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 [...]

Many small businesses don’t have enough cover when it comes to business continuity, flood insurance and also certain speciality policies, leaving themvulnerable when they suffer a calamity. This can drastically reduce their profits or, worse, see themshut their doors permanently.Perennially flood-affected Queensland businesses know this only too well. Although Morris Peluchetti had insurance cover for [...]

Cyber insurance has recently become a highly discussed topic. Cybercrime is on the rise, with criminals becoming increasingly audacious in their attacks. For instance, the world recently watched on in horror as a large part of the US population was unable to access fuel as hackers infiltrated a utility company’s IT system and shut [...]

Farms are dangerous places, with a huge number of accidents involving vehicles such as quad bikes, tractors or other farm equipment. In fact, recent research shows farm vehicles account for 50 per cent of accidents on Australian farms.Aside from obvious perils such as these, there are many other risks that require insurance cover on [...]

Roofs are the subject of a huge number of business insurance claims, especially after big storms. Many Australian businesses have been devastated by storms so far in 2021, with Tropical Cyclone Seroja battering parts of Western Australia in April and NSW and Queensland hit by violent storms in March. The Insurance Council of Australia [...]

Wet weather conditions are here to stay this winter. For large parts of Queensland and NSW, summer 2021-22 was non-stop rain. With the La Nina effect continuing in the tropical Pacific, there is a chance the east coast of Australia is in for a wetter and stormier winter than usual. The Bureau of Meteorology’s [...]

An annual insurance health check is all part of being in business and a new year is a great time for this important task. So here are some tips for making sure your risks are covered in 2022. Step one ˜ assess your risks A business risk assessment involves mapping out the risks and [...]