Owning valuable art, antiques, and memorabilia is a source of pride and joy.

Standard Home & Contents insurance coverage provides limited cover, so here are some tips to consider when looking for insurance.

What’s usually covered

• Burglary & Theft: home and contents policies offer limited cover ($5,000 - $10,000 with a limit of 25% per item, as an example) unless the items are notified to the insurer and an additional premium paid. The insurer will usually require a valuation and in some cases details of alarm systems before they agree to offer extra cover.
• Accident Loss or Damage: insurance policies provide cover fire, lightening, storm and impact. Cover for accidental damage is an optional cover, at an extra cost.  Sometimes vases are knocked over or rings lost, if your concerned, the the accidental damage option should be considered. Again, the insurer will usually require a valuation and in some cases details of alarm systems before they agree to offer extra cover.
• Items taken away from the home: E-bikes or sports equipment such as kayaks and golf clubs are either not insured or there is limited cover ($5,000 - $10,000 with a limit of 25% per item, as an example) unless the items are notified to the insurer and an additional premium paid.
• Items stored away from the home: If you’re planning to move items or store contents, you’ll have to let your insurance adviser know the details. The standard policy doesn’t offer cover for items in transit or in storage, unless the underwriter is advised and agrees to extend cover, there is also likely to be an additional cost.

Check

• Valuation: A recent valuation is important to confirm the sum insured, whether it’s your house or the value of contents. There are many free online sums insured calculators. We can also arrange a visit by a valuer if needed, please let us know and we can put you in touch with a recommended firm. Special valuables will need a valuation from an art dealer or jeweller, before the insurer will offer cover.
• Coverage Limits: Ensure that your building and contents, as well as personal valuables are covered for the right amount. Without the right type or amount of cover, including any sub-limits that may apply, you could be out of pocket when claiming.

Check your insurance policy when things change or when renewing each year. 

Update your insurer about changes

Your insurer will need to know about changes, like moving house or are planning on doing any renovations.  

Talk to your insurance adviser

By understanding your insurance cover, you can take the necessary steps to keep your home, contents and special valuables protected. Talk to your insurance adviser, they’ll be able to offer advice and options as to the best cover to suit your needs. 

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 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.

Whether advising the local corner store or assisting importers in managing their product liability and recall risks, the majority of Aussies depend on professional insurance advisers to understand and advise them on managing their financial risks.

The Importance of Professionalism in your Adviser        

When choosing a general insurance adviser, consider the following:

• Qualifications: The best indication of your adviser's dedication is if they have a Diploma of Insurance Broking. This provides in-Depth training in areas including risk identification and management, claim management, and understanding clients' needs and goals to provide advice on the right type and amount of insurance cover. This shows that the adviser meets and exceeds the standard required by law.
• Experience: Ask about your adviser's experience in your industry and any specific areas of expertise. Also, what resources do they have to assist them, including access to senior staff or technical resources in the organisation?
• Continuing Professional Development: Did you know that insurance advisers, like other professionals, are required to complete a minimum number of hours of professional development (CPD) each year?
• Reputation: Look for reviews or testimonials from other clients. A well-regarded adviser often indicates a high level of trustworthiness.

Professional advice

As your business changes and grows, with changing laws and new industry developments, so should your insurance coverage. 

Insurance advisers must continually update their knowledge and skills to ensure that they can provide the right advice to protect you and your business. 

In Australia, professional development is not just recommended; it’s a requirement. Advisers are expected to undertake ongoing education to maintain their license and meet industry standards. 

Professional insurance & risk advisers

You're an experienced professional in your business and industry, so obtaining advice from a dedicated risk and insurance professional that you can trust is a must. 

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 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.

This week the U.S.A. announced sweeping new tariffs on most countries’ goods, including Australian exports. This tariff eliminates all previous exemptions for free trade, including those for Australia.

But will these impact Australian businesses and industries?

What Are the New Tariffs?
10% tariff on all Australian (most) exports, excluding steel and aluminium which are 25%. 

General Impact
The single biggest effect of the new tariffs is potential of retaliatory tariffs, creating a spiral of trade distortion and disruption. Canada and China have already retaliated with their own new tariffs. We don’t know how this will impact our major trading partners, with recession a possibility in the USA. 

In addition, there is a risk the tariffs will lead to an influx of foreign products to Australia, which were originally bound for the USA, flood the local market and displacing local manufacturing.

Exporters will face issues selling products into the USA, as they are cost 10% more, so may expect push back on pricing. 

Positives
Many countries had much larger tariffs imposed, China 34%, Vietnam 46% and India 26%.  Australia could see increased trade with Indo-Pacific partners due to trade diversion effects. “Trade diversion works in both directions. That tariffs will increase foreign goods coming into Australia but also increase demand for Australian goods by countries that are putting retaliatory tariffs on US goods.

Australia already has trade agreements in place with many local countries, so trade would be expected to increase. If China imposes high tariffs on US products, then that opens doors for Australian producers, as the Chinese importers will look to substitute away from the US products.

Top Exports to the USA 2023/24
Professional, tech and other business services    $6.2 billon 
IP charges                                                             $3.5 billion 
Beef fresh, chilled and frozen                                $3.3 billion 
Recreational travel                                                 $2 billion 
Gold                                                                       $1.7 billion 
Pharma products                                                   $1.6 billion 

Source https://www.abc.net.au/news/2025-04-04/us-tariffs-what-does-australia-export-trade-data/105045224

Industries Impacted

Certain industries will feel the impact more than others. Let’s take a look at the sectors most exposed to these new tariffs.

