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Accelerate Action: Championing Women in the Workplace

As we celebrate International Women’s Day for 2025, the theme , Accelerate Action, encourages us to move beyond conversation and drive real, tangible change. With women’s rights and contributions in the spotlight, now is the time to refocus on achieving true workplace equity. Women bring immense talent, capability, and innovation to the workforce.

At East West Group, we believe in recognising capability, talent, and contributions— shaping our work environment and manoeuvring our work practices to provide the necessary support for these talents to thrive. “Where I was previously struggling to hit monthly targets due to a different culture, I am now exceeding them, and the only real (and this is a large factor) change is the environment,” says Sam, Insurance Advisor.

Today, we highlight three incredible women—Amanda, Erin, and Sam—who have not only carved successful careers at East West Group but have also been supported in ways that enabled them to flourish. Their stories reflect the impact of inclusive policies, leadership support, and a commitment to equity in action.

East West Group is constantly improving policies to nurture the growth of our teams and clients.

Personal Stories & Growth

Amanda: Embracing Every Opportunity

Amanda’s journey at East West Group began as a receptionist with no prior experience in insurance. Through a willingness to take on challenges and an environment that encouraged learning, she progressed through various roles before finding her place in underwriting. “My journey started a long way from where I am now! I came to the East West Group as a receptionist with no experience in the insurance industry,” Amanda recalls. “Every step of the way, the staff and management have been incredibly supportive, with no question too silly (and there were a lot of questions!).”

Amanda found that the support she received helped her navigate challenges and overcome self-doubt. “I have always had a little imposter syndrome not coming from an insurance background,” she shares. “One particular instance that recently impacted me was in a meeting discussing one of our products. I mentioned a particular trend I had been seeing, and the immediate flow-on from that saw the creation of a new product. It was a great feeling being part of something from the ground up!”

She also values the organisation’s flexibility, which has allowed her to balance her career and personal responsibilities. “I have recently moved to a compacted working week, which has been very impactful in creating a balance in working and personal responsibilities. There was open discussion in relation to how this would work, and the move to this model was seamless.”

Amanda believes that the inclusive nature of East West Group has made all the difference. “Gender has not been a barrier within EWG, with the same opportunities being afforded to both male and female staff, and in fact, the majority of the senior roles are held by women,” she says proudly.

Erin: From Support to Leadership

Erin’s career began as a part-time Broker Assistant while managing the responsibilities of being a mother to two young children. “I came to EWG almost eight years ago as a new mum of two, looking for a job with the least responsibility possible,” Erin explains. “I settled in nicely three days a week as a Broker Assistant to one senior broker. This quickly expanded to looking after a number of brokers and taking on various tasks, including training and compliance.”

She recalls how she initially struggled with self-confidence as she transitioned into leadership roles. “Moving from support into operations—I was not confident at all!” Erin admits. “I’ve always felt that I’ve flourished in the background and was generally happy to stay behind the scenes. But now, I impact more than one part of our business operations, and I wouldn’t have it any other way.”

Her leadership journey was further accelerated by her participation in the Aspire Women Leaders Program, fully funded and supported by East West Group. “I almost didn’t apply for the Aspire program, but my manager at the time encouraged me to give it a crack—what’s the worst that could happen?” she recalls. “I was stunned when I was selected, and that pesky imposter voice started nattering in my mind.”

The program provided Erin with invaluable insights into leadership. “The program was educational and at times confronting—pushing us outside our comfort zones so we could develop our leadership skills and be the best version of ourselves. The best part? Knowing that my participation was seen as a company investment, not an inconvenience.”

East West Group’s support made all the difference. “The most meaningful support was knowing that my team would cover my duties while I was away—I didn’t need to log on after hours to catch up on the tasks I missed whilst in the program. Meetings were moved, deadlines adjusted, and my involvement was only ever treated as an opportunity, not an inconvenience.”

Sam: The Power of an Inclusive Environment

Sam joined East West Group after feeling stalled in her career elsewhere. “After reaching seven years within insurance, I personally felt stalled and was looking for a role where I could push myself out of my comfort zone and continue to learn along the way,” she says. “That was definitely East West!”

She immediately noticed the team’s support. “There is never a moment where you feel like an island,” she says. “From daily casual chats with the COO about how we’re tracking to conversations with Greg about monthly results and issues we’re facing—everyone cheers each other on.”

Sam also benefited from flexibility when her partner was made redundant, allowing her to balance work and personal responsibilities seamlessly. “What was a period of transition for our family as he reskilled into his new role meant that I needed to take time away to do the school runs and work from home more than normal,” she shares. “The leadership team and the broking team I sit within were very supportive during this time.”

Sam also has two daughters who she hopes ‘find their East West in whichever industry they work within’, highlighting the importance of working to support not only current generations of women in the workforce but also future generations.

She also emphasises the importance of representation in leadership. “Being able to look up to the next rung or even sideways and see so many people similar to myself—a working parent with commitments to family, friends, etc.—achieving targets in an open way, is inspiring. It reassures me that the next step isn’t unattainable.”

East West Group believes that the path to success is paved by hard work, championing diversity, and welcoming change.

Support and Policies at East West Group

At East West Group, we believe that equity is not just about policies—it’s about how those policies translate into real experiences for employees such as Amanda, Erin and Sam. The most impactful frameworks include:

Being open to flexible work arrangements: Whether it’s compacted workweeks, adjusted schedules for school drop-offs, or remote work opportunities, flexibility is a consideration to ensure we are giving our best to our team so they can be their best.

Outcome-Based Performance:  We focus on results, so a trust-based model allows employees—especially working parents—to excel professionally while managing personal responsibilities.

