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;
If you are a building contractor, tradie or sub contractor working in the building trade, whether commercial, industrial or domestic, then be sure you have the right type of insurance to cover. Contract Works Insurance can be customised to cover your business for accidental damage to onsite materials, building structures and even your tools. Cover can include, but not limited to, property damage due to fire, storms, theft, malicious damage, losses due to delays in starting a project.
Does your business need cyber insurance? You might not believe that your business is at risk from hackers and for the most part that may be true. The problem is that your social media presence can be the gateway hacker use to devastate your business.
Without cyber insurance, you’ll be left to ride the storm of destruction alone, which can potentially result in significant reputational damage and substantial financial loss. Cybercrime and social media is such a prominent issue that the Australian Cyber Security Centre provides step-by-step guides on basic cyber security for small businesses.
According to government statistics, with a 3% increase from the previous year, as of June 2021, there were over two million small businesses active in Australia.
For anyone running a small business, whether you’re flying solo or employing a few staff members, it’s essential to make sure you have the right type of insurance.
With so many types of insurance products in Australia, you might ask, what insurance do I need for my small business?
The latest Cyber Crime statistics from the Australian Cyber Security Centre (ACSC) show that there was a cybercrime reported every 8 minutes (it was 10 mins last year, so they are becoming more frequent), totalling 68,000 in the past 12 months. The most common type of cybercrime reported is Fraud (40%) which includes online shopping scams, as well as banking scams. Identity theft and misuse of personal information (7%) and then cyber related abuse 12%. The biggest threat was ransomware, as it requires minimal technical expertise, is low cost and can cause businesses significant problems, including crippling core business functions. From a recent survey, 70% of organisations are not protected by a cyber insurance policy, which can offer immediately help in dealing with hackers, ransom demands and Privacy Breaches.
Here in Australia, a cybercrime report is made approximately every eight minutes. With nearly every business existing in the digital space, this is an extremely alarming statistic that indicates a lot of companies are at risk.
Australia’s lead cyber security agency (ACSC) has recently issued a warning that Australian businesses may be the inadvertent targets of Russian-linked cybercriminals due to the current events in Ukraine.
Being your own boss provides many benefits, including greater independence, greater perceived level of job security and flexibility. However, it also comes with a range of risks that have to be managed and a lack of benefits that are usual for employees that cannot be overlooked.
When it comes time to review and renew insurance policies many business owners are asking – why did my premiums rise? It’s a fair question because most types of business insurance premiums have had premium increases, some very large and other not as big, over the past few years. In addition, many business owners would have found that some insurers are restricting cover in some areas of Australia or also no longer willing to offer some types of insurance cover any cost, due to claims.
So why are premiums still continuing to rise and what can you do to manage your risks and the cost of insurance premiums for your business?
With over half of Australian SMEs currently in their growth stage, with yearly revenue of between 10 and 50 million AUD, it’s not surprising that many business owners are looking to protect their developing companies.
Wet weather predicted for the remainder of 2022 – Here’s how to prepareDo you know how to protect your business during extreme rainfall events? As if Australia hasn’t suffered from enough extreme weather events over the past few years, the BOM has just announced a negative Indian Ocean Dipole which means more wet weather is on its way. This will last for a few months at the very least, resulting in more rainfall over southern and eastern Australia during September and October.
