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Business Cyber Insurance Insurance Liability Insurance

Business Insurance Checklist for New Businesses in Australia

Checklist-insurance-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

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

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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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Business Construction Insurance Insurance

Boost Your Civil Engineering Game

Boost your civil engineering game

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

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:

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.

Civil Engineering is a competitive field that requires constant growth and learning for success.

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.

Building a professional network is a great way to advance in whatever career you choose.

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.

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Business Construction Insurance Insurance

Keeping your equipment and investment protected

Imagine this – you’ve just started your dream business and invested a significant amount of money in top-of-the-line equipment. Suddenly, one of your machines experiences equipment failure or gets damaged due to an accident. Without proper insurance coverage, you could end up with a hefty bill to repair or replace the equipment. It could also lead to a delay in your business and further drain on your finances.

Avoid unnecessary costs from equipment failure by implementing safety guidelines to prevent accidents and performing regular maintenance to keep your equipment in good condition. For greater security for both you and your business, get Plant & Equipment Insurance. 

In this article, we’ll discuss the following questions: 

What is Plant & Equipment insurance?

Plant & Equipment Insurance is designed to cover physical assets used in the operation of a business, such as vehicles and heavy machinery like cranes and forklifts. Although commonly associated with the construction industry, it can be helpful for different types of businesses and equipment. 

Think about these risks and make a list of any others you think are relevant to your business. This is an important step in making sure your risks as a venue are managed and will help inform the kind of insurance you need. Sitting down with an experienced Insurance Advisor can make this process more efficient and effective.

What do you need from your insurance provider?

How to get started?

To insure your equipment, you must have all the necessary documents ready to present. Remember to provide accurate details to the insurance provider so they can give you an accurate quote. This information may include, but is not limited to: 

  • Type of equipment 
  • Price or value 
  • Age (when it was first used and when it was purchased) 
  • Repairs and modifications 
  • History of claims 

When considering equipment insurance, prioritise which assets you want to insure based on their importance and value to your operations, then set up a budget accordingly. Expect heavy machinery to take the bulk of your budget. It’s also important to consider any specialised maintenance required to keep your equipment running smoothly. 

What needs to be covered?

The next step is to assess the risks associated with your equipment and evaluate the likelihood of these risks occurring. Then check with insurance providers if their policy covers these potential risks: 

  1. Accidental Damage – This covers your equipment’s repair or replacement costs in case of accidental damage caused by exposure to elements like fire, flood, and natural disasters. Damages due to human error could also be included. If you’re unsure, it’s best to confirm with your insurer. 
  1. Theft and Vandalism – Unfortunately, theft and vandalism are real business risks. Surveillance cameras and alarm systems are good preventative measures, but they can’t guarantee absolute protection. In an emergency, Plant & Equipment Insurance can step in to cover the loss or damage caused by malicious acts. 
  1. Equipment breakdown – Even the most reliable and well-oiled machinery can have a bad day. Equipment breakdown coverage can provide financial support for repairs or replacement for unexpected equipment failure, which is crucial during peak production periods. 
Plant & Equipment Insurance can cover costs of equipment failure and loss.

How do you choose the right insurance provider?

Once you have a clear idea of your insurance needs, you can start researching which insurance provider would be a good fit. Each insurance provider has their own sets of policies and coverage. Compare them and take note of the following: 

  • Do they cover repairs or replacements? 
  • Do they cover both? 
  • Are there coverage limits or exclusions? 
  • Are there premiums or policy deductibles? 
  • Additional coverage options? 
  • What is their usual claims process and timeline? 
  • What is the general feedback from customer reviews? 
  • Is the insurance provider in good standing financially or reputation-wise? 

When shopping for services, especially one as important as insurance, request quotes from multiple providers. Don’t be shy about sending emails, and as long as you have questions, keep asking them. Carefully view the fine print and take time to weigh your options so you can make an informed decision. 

You can learn more about how to properly review your insurance here.

Do you need help with insurance?

