Whether you’re a chippy, sparky, brickie or other skilled tradie, it’s important that you’re covered in case the unexpected happens.  

Tool insurance in Australia can provide the funds to replace your tools should they be stolen or damaged.

Tools of trade insurance policies can vary, so when purchasing a new policy or renewing your current policy it’s important to consider the restrictions, depreciation, or exclusions of the cover you choose.

Not all tools of trade insurance policies are created equal, and different policies will have different levels of coverage. That said, typical tools of trade policy will generally cover things such as:

• damage caused by fire or lightning;
• theft following forced or violent entry;
• damage caused by a vehicle collision or rollover; 
• theft, which is arguably the most common risk for tradies and, therefore, an important inclusion in most tools of trade policies.

Cover your tools with Portable and Valuable Items Insurance 

Having to replace damaged, lost, or stolen tools can be a real setback. Not only is it tough to work without them, but they can be expensive to replace. That’s where portable and valuable items insurance can help. It covers you for accidental loss of, or damage to, portable or valuable items you carry with you while you work – anywhere in the world! This includes your work-use mobile phone or GPS, as well as that fancy new drill you’ve been showing off. Just make sure anything worth more than $2,500 is specified on your policy. 

Other insurance types for tradies 

Cover others with Public and Products Liability Insurance

A job site can be a busy, hazardous place. Public and Products Liability Insurance can cover the cost of compensation if your business or products cause personal injury to a third party or damage to their property. For example, if a customer trips over a tool left on the floor and breaks their arm, public liability insurance can help cover you from liability.

Cover your wheels with Commercial Motor Insurance 

Being out of action because your Ute has been banged up is money down the drain and a massive pain in the you-know-what. Having some form of commercial motor insurance can help cover you from a range of insured events, such as theft or accidental damage. Plus, with AAMI comprehensive cover, accessories in, on, or attached to your vehicle are also covered – this includes tow bars, bull bars, fixed GPS units, tools, and toolboxes.

• Equipment breakdown
• Tax probe
• Theft
• Glass
• Money, and 
• Property damage.

Business Insurance

Your tools of trade and other business assets help you get the job done, so consider protecting them with coverage options like Portable Equipment* and Contents*

Insuring your tools, and your business against an instance when you have to down tools will ensure you still have a business,

Portable Equipment* – it’s likely you’ve accumulated a lot of tools over several years of work. If they were lost or stolen, could you turn up to work the next morning and keep working? She’ll be apples with Portable Equipment cover – it insures items such as tools, business equipment or electronic items.

Professional Indemnity insurance

If you are an electrician, plumber, or carpenter, sharing your tradie pearls of wisdom with your clients could lead to a potential claim if things don’t exactly go to plan and an accidental error occurs.

There’s no doubt you know your stuff when it comes to all things tradie, and if you are an electrician, plumber, or carpenter, clients may often seek out your advice on certain things. But did you know that if your advice causes them a financial loss you could be held responsible? That’s where Professional Indemnity insurance can provide a helping hand.

Professional Indemnity insurance covers you for losses claimed by a third party and defence costs due to alleged or actual negligence in your professional services or advice.

Personal Accident & Illness Insurance

Working as a tradie you rely on being physically fit to your business going and getting the job done, so if an accident or illness were to strike you need to think of Plan B to help provide an income while you’re off recovering.

As a tradie you need to be fit and healthy to bring in the dough – but have you stopped to think about how you would keep on paying the bills if you were to injure yourself or fall ill and had to take time off work to recover? Accidents can happen anywhere, anytime. It could be at work or even on your own time, whether you are doing a bit of DIY around the house or playing a game of backyard footy on the weekend.

Personal Accident and Illness Insurance provides levels of cover for loss of income, permanent disablement and even death if you are unable to work because of an injury or illness.

There’s no doubt a tradie’s work can be hard yakka, with a variety of obstacles to overcome every day.

General Advice Warning

This communication including any weblinks or attachments is for information purposes only. It is not a recommendation or opinion, your personal or individual objectives, financial situation or needs have not been taken into account. This communication is not intended to be a constitute personal advice. We strongly recommend that you consider the suitability of this information, in respect of your own personal objectives, financial situation and needs before acting on it. This document is also not a Product Disclosure Statement (PDS) or a policy wording, nor is it a summary of a particular products features or terms of any insurance product. If you are interested in discussing this information or acquiring an insurance product, you should contact your insurance adviser to obtain and carefully consider any relevant PDS or policy wording before deciding whether to purchase any insurance product.

