El Niño can contribute to hotter, drier conditions across parts of Australia, increasing the risk of bushfires, extreme heat and operational disruption. For businesses, these conditions can affect much more than physical property. Road closures, power outages, supply chain delays and reduced customer access can all interrupt normal trading.
At the time of writing in August 2026, the Bureau of Meteorology reports that a strong El Niño is firmly established and likely to intensify during spring. The Bureau expects the event to persist into autumn 2027, although it cautions that a strong El Niño does not necessarily produce equally severe effects across every part of Australia.
Recent analysis from ABC News indicates that the 2026 El Niño has developed particularly quickly and could become one of the strongest on record. Below-average rainfall and unusually high temperatures are forecast across many areas, raising concerns about drought and fire danger.
While weather conditions cannot be controlled, businesses can take practical steps to prepare. This should include reviewing your risk management procedures and understanding how your business insurance may respond if your property or operations are affected.
El Niño is the warm phase of the El Niño–Southern Oscillation, commonly referred to as ENSO. ENSO describes recurring changes in ocean temperatures, winds and atmospheric pressure across the tropical Pacific Ocean.
During an El Niño event, sea surface temperatures in the central and eastern equatorial Pacific become warmer than average. Trade winds may weaken or reverse, changing the movement of warm water and tropical moisture across the Pacific. This can alter rainfall and temperature patterns throughout Australia.
The Southern Oscillation Index, or SOI, is one of the measures used to monitor ENSO. It compares atmospheric pressure between Tahiti and Darwin. Sustained negative SOI values are often associated with El Niño conditions.
However, the SOI is not the only measure used. Meteorologists also consider:
This means El Niño is not simply a period of hot weather. It is a large-scale interaction between the ocean and atmosphere that can influence weather patterns over many months.
The effects of El Niño vary between regions and from one event to another. It does not mean every part of Australia will experience drought, extreme heat or bushfires.
Nevertheless, El Niño is commonly associated with:
Local geography, soil moisture, vegetation, wind conditions and other climate influences all affect the eventual outcome.
El Niño does not directly cause a bushfire. Bushfires require an ignition source, and their behaviour is influenced by fuel loads, wind, temperature, humidity, terrain and the condition of surrounding vegetation.
However, the combination of below-average rainfall and higher temperatures can dry out soil and vegetation, creating conditions in which fires may start more easily and spread more rapidly.
According to the Bureau of Meteorology’s information about El Niño in Australia, some El Niño years have been followed by severe summer fires, including:
Not every significant bushfire occurs during El Niño. The most severe phase of the Black Summer bushfires actually occurred after El Niño conditions had eased. This demonstrates why El Niño should be treated as one risk indicator rather than a guarantee of particular weather conditions.
The cost of previous bushfire events demonstrates the potential scale of the risk. Based on historical catastrophe information supplied by the Insurance Council of Australia:
Normalised figures estimate what the insured losses from a historical event would cost in more current financial terms. These figures may change as the underlying data and normalisation basis are updated.
The financial effects of a bushfire can also extend well beyond properties directly damaged by flames. Businesses may experience:
Almost any organisation can be disrupted by extreme weather or bushfires, but some industries may have greater exposure.
Farms and agricultural businesses can be affected by water shortages, heat stress, crop losses, livestock risks, equipment damage and interruptions to transport or processing.
Extreme heat, smoke and fire danger can make outdoor work unsafe. Construction schedules may also be affected by site closures, material shortages, road restrictions and damage to plant or equipment.
Tourism operators, accommodation providers, attractions, restaurants and cafés may lose revenue if visitors cannot reach an area or decide to cancel their travel plans.
Bushfires can close major roads and rail routes, disrupting deliveries and preventing employees, customers or suppliers from reaching business premises.
Retailers and wholesalers may face property damage, stock losses, power interruptions, delayed deliveries and lower customer traffic.
Manufacturing businesses may be affected by damage to premises or machinery, interrupted utilities, shortages of essential components and delays involving key suppliers.
There is no single “El Niño insurance” policy. Instead, different types of business insurance may respond to particular damage or losses associated with fires and other insured events.
The appropriate cover will depend on your location, operations, property, vehicles, employees and dependencies.
A Business Pack Insurance policy combines several forms of business cover into one package. Depending on the policy and selected sections, it may provide protection for:
Flood cover should be checked carefully. It may be included, excluded or available as an optional addition, depending on the insurer, property and location. El Niño does not eliminate the possibility of storms, flash flooding or localised heavy rainfall.
Physical damage is only part of the financial risk created by a bushfire. A business may be unable to trade for weeks or months while premises are repaired, equipment is replaced and customers return.
Business Interruption Insurance may help cover financial losses following an insured event. Depending on the policy, this can include:
In many traditional policies, business interruption cover must be triggered by insured physical loss or damage. However, some policies include extensions for circumstances such as prevention of access, damage to utilities or disruption involving important suppliers or customers.
These extensions are subject to their own definitions, distance limits, waiting periods, exclusions and maximum benefit periods.
