On average, one in five Australian small businesses have been party to a dispute, with most of them experiencing financial loss, according to a government report. As well, small-to-medium-sized enterprises are at risk of unfair dismissal claims, with the Fair Work Commission listing at times with hefty costs. Work-related injury and diseases cost Australian companies $61.8 billion annually, says […]
The insurance market is a ‘hard’ or sellers’ market right now. So, what does that mean, and what’s the likely impact on your business? Think of the insurance cycle as a clock. At the top, the 12 mark, where we’re heading, is the hard market, when insurance premiums get pricey. At 3 o’clock, you’ll see […]
About one in ten of us are landlords, compared with one in 15 about two decades ago. And, the latest Census shows about a third of Australian households (2.6 million, to be specific) rent. But, with the Australian government’s rental debt relief, eviction bans, rent freezes, and JobKeeper disappearing at the end of March, there was potential volatility […]
The average total cost of a cyber data breach in Australia last year was $3.35 million per breach. That’s $163 per lost or stolen record, according to IBM’s 2020 Cost of a Data Breach Report. That’s due to each breach taking 296 days to identify and contain. IBM is working with different data than the Australian Cyber Security Centre. That […]
According to the Insurance Council of Australia, most business interruption policies weren’t designed to cover pandemics. Insurers didn’t factor them into their costs, and reinsurance wasn’t generally available for pandemic cover. This means there were no reserves set up for pandemic-related claims. But businesses shouldn’t necessarily see that as a brick wall to claiming on business […]
