these circumstances.  Property Insurance can cover many property types, as well as valuable business assets such.

While Property Insurance may help with costs incurred as a result of severe weather conditions, it’s important to get back on your feet as quickly as possible.  As part of the PSC Connect Network, clients have access to Johns Lyng Emergency Response, an organisation that offers urgent property repairs and services to mitigate further damage.  The services that they can offer include Emergency Plumbing & Electrical Works, Temporary Fencing, Glass Shuttering and Replacement, Protective Tarping, Demolition and Removal of Debris, Tree Removal, Carpet Restoration, Heater Extraction and Drying, and Emergency Fire Clean.

We can recommend the most appropriate cover to fully protect your business and assets. Speak to us for more information on Property Insurance, or our Johns Lyng Emergency Response offering.

Disclaimer

Conditions apply for each policy and the information expected from you for a policy to trigger. Coverage may differ based on specific clauses in individual policies. Please ask your broker to explain the additional benefits and exclusions pertaining to your policy.

The information provided is general advice only and does not take account of your personal circumstances or needs. Please refer to our financial services guide which contains details of our services and how we are remunerated.

Business Fire Safety Tips

Safety Tips for Businesses this Bush Fire Season

Extreme weather events dominated Australia last year, with 2016 recorded as the fourth-warmest year on record, and it’s showing no signs of cooling down in the start of 2017. With this warm dry weather comes another threatening bush fire season. It’s important that any business based close to dense forest, bush, grassland or the coast is prepared for bushfires.

As a business owner, it is your responsibility to be aware of the threat of bushfire in your area and ensure you keep your business and employees safe at all times. The key to surviving a bushfire season is to be prepared. Ansvar Insurance published a helpful guide, which detailed bushfire plans for the fire season. They warned that fire preparedness is a shared responsibility, and issued the following safety tips for businesses.

  • Clear rubbish, long grass and other materials that may be prone to catching fire from your premises. This ‘circle of safety’ should extend at least a 20 metre radius around your buildings and properties.
  • Ensure all gutters are cleaned regularly and install metal gutter guards.
  • Make sure any flammable fuels and chemicals are stored away from the main premises, for example in an enclosed, fire-proof shed a few metres away from the building.
  • Install sarking behind weatherboards and beneath existing roofing for extra protection. Sarking helps regulate your building temperature, whilst providing protection from hot or cold weather.
  • Ensure your premises are bush fire ready by using toughened or laminated safety glass and installing metal flyscreens to doors and windows.

It’s also important to check your insurance policy to make sure you are adequately covered if disaster strikes. By checking your insurance policy now and better understanding your legal rights, you could save a lot of heartache and financial stress down the track.

Insured businesses should check their policies and ask themselves:

  • Am I up to date with my payments?
  • Does the sum insured on my building cover the total rebuild cost?
  • Do I know where my policy is?
  • Does my policy really cover what I think it covers?
  • What can’t I claim for under the policy?
  • Are there maximum amounts or limits I can claim?

If you are unsure about any of these questions, you should contact your insurance broker who can help to ensure you are adequately protected.

Disclaimer

Conditions apply for each policy and the information expected from you for a policy to trigger. Coverage may differ based on specific clauses in individual policies. Please ask your broker to explain the additional benefits and exclusions pertaining to your policy.

The information provided is general advice only and does not take account of your personal circumstances or needs. Please refer to our financial services guide which contains details of our services and how we are remunerated.