A comprehensive Commercial Vehicle Insurance policy may cover accidental damage, theft, fire and certain natural disasters affecting business vehicles.
Depending on the policy selected, cover may help:
Businesses should check whether all vehicles, trailers, mobile equipment and accessories are correctly listed and whether their current insured values would be sufficient to replace them.
Businesses that depend on machinery, tools or mobile plant should check plant and equipment insurance to ascertain how these assets are insured while they are:
Damage caused by fire may be covered, but the scope of protection will depend on the policy wording and how the equipment is being used.
This depends on the cause of the closure and the wording of the policy.
Some business interruption policies include a prevention of access extension. This may provide cover when an insured event in the surrounding area causes authorities to prevent access to the business, even if the insured premises are not physically damaged.
However, cover is not automatic. The policy may specify:
A general decline in visitor numbers or customers choosing to stay away may not be sufficient to trigger a claim.
Brian operates a water park in a popular tourist destination. A bushfire occurs nearby but does not physically damage his property.
Emergency authorities close the main highway into the area, which is the only practical route visitors can use to reach the water park. Brian is required to close and suffers a substantial loss of revenue.
If Brian’s business interruption policy includes an appropriate prevention of access extension, and the circumstances satisfy its conditions, the policy may respond to some of his financial loss.
The outcome could be different if the road remained open but tourists simply decided not to visit. Without insured physical damage or another qualifying policy trigger, reduced customer demand alone may not be covered.
This is an illustrative example only. Actual claim outcomes depend on the circumstances, policy wording and applicable limits and exclusions.
Business insurance policies differ considerably. Depending on the policy, common gaps or exclusions may include:
Businesses should not assume that every consequence of a bushfire or extreme weather event will be covered.
An insurance review should consider how the business operates today, not how it operated when the policy was first arranged.
Questions to discuss with your insurance broker include:
Insurance should form part of a broader business continuity and risk management plan.
Practical preparations may include:
El Niño forecasts provide businesses with an opportunity to review their risks before severe weather or fire threatens their operations.
AIB Insurance Brokers can assess your current arrangements, explain how different sections of your policy may respond and identify potential gaps involving property, business interruption, vehicles, equipment and liability.
Ask AIB to review your current policy or contact our team to discuss appropriate business insurance for your operations.
Many business property policies cover fire damage to insured buildings, contents, stock and equipment. Cover depends on the insured property, policy wording, sums insured, exclusions and excesses.
Business interruption insurance may cover lost income and additional operating expenses when an insured bushfire damages the business and interrupts trading. Some policies may also cover prevention of access or damage to utilities, but these extensions are subject to specific conditions.
You may be able to claim if your policy includes prevention of access cover and the closure meets the policy’s requirements. A general reduction in customer numbers without physical damage or an official access restriction may not be covered.
Not necessarily. The effect of El Niño differs by region, industry and individual event. Your exposure will also depend on local vegetation, rainfall, fire conditions, property construction, business dependencies and risk management procedures.
You can ask your broker to review your cover at any time, but any change will be subject to insurer approval and underwriting requirements. It is better to review your insurance before a fire or other event becomes imminent.
Comprehensive commercial vehicle insurance may cover vehicles damaged or destroyed by fire. Third-party-only policies generally do not cover damage to your own vehicle, while third-party fire and theft policies provide more limited protection.
No. El Niño can increase the likelihood of drier conditions across parts of Australia, but storms, flash flooding and localised heavy rainfall can still occur. Flood cover should be assessed according to the location and specific risks facing the business.
Important notice
This article is of a general nature only and does not take into account your specific objectives, financial situation or needs. It is also not financial advice, nor complete, so please discuss the full details with your AIB insurance broker as to whether these types of insurance are appropriate for you. Deductibles, exclusions and limits apply. You should consider any relevant Target Market Determination and Product Disclosure Statement in deciding whether to buy or renew these types of insurance. Various insurers issue these types of insurance and cover can differ between insurers.
Steadfast Group Ltd ACN 073 659 677
Important notice – Steadfast Group Limited ABN 98 073 659 677
This article provides information rather than financial product or other advice. The content of this article, including any information contained in it, has been prepared without taking into account your objectives, financial situation or needs. You should consider the appropriateness of the information, taking these matters into account, before you act on any information. In particular, you should review the product disclosure statement for any product that the information relates to it before acquiring the product.
Information is current as at the date the article is written as specified within it but is subject to change. Steadfast Group Ltd and Steadfast Network Brokers make no representation as to the accuracy or completeness of the information. Various third parties have contributed to the production of this content. All information is subject to copyright and may not be reproduced without the prior written consent of Steadfast Group Limited.
An invoice arrives from a familiar supplier. The email looks genuine, the amount is correct and the bank details are clearly displayed. Your employee makes the payment, only to discover later that the money was transferred to a criminal.
The online banking system worked exactly as intended. There may have been no obvious virus, ransomware attack or technical failure. Instead, the criminal manipulated someone into authorising the payment.
