News

We hope you find our collection of business and insurance related articles informative.

08 Mar 2017

Following an outstanding first half result for FY17, McKenzie Ross & Co Pty Ltd are excited to announced the appointment of Luke Lalor as the company’s Operations Manager with effect from 1 March 2017.

14 Jul 2016
New Provisions to take effect from 12 November 2016

Although some logistics contracts are excluded from the new provisions and some marine insurance contracts and air carriage contracts may incorporate limitations permitted by other legislation, all participants in the transport sector should review, update or amend their contracts before 12 November 2016. Terms found to be unfair by a court will void a contract.

Logistics operators, customs brokers, freight forwarders, road and rail carriers are among those to be affected by new provisions.
13 Jul 2016
Machinery, Plant and Equipment, Stock, Items ready for despatch?
What do you consider the most important part of your business is and what makes you lose sleep at night?
06 Jul 2016
Australians are spoilt for choice when it comes to most things and insurance is no exception. Finding a product and company that suits both your circumstances and budget can feel like trying to find the pot of gold at the end of the rainbow. One way for consumers to find out and compare different products is by the use of comparison websites. But are they all cranked up to what they claim and offer a fair comparison?
04 Jul 2016

CBD based Insurance Broker McKenzie Ross has significantly expanded their Melbourne operation in response to strong demand from a thriving local business market. Following significant growth over the past two years, McKenzie Ross has expanded their internal account management team with the recruitment of Jessica Flanagan and Julia Kelly to drive a greater customer experience for their clients.

29 Jun 2016
The last 40-50 years has seen major changes to the way in which businesses conduct their supply chain management. Cargo ships are no longer timber with rudimentary navigation equipment and “hook and tackle” cargo handling facilities.
23 Jun 2016
The recent slide in the value of the Australian Dollar and the volatile economic climate delivers potentially serious consequences for Australian businesses, that are unaware that insured values of their imported assets may have dropped substantially below present day replacement or repair costs.
01 Dec 2015

It’s a pub with a colourful past. For many 30 something’s it brings back memories of Sunday nights post Geebung and post Depot!

01 Dec 2015

As the carol goes, tis the season to be jolly, however what we don’t recommend about office Christmas parties is having to look for a new job the next day! We’ve heard it all before don’t drink too much and leave before the fun starts.

01 Dec 2015

Over the last 15 years, significant losses have occurred associated with large fires where sandwich panels (EPS) have been a feature. Whilst many are related to businesses within the food manufacturing sector, a high profile fire in the Lacrosse Apartments in La Trobe Street, Docklands was found to have been fuelled by the use of external polystyrene cladding which caused more than $2 million in damages.

01 Dec 2015

Everyone loves a freebie, especially when it is at the expense of a bank that makes multibillion dollar profits every year. For the majority of travellers, they pick up their travel insurance as they would their tooth brush on the way out the door.

05 Oct 2015

Interruption Insurance, also known as BI is one of the most important classes of insurance any business can buy. The most common queries we get from our clients in relation to BI are, what exactly is it; and in practice how does a claim get calculated and settled? We call it "life insurance for your business" and in this article we will attempt to answer both questions and provide a greater insight into a lesser understood area of insurance.

05 Oct 2015

Earlier this year in mid-July, a construction project went horribly wrong as the walls of the 15m pit collapsed during excavation causing damage at the site and to neighbouring property, displacing local residents and creating weeks of traffic chaos in the surrounding area. It is now a site of public interest. Fortunately, no one was hurt and so we may discuss the events without the involvement of a coroner. A number of investigations are in place so hard detail is scarce. But some things are obvious.

05 Oct 2015
On the 24th August our Managing Director Andrew Payne received a Lord Mayors commendation for the operation of a business in the City of Melbourne for over 10 years.
05 Oct 2015
Sitting right on the border of Northcote and Thornbury, Welcome To Thornbury is an exciting new venture by the team who brought you Mr Burger, Homeslice Pizza, Brunswick Mess Hall and our favourite Fancy Hank's.
04 Aug 2015
Caribbean Park are fast approaching practical completion of their first office project, a twin building of 16,000sqm office space as part of their master plan to develop a business centre in the south east. The office park will complement their already state of the art warehousing and distribution park on the same site.
04 Aug 2015
If the events that stunned Patties Foods earlier in 2015 and last week's salmonella outbreak at Melbourne's Langham Hotel does not prompt every company within the food and beverage industry to seriously consider their exposure and response to risk, I am disposed to say nothing will.
03 Aug 2015
If you think insurance is all about price, think again.  A cheap price does not generally mean a flexible and easy claim process.
16 Jun 2015

Would you believe, over the past eleven years 66% of all workplace fatalities in Australia involved a vehicle?  This is an alarming statistic, nonetheless one that can be significantly reduced by implementing a simple, yet proactive risk reduction strategy into your business.

