Newsletters | Lewis Insurance Services Brisbane

Reducing risk and potential costs associated with workplace injuries

Every business and industry has occupational and safety hazards that can result in injury to employees and contractors. Some workplaces have a higher risk of work-related incidents than others. Despite how big or small your business is, regardless of the industry or the state or territory, all business owners are required to protect the health, safety and welfare of their employees and other people at work.

While worker’s compensation insurance helps to manage the financial costs of medical bills, wage payments and lump sum awards for permanent injury, it doesn’t pay other hidden costs such as reduced productivity, team member stress, reputational damage, overtime etc.

What is work health and safety (WHS)?

It’s essential and also required, under OH&S laws, to manage workplace risks for employees, customers, visitors and suppliers. Managing WHS may initially cost money and time to implement safe practices and install safety equipment. However, not taking action can result in prosecution, fines and loss of skilled staff.

Managing health and safety

A workplace health and safety management system is a set of policies, procedures and plans that systematically manage health and safety at work and can help to minimise the risk of injury and illness from workplace operations.

There is a lot of free material online to assist in managing work health and safety risks, including How to Manage Work Health and Safety Risks from WorkSafe QLD.

Well-designed policies and procedures help organisations comply with work health and safety legislation and regulations, assist employees by minimising injuries at the work site, as well as minimising indirect costs to the company.

Contact Lewis Insurance Services on 07 3217 9015 or send us an email by clicking here, we can guide you with Emergency Planning and Business Continuity. We pride ourselves on being informed about risk and insurance and ensuring you have the right Insurance policy for your needs.This article was published by our AFSL Licensee, Insurance Advisernet Australia P/L, www.insuranceadviser.net

Disclaimer:
This information and any accompanying material does not consider your personal circumstances as it is of a general nature only. You should not act on the information provided without first obtaining professional financial advice specific to your circumstances and considering the Product Disclosure Statement.

Important Information

This communication including any weblinks or attachments is for information purposes only. It is not a recommendation or opinion, your personal or individual objectives, financial situation or needs have not been taken into account. This communication is not intended to constitute personal advice. This type of insurance product is designed for small and large businesses, that want to be covered against financial loss relating to accidents or personal injury involving contractors or sub-contractors.

We strongly recommend that you consider the suitability of this information, in respect of your objectives, financial situation and needs before acting on it. This document is also not a Product Disclosure Statement (PDS) or a policy wording, nor is it a summary of a particular product’s features or terms of any insurance product. If you are interested in discussing this information or acquiring an insurance product, you should contact your insurance adviser to obtain and carefully consider any relevant PDS or policy wording before deciding whether to purchase any insurance product.

Over 34000 Applications Lodged Lead to 2023 Fair Work Changes

As you are undoubtedly aware, the Fair Work Legislation Amendment (Secure Jobs, Better Pay) Act was passed in 2022, promising a boost to wages and the closing of the gender pay gap with a myriad of changes to be rolled out during 2023.

Business 360 newsletter articles at the end of 2022 HR News – Business 360 Pty Ltd (business360pps.com.au), unpacked a number of the changes already in place or due for upcoming implementation, including:

Prohibition of pay secrecy in employment contracts
Limitations on the use of fixed-term contracts
Paid Family and Domestic Violence Leave
Changes to flexible working arrangements
Changes to bargaining and enterprise agreements and a simplified BOOT (Better Off Overall Test)

It was also a landmark year for employees challenging their employers through contact with the Fair Work Ombudsman and Fair Work Commission. Take a look at these statistics:

Of the applications lodged with Fair Work, a whopping:

70,000 plus employees made underpayment of wages claims
$150 Million in back payments Fair Work investigations recovered
Record fines for Businesses & Directors
13,096 employees lodged unfair dismissal claims
5,010 employees lodged cases of dismissal involving a general protection
1,874 employees lodged cases for sexual harassment
631 employees lodged cases to stop bullying

NOW is the time to get your HR practices in order, with applications and claims set to increase significantly as the new Secure Jobs, Better Pay Act provides even more protection for employees.

Ask yourself whether your business is on track to adopting the new requirements. For example:

Have you reviewed pay rates, classifications and award changes?
Have you updated your employment contracts and policies?
Has your payroll system been updated to provide for paid family and domestic violence leave?
Have you ceased advertising pay rates in your job advertisements that are below modern award rates?
Have you considered how you will manage flexible work requests?
Have you thought about how you can respond directly to employees when they find out a team mate is being paid more than they are?