Accidents can happen no matter how many precautions you take, and equipment failure due to age or constant use is inevitable. Plant & Equipment Insurance acts as a safety net that keeps you protected from unexpected costs that can be incurred. It ultimately helps minimise negative financial impact, allowing you to recover and resume operations swiftly. 

Yes, going through different providers and policies to find the right one is hardly exciting. You’ll have to read tons of paperwork and put in the hours to ensure everything is covered. But there’s no need to stress because you don’t have to shop alone. We’re here to help. At East West Insurance Brokers, we’ll connect you to the top insurance providers in Australia and help you identify what best suits your business needs. Let’s work together to get you covered. Request a free consultation today! 

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

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Business

Top business risks you should look out for in 2024

Top-business-risks-you-should-look-out-for

Whilst many businesses do their best to survive in a Covid world, business interruption, caused by a multitude of factors, seems to be the underlying theme for 2022. Allianz has released a 2022 Risk Barometer Report which incorporates the views of customers, brokers, and industry trade organisations from around the world regarding the tops risks they believe to be most important. Let’s dive into the top 5 global business risks as anticipated by the survey’s respondents.

1. Cybercrimes

In Australia, cyber risks sit at the number one spot of the country’s top concerns alongside Japan, Italy and the UK. Cyberattacks are becoming more advance and frequent, especially with remote working arrangements being the new norm. The growing dependency on digital infrastructure across various industries has allowed hackers to become more creative in their attempts to exploit new vulnerabilities. Businesses need to take proactive measures to ensure they reduce their cyber risk and increase their organisation’s resilience against modern ransomware technology.

2. Business Interruption

Since the pandemic hit, businesses have experienced an on-again, off-again relationship with their operations, causing significant disruptions to cash flow and the viability of the business. Unfortunately, the past 18 months have shown us that business interruption and its risks are likely to remain a trending issue for the foreseeable future. If anything, the pandemic has revealed how fragile and complex modern supply chains are and how multiple events can cause a domino effect of problems, as what we’ve seen with retail supermarkets in terms of supply and labour shortages.

However, despite the hard hit of Covid-19 on supply chains, the report by Allianz shows the most worrisome cause of business interruption is cyberattacks, particularly with the rise of new ransomware, dependency on digital tools, and remote working arrangements.

3. Natural Catastrophes

Natural disasters have jumped up three spots since last year’s Risk Barometer. Around the world, the frequency and severity of catastrophic weather events are rising due to the effects of global warming. They have led to over $100 billion losses – the fourth-highest year on record. Insurers have paid out a whopping sum of over $8.9 billion in natural disaster claims in Australia alone.

4. Pandemic Outbreak

The outbreak of Covid-19 was an eye-opener for everyone as to how vulnerable and unprepared businesses were in response to a pandemic event. Two years on and with the world opening again, we still can’t rule out the possibility of a more serious variant emerging, causing further disruptions and imposed government restrictions. While most survey respondents believe they are better prepared in their contingency plans, the heavy reliance on digitalisation opens up vulnerabilities that businesses may not be aware of yet and should seek measures in the event of a digital compromise.

5. Fire

This event alone is devastating enough, but it’s not just damage to property and stock that are classified as losses. For over five years until the end of 2018, fire/explosion was the largest single cause of loss for businesses worldwide, as recorded in Allianz’s Risk Barometer. Beyond material losses, fire can prevent businesses from managing their daily operations and reaching their customers for an extended period. The risk of fire is hard to eradicate, but businesses can take action by reviewing their fire mitigation strategies. An effective post-disaster contingency plan can decrease the risk of loss from an incident.

At East West Insurance Brokers, our team of brokers are able to provide your business with a free risk assessment and develop a unique risk profile just for you. This will help you identify the areas within your business to mitigate potential risks and threats. We’ll work with you to implement a suitable insurance plan designed for your industry. Get in touch with the team today, and let’s see how we can help!

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

Important Note: All insurance policies have exclusions. Please refer to the Product Disclosure Statement or Policy Wording to decide whether an insurance policy meets your needs.