16 Jun 2015

Just as Christmas provides a deadline to remember the important people in our lives, the end of financial year also provides a deadline to consider our financial plan snapshot. It may provide a gift of savings, making some money or meeting our tax obligations which can relieve a lot of heartache at tax review time because you’ve been organised.

16 Jun 2015

The cost of litigation against manufacturers has risen dramatically in recent years, largely due to product and service disputes.  McKenzie Ross believes we are seeing this sudden influx of lawsuits because:

  • More and more customers are willing to sue long-established business partners for performance and service failure problems.
  • Increases in the average size and length of contracts raise the risk of litigation, which a performance or service failure “may be worth the fight” and results in a large award.
  • As market competition continues to increase, there is a greater chance that marketing and sales pressures will invite over-promising of supplier capabilities.
  • Today, companies are crossing borders to conduct business, which brings a host of new exposures due to foreign laws and regulations.

Consider these scenarios, where no property damage or bodily injury has occurred and ask whether your current liability insurance policy woud respond in a time of need.

15 Apr 2015
Valiant Press are a specialist print communications provider located in the Melbourne suburb of Ringwood   As well as being able to handle traditional graphic design and offset print jobs of any size, Valiant also provide digital printing, security printing, variable data printing, mail management, and online order and distribution services.
13 Apr 2015
When it comes to computer network security breaches "it won't happen to us" are without doubt the five most dangerous words any business owner, IT provider or network administrator can say.

The AFP even goes so far as to say "There are two kinds of companies in Australia. There are those who've been hacked and those who don't know they have been hacked."

13 Apr 2015
In an attempt to secure tax deductions on their buy/sell insurance policies, there is growing temptation by business owners to purchase these policies using their self-managed super funds.

However, the problems with this course of action can far outstrip the benefits should the fund member die or become disabled prior to retirement.

13 Apr 2015
A number of our clients both large and small hold a property Insurance policy called Industrial Special Risks, hence we thought it pertinent to provide you with a recent claim example of how the policy responded in a time of need.
10 Feb 2015

A patent itself is a kind of insurance.  The definition of a patent is an exclusive right granted by the government to make, use or sell the patented products.  In other words, no one other than the patent-holder can manufacture or market the patented products.

Patent insurance has been around for many years on the international market but not many Australian businesses know about it.  With more and more companies entering the knowledge-based business and fighting hard to safeguard their interests, insuring one's intellectual assets have now become an imperative business decision.

10 Feb 2015
McKenzie Ross is pleased to welcome Michael Dwyer as the newest member of the McKenzie Ross Financial Services team.
10 Feb 2015
Traction IT was founded by Managing Director Brett Mason in 2008 after spending close to 10 years working in the IT industry.  Based in Melbourne, Traction IT has grown rapidly over the last few years with a team of 10+ professionals supporting the IT needs of hundreds of quality small to medium sized businesses.
10 Feb 2015
There is much more to protecting the investment that is your business than simply insuring the physical assets of the business.  The owners, shareholders, and those that have provided investment finance expect an income stream that will cover the financing costs, the costs of operating the business and an acceptable level of net profit to reward them for the business risk that they have taken, their entrepreneurial skill, and a return on their assets.
01 Dec 2014

One of the most common mistakes made by business owners and accountants is to look at insurance only as the total cost of risk. A saving in premium is not necessarily a saving in the cost of risk, and insurance premiums are in fact the cost of transferring risk away from the business to an insurance company. The problem many consumers of insurance face is they do not fully appreciate the additional risk they are assuming through having inadequate cover or not fully understanding the insurance coverage they are actually purchasing or have in place.