Fair & Equitable Pay Structures: Regular benchmarking and position reviews ensure transparency and fairness, addressing gender pay gaps and promoting equity.

Overcoming Challenges & Accelerating Action at East West Group

While progress has been made, challenges remain within our industry.

Breaking Gender Bias: Historically, insurance has been a male-dominated industry, with brokers being men and support staff primarily women. Erin recalls sitting in a licensing exam where she was one of only three women in a room of 25. “Clients have sometimes preferred dealing with male brokers,” she notes. “But at East West Group, I’ve always felt that being a woman is an advantage.

Building an Accessible Workforce: The key to breaking systemic barriers is shifting perspective. Organisations must ask themselves: Is our workforce truly accessible? Or are we prioritising traditional practices over attracting and retaining top talent? At East West Group, we constantly challenge outdated thinking, ensuring our frameworks evolve to create opportunities for all.

The Role of Self-Awareness and Transparency: Transparency, feedback, and openness to new ways of working are essential in driving continued progress. Businesses must actively listen, assess, and refine their structures to foster long-term equity.

Looking Forward: A Call to Action

International Women’s Day is more than a celebration—it’s a call to push boundaries and drive change. At East West Group, we are committed to continuous improvement, not just in policies but in actions that make a difference for our teams and our clients.

The experiences of Amanda, Erin, and Sam are proof that when organisations are open to flexibility, mentorship, and genuine inclusivity, not only women thrive- it’s a benefit for all.

As workplaces, we must remain adaptable and proactive in accelerating action toward gender equality.

As Erin wisely states, “People flourish where they feel safe to do so. Do what you say you are going to do. Communicate if you can’t.”

This International Women’s Day, let’s not just talk about change—let’s accelerate it.

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Business Insurance Liability Insurance

Leaks to Liabilities: The Importane of Plumbers Insurance

Every trade is important, but they don’t all have the same coverage requirement when it comes to insurance. Some fields, like plumbing work, may require specialised coverage against industry-specific risks. Whether you’re fixing a leaking pipe, installing a water heater, or working on a major renovation project, Plumbers Insurance can provide much-needed coverage that general trades insurance may not include.

In this article, we will explore the common risks faced by plumbers and the types of coverage you should consider, including:

Risk of property damage

Mistakes can happen even to the most careful plumber from a misconnected pipe or a burst valve. And when you’re working in clients’ homes or offices and dealing with water systems, even a simple error can lead to significant damage like flooding and costly repairs.

This is why investing in Plumbers Insurance is important for your business’ success. It can help reduce the financial strain from property damage claims and ensure you’re covered for repair expenses so you can bounce back quicker.

The tools you use for your plumbing business also deserves protection.

Damage to equipment & tools

The tools you use can be expensive and need protection too. Damage, theft, or loss can disrupt your business and further strain your finances. To minimise delays and hefty tool costs, include Equipment Cover in your policy.

Keeping an accurate list of your tools can simplify the insurance process, making it easier to ensure you’re properly covered. So, regularly reviewing and updating your inventory is highly recommended.

Personal injuries

Plumbers often work with hazardous materials like sewage, gas lines, mould, or asbestos, increasing your exposure to health and environmental risks. Common injuries include:

  • Eye injuries
  • Electric shock and electrocution
  • Hearing damage/loss
  • Heat and cold injuries
  • Muscle strains
  • Slipping and tripping

A serious injury means medical bills, missed work, and more stress. Your body is your most important “tool,” and it deserves all the protection. Get Personal Accident & Sickness Insurance to reduce financial strain in cases of injuries so you can focus on recovery.

Covered incidents may vary depending on your policy. To ensure you’re fully covered, it’s recommended to do a policy review with a professional.

You can reach out to East West Insurance Brokers for help.

worker-related injuries can stop you from working and drain your resources.

Third-party claims

Most states require Public Liability for plumbers, and for good reasons. Plumbers often work with other professionals, increasing the risk of accidental damage or injury. If your work inadvertently damages another worker’s tools and belongings, you could be liable for repair or replacement costs.

Additionally, exposure to water systems and using heavy tools can create hazards that might lead to injuries for clients and other people you work with. Public Liability Insurance can provide an extra layer of security for your plumbing business by covering claims or third-party property damage and injuries.

Vehicle repair & replacement

Plumbers rely on their vehicles to reach job sites and transport tools, making a suitable vehicle essential. Damage to your vehicle can disrupt work and lead to more unexpected costs, which is why Commercial Motor Insurance is important for managing vehicle-related expenses.

Keep in mind that when filing a claim, vans or utility vehicles may not automatically be replaced with identical vehicles. Features like roofing or interior racking might not be covered under a standard policy.

Avoid potential coverage gaps by providing a complete list of your vehicle’s modifications and accessories and verifying your coverage with your insurer.

Why Plumbers Insurance matters

Investing in Plumbers Insurance is more than just compliance—it’s about safeguarding your livelihood. Plumbing work involves a unique blend of skills, tools, and risks. You need to be prepared.

Learn more about how to protect your business and explore more options with East West Insurance Brokers. Our team of insurance experts can assist you in finding coverage that suits your needs so you can work confidently and securely.

Reach out today for a free quote and take the next step toward securing your business!

Categories
Business Construction Insurance Insurance

How Property Valuation Affects Commercial Property Insurance

What do a cozy cafe, a small retail shop, and a towering office building have in common? They all face similar risks when it comes to protecting their property. From fires and floods to theft and vandalism, these unexpected events can disrupt operations—or even force a business to shut down entirely.

That’s why having appropriate commercial property insurance is important. Whether you own or lease your space, your insurance can be the lifeline safeguarding your business from financial fallout.