This is social engineering, and it is one of the most difficult cyber security risks for businesses to manage because it targets people and business processes rather than technology alone.
According to the Australian Signals Directorate’s Annual Cyber Threat Report 2024–25, business email compromise resulting in financial loss accounted for 15 per cent of self-reported cybercrime threats affecting Australian businesses. The National Anti-Scam Centre also reported that Australians lost $166.8 million to payment redirection scams during 2025.
Social engineering is the use of deception, impersonation or psychological manipulation to persuade someone to reveal information, provide access or take an action that benefits a criminal.
Rather than trying to defeat your security software directly, a criminal may pretend to be:
These requests are often carefully designed to look legitimate. Criminals may use information from company websites, social media, previous emails or compromised accounts to make their communications more convincing.
One of the most common examples is a payment redirection scam, sometimes known as invoice fraud or business email compromise.
A typical scam could unfold as follows:
The invoice, amount, supplier name and email conversation may all appear genuine. The only altered information could be the bank account details.
In other cases, criminals impersonate a director or senior manager and request an urgent transfer. They may pressure the employee to act quickly, keep the payment confidential or bypass the organisation’s usual approval process.
AI-generated emails, cloned voices and manipulated video can make impersonation attempts even more convincing. Businesses can no longer assume that a familiar writing style, voice or image is sufficient proof of identity.
Social engineering attempts are not always obvious, but common warning signs include:
Businesses should be especially cautious when a request involves changed payment details, a new payee or a high-value transaction.
Technology remains important, but preventing social engineering also requires clear payment procedures and well-trained employees.
Never rely solely on an email advising that payment details have changed. Call the supplier using a phone number already held in your records or published on their official website.
Do not use the phone number provided in the email containing the payment request, as this may connect you directly to the criminal.
The Australian Cyber Security Centre recommends verbally confirming requests to change payment details or make large transfers using a known and verified phone number.
Require two authorised people to approve large payments, new payees and changes to supplier bank details. Approval responsibilities should be clearly documented, including what happens when the usual approver is unavailable.
Appropriate transaction and daily payment limits can reduce the amount that can be transferred before suspicious activity is detected. Higher-value payments may require an additional approval step.
Enable multi-factor authentication for email, banking, accounting software and other important business systems. This makes it significantly harder for criminals to access an account using stolen login credentials alone.
Cyber security awareness training should extend beyond suspicious links and attachments. Employees involved in purchasing, payroll, accounts payable and banking should know how to identify and verify unusual payment requests.
They should also feel comfortable delaying a payment or questioning a senior employee when the request does not follow established procedures.
Businesses should use strong, unique passphrases and multi-factor authentication. Email security measures such as SPF, DKIM and DMARC can also help reduce the risk of criminals impersonating your business domain.
Your IT provider can advise whether these protections have been configured correctly.
Tell suppliers and customers how your business will communicate changes to bank details. For example, you might confirm that payment changes will never be advised by email alone and will always be verified by telephone.
Speed is critical. If you suspect that a payment has been redirected:
Avoid deleting suspicious emails until your insurer, bank or cyber incident response provider has advised what evidence may be required.
Businesses should not assume that every Cyber Insurance policy automatically covers money transferred as a result of social engineering.
Some policies distinguish between a criminal directly accessing a system to steal money and an employee voluntarily authorising a transfer after being deceived. Social engineering fraud, invoice manipulation and payment redirection may be excluded, subject to a separate limit or available only through an optional extension. In some circumstances, a separate crime or fidelity policy may also need to be considered.
When reviewing your insurance, important questions include:
Policy definitions, conditions, exclusions and limits can vary considerably between insurers.
Firewalls, security software and multi-factor authentication are important, but they cannot prevent every employee from being deceived by a convincing request.
Protecting your business from social engineering requires a combination of secure technology, employee awareness, robust payment procedures and appropriate insurance.
AIB’s experienced business insurance brokers can help you review your current protection and understand whether your policy includes cover for social engineering, payment redirection and other cyber risks. Learn more about Cyber Insurance or contact AIB to discuss the risks affecting your business.
Important notice
This article is of a general nature only and does not take into account your specific objectives, financial situation or needs. It is also not financial advice, nor complete, so please discuss the full details with your Steadfast insurance broker as to whether these types of insurance are appropriate for you. Deductibles, exclusions and limits apply. You should consider any relevant Target Market Determination and Product Disclosure Statement in deciding whether to buy or renew these types of insurance. Various insurers issue these types of insurance and cover can differ between insurers.
Steadfast Group Ltd ACN 073 659 677
Important notice – Steadfast Group Limited ABN 98 073 659 677
This article provides information rather than financial product or other advice. The content of this article, including any information contained in it, has been prepared without taking into account your objectives, financial situation or needs. You should consider the appropriateness of the information, taking these matters into account, before you act on any information. In particular, you should review the product disclosure statement for any product that the information relates to it before acquiring the product.
Information is current as at the date the article is written as specified within it but is subject to change. Steadfast Group Ltd and Steadfast Network Brokers make no representation as to the accuracy or completeness of the information. Various third parties have contributed to the production of this content. All information is subject to copyright and may not be reproduced without the prior written consent of Steadfast Group Limited.
