Subcontractors – What is the actual insurance risk?

Subcontractors are completing work for your customers on your behalf so you can and will be held liable for that work.

A typical example people dont think applies is an electrician coming to your business property to do some work. If they damage or injure someone whilst there you could be held liable.

There is definitely risk engaging subcontractors, be aware of the risks and mitigate them as much as you can. Your insurance broker should be talking to you about this.

Reach out if concerened about your levels of insurance cover.

Call 1300 62 80 80 or contact us

The importance of insurance policy reviews

If you’ve had the same insurance policies in place for a long time, there’s a good chance that your circumstances are not the same as when the policy was first taken out.

As part of our client service approach, we can handle the day-to-day management of your insurance cover. This includes holding regular review meetings to help make sure you continue to have the right level of protection and recommending changes where necessary to account for either new or emerging risks to your business.

It’s good practice to not only review your policy each year, but also when there are changes in your regular circumstances.

62% of SMEs are unlikely to have the right insurance in place to protect their business.
(QBE SMEs and Insurance Report – Pureprofile research study of 609 Australian SMEs completed for QBE Insurance during April 2019)
When should you have your policy reviewed by an insurance broker?

There are many situations that should trigger a review of your insurance policies, including changes in the following:

  •  Levels of stock – you should ensure your policy covers the current value of your stock on hand. We can adjust your policy to reflect this value.
  •  Staffing – if you have either increased or reduced the size of your team, this may affect the types and levels of cover you need.
  •  Equipment and other business assets – your current policy may not cover new business assets you have purchased recently. If you have sold assets, you may be able to decrease your sum insured to reduce your premium.
  •  New risks to your business – has the way you operate your business created any new risks to consider? For example, increased cyber risks from working in different environments.
  •  Increased or reduced turnover can impact your business interruption policy.
  •  New products or services you have launched.
  •  Changes to sales channels, distributors or trade partners.
  •  Any newly created entities may have affect your operations or have interests in assets.
  •  Any changes to directorships.

The benefits of reviewing insurance policies

  • Save time – researching different policies and comparing policy wordings can be time consuming and tedious. With our innovative tools, we can quickly compare and assess different insurance products – taking the hard work out of finding the right cover.
  • Expertise – we can take the time to understand your business and provide options that suit you.
  • Save money – we help ensure you have the correct levels and types of insurance in place so that you are paying the right premium. If your circumstances have changed, we can also recommend ways to help ensure your cover is cost-effective.
  • Reviewing your funding options – you may wish to pay your premium for the year upfront, or in flexible monthly or quarterly instalments to assist with your cashflow. We can assist in sourcing premium funding options to suit your business.

By reviewing your current situation, we can help ensure you have the right types of cover required and the correct sums insured so you have peace of mind that you are adequately protected.

Insurance policy review process

A typical insuracne policy review will involve:

  1. Setting up the meeting – we will set a meeting at a time and place convenient to you.
  2. During the meeting – we can discuss any changes in your business and listen to any feedback you may have.
  3. After the meeting – if there are any changes to your business, we can create an action plan and recommend adjustments to your policies to help ensure you are appropriately covered. We can then update your policies as required and provide you with certificates of currency to confirm your cover.
How can we help?
We take the hard work out of getting the most suitable insurance cover – at a competitive price. We have access to policies from national and international insurers – so we can help find the right one for you.
Building & Construction Insurance Risks

Building & Construction Insurance Risks

What are the key risks in the building and construction industry?

Construction projects involve multiple stakeholders and are often undertaken on challenging sites. Construction businesses must often manage changes to scope or orders, poorly written contracts and specifications and complex project management issues. They may need to deal with labour and materials shortages, or theft of tools and materials.

Subcontractors and suppliers can provide extra stress for construction firms, as can the rising number of extreme weather events. What’s more, cybercrime is an emerging threat to construction businesses, which often use insecure
connections from mobile workplaces, and share files and data with stakeholders outside the business.

Who should consider insurance?

Whether you’re an owner builder, a contractor or a large construction company, you’ll need a range of insurance covers to safeguard your workers, building and equipment.

“The construction industry generates over $350 billion in revenue, producing around 8% of Australia’s Gross Domestic Product, and has a projected annual growth rate of 2.5% in the next five years.” Australian Industry and Skills Committee, Construction, 2020

Did you know?