But before you start insurance shopping, you should first get your commercial property professionally valued.

What is a property valuation?

The estimated market value of a property, which a qualified professional appraiser usually performs. This assessment is based on various factors, which include:

  • Condition of the property
  • Existing structures
  • Location and proximity to other facilities
  • Market trends
  • Renovations and upgrades
  • Size and layout
  • Valuation of similar properties within the area

There are two main types of property valuations, each serving different purposes. Understanding the distinction between them is crucial to avoid costly mistakes.

  1. Real estate valuation – Used for buying, selling, or securing a mortgage. This type of valuation assesses a property’s sale value, which is influenced by current market trends.
  2. Insurance valuation – Used in insurance applications. It focuses on the cost of rebuilding or repairing a property based on current construction costs.

Insurance valuations are sometimes calculated using a $ per square metre estimate. However, general property valuers may not be qualified to quote rebuild costs. To ensure you’re not underinsured, it’s recommended to consult a surveyor for a more accurate figure.

It’s also important to remember that real estate and insurance valuations can differ significantly, sometimes in millions, and should not be used interchangeably.

Properties in prime location with plenty of foot traffic will also be valued higher.

How can property valuation impact insurance?

Insurers may use the property valuation report to determine what coverage is necessary and calculate the total cost of the premiums they’ll offer. A higher property value can mean more payouts are required in the event of a repair or replacement claim, leading to higher premiums. On the other hand, they may offer lower premiums to properties with lower value. The catch is this may mean less coverage and more out-of-pocket costs in case of a claim.

You need an accurate property valuation to balance adequate coverage and manageable premiums. This would help you avoid the following:

Over-insuring

Securing as much coverage as possible may sound like the safer option. However, insurers typically don’t pay more than the actual repair cost or the property’s market value. If your property is overvalued, this might lead to over-insuring and paying higher premiums for coverage you may not even need.

Underinsuring

Undervaluing your commercial property to pay lower premiums may sound like an easy way to save money, but it won’t help your business long-term. You may end up exposed to the risk of being underinsured in the event of a claim. Payouts from insurers may not cover enough repair or replacement costs, leading to additional financial strain.

Penalty fees

Policies may include a ‘co-insurance’ clause, which requires the property to be insured to a certain percentage of its value. If your property is found to have been undervalued, your insurance company may penalise you with a penalty fee or reduce the payout in the event of a claim.

Legal issues

An inaccurate commercial property valuation may also violate contractual agreements for leasing and mortgage.

Learn more about commercial property insurance by contacting East West Insurance Brokers.

Insurance property valuation determines the premiums you'll need to pay.

How else can I benefit from property valuation?

It’s advisable to have your property professionally revalued every few years or whenever significant changes occur, such as renovations, expansions, or shifts in the local market. This helps you and your insurance provider update your coverage to match your business needs.

Having accurate and up-to-date valuation also minimises disputes during claims because insurers are better equipped to assess losses accurately, ensuring a smoother claims process.

Secure your commercial property

Having an accurate and up-to-date property valuation empowers you to make smart financial decisions while ensuring you have adequate insurance coverage to protect your investment. In business, preparation is everything—and staying ahead begins with understanding the true value of what you own.

Want to learn more about commercial property insurance? Connect with East West Insurance Brokers! Our team of expert insurance brokers can provide valuable insights into commercial property coverage for you and your business. Contact us today to get started!

Categories
Business Construction Insurance Insurance

Australia’s Welding Industry: Trends Driving Growth and Opportunity

The future of the global welding industry looks bright. As demand from sectors like automotive, construction, and heavy engineering continues to rise, the industry’s value is projected to grow from USD 24.73 billion in 2023 to USD 34.18 billion by 2030. Australia is poised to be a key player in this exciting transformation. But what developments are in store for the welding industry?

Increasing Demand for Skilled Welders

By 2030, we will be 70,000 welders short“, according to Geoff Crittenden, chief executive of Weld Australia. It’s an issue faced by other countries, such as the United States and Japan.

While the worker shortage can mean more employment opportunities for aspiring welders, given the numerous ongoing infrastructure and expansion projects, there is a pressing need to address it now. As a result, the Australian government is encouraging more investment in the welding industry by funding businesses and nurturing the talent pool through various programs.

Promoting Diversity in Trades

Women make up 48% of the country’s workforce. However, less than 1% in the welding and fabrication sector are women. Part of addressing the worker shortage is taking a proactive approach to promoting opportunities for women. In 2022, the Victoria government launched the Building Equality Policy to support women in getting into male-dominated industries. More projects are also being funded to encourage other underrepresented groups to enter trades and STEM training.

Skilled Migration Program

Australia is also looking to address the labour shortage with the Skilled Migration Program, which reopened in October 2023 with new criteria. The government has streamlined the visa process to help experienced and skilled tradespeople from overseas apply for jobs in Australia. This helps fill vacant positions and fosters regional development by introducing global talents.

The welding industry is evolving with new technologies

Innovation Through Technological Advancements

As demand grows, technology advances to cope, and the welding industry is no exception. The launch of Industry 4.0 last year has given a boost by pushing for the integration of digital technologies like AI, Internet of Things (IoT), and robotics. These have dramatically enhanced productivity while supporting Australia’s sustainability efforts by promoting energy-efficient practices. Here are just some examples:

  • 3D printing – Allows for the rapid creation of prototypes and complex components, unlocking new design possibilities while minimising waste during the design phase.
  • Internet of Things (IoT) – Utilises real-time data reporting to enable predictive maintenance, helping reduce downtime and enhancing operational efficiency during critical issues.
  • Robotic and laser welding – Transforms traditional welding practices by enhancing precision and quality, creating new opportunities for businesses to optimise and deliver superior results.
Australia is switching to more renewable sources of energy, pushing the welding industry to adapt.