In today's fast-paced gig economy, more and more individuals are finding freedom and flexibility by stepping into roles as freelancers and independent contractors. While the perks of setting one’s own hours and choosing clients are enticing, insurance is a critical aspect that can't be overlooked. 

Here's why insurance coverage is vital for those who work for themselves and how to select the right policy for your specific needs.

1. Importance of Insurance 

a) Financial Protection: An injury, illness or lawsuit can put freelancers and contractors in significant debt. Insurance helps manage the financial impact, paying weekly wages, business expenses or legal costs and awards in the event of a lawsuit.

b) Enhances Professional Image: Showing potential clients that you are insured can significantly enhance your professional standing. It reassures them that they're protected if things don’t go as planned, making them more likely to do business with you.

c) Contract Requirement: Many clients now require insurance proof before engaging with a freelancer or independent contractor. This is especially common in industries like construction, consultancy, or other professional fields. 

d) Peace of Mind: Knowing you’re covered allows you to focus on what you do best without worrying about key financial risks. 

2. Types of Insurance Relevant to Freelancers and Contractors

a) Professional Indemnity: Also known as errors and omissions (E&O) insurance, this covers you in case a client claims that your work or advice caused them financial harm.

b) Public & Product Liability: This insurance protects against third-party claims for bodily injury and damage to someone else's property arising from your work, business or products.

d) Personal Accident: If you get injured or become ill and can’t work for an extended time, personal accident insurance will pay up to 85% of your usually income. 

e) Non-cancellable Income protection or disability insurance, is usually part of your Life Insurance and covers part of your usual income, if you’re unable to work through sickness or accident.

f) Life insurance provides a lump sum or series of payments if you die.

g) Trauma insurance provides a lump sum if you have a specified life-threatening illness.

h) Business Property Insurance: This covers equipment like computers, cameras, and other tools of your trade against theft, damage, or loss.

i) Business interruption or loss of profits insurance covers you if your business suffers from damage to property by fire, storm etc. It can help you pay your ongoing fixed expenses and net profit.

j) Management liability provides financial protection, paying legal expenses or damages, in the event of an actual or alleged wrongful act by a manager in the businesses. This policy can also be extended to cover employee dishonesty, related to losses from employee or contractor theft or fraud.

k) Cyber Liability: For those who handle or store information or have an online presence, this provides financial protection in the event of data breaches or cyberattacks.

3. Choosing the Right Insurance Policy

a) Assess Your Risk: Every profession has unique risks and financial capabilities. A graphic designer will not need the same coverage as a construction contractor. Talk to your professional adviser, who can provide options for you to consider. 

b) Shop Around: Premiums and terms can vary significantly between providers. Compare quotes, but also look at the reputation of the insurance company, and the specifics of what's covered and what not covered.

c) Tailor Your Policy: Many insurers allow you to pick and chose the sections or amount of cover to suit your company and circumstances. This can be particularly useful for freelancers and contractors whose work might change during the year or over time.

d) Regularly Review and Update: As your business grows and changes, so too will your insurance needs. Take the time to review your circumstances, new products or services annually or whenever you are planning to undertake a new project.

While diving into the world of freelancing or independent contracting is exhilarating, it’s important to rely on the safety net that insurance provides. Understanding the types of insurance available and regularly reviewing your needs can help to ensure you're adequately protected while you continue to run and build your business.

General Advice Warning

This communication including any weblinks or attachments is for information purposes only. It is not a recommendation or opinion, your personal or individual objectives, financial situation or needs have not been taken into account. This communication is not intended to be a constitute personal advice. We strongly recommend that you consider the suitability of this information, in respect of your own personal objectives, financial situation and needs before acting on it. This document is also not a Product Disclosure Statement (PDS) or a policy wording, nor is it a summary of a particular products features or terms of any insurance product. If you are interested in discussing this information or acquiring an insurance product, you should contact your insurance adviser to obtain and carefully consider any relevant PDS or policy wording before deciding whether to purchase any insurance product.

The Storm & Cyclone season is well underway with cyclone Kirrily due to make landfall near Bowen, with wind of up to 120 km/h and up to a metre of water in some area causing major flooding. 

The Bureau of Meteorology has regular updates and reports here:

http://www.bom.gov.au/cyclone/?ref=ftr 

Planning can help you and your business reduce injuries, amount of damage and impact to your business and customers. 