There is much more to protecting a business adequately than simply insuring its physical assets. Interruption Insurance, also known as Business Interruption or BI is one of the most important forms of insurance any business can buy.

01 Dec 2014
Business failures in Australia continue to run at significant levels.

Trade Credit Insurance helps protect the risk of your customers going out of business and failing to pay their debts, replacing 90% of the bad debt loss (subject a low deductible per claim).

01 Dec 2014
As a new client to McKenzie Ross, Australasian Distribution Network (ADN) recognised our competency in being able to deliver a sound risk management solution that provided adequate protection from the complex exposures of being a Third Party Logistics provider (3PL).
01 Dec 2014

Something that pops up on a fairly regular basis is that of the newly self-employed attempting to get income protection cover.

Many times clients are referred for income protection cover after having recently commenced a new business, wanting to put income protection cover in place only to find that they do not have the financial history required by insurance companies to acquire cover.

06 Oct 2014

With our long term team member Stefani Vrljic on a year-long break we are pleased to welcome David Hendry to our business as our newest Account Manager.

06 Oct 2014

With business and personal debts to their name, small business owners have a lot of reasons to protect themselves financially.  So why do so many ignore the risks?

06 Oct 2014
One of the most common questions we are asked by clients is to explain is the difference between public liability insurance and professional indemnity insurance.
06 Oct 2014

“It won’t happen to us”.  When it comes to data security breaches, these are the five most dangerous words right now for any business owner or senior manager.

03 Jun 2014

As a part of our ongoing community support activities McKenzie Ross recently had the pleasure of sponsoring our long term client The Swiss Club of Victoria’s annual Swiss Festival.

The festival held at Melbourne’s Queensbridge Square was a great success, with wonderful weather and an estimated attendance of over 10,000 enjoying the daylong event, with musical entertainment and mouth-watering Swiss delights.

Next year’s Swiss festival date is set for Sunday 12th April, and we look forward to seeing you there!

03 Jun 2014

The PPSA came into effect 30 January 2012, consolidating over 70 existing Commonwealth, State and Territory laws and registers under one national system.

If your business sells products on credit terms you need to be aware of the benefits of registering your security interest under PPSA and the potential problems if you don’t.

The key impacted sectors will be, but not limited to, manufacturing, wholesale and distribution across most industries.

03 Jun 2014

ASIC is monitoring the controversial One Big Switch domestic insurance promotion but says it is too early to say if consumers are being misled.

The News Corp-backed promotion has so far signed up more than 67,000 Australians, with a view to offering them a bulk discount on their home and contents cover.

NIBA CEO Dallas Booth says he has spoken to ASIC about concerns that consumers could be left with inferior insurance cover.

03 Jun 2014

Do you and your colleagues understand the risks you’re exposing your business to when they sign a contract?  All too often, enterprises sign a contract to win business or secure a supplier without really being clear about the ramifications if they, or the counterparty, fail to meet the terms of the agreement.  This can have life-changing consequences for a business.

24 Feb 2014
A BIG THANK YOU to the McKenzie Ross Crew for giving me a whole 12 months off to explore the world. As most of my clients are now aware, my last day in the office will be on 28th February as I will be jet-setting off on a worldwide adventure in March.
24 Feb 2014
According to a recent report released by the ATO, only 0.25% of Self-Managed Super Funds (SMSF's) hold insurance coverage.

The reason for this may be that many members hold insurance outside their SMSF. However, in some cases, SMSF members may not realise that they have lost insurance benefits by switching from an APRA-regulated fund to an SMSF.

24 Feb 2014
An issue is developing as insurers are handling claims arising out of the recent bushfire across Australia. Over 200 houses were lost in these fires, and the total insurance cost is estimated to be over $183 million.
24 Feb 2014
Recently the girls at McKenzie Ross participated in a French cooking class and dinner with Chef Sebastien Piel which was arranged through one of our great clients, Signed and Framed.
03 Dec 2013

The number of business failures in Australia is running at record levels.  Around 12,500 businesses failed in 2012 and the figures for 2013 are likely to be higher again.

Trade Credit Insurance protects receivables against loss due to insolvency or default by replacing up to 90% of the bad debt loss subject a low Excess per claim.

