Insurance can seem like a complex area, which is why it’s so important to understand the basics. Here, we explore some of the fundamental concepts that underpin most businessinsurance policies.An insurance policy has a number of different parts, explains Steadfast broker support manager, John Clark. “The policy will set out the cover that applies under [...]
How are insurers supporting the circular economy?More businesses are embracing the principles of the circular economy in the pursuit of better environmental outcomes and as part of the push towards a net zero economy by 2030. Insurers are working alongside these businesses to support their efforts to achieve a clean, green future.The circular economy is [...]
When Saphia Smereka discovered her yet-to-open restaurant Kiki on Byron, at NSW’s popular Byron Beach, had received a series of fake, one-star-negative reviews in the lead-up to its doors opening, she perhaps wished insurance could have compensated her for the potential damage such a review may have done to her funky new establishment.It’s not possible [...]
There are lots of reasons to be a sole trader – to simplify your business or if you’re just starting out are some of the common ones. Maybe you’re an artist or graphic designer working from home. Perhaps you’ve got a side hustle as a florist. Or you could be a gardener with a [...]
While it will be a while before fully autonomous vehicles are driving on our roads, many new vehicles already have autonomous features, especially when it comes to premium vehicles.For instance, many vehicles have semi-autonomous functionality called advanced driver assistance systems or ADAS. These include adaptive cruise control, which automatically corrects the car depending on traffic [...]
Criminals are becoming increasingly sophisticated in their approach to online scams, with ‘social engineering’ a common tool used by fraudsters.Helping staff to understand how social engineering works is one of the most important frontline defences against cybercrime.Social engineering is a tool hackers use to trick people into doing something they wouldn't normally do ordivulge information [...]
Non-fungible tokens are units of data stored on a blockchain, which is an immutable digital ledger for storing information. Proponents of NFTs argue they intrinsically provide proof of ownership. Examples of NFTs include digital artworks, domain names and in-game items. As a new invention, NFTs are a highly contested area and there are question [...]
When it comes time to make a claim, you’ll appreciate having appropriate insurance cover in place. But all too often, businesses don’t have the right policies, don’t have enough insurance or the insurance they have isn’t appropriate for their circumstances. So let’s take a look at some of the most common mistakes insurers make [...]
The Insurance Council of Australia’s 2020/2021 Insurance Catastrophe Resilience Report reveals insurers paid out $2.28 billion for 133,999 claims last year. Of these, 14,000 were commercial claims totalling $407 million. Many claims were related to three events: Bushfires that affected Perth’s outskirts in February 2021 The hilly, semi-rural town of Wooroloo on Perth’s outskirts [...]
When you apply to take out an insurance policy, it’s the underwriter’s job to make sure the insurer has a full understanding of the risks to which the potential policyholder is exposed. The underwriter does this by assessing a range of factors about the applicant’s business operations. After the assessment, the underwriter decides whether [...]