Many Australians, especially those who own businesses, discover they don’t have the cover they need in the worst possible circumstances. Insurance is one of those subjects that many people glaze over. So, just to test how knowledgeable you are about this important but unsexy topic, see how many of the following you can answer. Questions What type of insurance can provide cover if a natural disaster results in my business having to shut down for a period of time? What type of insurance can
Business Interruption Insurance There is more than 1,300,000 small to medium businesses (SME) in Australia, in the event of a major loss many of these businesses may be unprepared, that is where Business Interruption Insurance comes in. Business Interruption Insurance covers; Pay Wages Pay Your Rent Pay your Debtors And cover your loss of profits. Generally business interruption is included in Business Insurance packs, however, cover and indemnity periods may vary, if you unsure talk to a broker to discuss your needs 1300 046 787. Why get business interruption insurance? If
Business Interruption Cover According to the Insurance Council of Australia over 50% of Australian businesses that suffer a physical loss and do not have business interruption cover will not resume their normal business operations. And yet only 30% of SME Businesses have Business Interruption cover as part of their insurance portfolio. Business interruption insurance, also known as “loss of profits insurance” or “consequential loss insurance”, complements insurance on material assets such as buildings, plant and stock. It is designed to provide protection against
Insurance Australia Group Limited (IAG) has announced the purchase of Wesfarmers Ltd underwriting businesses, the brands include Lumley, WFI and Coles insurance. IAG Managing Director and Chief Executive Officer, Mike Wilkins, said the acquisition is a compelling strategic fit for IAG. “This is a unique opportunity, which is expected to deliver significant long term value for IAG shareholders and unlock further growth potential for our businesses in Australia and New Zealand,” he
Don’t under-insure to save on premium Many SME owners when seeking new business insurance quotes, under estimate the value of their stock to reduce the insurance premium, according to Steve Sloan a broker with Insure 247. “Business owners need to consider what would happen to their businesses cash flow in the event of a catastrophic loss, the potential savings in premium could result in the business going broke or at least triggering the under-insurance clause their policy” Under
Australian Insurer CGU recently surveyed 500 Australian small business owners found that: 25 per cent would have to shut down if they experienced a business disruption such as a major fire or storm. This figure jumped to 38 per cent if the shut down happened during a busy period in the year for that business. A further 23 per cent of business owners said their business would struggle to cope with a three-month closure, and their business survival would be threatened According to Twain Abbott, National Underwriting Manager of SME
Zurich Financial Services Australia (Zurich) has announced it will offer new competitive insurance premiums, varying its pricing by up to 20 per cent in certain areas. This is largely due to technological advancements the insurer has made to provide more efficient underwriting and processing via its online Z.streamXpress. Zurich Head of SME & Packages Business Shaun Feely explains, “Zurich’s new pricing strategy focuses on driving business growth and supporting our broker partners on risk appetite, pricing and ease of doing business.