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Category: Insurance

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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!

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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.

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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

PHONE - FRAME - - 10

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

Categories
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

Categories
Insurance

How to insure your hospitality business

Skilled baristas crafting delicious coffee, a common sight in the thriving hospitality industry in Australia insured against unforeseen incidents

Not sure where to start getting your business appropriately protected without breaking the bank? We get it. By its nature, hospitality is a diverse and varied sector and so too are the risks you face and the cover you may or may not need. As a result, insurance for hospitality businesses can be quite a jungle to navigate.

No matter what industry your business falls under, it’s crucial to get your insurance right. Throw in the curveballs of working with food and beverage, electrical equipment, and patrons and you could be up to your eyeballs in policies. That’s where an experienced Insurance Advisor can save you time and money. Let’s start by looking at some key risks you might face in the hospitality industry.

What are the most important risks to manage in a hospitality venue?

While the sector has a great deal of variety, and the scope of risks unsurprisingly wide, there are some common ones we come across. Many key risks relate to the likelihood of fires. Do you operate deep fryers in your venue? Do you have an extraction system, and how often is this cleaned and maintained? Does any of your equipment or fitout contain expanded polystyrene?

Another common risk to stay vigilant about is that of trip and fall hazards. Are your floors and thoroughfares kept clear? Is your flooring or stairways likely to contribute to an accident?

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 kind of insurance do you need for a hospitality business?

Once you’ve got a good idea of your risks, you’ll be able to figure out which policies you’ll need to protect your business. The type of insurance your venue needs will vary greatly depending on your business activities. For example, a bar may require less machinery breakdown cover than a restaurant or café but want higher value theft cover. They also might have a harder time finding a competitive public liability insurance than a wholesale bakery, who in turn may require more product liability cover.

An Insurance Advisor will work with you to analyse your unique risks and provide expert insight on the types of cover that suit. That said, it pays to understand the key types of insurance out there for your hospitality business.

1) Public liability

Public liability insurance provides financial protection for situations where someone is injured or has their property damaged as a result of your business activities. For hospitality businesses, it is a critical policy to have as it can cover food-related illnesses as well as safeguarding you from mishaps involving intoxicated patrons.

2) Property 

Property insurance is designed to cover your assets against loss or damage arising from tangible events. These may include fire, storms, floods, vandalism, and more. It can be a critical cover for your hospitality business as many ventures face heightened fire risks and rely on expensive, specialised equipment or unique assets to do business. For those who own their business premises, you’ll be looking specifically at commercial property insurance.

3) Business interruption

Business interruption insurance safeguards you against loss of earnings caused by specified events. Exactly what is covered is up to the individual policy, but it could be anything from a total shutdown due to a severe weather event, or having to run a reduced menu while your equipment is down.

4) Machinery breakdown

Don’t let the name fool you, machinery breakdown insurance can cover all manner of equipment that is critical to your business or costly to repair. This could include fridges and freezers, cooking equipment, and other electrical goods like audio systems or computers. It can even cover loss of stock.

5) Theft and burglary

Theft and burglary insurance provides financial protection against loss and damages resulting from forced entry. This can include stolen equipment, stock, or even the cost of repairs to your premises. As you may have experienced, break-ins can be a real threat to hospitality businesses.

hospitality insurance

How do I find the best insurance for my venue?

With a better understanding of the key cover options available to hospitality businesses, and knowledge of the risks your particular venture faces, you’ll be in a better place to determine the various policies that are right for you. There are business packs out there you can buy that offer a more “one size fits all” approach, although these can be a pitfall if you’re not absolutely across everything you need and don’t need. It’s also a lot of policy wording to read over on your own.

Perhaps the greatest next step you can make to getting well-fitting cover for your café, bar, restaurant, or any manner of other hospitality business, is to talk with a broker from a reputable brokerage. Our job is to save you time and stress by identifying and comparing cover options that suit your individual situation.

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

Categories
Insurance

How to navigate the hard insurance market

How-to-navigate-the-hard-insurance-market

If you’ve been keeping track of current insurance trends, you’ll notice that the market is experiencing a hardening phase, which means premiums are on the rise and insurers are tightening their terms and conditions. With the pandemic still looming over our economy, things are unlikely to change for the remainder of 2021 and continuing well into 2022. We hate to start on a grim note, but not to worry, we’ve prepared a guide on how to get through this hard insurance market.

First, let’s address the elephant in the room.

Why is the insurance market hardening?

The insurance market is cyclical, and it cycles between hard and soft stages. Each cycle typically lasts anywhere between two and ten years, and no two cycles are identical. The current cycle has been undergoing hardening changes over the last few years. This is caused by a number of factors, mainly:

– Falling investment rates / low interest rates
– Increases in frequency or severity of losses
– Reduced underwriting capacity
– Cost of reinsurance
– Regulatory intervention

Australia was already in the middle of a gradual incline towards a hard market. However, 2020 saw an unprecedented profitability blow to the insurance industry unlike anything we’ve ever seen. To give you an idea, the last calendar year saw only $35m in profit and compared to 2019’s reported $3.1bn, that is a 98.9% decrease. While the occurrence of coronavirus did not help cushion the impact, it is also the unpredictable weather demonstrations that have accelerated the hardening of the insurance market. Australia suffered cataclysmic losses from the effects of bushfires, cyclones, and hailstorms which resulted in insurers having to payout numerous claims in large amounts. With that, insurers may be reluctant or hesitant to insure those risks in the future.

Despite the bleak outlook, there are some steps SME owners can take to get themselves through the other side:

1. Partner with a trusted broker

We’re putting this at the top of the list because of the significant role a broker has especially during these turbulent times. Working with a broker who knows how to navigate the industry is a huge benefit to you and how your case is reviewed by insurers.

2. Plan ahead

Don’t wait until it’s time to renew your policy before you take action. Sit down with your broker to review your current plan and your ongoing requirements. Most organisations will allocate three months to thoroughly evaluate their business and complete an in-depth review of their insurance needs.

3. Prepare to provide more information

With underwriters scrutinising every tiny detail, you need to be prepared to provide more documentation, if requested, to better support your case. If you’re not sure what details to provide, speak to your broker who can help.

4. Prepare your risk control procedures

Documenting your risk control procedures is crucial and an imperative step in the renewal process. Insurers wants to see that you are taking the necessary steps to protect your premise and business assets. This may not have been something important to display in the past, but as we are sitting in a tough market, these documentations and their ability to influence insurance coverage should not be underestimated.

We cannot stress enough about the importance of having a trusted broker who can act on your behalf throughout this hard market period. Think of your broker as the person with the inside scoop on the what’s what within the insurance industry. A broker will assess your risks, advise you on the most appropriate covers, and structure your plan in the most cost-effective way. Our brokers at EWIB can negotiate preferential premiums and insurance coverage tailored to your needs.

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