The end of the financial year is a time for stocktakes, planning and financial reviews. It is also the ideal time to review your business insurance requirements and take stock of your wider risk management programme.
For many businesses, insurance is renewed each year with little more than a quick glance. The problem is that businesses do not stand still. Over the past 12 months, your revenue may have changed, your staffing may have grown, your asset base may have shifted or you may have taken on new contracts with different obligations. Any one of these changes can affect the level and type of cover your business needs.
That is why reviewing your business insurance requirements should be an essential item on your EOFY to-do list. Reviewing your insurance is an “essential task” for your EOFY to-do list, as recommended by the Australian Government Business website. A proactive review can help you identify gaps, update outdated information and make sure your insurance remains aligned with the way your business operates today.
EOFY naturally prompts businesses to review performance, expenses, assets and plans for the year ahead. Insurance should be part of that same process.
A business that was appropriately insured a year ago may not be adequately protected now. You may have acquired new equipment, expanded into different markets, increased your stock holdings or taken on larger projects. You may also be facing new risks that were not front of mind when your policies were last reviewed.
Rather than treating renewal as a simple administrative task, EOFY gives you the opportunity to take a step back and ask whether your current cover still reflects your operations, exposures and obligations.
A lot can change in a year, and even relatively small business developments can have a knock-on effect on your insurance needs.
Common changes that can affect your business insurance requirements include:
When reviewing your position, a useful starting point is to ask: what changes have occurred in the business this year? That question can reveal whether your existing cover still matches your risk profile.
If you are not sure where to start, this five-point EOFY checklist can help guide your review.
Start by looking at how your business has changed over the past financial year.
Have you taken on larger jobs, increased your revenue, hired staff, expanded your services or entered new markets? Have you reduced operations in some areas or changed the way you deliver your products or services?
These changes matter because insurance should reflect the current shape of your business, not the version of it that existed when your policies were first arranged.
Business growth can affect areas such as liability exposure, stock levels, staffing, turnover and revenue declarations. Equally, if the business has contracted or changed direction, you may need to update your policies so your cover remains relevant and cost-effective.
Common policies that can be impacted by business changes include business interruption insurance, public and product liability cover, plant and equipment insurance and commercial property insurance.
EOFY is also a good time to think ahead. If you are planning significant growth in the coming year, it is worth considering whether your current cover will still be suitable six or twelve months from now.
Next, take a close look at your business assets.
If you have acquired new equipment, machinery, vehicles, tools, stock or technology, your insurer or broker should be aware of it. Likewise, if you have sold or disposed of assets, that should also be reflected in your insurance arrangements.
One of the most common issues businesses face is outdated asset values. If the replacement value of your assets has increased but your sums insured have not been updated, your business may be underinsured. On the other hand, carrying cover for assets you no longer own may mean you are paying for insurance that is no longer needed.
As part of your EOFY review, it is a good idea to update your asset register and estimate the replacement value of key business assets, including:
The aim is not necessarily to create a perfect valuation document, but to have a clear and realistic picture of what would be required to replace those assets if you suffered a loss.
Your business insurance requirements are not just shaped by what you own or how much you earn. They are also influenced by the risks your business is exposed to.
That is why it is important to identify new and emerging risks as part of your EOFY review. These may include changes in the way your business operates, broader industry developments or evolving client expectations.
For example, many businesses are now more dependent on digital systems, remote access, online transactions and data storage than they were just a few years ago. Others are facing increased supply chain pressure, more complex contractual arrangements or rising repair and replacement costs.
The risks that mattered most when your policies were last arranged may not be the same risks that matter most now. Reviewing your exposures annually can help ensure your insurance keeps pace with changes in your business and the market around it.
Having insurance does not automatically mean you have the right insurance.
A business can hold multiple policies and still have important gaps in cover. That is why EOFY is a good time to review what is actually covered, what is excluded and whether your policy limits remain appropriate.
This is particularly important if you have recently signed new contracts or entered into arrangements with clients, landlords, suppliers or principal contractors. Insurance obligations are often tucked away in contract terms, and businesses sometimes discover them too late.
You should also review whether there are legislative or industry-specific requirements that apply to your business. Depending on your occupation or sector, certain types of insurance may be compulsory or expected as part of operating legally or winning work.
Common policy gaps can include:
A careful review now is far preferable to discovering a shortfall when you need to make a claim.
A good insurance broker can bring valuable perspective to your EOFY insurance review.
They can help you assess whether your current policies still match your operations, explain how legislative or contractual requirements may affect your cover, and identify areas where gaps may have emerged over the past 12 months.
An experienced broker should also be across broader market conditions, claims trends and new or emerging risks that may be relevant to your business. Just as importantly, they should understand how your business works and be able to recommend cover that supports your commercial reality, not just a generic checklist.