  • 12,600 – The average number of serious claims per year over the last 5 years. (Safe Work Australia, Construction Industry Profile, 2015)
  • The construction industry had the fourth highest rate of serious claims in 2012-13. (Safe Work Australia, Construction Industry Profile, 2015)

What insurance should you take out – and what can it cover?
Insurance can protect you and your employees onsite, on the way to work and in your office.

Contract works

Protects any buildings under construction and construction equipment. This cover may include protection against:
• natural disasters like fire, earthquake, storm, flood, wind and water damage
• damage to property caused by defects, theft and malicious damage or vandalism or smashed glass
• third-party personal injury and property damage.

Business pack

Safeguards your business premises against:
• equipment or machinery breakdown
• employee dishonesty
• property or glass damage
• legal issues, with public and products liability
• tax audit
• theft, and theft or loss of money.


Safeguards you and your business against expenses and legal costs if your website or other systems are hacked and your system cannot be used or customers’ details are stolen.

Motor Insurance

Takes care of your valuable business vehicles with cover to:
• help if you or your staff damage another person’s vehicle
• repair your vehicle after an accident or replace it if it’s written off
• replace a lost or stolen vehicle
• safeguard you against legal liability

Professional Indemnity

Protects you against legal action from a client for breach of professional duty. This
type of insurance is often required by building contracts.

What usually isn’t covered?
Exclusions, the excess you need to pay and limits of liability can vary greatly depending on your insurer and the requirements of your business.

Browse the range of insurances we offer here.

How To Find The Right Business Insurance Broker For Your Needs

Obtaining the right insurance for your business is one of the most important decisions you have to make when starting a company.

  • How can you be sure that you are getting the best rates, and the coverage that will support your company in its growth?
  • How do you know if this insurance broker is trustworthy?
  • How much does it cost to get all these different quote comparisons from various companies?
  • How long does it take to get these quotes anyway?

blankWhen evaluating which business insurance broker or agency to connect with, there are certain qualities to look for:

1. You want an independent insurance broker who works with several major carriers rather than one who only works with one carrier. As a general rule of thumb, aim for a minimum of three insurers. Two are not enough, and five is ideal to compare rates and coverage options.

2. An insurance broker with experience in your line of business, and who is knowledgeable about the industry, will be able to ask the right questions and help you identify risks that might otherwise go unnoticed. How long has this broker been in business? How many years has he or she been doing business insurance – say specifically small business insurance? How many clients does this broker have – again specialising in your particular niche market?

3. A trustworthy, ethical individual who understands not only how policies work but also has knowledge about what businesses need as far as coverage goes. How long has he or she been working for his or her firm? How many policies has this broker or agency sold to companies like yours? How long has the insurance firm been in business? How many policies does it place annually? How much of this business comes from referrals and word-of-mouth as opposed to being a result of advertising, direct mailers, telemarketing, etc.?

4. How does this broker or agency communicate with its customers? How often does it make contact via phone, email, etc.? How are new clients and renewal policies solicited?

5. How well do you like this person whom you will have to work with? How easily can he or she explain complex matters in simple words? How well does this broker seem to know your industry-specific risks? How much does he or she charge for his services? How often can you expect this person to make contact with you (i.e., how much time will it take from the beginning of the process until you get coverage)? How long have clients worked with this insurance advisor?

6. How big is the insurance brokerage and its internal staff? A large firm should be able to offer more than one point of contact if questions arise or something goes wrong, and larger firms tend to offer more premiums as well – that means more business for the agency. Larger agencies also tend to provide training opportunities for their employees and offer a multitude of services.

7. Are marketing materials easy to understand and how useful are they? What is your overall impression from just looking at these documents if any? How readily available will quotes be? How quickly can you get an answer to a question once you’ve called for information.

8. What is your tolerance level when it comes to follow-up calls, paperwork, phone tag, etc.? How much time do you want or need to commit to finding coverage that fits your needs – before AND after you buy the policy(s)? And last but not least, How much of a deductible can you afford?

If your business currently has adequate coverage but is at risk for not having enough if it experiences growth or unforeseen events, buying additional insurance protection may be your best option. If you have one or more exposures that fall under “high risk” then insurance will not only cover the cost of repairs, but will also protect your company from paying out-of-pocket expenses in time and money lost during the claims process – potentially saving your company thousands of dollars in operating costs.

