Landlords' offers of rent reductions, rent-free periods, or fit-out contributions are handy sweeteners for SMEs looking to sign commercial leases. But these may be waning, with SMEs looking to lease 300sqm the lease most in demand across many sectors. Ensure your business follows these due diligence tips before signing a lease in this fluid environment. [...]
Understanding the difference between an independent contractor and an employee is a problematic area of employment and related laws. The official business.gov.au website defines independent contractors as their own bosses, so they work for themselves. Meanwhile, employees work in your business, and you pay them a wage and control how, where and when they do [...]
Your business and the conditions in which it operates are dynamic, so it's important to review and update your insurance regularly. Ensuring that you have the right type and level of insurance cover for your business needs as they evolve, means appropriate financial protection against potential losses and greater peace of mind in a claim. [...]
There's much more to professional indemnity insurance (PI) than meets the eye. This type of insurance helps cover the cost of legal action for losses others experience resulting from your services including professional advice. For example, it could cover contract breaches, such as: Not achieving the results of a contract (completing a report on time) [...]
Businesses are constantly changing and growing, so if your business is enjoying a growth spurt, congratulations. But a changing business climate often means new insurance requirements. Here’s what you need to do about your insurance cover to ensure your business has adequate ongoing protection. This will help reduce your risks of being over or underinsured. [...]
Digital transformation through artificial intelligence, automation, data analytics, and cutting-edge technologies are helping shift Australian manufacturers into the fourth industrial revolution. But the benefits of advanced manufacturing come with more significant risks. Why is manufacturing at risk? Perhaps the biggest issue is that manufacturing companies don't consider themselves at risk of a cyberattack, says cybersecurity [...]
Many people know that an insurance broker can compare different insurance products and provide advice to help you choose the best cover for your unique needs. But the value of a broker extends far beyond insurance placement. This has been demonstrated recently with the natural disasters Australia has seen. From bushfires to floods, having a [...]
Business interruption policies have come under the microscope during the pandemic, with legal class action claims and test cases helping delineate the extent of coverage. So here's your update on what these policies cover (and don't cover) and why businesses continue to harness this often misunderstood insurance as an essential safeguard. BI – an [...]
More than 60,000 claims have been received by insurers as a result of the flood catastrophe in Queensland and NSW, and concerns are rising about the impact of materials and labour shortages on the recovery. Covid-induced supply chain issues had already been stretching claims timelines, and the current catastrophe – which is still far from [...]
A leading quantity surveyor has flagged a growing underinsurance crisis in Australia and says brokers could be key to addressing it. Director and co-founder of MCG Quantity Surveyors Marty Sadlier says reports show more than 80% of property owners could be underinsured. The problem has worsened through the pandemic as supply chains have faltered, stretching [...]