Switching to Renewable Energy

35% of the total electricity generated in Australia last year was from renewable energy sources. It’s only expected to rise in the following years as the country ramps up efforts to transition to greener energy sources as part of the nationwide goal of reaching net-zero carbon emissions by 2050. Multiple legislation and projects have been introduced to boost support.

Capacity Investment Scheme

First introduced in December 2022 and then expanded in November 2023, the Capacity Investment Scheme aims to unlock $40 billion in private investment into the local manufacturing industry to create more jobs and improve local economic participation in the renewable energy transition.

Future Made in Australia Act

One such effort is the Future Made in Australia Act, a major piece of legislation passed in 2021. Under this, the Australian government commits to providing funding and incentives for businesses to invest in manufacturing capabilities and to adopt cleaner technologies. It aims to make the country’s economy more sustainable, increasing the resilience of supply chains and boosting the manufacturing industry’s ability to compete globally.

State Prosperity Project

The South Australian Government also launched the State Prosperity Project early this year to reindustrialise the Upper Spencer Gulf by harnessing its mineral resources, renewable energy, and green manufacturing potential. The project is in partnership with education and training providers like the Technical College in Port Augusta, opening in 2025. This college will adopt a part-time operation model, offering industry training and work opportunities across the region.

Evolve with the Welding Industry

As the welding market evolves and unveils new opportunities for innovation, you need to continue learning and enhancing your skill set. Stay alert to new trends so you can embrace them and secure a stronger competitive edge. You also need to be aware of any potential risks you’ll face in the industry.

Safeguard your journey with East West Insurance Brokers. Our team of insurance experts will guide you through your insurance options, empowering you to make informed decisions to protect your business.

Visit our website today to request a quote so you can confidently forge ahead!

Categories
Business Construction Insurance Insurance

A guide to safeguarding your retail business

Retail businesses face more unique challenges today when it comes to security. Threats are not only limited to physical damages and losses. With more people relying on digital transactions, online threats are ever-changing and can even be more damaging.

In this blog, we’ll discuss security strategies you can implement to safeguard your retail business. From offline to online, we’ve got you covered!

Physical Security

Plan store layout with security in mind

A well-designed store layout can do wonders for business growth. Customer experience can be improved by making it easier to find things they might like or need. You can boost sales by highlighting marketable or high-priced items. It can also improve your store’s security by deterring theft and intruders.

A good theft prevention strategy is reducing blind spots would-be thieves could exploit. You can do this by strategically placing shelves and installing mirrors between the aisles. This makes it easier for store employees to monitor customers and send alerts in case of emergencies. It’s also recommended to place higher-priced products near where employees can keep a close watch, preferably far from any exits.

Install surveillance and alarm systems

Ensuring complete visibility within a store is hard, and employees can’t keep an eye on everything at all times, so integrate surveillance and alarm systems in your store. Install security cameras near any entrances or exits, parking areas, and cashier stations. You can prop them up so they’re more visible and act as a deterrent. However, the more visible your cameras are, the easier they can be to avoid or destroy during a break-in.

For additional security, consider installing motion detectors with lights and alert systems to scare off potential intruders. Installing glass break sensors for windows and displays is also recommended.

Control access

Limit access to areas like stockrooms, offices, and surveillance rooms. Most stores have passcodes which can be easy to set up but also be easy to bypass. To enhance your store security, consider implementing key card systems or biometric scanners with secure locks to effectively control access and ensure that only authorised personnel can enter these areas.

Provide secure payment options.

Cybersecurity

Protect sensitive digital information with data encryption

As a retail business, customers often share sensitive information like their names, addresses, phone numbers, and credit card details. If this information falls into the wrong hands, it could damage your business and pose a threat to your customers’ personal security. Improve your digital security by implementing end-to-end data encryption.

Provide secure payment processing

One of the most common times that’s prone to data theft is during payment processing for digital wallets and cards. Vet third-party payment vendors. Perform comprehensive research on their background and customer feedback.

Perform checks and updates regularly

Don’t be complacent after installing cybersecurity measures. Stay vigilant and frequently check every software or security system to ensure it’s always up to date. This will help you detect abnormal activities, malware, and potential security breaches.

Train employees in identifying and preventing theft to improve store security

Employee Training

Train for identifying and preventing theft

Your employees are your greatest asset and, with proper training, can be very helpful in improving store security. Encourage vigilance and regular checks. Provide training on identifying suspicious behaviour, learning theft prevention strategies, and implementing store security policies.

Cyber threats can also target your employees so it’s important to provide comprehensive training on how to handle sensitive information, including customer data and payment details.

Perform regular audits

Besides regularly performing cybersecurity checks, it’s also important to perform regular audits on your store’s physical inventory. This helps ensure accurate stock levels and identify discrepancies early. Regular inventory checks are also a good theft prevention strategy by encouraging employees to be accountable.

Insurance

General Liability Insurance

Having General Liability Insurance provides added financial security by protecting your business against claims of personal injuries, property damage, or loss within store premises. For example, if a customer is pickpocketed inside your store or injured in the parking lot and then accuses the store of negligence, General Liability Insurance may help cover repair and legal costs.

Commercial Property Insurance

Commercial Property Insurance, like General Liability, can cover repair and legal costs. The difference is that it can provide coverage for losses directly suffered by the store from incidents like property damage, inventory theft, and equipment breakdown.

There are many factors and risks that you need to consider, so it’s best to speak with an insurance broker. You can contact East West Insurance Brokers to submit an inquiry and receive more information.

