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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.

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.

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!

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.

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.

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!

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
• Cybersecurity
• Employee Training
• Insurance

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.

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.

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!

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?

• What is Business Interruption Insurance?
• Examples of Benefits and Coverage
• Common Mistakes and How to Avoid Them
• Seek Advice from a Professional

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.

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.

The field of civil engineering is challenging and requires hard work, dedication, and adaptability as technology continues to advance. And if you’re looking to improve your chances of success as a civil engineer, here are some practical tips that can help you stand out:

• Keep up with trends and new technology
• Make sure your platforms are compatible
• Listen to the community goals
• Learn how to communicate with non-civil engineers
• Build a professional network
• Get insurance and stay protected

Keep up with trends and new technology

Civil engineering is constantly evolving and adapting to new technologies and methodologies. Stay ahead by expanding your knowledge. Focus on enhancing your abilities by mastering software programs like AutoCAD or gaining expertise in structural analysis. Seek diverse projects that challenge your skills and ask experienced professionals for guidance. You can also try the following:

• Attend workshops and trainings
• Explore online programs and resources
• Subscribe to industry newsletters or set up alerts to receive news directly to your email

These will help you keep up with the latest industry trends and make you more valuable to employers and clients.

Articles you may be interested in:

• Civil Engineer Salary in Australia in 2024 | PayScale
• The Exciting Scope for Civil Engineering in Australia for 2024
• The Top 10 Engineering Trends to Watch Out for in 2024

Make sure your platforms are compatible

Learning and mastering new technologies can be exciting, especially in civil engineering, where new technologies are developed daily. However, keep in mind that while using new technologies may impress your clients or team, it’s essential to ensure that all the platforms you use are compatible to avoid any future issues. It would be frustrating to spend a lot of time working on a project on one platform only to find that you cannot access it on another.

So before you jump into working on any project and introducing a new software or tool, ask the following questions:

• What are your clients or team currently using? 
• Are there available demos and instructional resources? 
• Do they have a list of integrations? 
• What are users saying in their reviews? 

Considering these factors can help ensure that the technology you use will be compatible with what your clients or team needs.

Listen to the community goals

Construction projects, from transportation to residential, must be adaptable to changing conditions and community goals. These could be weather or seasonal changes, economic conditions, and other environmental shifts. You need to be flexible yourself and consider potential changes with your design. But to do that, you must listen to the community

Learn about them

If you’re going to work on a project targeting a specific area and community, you need to be aware of any local routines, practices, or restrictions. What are the weather conditions or seasonal changes? How can the project affect them during and after construction?

Survey and evaluate

You should conduct extensive surveys to evaluate community goals and needs, and identify potential changes that may occur. You can use various tools and techniques such as cost-benefit analysis, multi-criteria analysis, social impact assessment, or environmental impact assessment to quantify and compare the benefits and costs of your project. These tools can also help identify and mitigate potential negative impacts on the social and natural environment.

You can also use different methods to identify and prioritise community goals, such as surveys, interviews, focus groups, workshops, or participatory mapping. Aim to gather as much information possible so you can be better prepared to present it to the stakeholders of the project.

Apply their feedback

Balancing the goals of a construction project with the community’s needs can be challenging. However, gathering feedback from diverse stakeholders, including residents, businesses, organisations, and agencies, can help improve project design, implementation, and management.

The key is to engage both in communication to ensure that their voices are heard and their concerns are addressed.

Learn how to communicate with non-civil engineers

The field of civil engineering requires you to work alongside other professionals who may possess a different level of knowledge or expertise in civil engineering than you do. You are responsible for providing them with the guidance and understanding required for the project. Clear and effective communication of your expertise is crucial to ensure the project’s success. 

Step up your communication skills with practice, from giving a presentation with infographics and videos to hosting a webinar. The goal is to make everyone understand the potential issues that may arise during the project and prepare them for emergencies or delays. By doing so, you can also enhance your performance since everyone is well-informed and on the same page.

Build a professional network

Networking is essential in any profession, and civil engineering is no exception. It’s not enough to be technically proficient in your field, you must also have excellent communication and leadership skills. This means you need to hone your ability to express yourself verbally and in writing, work well with others and lead teams effectively.

• Attend conferences, meetings, or industry events
• Join professional organisations or groups such as NGOs or academic teams
• Connect with other experts and industry professionals on LinkedIn

Joining a supportive community of like-minded professionals can provide valuable guidance and support throughout your career. Staying connected also informs you about job openings or industry trends that can further your career as a civil engineer.

Get insurance and stay protected

Working in construction involves many risks, especially when leaving the office environment and working on site.

It is important to prepare yourself for any workplace dangers in consultation with the principal contractor or designated persons responsible for WHS duties, wear appropriate protective clothing, and strictly follow all site safety advice.  Additionally, it is crucial that you have relevant Workers Compensation policy in place for you and your staff to protect them in the event of injury in the workplace.

Insurance is generally required to tender for contracts and often includes a requirement for a minimum limit of Professional indemnity or Design and Construct Professional Indemnity; Public and Product Liability; Workers Compensation, proof of Plant and Machinery insurance and other covers where circumstances are required. Due to the complexities of these contracts, it is highly recommended to consult with insurance professionals to understand specific risks civil engineers face and obtain appropriate coverage. 

East West Insurance Brokerscan assist you in identifying sufficient coverage for your business to ensure this meets your budget and needs. You can reach our brokers by clicking here. 

Improve your chances of success

Becoming a successful civil engineer is no easy feat, but with dedication and the right mindset, you can set yourself up for a rewarding and fulfilling career. By constantly expanding your knowledge, honing your technical and communication skills, building professional networks, and learning how to communicate outside your profession, you’re well on your way to improving your chances of success in this ever-evolving field.