There are many reasons a business may be underinsured; costly premiums, lack of awareness of risk assessment, poor understanding of insurance policies, or failing to update policies as the business grows or acquires new assets. The problem lies when things go wrong.
Australia is a land of extreme weather, and whilst there is nothing we can do to stop it occurring, we can control the extent to which we are impacted by it. Where business is concerned, controlling the level of damage that a business suffers as a result of extreme weather, and the speed at which it recovers depends entirely upon the directors and management. Regardless of the size of the business there are some fundamental strategies that should be implemented to increase business resilience to the impact of extremes in weather.
You don’t need to live in the country and rural areas to be at risk of bushfires. Coastal areas with dry scrubland and long grass are also at bushfire risk. With predictions of a hot, dry summer ahead it’s important that households in fire zones prepare for a high risk of bushfire this season.
Liability Insurance protects the individuals and the company / entity (i.e. Company, Association or Non-for-Profit) in relation to the exposures associated with managing a company / entity (i.e. your liability for mismanagement). Without adequate protection you could risk losing, not only the company / entity, but also your personal assets. This insurance protects you personally and therefore your wealth and lifestyle. The legal costs to defend allegations of wrongful acts alone can be financially crippling for companies / entities and individual
Your business is responsible for any product that you import, manufacture, sell, supply or distribute. You can therefore be held liable for any defect or other condition that renders the product unsafe and results in injury, death or damage.
Cyber crime is the fastest growing crime in the world with professional criminal syndicates targeting vulnerable small to medium sized businesses. It is estimated by the Australian government that more than 700,000 Australian businesses have experienced cyber crime, making Australia now the fifth most targeted country for cyber-attacks. 40% of all cyber-attacks target vulnerable small to medium businesses, as they often don’t have the resources to invest adequately in security.
When a business considers engaging someone to perform work, often the decision is about whether to engage them as an employee or as a contractor. The decision is sometimes quite difficult and the difference has implications for items such as, yet not limited to, taxation, superannuation, control and liability.
A code of conduct is an ideal way to realise desired employee behaviours and performance and to supplement business policies. It is a set of expectations and responsibilities of, or proper practices for an individual or organisation.
Each time you hire a contractor you need to determine if they're considered a 'worker' by WorkSafe – if so, you become their employer for WorkCover insurance purposes and will have liability for claim/return to work processes.
Workers compensation premiums, and how they are calculated, are complex. Many businesses don't realise they are paying the incorrect amount of workers compensation premium, and overpayments are not uncommon.
A Safe Work Method Statement (SWMS) is a document that outlines the high-risk construction work activities to be carried out at a workplace; the hazards that may arise from these activities; and the measures to put in place to control the risks identified. It is a documented approach to risk mitigation and may be the difference between working safely and/or causing serious injury to yourself or others.
As business owners and managers, you are forced to keep up with being innovative and adaptable, to secure your business and to ensure its viability over the short and long-term. There will always be threats to your business - unfortunately there are some things you can’t control.
So you’ve got a great idea and now you want to turn it into a reality. Before you start, there are a number of things you need to know that will help you achieve success and give you flexibility down the track.