If you are already insured, EOFY is an excellent time to check in with your AIB broker and review what cover you have in place. If you are not insured, it is a sensible time to seek advice on what may be compulsory, what may be strategically important, and how insurance can fit into your broader risk management plan.
If you want to make your EOFY review more meaningful, start by asking a few practical questions:
These questions can help turn your insurance review into a useful strategic exercise rather than a simple renewal routine.
Your business and its needs change from year to year. As they do, it is important to reassess your risks, your mitigation strategies and the insurance that supports them.
Reviewing your business insurance requirements ahead of EOFY can help you spot changes in your business, update asset values, identify emerging risks, address policy gaps and make more informed decisions about your cover.
It is a relatively simple exercise that can make a meaningful difference. Instead of rolling over the same arrangements and hoping for the best, you can head into the new financial year with greater clarity and confidence.
If you have not reviewed your insurance recently, EOFY is the right time to do it. reach out to your AIB insurance broker today. We can review your current policy, help identify gaps in your cover and deliver a quote to ensure business insurance requirements are adequately covered.
Important notice
This article is of a general nature only and does not take into account your specific objectives, financial situation or needs. It is also not financial advice, nor complete, so please discuss the full details with your Steadfast insurance broker as to whether these types of insurance are appropriate for you. Deductibles, exclusions and limits apply. You should consider any relevant Target Market Determination and Product Disclosure Statement in deciding whether to buy or renew these types of insurance. Various insurers issue these types of insurance and cover can differ between insurers.
Steadfast Group Ltd ACN 073 659 677
Important notice – Steadfast Group Limited ABN 98 073 659 677
This article provides information rather than financial product or other advice. The content of this article, including any information contained in it, has been prepared without taking into account your objectives, financial situation or needs. You should consider the appropriateness of the information, taking these matters into account, before you act on any information. In particular, you should review the product disclosure statement for any product that the information relates to it before acquiring the product.
Information is current as at the date the article is written as specified within it but is subject to change. Steadfast Group Ltd and Steadfast Network Brokers make no representation as to the accuracy or completeness of the information. Various third parties have contributed to the production of this content. All information is subject to copyright and may not be reproduced without the prior written consent of Steadfast Group Limited.
Australia is home to more than 46,000 real estate businesses. If yours is among them, you’ll know how tough working in and around the property industry can be. The right real estate insurance cover can make it easier to weather the ups and downs and overcome challenges that could otherwise see the firm you’ve fought hard to establish and grow, go to the wall.
So, what insurance do real estate businesses need? This is the cover that will protect you from some of the most common business risks.
Owning or managing a real estate business can be rewarding – but it’s not without risk. Whether you’re a property manager, real estate agent or agency owner, unexpected events can cause significant financial and operational disruption if you’re not properly insured.
Real estate businesses often operate from physical offices or manage rental properties. If you own a premises, building insurance is often a must. It’s there to help cover the cost of relocating your operations and repairing the damage, in the event of disaster.
Property insurance, meanwhile, will help defray the cost of replacing lost, stolen or damaged equipment.
Also essential is public liability and workers compensation insurance to help cover the costs, should an employee or member of the public injure themselves while on your premises, or on the job.
“Historically, professional indemnity insurance was only recommended for accountants, lawyers, architects and other providers of professional services, but these days real estate agents must have it too”, explains Steadfast broker technical manager Michael White.
“One of the most common kinds of professional indemnity claims against a real estate agent is by a tenant who is injured at a rental residential property you manage. There’s a strong chance the tenant will make a claim against your agency, as well as their landlord”, White says.
Usually, the claim is based on allegedly unactioned maintenance requests.
“A tenant may report an electrical fault, for example, but, as an agent, you have limited authority to authorise a repair, should the landlord be unwilling to spend the money,” White explains.
If a hazard is left unrepaired and someone is injured as a result, multiple parties involved in the property’s management may face legal action, including the agent overseeing the property.
Professional indemnity insurance may provide cover for such claims, provided your policy doesn’t specifically exclude personal injury and property damage.
In 2025, cybercrime is a real and rising risk and local business owners of all stripes need to be on their guard. The Australian Cyber Security Hotline received an average of 100 calls a day in the last financial year, according to the Australian Signals Directorate’s Annual Cyberthreat Report 2023-2024.
Recent years have seen real estate businesses become a prime target for bad actors, for two reasons. They hold large amounts of valuable personal information – think tenants’ personal ID and bank account details – and they facilitate high value transactions, when properties are bought and sold.
Incidents and attacks don’t just have the potential to disrupt your operations; remedying them can also cost you dearly, both reputationally and financially. In 2023-24, the average self-reported cost of a cyber-crime incident was $49,600 for small businesses, the Report reveals. For medium sized businesses, that figure rose to $62,800, while larger enterprises shelled out $63,600.
Hardening your high-tech defences will make your real estate business less attractive to hackers and cyber criminals.
And if you’re unfortunate enough to experience an attack, cyber insurance can help cover your losses and the cost of remediation.
Business interruptions due to insured events such as fire, flood or equipment failure can prevent you from trading. Business interruption insurance helps maintain your income, cover fixed operating costs and keep your business afloat during the recovery period.