03 Dec 2013

Fred & Ginger Catering has been a client of McKenzie Ross since 2006 and we’ve had the pleasure of enjoying their fantastic catering services on a number of occasions over that time, most recently during McKenzie Ross’s annual underwriters’ boat trip last month.  The day was a great success with the most positive feedback aimed at the quality of the catering and professional service provided by the Fred & Ginger team.

03 Dec 2013

Demand for cyber insurance is rising before the introduction in March of privacy laws that carry tough penalties for data breaches,  AIG Australasian Professional Indemnity Manager Matthew Clarke says.

03 Dec 2013

This year, members of Staff at McKenzie Ross organised a table to attend the 2013 Pink Ribbon Breakfast which is in support of the National Breast Cancer Foundation to raise money to fund the research to find a cure for breast cancer.

02 Oct 2013

Allianz provides a competitive, straight forward and effective workers' compensation solution to meet your business needs.

Take out cover for your new business or switch your existing policy to Allianz during the month of October for a chance to win a $500 voucher!

01 Oct 2013

With more and more IT professionals choosing to work as contractors rather than in long term roles, insuring yourself against the risks in the IT industry has never been so important.

IT contractors face a whole range of risks, even if they are not immediately obvious. Coding errors, failure to deliver projects on time or breaches of contract are just some of the claims that have cost IT contractors much more than an unhappy client.

01 Oct 2013
It goes without saying that home & contents insurance is a fundamental requirement to ensure your property and possessions can be replaced in the event of a burglary, but by implementing a few basic measures you can reduce the risk of burglary and the disruption it causes to you and your family.
01 Oct 2013
Recent bushfires, storms and floods have inflicted millions of dollars worth of damage to buildings. Now all property owners are realizing the vital importance of an accurate, up to date Insurance Replacement Valuation.
01 Oct 2013
Many people understand the need to protect their income, and on the face of it income protection may seem fairly simple. There can however, be a big difference in the outcome at claim time if you have an indemnity type policy as opposed to the more expensive agreed value option.
05 Aug 2013

Businesses have been warned to strengthen controls to prevent employee fraud, with two Melbourne-based businesses uncovering fraudulent transactions in the past few months possibly worth several million dollars.

05 Aug 2013

In most situations, the risks of workplace stress are only recognised when issues are raised or staff show signs of stress. This is particularly true where workplace stresses are aggravating an underlying mental health condition.

Stress is most frequently identified through its impact on individuals: behaviours, attitudes and performance. The identification of stress and its impact on staff is an important part of the manager’s role. Managers have two major challenges once stress is recognised as an issue in their team. Firstly, they must identify the risk factors that are driving or contributing to the stress and how these interact. Secondly, they must decide when and how to intervene.

05 Aug 2013

We are pleased to welcome Chris Holcombe to the McKenzie Ross Financial Services team as our dedicated financial planner.

Chris holds a bachelor of commercice and has 11 years’ experience in financial services including Insurance, Financial Planning and Funds Management.

05 Aug 2013

With business and personal debts to their name, small business owners have a lot of reasons to protect themselves financially. So why do so many ignore the risks?

When you’re a small business owner, you pour your heart and soul into your business. And why wouldn’t you – it’s yours!

But what many small business owners fail to think about is the vulnerability of their financial situation.

Having so much at stake, both emotionally and financially, might be great for motivation. But it’s not so great if something happens to you and you can’t work.

And it can be even more devastating if you’ve got a family depending on you.

28 May 2013

Recent actuarial projections by the Victorian Managed Insurance Authority (VMIA) for Domestic Building Insurance (DBI) recommended an increase in the total forecast premium pool. This increase will cover expected claims costs, particularly in relation to multi-unit developments.

28 May 2013

Landlord insurance products can protect you from risks caused by tenants that standard building, home and contents insurance may not cover.  If you own domestic properties and do not live in them, selecting the right insurance is important to ensure your asset continues to provide a return on your investment, event in the event of a loss.  McKenzie Ross has the experience to help you get the best cover.

28 May 2013

We recently had our life risk specialist, Andrew Torney, review a clients existing personal cover to see if the same cover could be achieved at a lower premium.

Not only was Andrew able to save the client money on their monthly premium, but in the event of a claim we saved the client $150,000 in tax by ensuring the ownership was structured correctly. Read below for an example of how having your insurance reviewed by an expert can save you both money and potential tax.