Wind, thunderstorm and flood preparation

These are really common-sense strategies that help to protect your business, as well as your employees and customers. For example, do you know what the main weather risks are in your area? Have you checked whether your buildings are in a storm or flood prone area and have a plan to move stock, plant and machinery from flood waters? 

There are a number of state government websites with checklists or specific information for your area. Insurers also provide risk management advice like this from Zurich Insurance https://www.zurich.com.au/brokers/tools-and-insights/risk-reduction-strategies/storm-proofing-your-property.html

Of course, there’s the usual preparations for storm season, such as getting a builder to check that the roof, windows and doors are able to handle storms in your area. Also clearing out gutters, as well as trimming trees that are too close to buildings. 

It also pays to discuss your risk management with an insurance specialist. They are professionals who can help to minimise risks, including advising on Business Interruption Insurance, which covers your fixed costs such as wages and rent, if your business is damaged during a storm.

Emergency plans - basics

An up to date emergency plan is needed, which is understood by employees so they understand their roles and what is expected. This will assist to minimise injuries and damage.

The plan should include:

• Monitoring local radio for updates on severe weather warnings in your district; 
• Preparing a plan that includes key people contact info and their roles, including insurance details and adviser information;
• Rehearsing responses for specific weather events and evacuation procedures;
• Pre-packing an emergency kit that includes a portable radio, torch, spare batteries, first aid kit;
• Having emergency equipment on standby (e.g. tarpaulins, rope, nails, hammer, timber, sandbags) to protect plant, stock and other building contents in the event that the storm damages the roof or wall structure;
• Isolating water, gas and electrical power supplies when severe storms are forecast to prevent further damage and personal injury from ruptured pipes or fallen power lines.

It might also be good to speak with other business owners in your building or immediate area, so that you can work with each other, if needed. 

Maybe another business has a large warehouse that could be used to store vehicles undercover? Maybe someone else has a vacant building in another suburb that’s above the flood waters where vital equipment can be stored temporarily? 

Sometimes, however, despite doing all you can to minimise your risks, the worst still happens. Building’s roofs are lost, stock is water damaged or powerlines are brought down. That’s why insurance is important to manage the financial risk of storms and cyclones. 

You should make a time to call your insurance adviser to review your covers and ensure your sums insured are still adequate, taking into account inflation and increased labour costs.

To discuss storm and flood insurance for your business, talk to an insurance professional today and find your local adviser.

Important Information 

This communication including any weblinks or attachments is for information purposes only. It is not a recommendation or opinion, your business or personal objectives, financial situation or needs have not been taken into account. This communication is not intended to constitute personal advice. 

We strongly recommend that you consider the suitability of this information, in respect of your own personal objectives, financial situation and needs before acting on it. This document is also not a Product Disclosure Statement (PDS) or a policy wording, nor is it a summary of a particular product’s features or terms of any insurance product. If you are interested in discussing this information or acquiring an insurance product, you should contact your insurance adviser to obtain and carefully consider any relevant PDS or policy wording before deciding whether to purchase any insurance product.

25% of Aussies have fallen victim to Identity theft, costing $36 Billion annually.

Identity theft is when a criminal uses the internet to gain access to your personal information, such as your address, name, date of birth and drivers’ licence or similar information. 

Cybercriminals then either steal your money from your bank account, obtaining fraudulent credit cards or take out personal loans in your name. Your information can also be used to assist in money laundering and tax evasion.

The financial and emotional repercussions of identity theft can be devastating for victims. Once your identity has been stolen, recovery can be challenging, and you may encounter issues for years to come.

How Do You Know If Your Identity Has Been Stolen?

Look out for these common warning signs:

• Unfamiliar purchases or withdrawals on your bank statements;
• Usual main such as electricity or phone bills are missing;
• Bills or receipts for purchases you didn't make or statements for loans or credit cards you didn't apply for;
• Notification from a government agency regarding a benefit you never applied for;
• Refusal of credit due to a poor credit history stemming from debts that aren’t yours.

Tips to Protect Yourself and Your Family

Here are some tips that can help you to safeguard you or your family:

• Restrict the amount of information you share online. Reconsider sharing personal details like your birthday, photographs of your new home that reveal your address, or images identifying your children's school or your educational history. These details are often used for security questions on financial and other vital accounts.
• Adjust your social media privacy settings to 'private,' ensuring that your photos and posts are only visible to people you know and trust.
• Be cautious about accepting 'friend' requests from strangers.