Business Interruption Insurance

Unforeseen circumstances and emergencies can cause significant financial damage to retail businesses, so Business Interruption Insurance is necessary. Depending on the coverage you include, it can cover loss of income, ongoing expenses during repairs, and even temporary relocation costs.

Secure your retail business with appropriate coverage

Want to find appropriate coverage for retail business insurance but don’t know where to start? Our East West Insurance Brokers team is ready to help you explore your options to protect your business. Get in touch and secure your future with us today!

Categories
Business Construction Insurance Insurance

Common Mistakes Made When Purchasing Business Interruption Insurance

The business world can be unpredictable, and even minor events can disrupt daily operations and affect your profits. That’s why having Business Interruption Insurance is critical to a solid risk management strategy. But what is Business Interruption Insurance, and how can you ensure you have the appropriate coverage for your business’s needs?

Business interruption insurance can help mitigate loss of income.

What is Business Interruption Insurance?

Business Interruption Insurance covers lost business income or profits and operating expenses when the business cannot operate as usual. Incidents may include natural disasters and when a facility or equipment sustains damage. However, Business Interruption Insurance works differently from Property and Equipment Insurance. Rather than providing cover for property repair or replacement costs, business interruption aims to cover the loss of income to the business due to the damage sustained or equipment breakdown.

Examples of Benefits and Coverage

Various benefits and specialised coverage areas are needed to maintain financial stability and reduce the damage caused by disruption to business operations. Here are some common examples of the benefits and what the insurance typically covers:

  • Income loss (calculated based on previous financial statements)
  • Operating expenses (utility bills, property rent, other fixed costs)
  • Employee wages (may include benefits and training costs)
  • Tax and loan payments
  • Additional expenses (relocation, equipment repair or rental)

Specific exclusions and constraints can be added to the insurance policies that you must watch out for. It’s ideal to routinely review coverage details to avoid surprises when an incident occurs. You also need to check for other coverage that may be required depending on the nature of your business and service. Contact East West Insurance Brokers to explore your options and find the insurance that suits your business.

Common Mistakes and How to Avoid Them

Underestimating coverage needs and costs

A common oversight many business owners make is underestimating the full impact of operational interruptions and focusing solely on lost revenue. When evaluating Business Interruption Insurance, consider the entire spectrum of operational costs, from daily expenses, employee wages and benefits to supply-related expenditures.

Where your business is located and what type of industry you’re in plays a vital role in determining the necessary coverage and premium costs. Those operating in high-risk areas and industries require even more comprehensive coverage. Properly assessing these elements when selecting your policy helps ensure your business remains resilient despite unexpected challenges.

Failing to review and update insurance policy terms and conditions

Business Interruption Insurance policies vary regarding coverage, limits, and exclusions. Before signing the dotted line, it’s essential to review the insurance policy terms and conditions to ensure it meets your business’s specific needs. Pay close attention to factors such as the waiting period before coverage kicks in, the length of coverage, benefit period, and any limitations on coverage for specific events.

Remember to review current insurance coverage regularly after signing, too. Always take a proactive approach and stay informed about your policy details. It can help you identify any necessary updates or adjustments as your business grows and evolves.

Prevention of access is a specialised coverage under business interruption insurance

Not considering additional or specialised coverage

Each business is unique, with specific challenges and requirements shaped by its industry, location, and operational scope. Part of a good risk management strategy should be evaluating the additional or specialised coverage and integrating custom insurance solutions. So, consider the following:

Prevention of Access (PA)

Many unforeseen events can disrupt business operations, from natural disasters to other dangerous situations. These may prevent you from operating your business and even restrict access to your premises by a legal authority ordering the evacuation of the public. This is where Prevention of Access comes in. It’s a specialised type of coverage under Business Interruption Insurance that protects against loss resulting from interruption of, or interference with, your business as a result of damage or threat of damage to property in the vicinity of the premises covered by the policy.

Suppliers and/or Customers Premises (SCP)

SCP is a specialised type of coverage that aims to protect businesses from financial losses resulting from property damage or loss at specified suppliers’ or customers’ premises. Suppose a manufacturing company faces significant delays and income loss due to a key supplier’s failure to deliver the necessary components in production following an insured event at their location, SCP can help mitigate the loss. On the other end of the supply chain, if your business relies on revenue from major customers who cannot complete their purchases due to property damage at their own premises, you can file a claim to minimise your losses.

Public Utilities Extension (PUE)

While SCP protects against issues with third-party businesses in the supply chain, PUE is related to utility providers. It mitigates financial instability when utility services fail and disrupt normal operations as a consequence of damage to any land-based property anywhere in Australia or New Zealand. This includes incidents involving any utility company producing, transmitting, supplying or delivering electricity, gas, water, sewerage or communication products or services used by the business. Companies in manufacturing, hospitality, and IT can significantly benefit from PUE.

Inaccurate or improper documentation

If you’re filing an insurance claim for loss of revenue, proper documentation is critical to ensuring that you receive the full benefits of your Business Interruption Insurance policy. Keeping detailed records of your finances and any communication with your insurance provider also reduces the likelihood of being denied.

Seek advice from a professional

Avoid making these common mistakes. Discover how to calculate your Business Interruption Insurance and get a reliable estimate. Seek advice from a professional insurance broker to ensure your business is covered as effectively as possible.

East West Insurance Brokers can assist you in evaluating your business’s requirements and comparing coverage options from multiple providers. Our team of experienced Insurance Advisors will provide valuable insight as you navigate different policies’ various terms and conditions. Get in touch with us today and get insured.