If you have staff, there’s always a risk of workplace injury, unfair dismissal claims or other employment disputes. Workers’ compensation and management liability cover are important protections for agency owners and managers.
Reviewing your real estate insurance cover will help you determine whether you have the right type and level of cover in place. If you’d like some help to clarify what’s included in your current policies, reach out to your AIB insurance broker today.
Important notice
This article is of a general nature only and does not take into account your specific objectives, financial situation or needs. It is also not financial advice, nor complete, so please discuss the full details with your Steadfast insurance broker as to whether these types of insurance are appropriate for you. Deductibles, exclusions and limits apply. You should consider any relevant Target Market Determination and Product Disclosure Statement in deciding whether to buy or renew these types of insurance. Various insurers issue these types of insurance and cover can differ between insurers.
Steadfast Group Ltd ACN 073 659 677
Important notice – Steadfast Group Limited ABN 98 073 659 677
This article provides information rather than financial product or other advice. The content of this article, including any information contained in it, has been prepared without taking into account your objectives, financial situation or needs. You should consider the appropriateness of the information, taking these matters into account, before you act on any information. In particular, you should review the product disclosure statement for any product that the information relates to it before acquiring the product.
Information is current as at the date the article is written as specified within it but is subject to change. Steadfast Group Ltd and Steadfast Network Brokers make no representation as to the accuracy or completeness of the information. Various third parties have contributed to the production of this content. All information is subject to copyright and may not be reproduced without the prior written consent of Steadfast Group Limited.
Aussies love a backyard, so it’s no surprise landscape gardeners are thriving. A number of different business models operate across the sector, including sole traders and proprietary limited companies and insurance differs across these options. Gardening insurance is vital for a variety of these different small business types including landscapers, gardeners, tree loppers, garden maintenance and lawn mowing businesses
There are also state-based variances in the cover landscape gardeners can secure. When we talk about landscape gardeners, we mean people who look after tasks like mowing, weeding, planting, removing dead plants and edging.
Here are some of the main insurances landscape gardeners need to think about and the risks they cover.
Landscape gardeners should have public liability insurance to protect against claims from third-party injuries like a client tripping over equipment or property damage like accidentally breaking a fence or irrigation system.
Property insurance is essential for landscape gardeners to cover replacement costs if tools, machinery or materials like lawnmowers and edgers are stolen from job sites or vehicles.
Car insurance protects against road accidents, damage or third-party claims that happen to work-related transport, such as vans carrying equipment or trailers hauling debris.
If an individual establishes a company, they can take on a role as an employee within the business, making them eligible for workers’ compensation insurance in all states except Queensland. However, individuals operating a business as a sole trader cannot be classified as employees and are not eligible for workers’ compensation insurance for themselves. In such cases, alternative coverage, such as income protection insurance, may be necessary.
It can be hard for manual occupations such as landscape gardeners to get income protection cover. People who work in these occupations may be able to take out personal accident cover, but this is more limited.
“Taking out workers’ comp in a corporate structure is more generous than personal accident cover. With workers’ compensation, if you get injured, you can keep on claiming until age 65 or whatever the policy’s cutoff date is. Whereas personal accident cover usually ends after 12 months. Income protection insurance is a lot more comprehensive, but it’s a lot more expensive as well,” says Steadfast broker technical manager Michael White.
A business pack combines policies like public liability, equipment and income protection into a single solution, streamlining risk management.
Tree lopping tends to require specialist equipment and a different approach to risk management.
Insurers normally include clauses in tree loppers’ policies that require them to take certain precautions. For instance, they may require a certain number of people to be employed on jobs. The policy may also detail the safety precautions required to perform tasks such as lowering branches to the ground.
“Insurers want to know these procedures have been followed if there is a claim,” says White.
“Insuring landscape gardeners is usually pretty straight forward, unless there is some unusual aspect to the business. But it can be hard to place cover for tree loppers because of the risk of falling branches hitting someone,” he says.
Most insurers will not write liability cover for tree loppers, although it’s possible to get cover in specialised markets.
“Compared to landscape gardeners, tree loppers have heavier vehicles and heavier equipment, such as big mulchers.
An AIB broker may be able to identify insurers willing to accept the risks with this kind of equipment,” says White.
Talk to your Steadfast broker today
An experienced AIB insurance broker can help landscape gardeners and tree loppers get the right gardening insurance cover for their business and its assets, so talk to one today.
Important notice
This article is of a general nature only and does not take into account your specific objectives, financial situation or needs. It is also not financial advice, nor complete, so please discuss the full details with your Steadfast insurance broker as to whether these types of insurance are appropriate for you. Deductibles, exclusions and limits apply. You should consider any relevant Target Market Determination and Product Disclosure Statement in deciding whether to buy or renew these types of insurance. Various insurers issue these types of insurance and cover can differ between insurers.