22 Apr 2013

After a trip to the US, Daragh and Myles from the Mercat were struck by how Austin Texas, a city roughly the size of Adelaide, can have around four thousand food trucks and Melbourne can have almost none.

22 Apr 2013

Trauma Cover Insurance pays a lump sum in the event of a diagnosis of incurable condition, such as cancer, stroke, heart attack and major head injuries.

22 Apr 2013

Power company SP AusNet can apply to pass to customers any shortfall in its insurance cover for the Black Saturday bushfires, the Australian Energy Regulator (AER) has decided.

22 Apr 2013

The tragic bombings in Boston last Monday has brought into sharp focus the need for Australian business and policyholders to have adequate business interruption cover as the threat of terrorism grows.

27 Mar 2013

When you think of insurance, most of us think of the usual, house, car, life and health insurance policies.  But the phenomenon of insuring body parts has been around since the 1920's when a silent movies start bought a $20,000 policy against his signature eyes going straight.

Here are the top 5 celebrity  body part insurance policies:

26 Mar 2013

The Allianz 2013 Business Risks Survey has revealed natural catastrophes and business interruption as the top risks identified by Australian businesses.  Respondents regarded storms, bushfires and floods as posing a greater risk to their livelihoods than modern risks such as cybercrime.

26 Mar 2013

Income Protection insurance provides a vital safety net to protect you and your family from financial hardship.  If you’re ever too sick or injured to work for an extended time, Income Protection helps by replacing your lost income.  This allows you to focus on getting better, without having to worry about the costs of everyday living

26 Mar 2013

An exceptionally speedy claims and repair process has allowed the first flood-stricken Bundaberg residents to move back into their home.

The house had to be completely stripped from floor to ceiling and needed a new bathroom, kitchen and floor covering after the January floods.

26 Mar 2013

We’re delighted to welcome on board as a new Director to the McKenzie Ross Group, Mr. Stuart Smillie.

25 Feb 2013

Marcus Fraser is a professional golfer and McKenzie Ross client, and is currently ranked 51st in the world.

25 Feb 2013

With more and more IT professionals choosing to work as contractors rather than in long term roles, insuring yourself against the risks in the IT industry has never been so important.

IT contractors face a whole range of risks, even if they are not immediately obvious. Coding errors, failure to deliver projects on time or breaches of contract are just some of the claims that have cost IT contractors much more than an unhappy client.

25 Feb 2013

Recently a number or articles have appeared, emphasising that Life Insurance premiums could continue to increase over the next three years.

One way to avoid these increases would be to ‘lock-in’ level premiums now.

25 Feb 2013
The run of bad weather and bushfires across Australia in recent years has put contingency insurance front and centre, not only for event promoters, but also for a range of other fields including conference organisers, local councils and even the horse racing community.
25 Feb 2013

Power tools have become a hot ticket item for criminals in 2012.  The 2012 Victorian Crime Statistics report released by the Victorian Police shows a 25.9% increase in thefts of tools from vehicles, jumping from 4,033 reported incidents in the 2010/2011 period to 5,079 reported incidents in 2011/2012.

23 Jan 2013

It is the New year. A time to start fresh, rest and recover from the last year. A time to asses what we need and want from this year.

It is really easy to get lost in the day to day monotony of keeping afloat, and juggling life. Losing focus and making sacrifices to get stuff done is common amongst us all. It does not make life any easier when we are bombarded with negative media stories telling us how bad everything is from the moment we wake up until we go to bed at night.

But in the grand scheme of things our lives are great, wondrous even. We can do pretty much anything we want, as long as we follow a few basic steps.

23 Jan 2013

A price war has broken out in the final months of the Victorian fire services levy (FSL), with insurers dropping their rates by different amounts and Vero ditching the FSL on country policies altogether.

Insurers charge the levy to fund the state’s fire services and have historically all used the same rate, following the lead of price-setter QBE.

But in the months leading up to July 1, when the FSL is abandoned for a tax on all property owners, rates will vary widely.

23 Jan 2013

What is your current level of cover and is this adequate?

People’s personal circumstances are constantly changing, you may have a new job, got married, had children or changed debt levels.  Insurance needs to be reviewed regularly to ensure you have the right cover and the right amount of cover.