Categories
Business Cyber Insurance Insurance Liability Insurance

Business Insurance Checklist for New Businesses in Australia

Starting a new business can be an exciting and challenging endeavor but as a new business owner in Australia, you will have many things to consider, including finding business insurance with suitable coverage. To help you on your journey, we have compiled a checklist of coverage based on your general business needs and how insurance can protect your business.

Get liability insurance to protect your business from claims of property damage or third-party personal injurty

Liability Insurance

Cyber Liability Insurance

We live in a digital age with growing cyber threats. So Cyber Liability Insurance is becoming increasingly important, especially for businesses that store sensitive customer data or rely on technology and online platforms for their operations. The level of security may differ, but generally, Cyber Liability Insurance provides coverage for data breaches, cyber-attacks, and other online threats like hacking or data theft that can impact your business.

Public Liability Insurance

If your business interacts with or works with the public, one major insurance you’ll need is Public Liability Insurance. It provides coverage for claims against your business from property damage or third-party personal injury caused by your operations. This can be from activities at the workplace or at another location. Public liability insurance helps protect you from potential lawsuits.

Product Liability Insurance

Similar to Public Liability Insurance, product liability provides coverage for claims of property damage or third-party personal injury. The difference is instead of being a result of operations, product liability covers claims made against the products you sell or supply.

Professional Indemnity Insurance

When you provide services or advice to customers, Professional Indemnity Insurance protects your business from claims of negligence or errors and omissions in your services.

Reliance on heave equipment requires extensive breakdown and property insurance

Insurance for Properties and Assets

Commercial Property Insurance

Whether small or big business, Commercial Property Insurance is essential regardless of your industry. It covers any properties or assets used for your business operations, including infrastructure, equipment, and inventory against damage or loss due to fire, theft, vandalism, or natural disasters.

Investing in property insurance is not just about compliance or managing risk but also about ensuring the continuity and resilience of your business. By protecting your physical assets, you can mitigate the impact of unforeseen events, keeping your operations running smoothly and speeding up recovery after adverse situations.

Equipment Breakdown Insurance

You’ll want Equipment Breakdown Insurance if your business relies on machines or technological equipment. This is not typically included in standard Commercial Property Insurance but is essential for businesses in manufacturing, technology, restaurants, and any other niche that heavily depends on functional equipment.

Equipment Breakdown Insurance can cover the repair or replacement costs of equipment that breaks down unexpectedly due to causes like motor burnout, power surges, or mechanical malfunctions. Beyond covering physical damage, it often addresses business losses incurred from equipment downtime, such as lost income and extra expenses needed to expedite repairs or procure temporary replacements.

Flood Insurance

Flood Insurance may only sometimes be included in Commercial Property Insurance. However, it is still a must-have, mainly if you operate in areas prone to flooding or work in an industry where the threat of flooding can derail business operations.

Business interruption insurance has been p

Finance Insurance

Business Interruption Insurance

When business operations are disrupted, whether by fire or weather conditions, Business Interruption Insurance can help you remain financially stable by covering the loss of income and even unforeseen expenses.

Credit Insurance

Credit Insurance is a risk management tool that helps businesses protect themselves from potential losses if their customers are unable to pay their debts. It’s particularly useful for businesses offering credit to customers, providing confidence when entering new markets or dealing with larger accounts. This insurance also helps companies manage credit risk effectively and optimize credit and collection procedures, safeguarding their financial health.

Workers’ Compensation Insurance

Workers’ Compensation Insurance is a mandatory insurance policy for businesses in Australia aimed at protecting employees if they become ill or injured due to their work. This type of insurance provides coverage for wages lost during the time off work, medical expenses, and rehabilitation costs needed to help the worker return to work.

The requirements and implementation of Workers’ Compensation Insurance can vary considerably across different states and territories in Australia. Differing regulatory bodies also manage worker’s compensation schemes. The State Insurance Regulatory Authority (SIRA) regulates those based in New South Wales, but WorkSafe Victoria manages insurance in Victoria.

So, before you work on finding business insurance for Workers’ Compensation, check your local regulatory office to ensure compliance.

Get your business insured

Finding business insurance doesn’t have to be complicated or stressful. At East West Insurance Brokers, we specialise in simplifying the process, helping you find the insurance coverage that best fits your business needs. Whether you’re just starting or looking to enhance your current policies, our team of dedicated Insurance Advisors is here to guide you every step of the way.

Don’t let uncertainties slow you or your business down. We’re here to help you secure your business’s future. Contact us today and get insured.

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Business Cyber Insurance Insurance Liability Insurance

Requirements for Getting a Business Insurance Quote

Getting business insurance is essential, but the first step of obtaining a business insurance quote can be very demanding. This process requires you to provide extensive information about your business, not only for assessing and understanding the potential risks your business may face but also for determining the most effective protection strategies and estimating the overall cost of business insurance. But what exactly is required to get an accurate insurance quote?

1. Business Information

Provide detailed information about your business to make it easier to assess the level of risk associated with insuring your business and affects the total cost of business insurance. This generally includes the following:

  1. Business Name: The legal name of your business.
  2. Business Address: The physical location of your business.
  3. Industry Type: The industry or sector in which your business operates.
  4. Number of Employees: The total number of employees working for your business.
  5. Annual Revenue: The yearly income generated by your business.
  6. Previous Insurance Coverage: Details of your business’s previous insurance coverage (if any).
List down your business assets.

2. Assets and Inventory

Another essential piece of information you need to provide is a comprehensive list of current assets and inventory. This should include specifics about the property where your business operates, the equipment utilised in daily operations, and any other assets requiring insurance coverage. The total value of your assets is factored in the calculation of your business insurance quote and can affect what coverage is recommended which leads to the next thing that needs to be assessed.