Steadfast Group Ltd ACN 073 659 677
Important notice – Steadfast Group Limited ABN 98 073 659 677
This article provides information rather than financial product or other advice. The content of this article, including any information contained in it, has been prepared without taking into account your objectives, financial situation or needs. You should consider the appropriateness of the information, taking these matters into account, before you act on any information. In particular, you should review the product disclosure statement for any product that the information relates to it before acquiring the product.
Information is current as at the date the article is written as specified within it but is subject to change. Steadfast Group Ltd and Steadfast Network Brokers make no representation as to the accuracy or completeness of the information. Various third parties have contributed to the production of this content. All information is subject to copyright and may not be reproduced without the prior written consent of Steadfast Group Limited.
Running a professional services business – whether you’re a lawyer, accountant, engineer or consultant – comes with opportunities, but also challenges and risks. While your expertise and knowledge are your primary assets, they also expose you to potential liabilities that can have significant financial and reputational consequences. This is where professional services insurance cover becomes invaluable.
Understanding these risks and having the right insurance cover in place is crucial to help protect your business.
Professional negligence, or errors and omissions, is a significant risk for professional services businesses.
This happens when a client claims your advice, service or work was incorrect, incomplete or failed to meet the expected standard, resulting in financial loss or other damages. Even the most experienced professionals can make mistakes, and the consequences can be severe, which is why insurance is important.
Breach of contract claims can happen if you fail to deliver services as agreed in a contract. This includes missing deadlines, not meeting the scope of work or not adhering to the terms and conditions outlined in the agreement.
These claims can lead to costly legal battles and damage your business’s reputation.
Data breaches are expensive, with research indicating cyberattacks cost Australian small businesses like lawyers and accountants $300 million a year.
Professional services businesses handle a vast amount of sensitive client data, which makes them attractive targets for cybercriminals. A data breach or cyberattack can mean client and confidential firm information is stolen or compromised, leading to extremely serious consequences like financial losses, legal liabilities and damage to your business’s reputation.
All firms that employ people face the risk their staff will be injured in the workplace.
It’s mandatory under state-based laws that all businesses, including professional services firms, have cover for risks such as workplace injuries.
These are some of the main insurances professional services firms need to have in place.
This is the cornerstone coverage when it comes to professional services insurance. It can provide cover for claims of negligence, errors, omissions or breaches of duty in the services you provide.
Professional Indemnity (PI) insurance can cover legal costs and damages awarded to the claimant, so your business can keep operating without a lawsuit taking up the lion’s share of the business’s resources and time.
Here are some of the benefits PI insurance may provide:
Public liability insurance provides cover for your business for claims for bodily injury or property damage to third parties such as clients, visitors or members of the public from your business activities.
While professional services businesses may not have the same level of physical interaction as other industries, there is still a risk of accidents occurring on your premises or as a result of your work. So, this cover can be important.
Cyber insurance can help protect your business against the financial losses and liabilities associated with data breaches, cyberattacks and other cyber-related incidents. This coverage is important for professional services businesses that handle sensitive client data and rely heavily on digital systems.
Cyber insurance can provide cover for:
Workers’ compensation insurance is mandatory across all states and territories in Australia.
It can cover staff’s medical expenses, rehabilitation costs and lost wages due to work-related injuries or illnesses. Having adequate workers’ compensation insurance helps firms meet their legal obligations.
D&O insurance can help protect the personal assets of directors and officers of your business in the event they are sued for alleged wrongful acts in managing the company.
This cover is particularly important for professional services businesses that have a board of directors.
Business interruption insurance may cover the loss of income and additional expenses if your operations are disrupted due to an event like a natural disaster, fire or cyberattack. This can help your business to continue to meet its financial obligations like staff wages while the business gets up and running again.
Having the right insurance helps protect your business against the most common claims. Talk to your AIB broker today about understanding your risks and ensuring you have comprehensive insurance coverage so you can focus on what you do best, delivering high-quality professional services to your clients.
Important notice
This article is of a general nature only and does not take into account your specific objectives, financial situation or needs. It is also not financial advice, nor complete, so please discuss the full details with your Steadfast insurance broker as to whether these types of insurance are appropriate for you. Deductibles, exclusions and limits apply. You should consider any relevant Target Market Determination and Product Disclosure Statement in deciding whether to buy or renew these types of insurance. Various insurers issue these types of insurance and cover can differ between insurers.
Steadfast Group Ltd ACN 073 659 677
Important notice – Steadfast Group Limited ABN 98 073 659 677
This article provides information rather than financial product or other advice. The content of this article, including any information contained in it, has been prepared without taking into account your objectives, financial situation or needs. You should consider the appropriateness of the information, taking these matters into account, before you act on any information. In particular, you should review the product disclosure statement for any product that the information relates to it before acquiring the product.
Information is current as at the date the article is written as specified within it but is subject to change. Steadfast Group Ltd and Steadfast Network Brokers make no representation as to the accuracy or completeness of the information. Various third parties have contributed to the production of this content. All information is subject to copyright and may not be reproduced without the prior written consent of Steadfast Group Limited.