Cybercriminals often employ impersonation tactics, posing as reputable organisations to request confirmation of personal details via messages or websites. As a result, many companies now state that they will not request updates or verifications of your details, such as passwords, PINs, credit card information, or account details via links in messages.

If there is a genuine need to update your details, ensure you do so by manually entering the official website address of the organisation into your internet browser, rather than using links from messages.

Think before you enter personal information on unfamiliar websites. Refer to our advice on shopping securely online and browsing the web securely for questions to help determine the authenticity of a website.

Cybercriminals expect weak passwords, so it’s crucial to:

• Use strong and unique passwords or passphrases for each online account.

Cybercriminals exploit software vulnerabilities to gain access to your devices it’s essential to:

• Keep your devices updated with the latest software, including antivirus software. Installing software updates ensures you have the latest security measures in place, and you can configure updates to install automatically.

Additional tips for protecting your online identity include:

• Exercising caution when accessing public or untrusted Wi-Fi. We have published a list of tips to follow when using public Wi-Fi, such as using a VPN.
• Regularly reviewing your account statements, including credit card statements, bank statements, telephone bills, and internet bills, for any signs of fraudulent activity.
• Checking your credit report at least annually to detect any unauthorised activity.
• Always securing your mailbox and shredding any sensitive documentation you no longer need.
• Being cautious of phone calls requesting personal information.
• Vigilantly protect your PIN when using ATMs and making other purchases to prevent people from attempting to view it.

What Type of Information Do Cybercriminals Steal?

A cybercriminal may seek to pilfer a variety of personal information, including your:

• Name
• Date of birth
• Driver's licence number
• Address
• Credit card details
• Tax file number
• Medicare card details
• Passport information

General Advice Warning

This communication including any weblinks or attachments is for information purposes only. It is not a recommendation or opinion, your personal or individual objectives, financial situation or needs have not been taken into account. This communication is not intended to be a constitute personal advice. We strongly recommend that you consider the suitability of this information, in respect of your own personal objectives, financial situation and needs before acting on it. This document is also not a Product Disclosure Statement (PDS) or a policy wording, nor is it a summary of a particular products features or terms of any insurance product. If you are interested in discussing this information or acquiring an insurance product, you should contact your insurance adviser to obtain and carefully consider any relevant PDS or policy wording before deciding whether to purchase any insurance product.

As the new year approaches, businesses around the world take a moment to reflect on their past achievements and outline their goals for the future. While strategies concerning product development, marketing, and customer satisfaction often top the list, there's one area that should never be overlooked – insurance. Ensuring your business has proper coverage is essential to risk management and financial protection.

So, as we step into 2024, let's focus on the New Year’s resolutions that will fortify your business with robust insurance strategies.

1. Re-evaluate Your Business Risks and Insurance Coverage: Begin the year by taking stock of your business plans, any changes to risks or assets and the insurance cover in place. All businesses change, so they may have specific circumstances or needs. A risk and insurance review will help you ensure that any gaps in the developed cover are reviewed, and action taken if needed.
2. Stay Updated with Industry Standards: Each industry has its unique risks. For instance, an IT company's concerns might revolve around data breaches, while a construction business might focus on design or worker safety. Ensure that your policy reflects the requirements of your client, as well as the risks related to your industry.
3. Consider Business Interruption Insurance: The past few years have shown us the importance of being prepared for unexpected halts. This type of insurance can cover loss of income resulting from disasters or other unforeseen interruptions.
4. Revisit Liability Insurance: In today's litigious society, liability insurance is crucial. Businesses must be ready to handle such scenarios, whether it's a customer who slips in your store or a product defect that causes harm.
5. Embrace Cybersecurity Insurance: With the rise of digital threats, cybersecurity insurance is no longer optional for many businesses. It's an essential layer of protection against the increasing threats of hacks, data breaches, and other cyber-related risks.
6. Reassess the amount of Property cover, Valuations are key: Inflation is key. When was the last time the current or replacement values of your business assets, especially buildings, plant & machinery, were reviewed? Replacement values have increased 20% - 30% over the past 2 years. Ensure that your coverage matches the current value of your assets, considering appreciation or depreciation.
7. Prioritise Employee Coverage: A business is only as strong as its team. Reconsider health benefits, workers' compensation, and other policies directly impacting your staff. Happy, well-covered employees make for a resilient business.
8. Consult an Insurance Specialist: Make it a resolution to meet regularly with an insurance adviser or broker. They can offer valuable insights into emerging risks, industry trends, and the latest insurance products.