3. Coverage Needs

Clearly outline your coverage needs when you’re looking for a business insurance quote. By understanding and clearly expressing the specific protections your business requires, you help your insurance provider create a quote that matches your business’s unique needs. This careful preparation not only leads to a more accurate assessment but also ensures that you get the best and most comprehensive coverage.

Here are some examples:

  • General Liability Insurance – protection against claims of bodily injury or property damage to third parties resulting from business operations.
  • Property Insurance – covers damage to business property and assets due to events such as fire, theft, vandalism, or natural disasters.
  • Cyber Liability Insurance – with the increasing threat of cyberattacks and data breaches, businesses need coverage to protect against losses due to hacking, data theft, or other cyber incidents.
  • Commercial Auto Insurance – if your business owns vehicles or if employees use their vehicles for work purposes, this insurance provides coverage for accidents, injuries, and property damage involving those vehicles. This can be especially useful if employees often travel for work events.
  • Product Liability Insurance – for businesses that manufacture or sell products, this coverage protects against claims of injury or damage caused by defects in those products.

If you need clarification on what other types of coverage your business will need, contact East West Insurance Brokers. We are here to help you assess your requirements and needs to find the best coverage plan.

4. Claims History

Be ready to provide detailed information about any past insurance claims your business has filed, including the nature of the claims and the amounts paid out. Your business’s claims history is a significant factor in determining the cost of your insurance premiums.

Insurance providers use this history to gauge the risk level of insuring your business. A track record of frequent or high-value claims might indicate higher risk, which could lead to increased premium costs. Accurate and comprehensive details about your claims history help the insurance company provide a fair assessment and pricing for your coverage.

Hire a professsional to perform a business risk assessment.

5. Risk Assessment

Factors such as your industry, business operations, location, and safety measures are pivotal in the risk assessment process. Providing detailed and accurate information about these aspects will help ensure that your insurance quote is accurate and tailored to your needs. Many insurance providers include risk assessment services with their policies, offering a convenient option for assessing your business risks. Alternatively, hiring a specialized risk management consultant can provide a more in-depth analysis tailored to your specific industry or business niche.

Conducting your own risk assessment is another viable strategy. Start by identifying potential hazards, vulnerabilities, and threats that could impact your business operations. Also consider external factors from economic conditions, local and global politics, as well as health and environmental issues.

 Staying informed through industry publications and news sources is crucial for anticipating and mitigating future risks. There are multiple online resources available to assist businesses in conducting self-assessments and pinpointing potential risks. Being proactive can empower you to better manage and analyse your business’s vulnerabilities.

Looking for a convenient way to get a business insurance quote?

Conducting your own risk assessment to get an estimate cost of business insurance can be time-consuming, particularly when your priority is managing day-to-day business operations. At East West Insurance Brokers, we understand the importance of your time and the complexities of navigating multiple insurance policies. Our team is dedicated to guiding you through the process and identifying the coverage that best suits your needs. Contact our team today to streamline your insurance process and ensure your business is protected.

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Agriculture Business Insurance

Sustainable Initiatives That Affect Agriculture Businesses in Australia

Agriculture is a cornerstone of Australia’s economy and food security. The industry, however, is vulnerable to climate change, soil degradation, and water scarcity. Weather, pest outbreaks, and market fluctuations also threaten farmers’ financial security. That’s why it’s recommended that farmers get agriculture insurance for financial protection and stability amid environmental uncertainties.

Whether you’re a small-scale farmer or part of a large agricultural operation, considering agriculture insurance is a wise decision, and East West Insurance Brokers is here to help. Our team of expert Insurance Advisers can help you navigate the insurance market and shop around for a good coverage plan. Contact us today to stay protected.

Government agencies and nonprofit organisations alike have implemented initiatives to enhance agricultural productivity while preserving natural resources. Let’s explore a few of these programs and initiatives driving sustainable agriculture in Australia.

Net Zero Plan

Australia’s Net Zero Plan is a bold and ambitious initiative to reduce carbon emissions by 43% by 2030 and achieve net zero emissions by 2050. The plan seeks to achieve these goals through the support of independent and nonprofit organisations, to create a more sustainable and environmentally friendly future for Australia.

But how does this affect the agricultural sector?

Well, the agriculture industry plays a significant role in greenhouse gas emissions (GHG), mainly through livestock production, fertiliser use, and land use changes. They account for 15% of the total emissions in 2019. Meeting net zero targets will require substantial changes in farming practices, potentially impacting productivity, profitability, and livelihoods. Here are the common practices that are being adopted today:

  • Acceleration of the transition to renewable energy
  • Planting cover crops to improve soil quality and prevent erosion
  • Improving fuel efficiency of fishing vessels
  • Investing in new technology to increase efficiency and reduce waste or raw material consumption

For their part, the Australian Government is developing plans to provide farmers with the necessary education and support to reduce GHG emissions.

Research climate-Smart agriculture programs.

Climate-Smart Agriculture Program

The Australian Government established the $300 million Climate-Smart Agriculture Program through the Natural Heritage Trust (NHT). Below is a sample of programs they offer grants to farmers:

Partnerships and Innovation Grants

The program offers grants ranging from $250,000 to $5,000,000 for medium to large-scale projects that promote climate-smart agriculture practices. The application for the first round began on 22 February 2024, and the second round is still being discussed.

Small Grants

Another grant is offered for projects focused on increasing on-farm productivity and sustainable agriculture for community groups. The start date for application is to be announced later this year.