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Business

Make your claim a less stressful experience

If you’ve had to make a claim on your own, it can feel like a daunting process from start to finish. It doesn’t help that insurers are constantly being painted in a negative light, depicting them as difficult and uncommunicative. While some might experience a less than favourable outcome, it isn’t always the case for everyone else. The good news is that you can have an uncomplicated claims journey, considering all necessary documents are in order and you’ve engaged yourself with a trusted broker who can be your advocate throughout the process. We’re here to shed some light with hopes of putting your mind at ease in the event you find yourself having to lodge a claim.

It is without a doubt that brokers have extensive experience with the claims process, and it is their job to make it as simple as possible for their clients. As we mentioned before, insurance claims can be complex, but with a broker’s knowledge and familiarity working with insurers, they know how to manage claims and disputes that may occur.

Deloitte Access Economics released a report in September 2020 outlining how the support of insurance brokers throughout the claims process can have a better outcome on their client’s case, particularly in:

1. Saving time

The report noted that over 40% of SME clients found that their claims process was easier with a broker’s support. From managing communications throughout the repair stage and arranging for quotes, the broker handles every aspect of the claim while the client focuses on getting back to trading as efficiently as possible.

2. Being your advocate

Your broker’s main role is to help and support you through the insurance process. They’re there to ensure you’re covered according to what you need and provide advice while keeping your best interests in mind. Brokers bridge the gap between you and the insurer but their M.O. is to ensure that you receive the best solution possible. Their positive relationship with insurers allows them leverage when managing tricky and unusual cases. Plus, it’s always good to have someone you can turn to for emotional support while going through the claims process.

3. More favourable claims payout

Deloitte’s report also found that those who engage a broker are more than twice as likely to be fully covered for their claims and had a higher amount of loss covered. Almost 90% of broker clients were covered for more than half of their claim, as compared to direct buyers at 75%. This tells us that an experienced broker would know how to tailor a product package for their client so that in the event of a claim, they are well covered to receive a higher payout.

Client relationship is an important aspect of a broker’s role. When you engage a broker, it is usually for the long term. A broker isn’t someone who’s there only when you need insurance. They’re proactive professionals who check in on you periodically to ensure that your needs are met and that your insurance reflects your business’ goals. They’re also up to date with the latest industry news that could impact your policy so you can prepare ahead of time.

With that in mind, if you’re in the market for a skilled and experienced broker to assist with your insurance needs, our doors are open to you. We offer a wide range of products and services for SMEs in various industries. Our team will work with you to implement a suitable insurance plan designed for your business. Get in touch with the team today, and let’s see how we can help!

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

Important Note: All insurance policies have exclusions. Please refer to the Product Disclosure Statement or Policy Wording to decide whether an insurance policy meets your needs.

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Business

6 Common Questions About Commercial Property Insurance

commercial property insurance australia east west insurance brokers
industrial warehouse with orange roller door

The first step in getting your commercial property insurance sorted is knowing whether you need it or not. The good news is, this is an easy one.

  1. Why do you need commercial property insurance?
  2. What does commercial property insurance cover?
  3. How much does commercial property insurance cost?
  4. What should I consider when buying commercial property insurance?
  5. What should I watch out for with commercial property insurance?
  6. Where should I go from here?

If you own commercial property of any size or type, then you should consider commercial property insurance. We’re talking anything from an office building to an industrial warehouse, from a cold storage facility to a retail space, and beyond.

If you have financed the purchase, renovation, or fitout of your property then you may actually be required to have property insurance to secure your loan. This can also extend to finance for your contents, stock, or machinery.

Likewise, other contracts you have relating to your property or contents will often contain conditions regarding property insurance, so make sure you have a good look over all of your paperwork. Fortunately, this is something an experienced broker can help you with.

Why do you need commercial property insurance?

You may have just found out that you need to consider property cover, let’s look at why it is a critical part of a sound risk management strategy for any commercial property owner.

You obviously purchased (or are purchasing) this property for a reason, and at the end of the day that reason is to generate future income.

Ask yourself the question – if your property is damaged beyond use, could you afford to repair or replace it without insurance? Or even, would you be able to continue to produce income from your business if the worst did happen?

If you answered no, then you need commercial property insurance to protect your business from these situations.