As we herald in 2024, it's time for a review of the risks and insurance cover that will support your aims for the coming year. 

Happy New Year! Here’s to a prosperous 2024!

General Advice Warning

This communication including any weblinks or attachments is for information purposes only. It is not a recommendation or opinion, your personal or individual objectives, financial situation or needs have not been taken into account. This communication is not intended to be a constitute personal advice. We strongly recommend that you consider the suitability of this information, in respect of your own personal objectives, financial situation and needs before acting on it. This document is also not a Product Disclosure Statement (PDS) or a policy wording, nor is it a summary of a particular products features or terms of any insurance product. If you are interested in discussing this information or acquiring an insurance product, you should contact your insurance adviser to obtain and carefully consider any relevant PDS or policy wording before deciding whether to purchase any insurance product.

Social media is everywhere, used by most people and families. Platforms like Facebook, Twitter, Instagram, and LinkedIn play significant roles in both our personal and professional lives. While these platforms have undeniably transformed how we communicate, entertain, and even conduct business, they have also introduced a myriad of cyber security threats that can't be ignored. Here are seven ways social media impacts cyber security:

Phishing Attacks

• Scammers often use social media platforms to execute phishing campaigns. By posing as familiar entities or friends, these cybercriminals share malicious links that can lead to malware installations or trick individuals into revealing sensitive information.

Data Harvesting

• Social media sites are goldmines of personal data. With the vast amount of information users voluntarily share, malicious actors can easily collect data to craft more targeted and convincing scams or to commit identity theft.

Malware Distribution

• It's not uncommon for malware to spread through social media. Infected ads, videos, or even direct messages can carry malicious software designed to steal information or harm devices.

Profile Hacking

• Unsecured social media accounts are prime targets for hackers. Once inside, they can misuse the account for various purposes, such as spreading misinformation, sending spam, or even blackmailing the user.

Social Engineering

• Social media provides cyber criminals with a platform to observe potential victims and understand their behaviours, relationships, and interests. This information can then be used to craft tailored attacks that the recipient might find hard to recognise as malicious.

Fake Profiles and Identity Theft

• The ease with which one can create profiles on most social media platforms means that fake profiles are rampant. These can be used for malicious activities, from scamming other users to impersonating someone for fraudulent purposes.

Third-party App Integrations

• Many users link third-party apps to their social media profiles without a second thought. However, not all apps respect user privacy, and some might even have vulnerabilities that cybercriminals can exploit to gain unauthorised access to user data.

Preventing Cyber Threats from Social Media

While the risks associated with social media are real and ever-present, they're not insurmountable. Here are some preventive measures users can adopt:

• Regularly Update Privacy Settings: Social media platforms often update their privacy terms, so it's essential to routinely check and adjust your settings.
• Be Wary of Suspicious Links and Offers: If something seems too good to be true or out of character for the sender, think twice before clicking.
• Use Strong, Unique Passwords: Avoid using the same password across multiple sites and consider using a password manager.
• Two-factor Authentication: Many platforms now offer this additional layer of security – use it.
• Limit Third-party App Access: Regularly review which apps have access to your social media accounts and remove any that you no longer use or trust.

So, while social media has enriched our lives in countless ways, it's crucial to approach these platforms with a discerning eye. By understanding the risks and adopting a proactive stance towards security, users can enjoy the benefits of social media without falling prey to lurking cyber threats.

General Advice Warning

This communication including any weblinks or attachments is for information purposes only. It is not a recommendation or opinion, your personal or individual objectives, financial situation or needs have not been taken into account. This communication is not intended to be a constitute personal advice. We strongly recommend that you consider the suitability of this information, in respect of your own personal objectives, financial situation and needs before acting on it. This document is also not a Product Disclosure Statement (PDS) or a policy wording, nor is it a summary of a particular products features or terms of any insurance product. If you are interested in discussing this information or acquiring an insurance product, you should contact your insurance adviser to obtain and carefully consider any relevant PDS or policy wording before deciding whether to purchase any insurance product.

The Storm & Cyclone season has started bringing with it severe thunderstorms, cyclone and damaging hail. Cyclone Jasper is expected to make landfall near Port Douglas with winds of 120km/h near its centre. The Bureau of Meteorology has regular updates and reports here.

