Protecting what you’ve spent years building is paramount for the long-term sustainability of your business. The process of comparing products and quotes between insurers can be complicated and especially for business, it requires significant time and understanding of insurance to make the right decision. Buying insurance direct is easy. Buying the right insurance, however, can be very difficult. And getting it wrong can prove costly....
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April 28 is World Day for Safety and Health at Work , a day for promoting safety and health in the workplace and to honour those who have died from work-related injury or illness. According to Safe Work Australia, ( 1 ) in 2015-16, there were 104,770 serious Australian workers’ compensation claims with over 90% due to injury and musculoskeletal disorders. Safe Work Australia are...
The recently released Accenture and The Ponemon Institute 2017 Cost of Cyber Crime Study ( 1 ) reported that cyber-crime in Australia has increased by over 25 percent in 2017, the second highest rate of countries surveyed. In Australia, malicious insiders, phishing and social engineering are the costliest attack types, with a price tag of $136,804 and $112,902 per incident, respectively. Australian technology media are...
The NSW State Government are making some changes to Stamp Duty on certain insurance products effective 1 January 2018.
What is happening?
From 1 January, small businesses(*) will no longer be required to pay Stamp Duty on some types of insurance, including:
- Commercial Motor Vehicle– where the motor vehicle is used primarily for business purposes.
- Occupational Indemnity – covering liability arising out of the provision of professional or other services.
- Product and Public Liability – covering liability for personal injury or property damage occurring in connection with or arising out of the products and services of a business.
- Crop and Livestock insurance.
* You are a small business for the current year if you carry on a business in the current year; and one or both, of the following applies:
i. you carried on a business in the previous year and your aggregated turnover for that previous year was less than $2million;
ii. your aggregated turnover for the current year is likely to be less than $2million.
As further information comes in, we will keep you updated. If you have any questions about your current policies please feel free to give our office a call.
Alicia Thomas
Account Manager | Austbrokers City State
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A couple of weeks ago, I had a call from a client Steve who operates a Real Estate Agency in Wollongong*. During the usual greetings I noticed he was distressed. “I almost got done over” were his first words. Immediately concerned, I asked “what happened Steve, did you get broken into?” he replied “much worse than that!” He went on to explain how he received...
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Welcome to our new website! We are pleased to announce the launch of our new website and we welcome all our existing and prospective clients to have a look around at our new features. We have now included a Blog section where will continuously add information, insights, advice and general articles on all things risk, financial and general business. We intend to keep building our...