If your business insurance renews in June, you may already know it can be a busy time for the insurance industry.
Many businesses choose June renewals because they align with the end of the financial year. However, this also means insurers are reviewing a high number of policies at the same time.
Moving your renewal away from this busy period may have some benefits, including:
1. More time for Insurers to assess your business
A quieter renewal period may give insurers more time to understand your business, assess your risks and consider the terms they can offer.
This can be especially helpful if your business has changed, your risks are more complex or your policy needs a more detailed review.
2. More opportunity for us to negotiate
Having more time can also give us greater opportunity to speak with underwriters, explore alternative markets and negotiate premiums and policy conditions on your behalf.
It allows us to thoroughly consider the options available and work with insurers to find the right solution for your business.
You May Be Able to Change Your Renewal Date
Many business owners with a June renewal assume they need to renew in June every year. In some cases, that’s not necessarily the case.
Depending on your insurer and policy, we may be able to arrange a one-off policy term of 8 to 16 months.
This could move your next renewal to a different time of year.
For example, if your policy currently renews in June, we may be able to extend the policy term so your next renewal falls later in the year, outside the industry’s peak renewal period.
Is It Worth Asking?
Changing your renewal date won’t suit every business.
We’ll look at your circumstances, see whether it’s an option and explain what may work best for you.
Planning ahead could give insurers more time to assess your business and give us more opportunity to negotiate the right cover and terms on your behalf.
We know when something goes wrong, making an insurance claim can feel like one extra hassle.
As a business owner we also know your priority is usually getting things back to normal or continuing to run with as little disruption as possible.
However, what you do after an incident can affect how smoothly your claim is handled.
As your insurance advisor, we are here to help guide you through the claims process. Here are five of the most common mistakes that can make a claim more difficult.
1. Waiting too long to notify us
One of the most common mistakes we see is waiting too long to report an incident.
You may think the damage is minor or you want to look into all details of what happened before contacting us.
However, it is best to let us know as soon as possible.
Early notification gives us the chance to understand what has happened and help you take the right steps.
Your policy may also have rules about when and how you need to report a claim.
Our advice: If something happens that could lead to a claim, contact us as soon as possible. Even if you are unsure whether you want to make a claim, we can help you understand your options.
2. Not keeping evidence
Good records can make a big difference during a claim.
Where it is safe to do so, take photos and videos of the damage. Keep receipts, invoices, repair quotes and other records linked to the incident.
It is also useful to keep emails and other messages about the incident. This may include conversations with contractors, suppliers or other people involved.
The more information we have, the easier it can be to understand what happened and assess the loss.
Our advice: Keep records of the incident, the damage and any costs. Don’t rely on memory alone.
3. Starting repairs too soon
We understand that when your business is damaged, you want to fix the problem straight away.
In some cases, urgent action is needed to make the area safe or stop the damage from getting worse.
However, starting non-urgent repairs before speaking with us may make it harder to assess the damage. The insurer may need to inspect the property or arrange an assessment before repairs begin.
Our advice: Contact us before starting non-urgent repairs. If urgent work is needed, take photos first where it is safe to do so and keep records of the work and costs.
4. Assuming something is covered
It is easy to think that if you have insurance, your loss must be covered.
But insurance policies can be complex. They can include different terms, conditions, exclusions, limits and excesses.
Cover can also depend on what happened and how the loss occurred.
Rather than making assumptions, talk to us about your policy and the situation. We can help explain what your cover may respond to and what steps you should take next.
Our advice: Don’t guess. If you are unsure whether something is covered, ask us before making decisions.
5. Not understanding your excess
Your excess is the amount you may need to pay towards a claim.
The amount can vary depending on your policy and the type of claim. Some policies may also have different excesses for certain events.
Knowing your excess before you need to make a claim can help you understand the possible cost to your business.
Our advice: Make sure you know what excesses apply to your policies. If you are unsure, we’re happy to explain them.
What should you do if something goes wrong?
EvEvery claim is different, but there are some simple steps you can take.
Make the area safe. Put the safety of your employees, customers and others first.
Prevent further damage. Take reasonable steps to protect your property where it is safe to do so.
Document the incident. Take photos and videos and write down what happened.
Contact us. Let your broker know as soon as possible.
Keep your records. Save invoices, receipts, quotes and other documents.
Importantly we are here to help, ask questions. If you are unsure what to do, speak with us before taking action.
The best time to review your insurance is before a claim
A claim can highlight whether your insurance still matches your business needs.
Your business may have changed since your policy was first arranged. You may have bought new equipment, increased your stock, moved premises, hired more employees or changed how you operate.
That’s why regular insurance reviews are important.
At East West Insurance Brokers, we work with you to understand your business and help you make informed decisions about your insurance.
If your business has changed, speak with your broker. We can review your cover and help make sure it still suits your needs.
Because the best time to find a gap in your insurance is before you need to make a claim.
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?
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:
Business Name: The legal name of your business.
Business Address: The physical location of your business.
Industry Type: The industry or sector in which your business operates.
Number of Employees: The total number of employees working for your business.
Annual Revenue: The yearly income generated by your business.
Previous Insurance Coverage: Details of your business’s previous insurance coverage (if any).
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.
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.
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.
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.
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
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.
FLEXIOriginally launched in the 1980s as a premium funding service helping clients pay insurance premiums in instalments, our platform has evolved to support brokers in offering flexible payment options.
Today, Flexigrow also provides business management software, enabling business owners to manage operations in one streamlined platform. CTA button:VISIT OUR WEBSITE
