Public Liability Insurance

Higher excesses, increasing premiums and narrower coverage have become a reality for many businesses in Australia. Australian businesses have enjoyed a softer insurance market for some years, but a change is on the horizon. Fortunately, there are some ways that small to medium businesses can prepare for a harder commercial insurance market. Understanding the Differences Between a Soft and Hard Insurance Market The nature of the insurance market is driven by availability. If there is lots of capital entering the market, it is easier to obtain cover as insurers chase business. A softer market translates to lower commercial property insurance premiums, broader coverage, narrow exclusions, discounts, and smaller excesses. On the other hand, a hard market occurs when there is a decreased availability. This drives lower policy limits, wider exclusions, bigger excesses, higher premiums, and narrower policy coverage. Unfortunately, certain parts of the insurance market in Au

According to insurance broker data, within the retail sector, more than 40 percent of shrinkage costs can be attributed to internal theft. According to the Australian Retailers Association Executive Director, Russell Zimmerman, internal theft is often more sophisticated, is more difficult to detect and has a greater financial impact compared to external theft. As an experienced insurance agent in Perth , we have compiled some advice to help you reduce your rate of employee theft. Recruit and Retain a Reliable Staff The most effective way to prevent or significantly limit internal theft is to recruit and retain a reliable staff. Failing to do reference checks or interview comprehensively is a sure way to recruit team members with a history of theft. This leaves the fault firmly in the hands of the employer. While this level of recruitment will require a bit of homework, the payoff is worth it. At a minimum, be sure to conduct comprehensive reference and background checks.

Professional indemnity insurance is defined as a type of insurance which helps safeguard professional individuals and companies from suffering the comprehensive expenses of defending against a negligence claim made by a client or a patient. Among the fields which primarily need professional indemnity insurance is the nursing industry that is sometimes subject to the possibility of making errors. A nursing insurance policy enables nurses to simply perform their respective jobs without being anxious about the damages to their careers and finances should any mistakes happen. In 2009 alone, more than 10,000 in-hospital errors committed by nurses were reported, with 1100 of these cases resulting in death. In addition, global statistics show that in every 300 errors committed, one has eventually led into deaths. Among the primary reasons of nursing care errors include administering the wrong medication and providing incorrect advice to the patients as well as failing to carry out pa

Generally, insurance brokers are professional advisers which specialise in risk management and insurance. They act on behalf of their clients and provide them technical advice that can be important in making a claim on particular insurance. In other words, an insurance broker will help every business or individual determine the risks to help them manage risks and make well-informed decisions. Other than that, a broker can also assist their clients in finding the most appropriate cover for their own circumstances as all of them are familiar with terms and conditions as well as the costs and exclusions of specific insurance policies. In addition, the role of insurance brokers in Perth can extend to not only placing and classifying covers with the chosen insurers but also in providing advice to their clients on making the most of insurance covers and budget. Advantages of Hiring Perth Insurance Brokers In statistics gathered by ARPA, it showed that insurance brokers were r

What Is Cyber Liability Insurance And How Can It Protect You? Cyber liability insurance is a standard risk management program which can protect a company from exposure to cyber criminals. In a 2017 threat report by the Australian Cyber Security Centre, it was found out that small businesses are among the primary targets of themed-phishing emails. Regardless of that, only 14 percent of Australian small businesses are implementing a cyber liability insurance policy. In related studies, Telstra also found out that 21.7 percent of Australian companies are not using or even considering any cybercrime precautions. Other than that, in a data gathered by the Australian Bureau of Statistics, about 95 percent of Australian businesses utilise the internet for business purposes. In another survey by the Australian Cyber Security Centre, at least 90 percent of Australian organisations encountered some type of cyber security incident in 2015. Likewise, web experts estimate that the Aus

Business and commercial insurance helps in the balanced growth of the economy as it promotes financial stability and mitigate losses as well as foster trade and commerce activities. In a subordinate scale, insurance is an economical way to transfer risks associated with life and property to a company which offers business insurance . Australia among other countries provides everyone with a wide range of insurance benefits that cover commercial vehicles, employees, accidents, products, stocks, and goods. Types of Business Insurance Australia Offers On a broader magnitude, insurance is divided into three specific categories such as: 1.       Liability Insurance Business owners are legally responsible for damages or injuries to another person or property. Even though liability insurance is non-compulsory, in most cases, it is firmly recommended for businesses in all industries as the probability of being prosecuted is arbitrary and likely very high-priced. Among the mos