Commercial property insurance is designed to cover you as an owner, and protect you against exposure to the risks of owning property. That said, not every property policy will suit your unique needs, a qualified broker can assist you in finding the best insurance that covers your needs.

What does commercial property insurance cover?

In general, commercial property insurance covers your property and income for damage arising from tangible events. These can include storms, fire, floods, theft, vandalism and more. There are often optional sections of cover you may wish to add on, such as machinery breakdown, electronic equipment, and general property/tools of trade.

There are two main types of commercial property policies: business pack insurance and industrial special risk (ISR). The most notable difference between the two is that an ISR policy covers your property against damage unless an exclusion is specifically made, whereas a business pack only covers defined events, for example, fire or theft.

An ISR policy may sound preferable, however they are usually only available for property with a combined asset value of over $10 million (some insurers will occasionally consider $5 million).

A broker can help you determine which kind of policy is appropriate for your assets and risks and even tailor cover to fit your situation more effectively.

How much does commercial property insurance cost?

As with all insurance, there are a number of factors that will affect the price of your premium. The average cost of commercial property insurance changes based numerous risk factors considered by insurers. These are all worth keeping in mind when purchasing or making changes to your premises.

  • The location of your property
  • The construction of your buildings
  • The security of your premises
  • The fitout of your property
  • The stock held on your property
  • The equipment held on your property
  • The size of your property
  • The age of your buildings
  • The business activities undertaken at your premises

For more information on how these considerations affect your premiums, and what you can do to avoid higher costs, speak to an experienced broker.

Why do you need commercial property insurance?

What should I consider when buying commercial property insurance?

Any insurance policy will only work effectively when it is suited to the specific circumstances it covers. The most important things to consider are: your property’s unique risks and whether the policy covers those, and whether the limit of the policy would be enough to rebuild the premises and your business if you suffered a total loss.

An off-the-shelf commercial property policy is likely to have exclusions that may make it inadequate for your needs, it may also be missing important additions relevant to your unique situation. A full-coverage policy is another option, but it will cost you more.

Price is obviously an important consideration for any business, though be warned that the cheapest policy rarely provides the best coverage. The excess you set will also impact your premiums, but it should be a realistic amount you can afford if the worst does occur.

On that note, underinsurance is becoming a prevalent concern in today’s market. Having a replacement cost valuation completed will help you determine the amount you need to insure your property for. Also, stay vigilant with property market changes and keep your policy up to date if you make any alterations or additions to your premises or if tenancies change.

At the end of the day, the best insurance for commercial property and how much it costs will come down to your individual space and your business’s specific needs. Fortunately, a qualified insurance broker can assist you in determining those.

What should I watch out for with commercial property insurance?

Make sure you gather as much detail about your property and its construction as possible, as insurers will expect full disclosure of anything that is a concern. This could be something common like asbestos, or something less obvious like a specific brand of cladding or machinery that has a higher risk factor.

Remember that commercial property insurance is separate to liability insurance, while there may be some overlap, it is good practice to have both types of cover to protect your business.

A solid piece of general advice is to review all documents as soon as you get them, you should also be provided a certificate of currency that stipulates your cover limits. Continue to revisit them regularly, particularly if you make a change to the building or tenants.

Finally, revisiting the issue of underinsurance, if you are found to have failed to insure your property for a reasonable value you could be held accountable for a percentage of the repair or replacement costs in the event of a loss. Using a qualified insurance valuation expert to make sure your property is insured for an appropriate amount can protect you against this risk.

Where should I go from here?

If you have determined that you may need commercial property insurance, having a broker do the heavy lifting can be a good assurance, and help make the process easier and more efficient. There are a lot of policy wordings to read after all.

At East West Insurance Brokers our team has several decades of combined experience in commercial property insurance, and we are here to assist you through the process of getting your business appropriately covered, and keeping it that way.

From the initial identification of your unique risks, to customising a policy to suit you and your business, you can trust our friendly and knowledgeable insurance advisors to aid you on your journey.

Get in touch today for a commercial property insurance quote tailored to suit you.