Need help getting your HR practices in order? Business 360 can assist you in answering all the above questions.

Business 360 can conduct a compliance check of your current HR practices, including salary and wage practices, create or update your policies and educate your team, giving you peace of mind if a Fair Work claim is made against your business. You’ll be off to a good start in defending the claim.

The Optus cyber breach reminds us of the importance of cyber security

The Optus cyber breach reminds us of the importance of cyber security

On 22^nd October 2022, the Optus cyber breach resulted in the disclosure of personal information of more than 10 million customer accounts. Names, addresses, phone numbers, dates of birth, email addresses, and even driver’s licence, passport and Medicare numbers were stolen in the security breach. A ransom was demanded and the data of 10,000 customers was posted on the web for anyone to access.

Continue reading The Optus cyber breach reminds us of the importance of cyber security

Marine and Hull Insurance Uncovered

Marine and Hull Insurance Uncovered

The vast majority of international freight (90%) is transported around the world by sea with more than 70% in containers. Unfortunately, merchant shipping isn’t always the safest form of transportation; there were 88 major accidents involving merchant shipping reported worldwide in September 2019, and five ships were lost.

Continue reading Marine and Hull Insurance Uncovered

Balancing risks and insurance costs for your business

Balancing risks and insurance costs for your business

One of the most fundamental priorities for any business owner is balancing their risks against the insurance costs to cover them. In other words, is the benefit of insurance worth the price of the premiums?

This is a question that many business owners are struggling with because, quite frankly, the cost of many insurance policies has risen quite remarkedly over the past few years. It all comes down to balancing costs and risks as business owners are faced with both increased premiums and increased risks.

Continue reading Balancing risks and insurance costs for your business

Mitigating Exposures: Importers and Wholesalers Guide to Product Liability

Mitigating Exposures: Importers and Wholesalers Guide to Product Liability

Importing and wholesaling are popular business avenues with great potential for success. However, no matter the product, scale or market, many risks are involved. In fact, even the most well-designed product that has been through quality assurance and distributed through well-known agents, wholesalers or retailers can still be subjected to extensive liability claims .

As an importer or wholesaler, you’re likely not directly involved with the manufacturing process, so it is easy to assume your exposure to product liability claims for financial loss, injury or damage is slim. But in many circumstances, this is not the case. The Australian Consumer Law usually places full responsibility and legal liability on the importer or wholesaler. The manufacturer is usually next in line, so you may be more exposed than you think.

Continue reading Mitigating Exposures: Importers and Wholesalers Guide to Product Liability

How to get the most out of your commercial property insurance

How to get the most out of your commercial property insurance

If your business operates from its own premises, it’s likely that your company actually owns the property where your business is located. So given that you own at least one commercial property, how do you get the most value from your policy?

Continue reading How to get the most out of your commercial property insurance

Still thinking about environmental cover or pollution insurance?

Still thinking about environmental cover or pollution insurance?

As a business owner in Australia, you may be responsible for any environmental pollution created by your operations, whether accidental or intentional. That’s where Environmental Liability, also known as Pollution Insurance or Pollution Liability Insurance, becomes essential.

After all, it’s not only your reputation that takes a hit if you pollute the environment. Tightening legislation means that the legal burden on businesses that cause harm to the environment can be quite severe. Whilst large multinationals may be able weather these costs, SMEs don’t have the same financial resources.

Continue reading Still thinking about environmental cover or pollution insurance?

Expect the Unexpected: Preparing Your Business & Staff for Severe Weather Emergencies

Expect the Unexpected: Preparing Your Business & Staff for Severe Weather Emergencies

Australia is known for bush fires and floods. With the changing climate and weather patterns throughout Australia, there has been an increase in extreme weather events. Recently we have witnessed extreme droughts, devastating fires and floods with more intensity and frequency.

As the recent extreme storms and flooding in Northern NSW and Southern QLD have shown, this exposes people, property and businesses to injury, property loss or damage and the inability for businesses to trade.

So, planning for the type of extreme weather that impacts your region, whether it’s cyclones, bush fires or storms, is a great start to protecting your staff and minimising the financial impact on your business.

Continue reading Expect the Unexpected: Preparing Your Business & Staff for Severe Weather Emergencies

Don’t get caught out – protect your marine business and assets today

Don’t get caught out – protect your marine business and assets today

Do you operate a marine business? Transport goods? Marine insurance can provide you with peace of mind knowing that your business is covered. The variety of Marine Insurance policies helps you tailor the best cover for your business, some explanations of Marine insurance are noted below;