Entries by Optimus1

Underinsurance

Weather Events Demand a Closer Look Following on from the previous article in the last edition of Brokerwise, we continue to focus on the impact of Co-Insurance or “Underinsurance” as it is more commonly known. The importance of considering and selecting appropriate and adequate Insurance Policy Limits or sub limits of liability are paramount and […]

Closing your Business?

Don’t Cancel Your Cover The business has closed, it’s no longer trading, no more parts or products being manufactured or imported. No more installations or maintenance. No goods for sale. So, time for retirement or a change in direction. We just need to cancel the insurance. Well, not exactly. There is an element of insurance […]

Workers Comp in QLD

Changes on the Way With the recent election of the Labor government in Queensland, the repeal of the impairment threshold for access to common law claims arising out of workplace injuries seems imminent. Changes to the WorkCover scheme, introduced in October 2013, meant that workers assessed with 5% impairment or less do not have access […]

How do you find good staff?

For decades, the employment section of the newspaper was traditionally the way job seekers got connected with employers…but that doesn’t work anymore! Job seekers, especially young ones, just don’t bother looking there. The job-hunting space has been taken over by web-based employment agencies such as Seek and myriad jobs boards in niche industries, colleges and […]

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 […]