Planning can help you and your business reduce injuries, amount of damage and impact to your business and customers. 

Wind, thunderstorm and flood preparation

These are common-sense strategies that help to protect your business, as well as your employees and customers. For example, do you know what the main weather risks are in your area? Have you checked whether your buildings are in a storm or flood prone area and have a plan to move stock, plant and machinery from flood waters? 

There are a number of state government websites with checklists or specific information for your area. Insurers also provide risk management advice like this from Zurich Insurance.

Of course, there’s the usual preparations for storm season, such as getting a builder to check that the roof, windows and doors are able to handle storms in your area. Also clearing out gutters, as well as trimming trees that are too close to buildings. 

It also pays to discuss your risk management with an insurance specialist. They are professionals who can help to minimise risks, including advising on Business Interruption Insurance, which covers your fixed costs such as wages and rent, if your business is damaged during a storm.

Emergency plans - basics

An up-to-date emergency plan is needed, which is understood by employees so they understand their roles and what is expected. This will assist to minimise injuries and damage.

The plan should include;

• Monitoring local radio for updates on severe weather warnings in your district; 
• Preparing a plan that includes key people contact info and their roles, including insurance details and adviser information;
• Rehearsing responses for specific weather events and evacuation procedures;
• Pre-packing an emergency kit that includes a portable radio, torch, spare batteries, first aid kit;
• Having emergency equipment on standby (e.g., tarpaulins, rope, nails, hammer, timber, sandbags) to protect plant, stock and other building contents in the event that the storm damages the roof or wall structure.
• Isolating water, gas and electrical power supplies when severe storms are forecast to prevent further damage and personal injury from ruptured pipes or fallen power lines.

It might also be good to speak with other business owners in your building or immediate area, so that you can work with each other, if needed. 

Maybe another business has a large warehouse that could be used to store vehicles undercover? Maybe someone else has a vacant building in another suburb that’s above the flood waters where vital equipment can be stored temporarily? 
Sometimes, however, despite doing all you can to minimise your risks, the worst still happens. Building’s roofs are lost, stock is water damaged or powerlines are brought down. That’s why insurance is important to manage the financial risk of storms and cyclones. 

You should make a time to call your insurance adviser to review your covers and ensure your sums insured are still adequate, taking into account inflation and increased labour costs.

To discuss storm and flood insurance for your business, talk to an insurance professional today and find your local adviser.

Important Information 

This communication including any weblinks or attachments is for information purposes only. It is not a recommendation or opinion, your business or personal objectives, financial situation or needs have not been taken into account. This communication is not intended to constitute personal advice. 

We strongly recommend that you consider the suitability of this information, in respect of your own personal objectives, financial situation and needs before acting on it. This document is also not a Product Disclosure Statement (PDS) or a policy wording, nor is it a summary of a particular product’s features or terms of any insurance product. If you are interested in discussing this information or acquiring an insurance product, you should contact your insurance adviser to obtain and carefully consider any relevant PDS or policy wording before deciding whether to purchase any insurance product.

Every year, Allianz Insurance company asks businesses to list their top business concerns.

In Australia, it is unsurprisingly Natural Catastrophes are the top concern for businesses; however globally, this is only the 6^th most important Globally.

Below are the Top 10 Business Risks for 2023 – 2024, including the rating for the prior year. While risks can impact all businesses, the consequences for small and medium-sized businesses can be more severe due to limited human resources or finances and impact on cash flow. 

