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.

The Insurance Advisernet Foundation was recently proud to donate $25,000 in matched giving to support Starlight’s Super Swim campaign - an initiative dedicated to bringing joy, laughter, and essential support to sick kids across Australia.

For over 35 years, Starlight Children’s Foundation has been brightening the lives of seriously ill children and their families by replacing fear, pain, and stress with fun, laughter, and joy. Through programs like the Starlight Express Room, Captain Starlight, and Wish Granting, Starlight helps children find moments of happiness during difficult hospital stays and medical treatments.

With the generosity of donors and the power of matched giving, the Super Swim campaign’s impact soared, achieving a 20% increase in funds raised!

This incredible outcome is a testament to the power of community. Super Swim fundraisers, donors, and supporters came together to make a real difference, proving that small actions can lead to life-changing results.

The IA Foundation is honoured to have contributed, but the real credit goes to Starlight and everyone who his swimming, fundraising, or donating to their February 2025 Super Swim campaign to help brighten the hospital experience for seriously ill children.

To learn more about Starlight or donation to the Super Swim Campaign, visit their website.

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.

A rare La Niña event, is potentially forming in the Pacific Ocean, with the likelihood of increased storms and heavy rain, particularly in tropical regions and along the east coast.

For business and homeowners this may result in localised flooding, as well as storm and water damage to properties and interruption to businesses.

 Wind, thunderstorm and flood preparation

Preparing to protect your home and business, includes knowing what the main weather risks are in your area. Are there creeks of rivers nearby, is your area subject to localised flooding in heavy rains?

Of course, there are the usual preparations for storm season, such as getting a builder to check that the roof, windows and doors are weatherproof.  

Also clearing out gutters, as well as trimming trees that are too close to buildings.

We would recommend looking at local government websites which have free checklists or specific information for your area.

It also pays to review your main risks with your insurance adviser, who can provide advice and information that can help to minimise your risks and ensure you have the insurance cover you need.

Stormwater or flood water damage

If your premises are flooded during a storm and you have flood insurance, you would most probably make a claim and expect a payout.

Unfortunately, if you only have storm damage cover and not flood cover there may be an issue when making a claim.

Knowing if your policy covers stormwater damage or flood damage is important. Storm or rainwater damage is usually covered under insurance policies, while flood is not always covered and may only be available as an option at an extra premium.

So as a business owner, it’s important that you understand what your insurance covers. Talk with your insurance adviser or can discuss your cover and provide options.

Emergency plans - basics

Now may be a good time to ensure your emergency plan is up to date, also discuss the plan with any new employees so they understand their roles.

Plans generally include:

• Preparing a plan that includes key people’s contact info and their roles, including insurance information and your insurance adviser;
• Rehearsing responses for specific weather events and evacuation procedures;
• Re-packing an emergency kit that includes a portable radio, torch, spare batteries, and first aid kit;
• Having emergency equipment on standby (e.g. tarpaulins, rope, nails, hammer, timber, sandbags) to protect the 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; also
• Monitoring local radio for updates on severe weather warnings in your district.

Sometimes, despite doing all you can to minimise your risks, the worst still happens, roofs are damaged, with contents or stock lost.

A discussion with your insurance adviser will ensure you have the cover you need to protect your business, employees and customers.

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.

Insurance policies are designed to protect against specific risks. However, they also contain exclusions and limitations that outline what is not covered. Understanding these exclusions and limitations is crucial to ensuring that you have the appropriate coverage for your needs.

Common Exclusions

• Fines & Penalties: Most insurance policies exclude cover for fines and penalties, which are intended to be personal consequences to deter similar behaviour.
• Intentional Acts: Insurance generally does not cover losses caused by intentional acts, where injury or damage is very likely. For example, digging up a pipe and damaging it without doing a dial before you dig search. 
• Ordinance or Law: if your building or other property was not built to code before the loss or damage, then insurance cover will pay for the loss or costs of repairs, not the cost to rectify the building code defect. 
• Flood: Flood damage is usually excluded from property insurance. A flood can occur when water overflows from a creek, river, or canal. 

Common Limitations

• Jewellery: insurance will generally only cover jewellery up to $3,000 or $5,000 for burglary or damage. Talk to your insurance adviser if you need additional cover.  
• Sub-Limits: Insurance policies often have sub-limits for certain items, like storm damage to gardens or valuables taken outside the home.  

How to Understand Exclusions and Limitations

• Read Your Policy Carefully: Take the time to read your insurance policy thoroughly, and talk to your insurance adviser if you have questions.  
• Ask Questions: If you have any questions about specific limits or exclusions, don't hesitate to contact your insurance adviser. 
• Review Your Policy Regularly: Your insurance needs will change over time, so it's important to review your policy regularly to ensure that it still meets your needs.   

Understanding your insurance policy's exclusions and limitations can help you make informed decisions about your coverage and ensure you have the coverage you need.

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.

ASIC has issued a warning to investors to stay vigilant after a notable rise in stolen share reports since August 2024. This alarming trend is linked to identity theft, where fraudsters impersonate individuals to transfer or sell their shares. Many victims remain unaware of the theft until they receive a confirmation letter from a share registry or the Clearing House Electronic Subregister System (CHESS).

Australians who have previously been affected by data breaches are at increased risk, as their personal information may be accessible online, making them prime targets for identity fraud.

The sophistication of these fraudulent schemes has grown, making it crucial for investors to carefully review any notifications that seem unexpected or suspicious.

How Does Share Sale Fraud Occur?

A typical fraud scenario involves a scammer impersonating a real shareholder, such as 'Jane Citizen,' to open a share trading account. Using stolen or falsified identification documents, the fraudster gains access to Jane's shares by illegally obtaining her security reference number or holder identification number. They may even open a fake bank account in Jane’s name to receive the proceeds from the sale of her shares.

ASIC has highlighted that fraudsters gather personal information through various means, including online sources and stealing mail directly from letterboxes.

Steps to Protect Yourself

ASIC urges investors to remain cautious and take immediate action if they detect any unusual activity. Here’s how you can stay vigilant:

1. Regularly Review Your Shareholdings: Monitor your share portfolios, whether they are registered with a share registry or held in a trading account, to catch any unauthorised activity early. It's also a good practice to regularly review your other investment accounts, such as superannuation or managed funds.
2. Use Strong Security Measures:
   • Opt for passphrases rather than simple passwords for your online accounts.
   • Enable multi-factor authentication (MFA) whenever available to add an extra layer of identity verification.
3. Secure Your Mail:
   • Lock your letterbox and check it frequently to prevent mail theft.
   • Ensure your contact details are up to date with your stockbroker, share registries, and financial service providers.
4. Act Quickly if Something Seems Off:
   • If you receive unexpected correspondence, such as new bank cards, notifications about how your shares are held, account creations, or unauthorised share sales, don’t ignore it.
   • Immediately contact your stockbroker, share registry, or bank if you notice any unapproved activity and update your passwords.
   • Always verify contact information from the organisation’s official website, not the details provided in the email or letter, which could be part of a scam.
5. Report Fraud:
   • Report any suspicious activity to Scamwatch.
   • Contact IDCARE, a government-funded service, for help with creating a response plan if your identity has been compromised.
   • Victims of fraud can request credit reporting bodies to place a ban on their credit reports, preventing unauthorised credit checks.

Additional Resources

For more tips on protecting yourself from identity fraud, visit ASIC’s Moneysmart website. Further information is also available on the government’s IDMatch website.

Stay alert and take proactive steps to protect your investments from identity theft and fraud.

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.