In the retail sector, internal theft is the cause of more than 40 per cent of shrinkage costs incurred, according to Russell Zimmerman, Executive Director at the Australian Retailers Association (ARA).  “Internal theft tends to be more sophisticated, has a greater financial impact per incident, and is more difficult to detect than external theft,” Zimmerman says. [...]

A new report shows there has been a substantial jump in insurance claims as a result of internal water damage since 2014. Insurer Chubb’s new report, Get Smart about Water Leaks, has found claims related to water damage have grown by 72% over this time. The average value of claims has also increased from $17,627 [...]

More expensive premiums, higher excesses and narrower coverage are set to become an insurance reality for many Australian businesses. Here’s how SMB's can prepare for a hardening market. Australian businesses have benefited from a soft insurance market for some years now, but it's time to prepare for a change. We spoke with Steadfast Broker [...]

Giving staff the opportunity to access flexible working arrangements is one of the best ways to keep them engaged productive and loyal, according to new research. This, along with other benefits such as employer-provided insurances, has considerable and long-term positive flow-on effects. This is the second article in a two-part series produced by Steadfast [...]

Knowing your figures and keeping a lid on costs can help your small business survive challenging times. In March 2017, Australia took the record for the longest period of uninterrupted economic growth in the developed world. But while business owners have enjoyed 26 years of good times, an Australian property market crash or international [...]

Research by professional services firm PwC shows many businesses are gearing up to support staff towards a partial or full return to the office. But how people work will now be very different. According to its research, 50 per cent of organisations surveyed say staff will expect higher protections at work when they return to [...]

New data shows the extent of the COVID-19 hit to revenue at most Australian businesses, with two thirds reporting a decline in revenue as a result of the pandemic. Education and training is the worst hit sector, with 87 per cent of firms recoding a drop in earnings. Moreover, economic growth recorded a 0.3 per cent drop [...]

As many small businesses alter their products and services during the pandemic; it is important to ensure adequate insurance coverage. Product liability insurance can provide protection for property damage or personal injury claims arising out of the use of a business’s product, or the failure of a product. Product liability insurance can be separate, [...]

When times are tugh, many businesses Indiscriminately slash costs, without thinking about long-term consequences. It can be especially tempting to reduce the business’ headcount given wages are often a company’s greatest expense. This can be a false economy, as firms will need their best people when economic conditions turn and a recovery phase begins. [...]

Too many businesses underestimate the caution required in storing and transporting dangerous goods. Dangerous goods come in many shapes and sizes: from those that require hazmat suits, like radioactive and infectious materials, to seemingly innocuous items, like medicines and cleaning products. You'd be hard-pressed to find a business that doesn't handle some sort of [...]