If your life and TPD cover is through an Industry Super Fund the default cover amount will most likely be insufficient.

23 Jan 2013

Water damage can occur almost anywhere in your home and is one of the most common causes of household insurance claims each year.  Water damage can result from a variety of sources that are both internal and external to the home, although a regular maintenance program can substantially reduce the chances of water damage occurring.

11 Dec 2012

The former finance officer with the Western Bulldogs football club has been jailed for fleecing it of more than $600,000.

Jason David Hucker, 30, stole money from the club on an almost daily basis for two years until November, 2010

03 Dec 2012

As the festive season approaches, many workplaces begin to plan their endof year parties. While this is a great time for workplaces to celebrate, relaxand socialise outside of the usual working environment, it is also a time of increased risk for employers.

09 Nov 2012
The Australian Government Actuary’s (AGA) report on strata title pricing in north Queensland provides no comfort for unit owners faced with huge premium increases – but it does shed light on the underlying factors that have led to rate rises of thousands of dollars.
26 Sep 2012

Employing human resources imposes a host of legal and compliance obligations on employers.  Having the right employment policies and procedures in place will reduce your exposure but cannot eliminate it completely.

Employment Practises Liability Insurance steps in to provide defence protection and indemnity when claims are made.

26 Sep 2012

Light and Sound Solutions  ... your event solutions partner.

“Light and Sound Solutions has been a very happy client of McKenzie Ross for many years, having someone we can call and talk to about our insurance makes all the difference and we know we are not just a number.  We do and always will recommend McKenzie Ross Insurance Brokers” Andrew Stanley.

24 Sep 2012

Media reports have accused insurance companies of making millions by forcing Victorian households to double up on their fire levy contributions. An accusation the Insurance Council have been quick to deny…

24 Sep 2012

The Australian Music Industry Directory has recently released their list of the most powerful music figures in Australia.

We are pleased to congratulate two McKenzie Ross / Peter Bloomfield clients who placed in the top five, at number one and number three respectively.

Michael Gudinski and Michael Chugg have been clients of McKenzie Ross and Peter Bloomfield for over 20 years.  The men behind Mushroom Group and Chugg Entertainment have shaped the Australian Music Industry and we are proud to have been associated with their business success.

24 Sep 2012

Victorian FSL is to be abolished from 1 July 2013 with a new funding arrangement, based on property council rates, to come into effect from that date.

23 Aug 2012

We can now accept BPAY Payments for payment of your account.  On the front of your invoice it will show our BPay biller code and your invoice reference number.

Congratulations to the first 6 customers below that payed via BPay this month and won a bottle of wine. Thank you for your support.

  • Ms Jenny Patterson
  • Dr Mehrzad Entezami
  • Peter Mazzei
  • Peter Lalor
  • Raglan Drilling Pty Ltd
  • Lam & Young Nominees Pty Ltd
  • Bottle of White Wine Vinegar
23 Aug 2012

We are excited to welcome Melissa Hulston to the McKenzie Ross team as our newest broker support staff member. Melissa has over 3 years insurance experience as a claims consultant and she will be focusing on broker support & claims admin.

 

Melissa is currently studying for her Tier 1 insurance broking qualification and when she’s not hard at work she likes to host dinner parties for her friends and she is currently train for the Melbourne Marathon.

 

Interesting Fact
There are three golf balls sitting on the moon.
23 Aug 2012

Gerard Anderson has proved he has real staying power in Australia’s notoriously fickle hospitality industry as the co-owner of three successful bars.

Anderson owns and operates Three Below, Caboose Canteen and La Vita Buona in Melbourne alongside his brother, Michael Anderson, through their company City Square Traders. The venues now bring in $5 million a year.

Now Anderson has turned his hand to importing after discovering boutique beer Na Biretta in a bar on a trip to Rome.

His new company Urban Importers is quickly gaining traction importing cult drink brands including Gallia Pils from France and Sacred Spirits from the United Kingdom on the back of the strong Australian dollar.
23 Aug 2012

Last month we profiled management liability insurance which provides indemnity not only for the assets of individual directors and officers but also cover for the company.  A ML policy is a package product comprised of Directors and Officers cover, Company cover, Employment Practises Liability, Statutory Liability, Trustee and Crime cover.  This month we are going to focus on crime.

