Elite Brokers 2021
This year’s Elite Brokers tell Insurance Business how they managed to find incomparable success during one of the most difficult years Australia’s insurance sector has seen. View the full report here.
7 Types of Insurance Your Business Needs
Running your own business is exciting. It can also be risky. As a business owner, you’re exposed to a variety of business risks that could damage your business, cause you extensive financial problems or even sink your business altogether. But if you’re protected with the right insurance, you can go about your work with the…
Reviewing Your Business Insurance
Insurance is something that most business owners set and forget. They simply don’t think about insurance unless they need to use it. Like your business, your insurance needs will change over time. It is a good idea to review your coverage periodically to make sure that you are not paying for insurance that you don’t…
Revealed: Massive ruling in business interruption insurance case
It’s here – the moment that the insurance industry and consumers have been waiting for since the early days of the COVID-19 pandemic – the final ruling on the appeal of the Financial Conduct Authority (FCA)’s business interruption case in the UK. It’s a ruling that is likely to have major repercussions for the insurance…
Risky Business: Why Your Small Business Needs Ransomware Insurance
Did you know that cyber-attacks went up by 700% last year, leaving many Australian businesses feeling unprepared? A cybersecurity threat can lead to lost data and money. When your system gets taken over by ransomware, your business is held, hostage. A cyber insurance policy that covers you in the event of ransomware is a must…
BI test case ruling goes against insurers
The NSW Court of Appeal has ruled against insurers in the business interruption test case heard last month. As insuranceNEWS.com.au has reported, the Insurance Council of Australia (ICA) and Australian Financial Complaints Authority (AFCA) agreed to launch the case to resolve uncertainty about outdated wording in pandemic exclusions. Some Australian insurers’ policies still include exclusions…
Australian insurers lose COVID-19 business interruption test case
The COVID-19 business interruption test case in Australia, initiated by the Australian Securities and Investments Commission (ASIC) and the Insurance Council of Australia (ICA), has finally concluded – with the New South Wales (NSW) Court of Appeal rejecting the industry’s argument that policies should not cover COVID-19 pandemic-related losses. The NSW Court of Appeal’s decision comes after…
Is your business fire safe?
Although bushfire season is here, this risk is only one of a host of different sources of fire. Arson is often the cause of fire and poor maintenance standards are another serious fire risk for businesses. For instance, damaged or old electrical cabling is all too often the cause of a fire, especially in older…
Broker: “There’s a lot of misinformation out there” about BI claims
Business interruption (BI) policies are a hot topic in the insurance world – and Australia is no exception. A test case focused on BI claims denied by Hollard Insurance and HDI Global Specialty has been heard in the NSW Court of Appeal and is currently awaiting a decision. At the crux of the case are exclusion clauses in both…
Business Insurance – what should every business consider?
Running a business has a number of responsibilities and associated risks whether you are a sole trader or global enterprise. Business insurance can protect you against the financial damage of business risks giving you peace of mind to concentrate on growing your business. In Australia, some insurances are compulsory – if you hire employees you…