Soil Capacity Building

The Australian Government has invested $21 million in a program that monitors soil quality nationwide. This program aims to gather and assess data about soil trends. Additionally, $6 million has been invested in improving the sharing and use of soil data through the Australian National Information System.

NFF 2030 Roadmap

The National Farmers’ Federation (NFF) spearheaded the development of the NFF 2030 Roadmap, which was developed through a collaborative process that involved more than 300 representatives in the agricultural sector. Created as a strategic blueprint, the 2030 Roadmap identifies key opportunities and challenges in the agricultural sector. Essentially, it’s developed as a guide for growth and sustainability.

The NFF releases annual reports to track progress, maintain accountability, and push continuous innovation for everyone involved. You can access the 2030 Roadmap and its annual reports here.

Australian Agricultural Sustainability Framework

Another initiative by the NFF, with the support of the Australian Government, is the Australian Agricultural Sustainability Framework (AASF). It aims to promote responsible environmental stewardship by upholding ethical practices in compliance with the law, reducing GHG emissions, and preserving the environment. The framework also encourages the development of communities by nurturing the well-being of people and animals.

The AASF started in 2020 and is still in ongoing development. However, you can visit their site to learn more about the initiative.

FutureFeed aims to reduce GHG emissions.

FutureFeed

Farming, particularly livestock, is a major methane emitter and GHG contributor in Australia. As a solution, the Commonwealth Scientific and Industrial Research Organisation (CSIRO) established the FutureFeed program.

It aims to reduce GHG emissions, boost animal health, and improve farm efficiency with the development of a sustainable feed supplement for livestock using Asparagopsis seaweed.

FutureFeed currently provides licenses for growers and processors rather than selling seaweed directly.  If you want to buy the product for your livestock, you can buy from their licensed seaweed growers.

The Future of Sustainable Agriculture

Challenges and triumphs, emphasising innovation, adaptation, and collective action, mark Australia’s journey toward achieving net zero carbon emissions by 2030. The goal, however, extends beyond meeting the deadline. It sets the stage for a sustainable future that preserves Australia’s diverse environment while pushing for innovation and collaboration across all industries. Australia is also contributing to the global fight against climate change for a greener future by adopting transformative technologies and forming eco-partnerships.

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Insurance News

5 steps you should know when reviewing your insurance for 2024

It’s a new year and a fresh slate for everyone, and nothing beats getting started on the right foot. Business will soon start to pick up and you’ll find yourself back in the swing of things, so why not take this opportunity to comb through your business insurance to ensure that it’s still appropriate to your current business needs?

If it’s been almost 12 months since you signed up for a policy, then you will soon be receiving a renewal notice from your insurer. Unfortunately, a lot of business owners only give the renewal notice a quick glance before signing off, not taking into consideration if the cover still applies to them. By doing this, you’re putting yourself at risk of being underinsured or in a cocktail of policies that are no longer suitable for you because of the changes your business has undergone over the past year. In the current hard market situation where premiums and excesses are high and insurers are tightening their belts, it is especially important to review all your policies to prepare for when you actually need it.

We’re going to cover the steps on how to review and renew your business insurance, so that you’re properly set up for the year ahead.

Work with a qualified broker

A detailed review of your current business needs will take a considerable amount of time especially if you’ve made some changes within the last year. Your broker is not only the middle person between you and the insurer, he or she is also the key to identifying insurable risks so that you can obtain the most optimal cover for your industry at best possible premium costs.It is important that you keep in touch regularly to update them on any changes, plans, or incidents so that they can advise you on the claims process and next steps. If there are any major changes, your insurer will also need to be notified (a little something called Duty of Disclosure). If you’re already working with a broker, they will be able to communicate these changes to your insurer for you. 

Get a head start

No one likes a late notice, and this goes for renewals too. If there are changes to be made, this would involve a number of documents to complete, and your broker would need some time to discuss these changes with the underwriter. Starting the review with only days to spare only allows for surface level skimming where important points are missed, and decisions are made in haste.To ensure you get the best outcome possible, you need to talk to your broker at least four to six weeks before your renewal. The more time they have, the better it will be to thoroughly review your application, submit additional information, and negotiate a better deal for you. 

Document all changes to your business, big or small 

To know the kinds of revisions or updates to implement in your policy, your broker will need to know how your business has changed over the past twelve months. For example, have you purchased or sold major assets or equipment? Have you moved into a new premise? Have you hired more employees? Have you implemented a hybrid working arrangement for your staff? The answers to these questions and many more serve as a good guide as to whether your cover needs updating, or if the premium is likely to increase or decrease. 

Document your risk management processes 

Another important step to help put you in a good light is to provide the insurers with documentation detailing how you mitigate the risks typical of your industry and your own business. Your insurance broker will be able to help you with this once every year or two. Basically, the more you can show the underwriters that you are taking careful considerations about managing your risks, the likelier you are to secure a better deal. Like we said before, the current hard insurance market makes insurers pickier about who they choose to underwrite, so the better the risk management, the less likely there will be claims. 

Know your options

Your broker will come back to you with a list of insurers and policy coverage, which can vary from business to business. Your broker will only present options with good quality coverage and that are appropriate to what your business needs. There can be a fair bit to consider, especially with so many variables to compare, but your broker is there to help you make the best decision for your circumstance.If you’re not already working with a broker, then it’s time we get you connected! We can help simplify a complicated process and work closely with you to find the optimal insurance cover for your business. Get in touch with us today using the contact bar below: 

At East West Insurance Brokers we have nearly four decades of experience and work with clients on all sides of the hospitality industry, all around Queensland. Our friendly and knowledgeable Insurance Advisors are here to help. Get in touch today.

1800 809 132  | hello@ewib.com.au | www.ewib.com.au