1. Agriculture and Beef
Australia is known for its high-quality beef, and the U.S. is a major market for Australian cattle, with about 30% of beef exports to mainly the East Coast. The 10% tariff will lead to higher prices for American consumers, particularly in fast food chains and restaurants that rely on lean Australian beef to use in hamburger patties. 

2. Manufacturing and Resources
Manufacturing industries like steel and aluminium have been hit with a 25% tariff.  The value of steel and aluminium exported to the US in 2023 was less than A$1 billion. 

While the baseline tariff on Australian exports is across the board, certain minerals may be exempt, with further clarification from the Trump Administration required. The tariff edict states that copper, pharmaceuticals, semiconductors, bullion, and lumber articles will be exempt, as well as “energy and other certain minerals that are not available in the United States”, which is likely to include a range of critical minerals and uranium.

As mentioned, exporters could speak to their industry group to potentially look at neighbouring countries that have also had tariffs imposed.  
The Bigger Picture: Indirect Effects on Australian SMEs
While the direct impact of the 10% tariff is manageable for many, there are indirect effects that could hit Australian SMEs hard. One example is supply chain disruptions. As the U.S. increases tariffs on goods from countries like China and Europe, the ripple effect can drive up costs globally, including for Australian businesses that rely on overseas suppliers.

For SMEs, this might be a wake-up call to diversify their customer base and reduce dependency on any single market. By looking beyond the U.S. and adapting their strategies, Australian businesses can not only survive but potentially thrive in the new trade environment.

Managing the Risks from the Tariffs
Talk to your insurance adviser if you are looking to change your export markets or suppliers, your insurances covers will need to be reviewed and updated to ensure continued cover.  

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 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.

Managing the risks to your home and business from extreme weather events, which are becoming more frequent and severe, such as the 2019 bushfires and severe east coast storms and floods, requires business owners, local councils and governments to plan and manage potential losses.

The following are some tips to help you manage your business and personal financial risks due to the increased frequency and severity of natural disasters, which have been found to be more intense and unpredictable than in prior years.

Preparation

1. Conduct a risk assessment to help identify key risks to your business. This should include assessing location, property, and operational risks. 
2. Review Your Insurance Coverage: Ensure that your insurance policies adequately cover climate-related risks. Consider purchasing additional coverage, such as flood insurance or business interruption insurance.

By understanding the risks posed by climate change and taking proactive steps to prepare, SMEs can better protect their businesses and mitigate the financial impact of extreme weather events.

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 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.

Starting a new business is exciting. Here are some tips to help choose the right type and amount of insurance cover.

Each business has different goals, needs and risks. Importers, for example, have a high product liability risk and potentially a recall risk, whereas the main risk for a professional is their advice causing financial loss. 

Talk with a Qualified Insurance & Risk Adviser

Talking to a qualified adviser to discuss your needs and goals will pinpoint the types of insurance cover to be considered, budget and amount of cover/ sums insured. This will save you time and money. 

Compulsory Insurance

Workers Compensation

If you employ part-time or full-time staff (including some contractors), you’ll need to have workers' compensation insurance in place before you open the business. This policy covers the wages of employees while away from work injured or a lump sum if permanently injured.  It’s important to check if you’re covered as a working director, as some states and territories don’t provide you with cover. In this case personal accident and sickness is recommended. 

Motor Vehicle Compulsory third party (CTP) 

CTP motor vehicle insurance is required if you own a motor vehicle. It pays for personal injury to passengers, as well as pedestrians. CTP is different to the Third-Party Property Damage or Comprehensive insurance, which covers damage to other people’s vehicles or property or your own vehicle (comprehensive cover). 

Optional Insurance

Personal Accident & Sickness 

Personal Accident insurance covers you and pays weekly benefits if you cant work if illness or due to an accident, cover is for 24 hours/ 365 days. The policy will pay a lump sum if your permanently injured. 

Public & Products Liability Insurance

Provides cover for legal defence costs and damages awarded by a court for injury to people or their property arising from your business or products. 

Business pack Insurance

Business insurance works well for small businesses as it can be tailored specifically to your needs. This means you only pay for the cover that's needed from a range of covers that includes:

• Fire, storm, lightening damage to buildings, stock and contents;

Accidental damage:

• Business interruption insurance; 
• Burglary/ theft; 
• Public & Products liability insurance;
• Loss of Money;
• Glass;
• Equipment breakdown;
• General Property, taken outside the business.

Professional Liability Insurance

If you’re a professional and give advice or provide personal services, then this policy is important. It provides cover is a client complains that you have injured them or they lost money after acting on your advice (accountant). for Pays for your legal defence costs and any damages awarded by a court for financial loss allegedly caused by negligence professional advice. 

Cyber Liability Insurance

Covering loss to your business and IT system, as well as liability to other people for loss of personal information or passing on malware, due to cyber-attacks, fraud and email phishing scams etc. Cover can include:   

• Incident response – specialists to identify malware issue and pay for repair; 
• Lost income and your additional costs; 
• Data recovery and restoration;
• Consumer notification costs and ongoing monitoring costs; 
• Legal defences costs;
• Cyber extortion management and fees; 
• Crisis and PR management of the incident; and 

As one of Australia's and New Zealand’s largest general insurance broking and risk advisory intermediaries, we have over 270 offices helping people and businesses manage risk and advise of the appropriate amount and type of insurance.  

We are also a member of the National Insurance Brokers Association and pride ourselves on our commitment to acting in accordance with the NIBA Code of Practice. If you are thinking about talking to a professional, licenced insurance and risk adviser to get advice for you and your business, get in touch with an insurance adviser nearest you. 

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 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.