As always reach out for a chat if you have any questions here

7 Reasons To Use An Insurance Broker For Insurance Comparisons

Insurance brokers in the Australia offer their clients a range of benefits that are not available when you buy insurance directly from an insurance company.

Here are 7 good reasons to use an insurance broker:

blank1. If you have a complex life situation such as mortgages or investment properties, then it will be important that you get proper advice when choosing your home contents insurance policy. If you buy your home contents insurance through a bank, they generally will not offer sufficient cover if something was to happen like theft of damage caused by fire or flood. You could be left without adequate coverage in these situations.

2. Insurance brokers do not just sell one product, they assess your needs and then look for the best solution for you and your family. Finding the most appropriate product is as important as finding the best deal. Insurance brokers are fully trained with the knowledge and expertise needed to find you a product that is right for your personal insurance needs.

3. Insurance brokers know the difference between what different types of policies provide as this information can vary depending on who exactly the insured is. For example, some policies offer storm damage cover in the event of a cyclone or tornado whereas others do not.

4. Insurance brokers work with an array of different insurers which allows them to get first hand knowledge on what they have to offer and depending on what type of policy you’re looking for, this can be a real benefit. They will know who has something suitable especially if it’s not normal or a bit different.

5. Insurance brokers can advise you on the best time to change your home contents insurance policy so that it suits what is important for your circumstances. If you are buying a house, upgrading or renovating your existing property, going overseas temporarily or permanently, changing jobs or getting married etc., then your risk will have changed and therefore so could your home contents insurance policy.

6. Comparing policies from different insurance companies takes time and effort plus sometimes involves dealing with the insurers directly when it comes to questions about their products. There are many other important things in life than just finding an appropriate home contents insurance policy; most people would rather spend their free time doing more enjoyable activities. Since an insurance broker works with multiple insurers there is no need for you to waste valuable time and energy comparing products. You can leave it all to your insurance broker and they will find the best solution for you.

7. Insurance brokers provide lots of useful information on home contents as well as any related areas such as tenant’s insurance, landlord’s insurance etc. They’ll be able to call upon their connections with other companies like legal advisors, accountants and solicitors should there be anything specific you need to know about home ownership and renting out property.

Why Use An Insurance Broker For Commercial Property

10 Reasons To Use An Insurance Broker For Commercial Property Insurance

1. You will have someone to help you find the right policy.

blank2. They can explain the policy’s details to you in terms that are easier to understand.

3. They can explain important clauses of your policy and how they apply to your business specifically.  Maybe there is something about your location, type of business or more information about any risk factors for theft, damage or lawsuits on which you need clarification?

4. If you do not have experience dealing with insurance companies already then a broker will know what company policies and procedures you should follow when submitting claims. A good broker will also have built up relationships with insurance companies so if one company refuses to cover an expense that another provides at no extra cost chances are the negotiator on case at the insurance brokerage firm will be able to find a solution for you – at no extra cost.

5. They are there when you have questions or concerns about your policy, whether it be midyear before renewal time or even in the aftermath of a claim.   It is always reassuring to know that someone else is working on your behalf whenever you have issues with an insurance policy.

6. If you were to lose all control over your own company due to some unforeseen event such as death, disability or bankruptcy then an insurance broker will know who to get hold of and what paperwork will need to be done from the company’s end so that everything keeps running smoothly without any hiccups for clients and customers alike – again at no extra cost!

7. A broker will negotiate prices with the different insurance companies for you so that you can get some of the best possible rates available on the market!

8. If you are new to owning or operating a business, especially one that handles valuable goods or property such as commercial real estate, a good insurance broker may be able to steer you away from excessive policies that could cost your company more than it needs to spend on coverage and savings that can be used instead to further improve your business products or services.  Similarly when starting up a new company an experienced broker will know immediately what type of policy would suit your specific needs and look into how much they are likely to cost you.

9. It will keep paperwork flowing properly and efficiently.

10. Being protected against problems that can eat away at your business profits is a good idea no matter what industry you are in; an insurance broker who knows their stuff will know exactly how to protect your company and provide policies that fit your specific needs so if the worst case scenario does occur then they will also be able to guide you through all the necessary paperwork involved with filing claims or processing payments from other companies for any covered losses.

The 10 reasons listed above are a few of just some examples why it makes sense to use an insurance broker when purchasing commercial property insurance, however these 10 in particular stand out as being especially important.