Business Insurance Blog

January2020

Hail Damage and Insurance Claims

 

The hailstorms that passed through Canberra, Sydney and Melbourne last week have caused estimated losses of $320 million.

The Insurance Council of Australia (ICA) has declared a catastrophe for the storms, which also brought torrential rain and strong winds in some areas.

Insurers have received more than 29,000 claims so far, with about two-thirds of those for damage to vehicles.

ICA Head of Risk and Operations Karl Sullivan says thousands of additional claims will probably be lodged this week as property owners inspect damage and contact their insurers.

The storms mark the second hailstorm catastrophe to be declared in recent months. Losses from a south-east Queensland event on November 17 had reached $166 million by December 20, with 22,000 claims lodged.

If you live in a suburb that experienced hailstorms, we suggest you engage a contractor to inspect your roof for damage. Tiny hail dents on a metal roof can lead to more significant damage overtime, so it’s advisable to engage your insurer early.

With significant weather events occurring more frequently, it’s worth reviewing your insurance to make sure you have adequate protection for your assets. At Guard Insurance Brokers, we’re happy to review your current insurance policy to make sure you have the right cover in place for your business, commercial property or home. Contact Us today.

November2019

Extreme weather risks on the rise! How this may impact insurance premiums

 

A severe weather report released by IAG and the US National Centre for Atmospheric Research suggests that global warming will result in more extreme weather events in Australia.

Modelling suggests Sydney and Melbourne will most likely be exposed to more intense hailstorms, tropical cyclones will track further south and bushfire risks will increase in most of Australia as the climate warms.

The full report can be found here.

There is also a great article in the Sydney Morning Herald that summaries the findings of this report. You can read the full article here.

 

So how does this impact your insurance premium?

 

As an insurance broker, we’re seeing commercial property and business insurance premiums increasing. Over the last year, about a 10% premium increase would be the average.

The insurance companies and underwriting agencies we work with have advised us that higher frequency and larger claims have been one of the driving factors of increasing premiums.

This doesn’t mean you have to simply accept a large premium increase. It’s always worth approaching multiple insurance companies and underwriting agencies to see if there is a better deal out there.

As an insurance broker, we can do this for you. We specialise in business insurance for SME’s and commercial property insurance.

We would love to try and help you reduce your insurance premium. Call us today to discuss.

October2018

Motor Trades – Can you afford an injury in the workplace?

No matter how hard you’ve tried to create a safe workplace, you still may find yourself facing a workplace injury claim. In a work environment where employees are using tools, operating machinery and moving vehicles, work place injuries are a high risk.

 

As an employer, it’s simply impossible to plan for every possible scenario that could lead to an injury.  However, the onus is on the Employer to create a Safe Workplace. If you fail to do so, you can be investigated and fined by Safe Work Australia.

 

Recently, a business was fined close to $600,000 when two of its employees got into a physical fight.

 

The average Workplace claim can cost your business over $100,000. The legal costs to defend yourself against an investigation can be tens of thousands of dollars.

 

Mistakes can happen, and employees can be injured while at work. Management Liability Insurance is designed to protect you and your business in the event you are investigated or fined due to a workplace injury.

 

Get in touch to find out more about motor trade insurance before it’s too late.

September2018

Common Cyber Scams – Fake Invocies

Have you recently received an email from a supplier requesting payment of an invoice?

It’s good business practice to get in the habit of calling suppliers or known associates to verify BSB and Account number details prior to making a payment. 

Scammers are getting smart and have started using various email scams to convince you to pay a fake or doctored invoice.

Some of these scams include;

  • Posing as an executive staff member and directing you, via email, to make an urgent payment of an attached invoice.
  • Adjusting the payment details on legitimate invoices so the money gets paid into the scammers account instead of your suppliers.

Over the course of this year, the Australian Cybercrime Online Reporting Network have reported that over $22.1m has been transferred from businesses to scammers accounts using some form of  email scam.

Triggers to indicate the email may be a cyber scam

  • BSB and Account details on the invoice are different to what’s in your system.
  • Email address is slightly different to the normal address you have on file. An example may be that the ”.au” is missing from the end of the email.
  • The invoice is not one that you are expecting.

Tips to avoid incurring financial loss to online scammers

  • Always verbally check the BSB and Account number using a trusted phone number. Confirming a change via email is not a secure method of validation.
  • If you don’t know what the invoice is for, call a colleague to verify.

As cyber crime becomes more common, it’s import to consider a cyber insurance policy as an important part of your business insurance program.