1. Increased Frequency and Severity of Natural Disasters: Australia is no stranger to bushfires, floods, cyclones, and heat waves. As changes to weather continue to impact communities, Insurers will continue to increase premiums and after risk assessment, may decide to no longer offer property or business interruption cover in some areas. It’s essential that insurance and risks are considered when relocating or purchasing new premises. 
2. Business interruption (including supply chain disruption): Following the impacts to businesses from Bushfires, East Coast Storms and flooding, COVID-19 or the Ukraine War, it’s clear the Business interruption risk is not usually a particular event, location or product. It can be local or from overseas. Business interruption from Cyber incidents was the highest concern for business, followed by interruption to Power supplies. Natural Catastrophes, Fire at the premises or nearby and Supplier failure were the top 5 areas of concern.   The most common action taken by companies to de-risk supply chains and make them more resilient is to develop alternatives or have multiple suppliers within the country or overseas. It is important to focus on business continuity management, planning for the worst to minimise any impact to the business, cash flow, employees, and customers.
3. Climate change: whatever the cause the increase in bushfires, severe weather and flooding over the past 3 years has devastated many communities and destroyed businesses. Major economic and environmental reports point to the continuation of these catastrophes over the coming decades. Coastal erosion and inundation of low-lying areas due to storms were noticed 2 – 3 years ago, with increased storm frequency and volume of stormwater runoff. The NSW Government recently announced a plan to buy back homes in Lismore, most at risk of continual river flooding, at an average $287,000 for each home. Local, State and Federal Governments will need to cooperate to meet this challenge and regulatory changes are expected.
4. Internal & External Cyber Threats: With increased digitisation over the past 3 years, driven by work from home during Covid-19, small and medium-sized businesses are more exposed than ever before to cyber criminals, as well as malicious attacks from staff and contractors. Maintaining and improving areas of cyber hygiene, such as updating the latest cyber security tools, including anti-virus software, frequency of IT security training, cyber incident response plans and cyber-security governance. Incident response is critical as the cost of a claim quickly escalates once business interruption kicks in. Many businesses may find it difficult to survive a major cyber incident, with reputational damage, loss of client/ income and breach of Privacy complaints or investigations. 
5. Global & Australian (Macro) events include the Russian invasion of Ukraine and the related energy crisis, resulting in falling real incomes and profits in Europe, with a flow-on effect on consumption and production. China has a problem with a slowing economy and the key property development sector.  Other factors include the Cost of Living Crisis, inflationary pressures, monetary tightening, soaring costs associated with the energy crisis, supply chain disruptions and noticeable staffing shortages. One impact has been a 19% increase in business failures globally, which is expected to increase over the coming year. Organisations need to plan to be more agile and able to adapt their business models depending on the current economic, political, and competitive landscape.
6. Skilled Workforce shortages: found to be most critical in the aviation, professional services, construction, and engineering sectors. Shortages became apparent during COVID-19 and have continued due to border closures and low rates of immigration. Inflation has also resulted in increasing wages, creating pressure on margins and profits for many businesses. A recent McKinsey Consulting report found that 37% of staff are looking to change employers in the next 6 months, with the main reasons being more money; career advancement, burnout, or lack of work-life balance. 
7. Regulatory Changes: Staying abreast of and compliant with new regulations is essential. The need for oil and gas and the price shock due to the Russian invasion of Ukraine was a driving force worldwide for decarbonisation and renewed impetus to overcome the substantial obstacles to using renewable energy. Europe recently adopted the Corporate Sustainability Reporting Directive (CSRD), impacting all companies. The CSRD requires all aspects of a business to be included in reporting, including non-financial factors such as sustainability, social and environmental. Other regulatory changes are likely to arise from inflation, higher interest rates, and cyber-security mandated by the government. 
8. Health Pandemics: The health and wellness of employees moved to the top of business concerns and remains a high priority. COVID-19 demonstrated the global impact of pandemics on health and travel and all sectors of the Australian economy, with some vaccination mandates still in force.  It also changed forever the daily working routine of many employees as WFH was enforced during lockdowns. Technology and Cloud Storage became essential, connecting workers remotely to workplaces, with the challenge of keeping data secure and private.
9. Energy: The Australian Energy Market Operator (AEMO) recently warned that Victoria and South Australia face an increased risk of rolling blackouts this summer, as the return of an El Niño weather pattern brings a hot, dry summer with more wind-less days. The main reasons are summer being hotter and drier with less wind, unplanned power outages from ageing coal and gas power stations, and delays in new power sources coming online. Moving to Renewables will require billions of dollars in investment, further increasing the pressure on energy prices, already impacted by the invasion of Ukraine and a demand surge due to economic recovery post-Covid-19. The transition will also cause large job shifts across sectors and regions, requiring more skilled workers, with lower-skilled workers hardest hit. A new social contract is needed to address these challenges and long-term benefits. 
10. Market developments: Intensified competition, new competitors, new technology such as AI, Mergers and acquisitions, inflations, Cost of Living pressures on consumer spending and the potential for a recession. Australia's ageing population will impact society, from tax collection and government spending to the expansion of aged care and related products and services.

While businesses face multiple risks, preparation and continual updates of your risk management plans, along with the right mixture and type of insurance cover can minimise the financial impact. You can then focus on growing your business, customers, and staff. Talk to your insurance adviser, who can discuss your business risks and suggest ways to help manage them.

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