23 Aug 2012

Employers have been urged to maintain multiple workers’ compensation policies across states and territories as brokers and insurers grapple with confusion over where claims will be paid out after a series of court decisions and new legislation.

20 Jul 2012
At the end of the financial year we diligently created backups of data for the last financial year and arranged appropriate storage accordingly - or did we.

It is vital that all businesses keep current and regular data backups and have them appropriately stored. It is also important that backups are regularly verified for integrity and accuracy. So what are the options?
20 Jun 2012
Don't think it can happen to you? Neither did these directors, luckily they had protected themselves and their business with a Management Liability Insurance Policy.
17 Apr 2012
Under the Metropolitan Fire Brigades Act 1958 and the Country Fire Authority Act 1958 (the Acts) insurers insuring against fire property in Victoria are required to contribute 75% of the annual budget for Victorian fire services. The amount payable by the insurers is determined on the percentage of its premium compared to the premium of all other insurers. This percentage is not known at the date of issue of the policy and the insurer allocates to particular policies our estimate of the amount they will be required to pay towards this contribution.
17 Apr 2012

Essentially, it means you borrow money to convert your annual insurance premium into monthly instalments. The lender, most likely a finance provider which specialises in premium funding, will pay the annual premium on your behalf and then you repay the loan by direct debit monthly instalments, which include an interest component.

07 Dec 2011
What is Association Liability Insurance?

Association Liability Insurance is a packaged insurance policy which is designed to meet the needs of Associations (including "Not for Profit" Organisations).

Typically, Association Liability Insurance combines the following insurance covers:

  • Professional Indemnity Insurance
  • Office Bearer's Liability Insurance
  • Employment Practices Liability Insurance
  • Fidelity Insurance
  • Tax Audit/Investigation Insurance.


05 Dec 2011
Having adequate cover against fire, theft, breakdown and all the usual unforseen calamities is an essential and necessary part of doing business. If you’re abusiness owner this is not exactly news and you probably already protect your business from the threats to its viabilitywith a range of insurance policies. But what about YOU, the person; the individual with the personal responsibly of that close circle of people totally dependent on your continued wellbeing – your family?
26 Jul 2011

These days you'd be mad to travel abroad without travel insurance especially when you consider the cost of a trip to hospital in another country can be in the thousands and payment is expected at the time of your stay.  In addition to unlimited medical coverage it is also important to look out for a few other items when considering a travel policy.

26 Jul 2011

What would you do without your income?

Income Protection Insurance is not something that you think about when you head off to work each day or go for that weekend drive or overseas holiday.  You insure your home and car without a second thought.  You always organise the travel insurance for the holiday.  But have you considered insuring your income?  With the average annual income nearing $70,000 per year this is your biggest asset over your lifetime (ABS), an asset that is worth protecting.

 

14 Jun 2011
The Cloud You have probably heard from different media sources, business colleagues or your IT partners about “The Cloud” and most will probably not quite understand what this really means and why should they take notice.
20 May 2011

As the owner of a private company you will continue to become aware of the greater corporate governance and increased regulatory surveillance of the management of your business activities.

20 May 2011

Fraud is a major threat to business despite regulation and increased internal controls. Loss scenarios include: stock misappropriation, supplier collusion, excessive IT access risk, fund transfer authorisation losses, contract allocation kick back and personal expense abuse.

09 May 2011

NSW company directors and officers could still face prosecution in cases of industrial manslaughter, but WorkCover will now have to prove their case before action is taken.

02 May 2011

The ever increasing reliance on technology by business and consumers has driven fantastic growth in the IT sector – but that reliance on technology means the companies that provide it are increasingly vulnerable to legal actions claiming non-performance, failure to deliver and a whole host of other liabilities.

15 Apr 2011
A burglary happens just about every minute across Australia*, costing business almost $800m per year#.
05 Apr 2011

Under-insurance can have wider ramifications than some business owners realise, particularly when it comes to cleaning up after a catastrophic event. Even before you start to repair or rebuild, cleaning up is costly.

But it's all covered by insurance isn't it?

04 Apr 2011
Don't think it can happen to you? Here are some recent real life claims examples provided by one of our insurance partners Prorisk Underwriting.