Entries by Optimus1

Disaster Recovery

There’s No Quick Fix The Brisbane hailstorm event of late November 2014 led to more than 102,300 claims worth $1.08billion. The storm caused extensive damage to homes, businesses and vehicles as it ripped through the city at rush hour. The event may have slipped from front-of-mind position for many of us but there is a […]

The Cloud

What is it? Where is it? In the simplest terms, ‘cloud computing’ means storing and accessing data and programs over the Internet instead of on and from your computer’s hard drive. ‘The cloud’ is just a metaphor for the Internet. There is no real, puffy white cloud involved; it’s just a 3rd party service provider’s […]

Underinsurance

Surverys Reveal Alarming Statistics Probably due to the harsh reality of the current economic climate, it is estimated that 1 in 6 small businesses have no insurance of any kind. Of businesses that are insured, half of these are insured for only 60 to 85% of Replacement Value. And it gets worse with the revelation […]

The cost of Terrorism. How is it funded?

As a result of the Lindt café hostage siege in Sydney that ended in tragic circumstances, the Federal Government has now determined the actions of the gunman was a terrorist act. This declaration was a key point for the insurance industry as the Terrorism Insurance Scheme that was created following the Terrorism Act 2003 can […]

Higher Excess can mean Lower Premiums. Not always a good move.

Most insurers will allow you to increase your excess to reduce your premium. Why? Because when you increase your excess it shifts some risk from the insurer back to you. It represents a saving for insurers, as they no longer have to pay out numerous small claims. Often people see a higher excess as one […]

ATO turn the spotlight on employees as contractors

The Australian Taxation Office (ATO) has stated their intention to increase their audit focus on businesses that use contractors. An incorrect employment classification of an employee / contractor could be a breach of both ATO and Workers Compensation legislation. If ATO determine that your contractors are employees, you would have a shortfall in your Superannuation […]

Pre-existing injury disclosure…employers can ask

Late last year the Queensland government made some significant changes to the Workers’ Compensation and Rehabilitation Act 2003. One particular change that employers should be aware of is that employers may now ask a prospective employee to disclose any pre-existing injury or medical condition that they believe or should suspect would be aggravated by the […]

Household workers need cover too

Do you have a regular gardener or cleaner at your home or holiday home? Or maybe you have a paid child-minder at your residence on your social nights out? Have you considered if you require Household Worker Insurance? If you have paid help at your domestic residence, Household Worker Insurance is critical. A single work-related […]

Insurance: The Broker’s Role…versus supermarkets and other direct vendors

There is a significant push on selling insurance products through mainstream retailers. Their foray into insurance is a calculated move that relies heavily on the established reputation of these retailers to provide convenience and savings in commoditised household goods. It’s a tactic popular with banks as they design products that will try to cater for […]