More than half (53.3%) of all Australian small businesses expect to grow in 2024, according to research released by accounting body CPA Australia. This is great news for the many dynamic entrepreneurs running these exciting ventures.
As your business grows and evolves, so could your insurance needs. Expanding your business, whether by increasing the scope of your operations, hiring more employees or opening a new location, may require careful consideration of your insurance coverage.
Ensuring you have the right insurance policies in place is crucial, even for home businesses, to help protect your growing investment and mitigating potential risks.
1. Review current policies
The first step in ensuring adequate coverage when your business is growing is to review your existing insurance policies.
The idea is to look into your current general liability, property and business interruption insurance policies to determine if they still meet your business’s needs. Expansion can often increase exposure to risks, so your existing coverage limits may no longer be sufficient.
2. Identify new risks
Growing your enterprise could introduce new risks your current policies may not cover. For example, opening a new location may expose you to different environmental hazards, customer demographics or regulatory requirements. Identifying these new risks would help you to work out the extra cover you need to protect your business.
3. Update your insurance
As your business expands, it’s often crucial to fortify it with the right insurance policies.
What’s important is to tailor your insurance strategy to your expanding business needs, so you can navigate your growth journey with confidence.
It’s easy to let your insurance requirements fall down your to-do list when you’re expanding. But this can increase your business risks at a time when you need to be working on the business rather than managing a claim.
As your business continues to grow, regularly reviewing and updating your insurance policies is essential. So make it a priority to do a yearly insurance audit to assess your coverage needs and make adjustments to your policies as necessary.
An experienced insurance broker can give you valuable guidance as you navigate the complexities of expanding your business, helping you to identify coverage gaps, recommend appropriate policies and negotiate competitive rates.
Talk to an AIB insurance broker today to ensure you have a comprehensive insurance strategy that aligns with your business goals.
Important notice
This article is of a general nature only and does not take into account your specific objectives, financial situation or needs. It is also not financial advice, nor complete, so please discuss the full details with your Steadfast insurance broker as to whether these types of insurance are appropriate for you. Deductibles, exclusions and limits apply. You should consider any relevant Target Market Determination and Product Disclosure Statement in deciding whether to buy or renew these types of insurance. Various insurers issue these types of insurance and cover can differ between insurers.
Steadfast Group Ltd ACN 073 659 677
Important notice – Steadfast Group Limited ABN 98 073 659 677 and Steadfast Network Brokers
This article provides information rather than financial product or other advice. The content of this article, including any information contained in it, has been prepared without taking into account your objectives, financial situation or needs. You should consider the appropriateness of the information, taking these matters into account, before you act on any information. In particular, you should review the product disclosure statement for any product that the information relates to it before acquiring the product.
Information is current as at the date the article is written as specified within it but is subject to change. Steadfast Group Ltd and Steadfast Network Brokers make no representation as to the accuracy or completeness of the information. Various third parties have contributed to the production of this content. All information is subject to copyright and may not be reproduced without the prior written consent of Steadfast Group Limited.
Childcare centres play a crucial role in the early development of children, providing a safe and nurturing environment where they can grow and learn. However, ensuring the safety of children extends beyond physical care; it also includes protecting them from potential sexual abuse.
From a childcare insurance perspective, safeguarding against sexual abuse is a critical concern that requires a proactive and comprehensive approach. By implementing robust safeguarding measures, childcare centres not only protect the children in their care but also minimise potential liabilities and strengthen their position with insurers.
This guide aims to provide childcare centres with comprehensive strategies to safeguard children, ensuring their well-being and the trust of their families.
Sexual abuse in childcare settings, although rare, is a grave concern that can have lasting impacts on children, and even family members. It is vital for childcare centres to implement robust safeguarding measures to prevent such incidents. These measures not only protect children but also uphold the integrity and reputation of the childcare centre.
From an insurance perspective, safeguarding against sexual abuse in childcare centres involves a collaborative effort between the insurer, insurance broker and the childcare providers. We offer guidance, resources, and risk assessment tools to help centres implement effective safeguarding practices. Our shared objective is to create a secure environment where children can thrive, and childcare centres can operate with confidence.
An effective Client Protection Policy (CPP) is essential for any childcare centre to safeguard against sexual abuse. This policy should include critical risk controls and reference the 10 National Principles for Child Safe Organisations. Key components of the CPP should include:
Implementing a robust Client Protection Policy with the above features is essential for:
In the unfortunate event of suspected abuse, it is crucial to act swiftly and appropriately. Your insurance broker and the insurer can provide guidance and support throughout the process:
Conclusion
From an insurance perspective, safeguarding against sexual abuse in childcare centres is an essential aspect of risk management. By working together with childcare providers, we can create a safe and nurturing environment that protects children, supports families, and upholds the reputation of childcare centres. Through comprehensive safeguarding measures, continuous education, and collaborative efforts, we can ensure the well-being of the youngest and most vulnerable members of our society.
Together, we can build a future where every child is protected and cherished, and every childcare centre operates with confidence and security.
For further assistance and to learn more about how we can support your childcare centre in safeguarding efforts, please contact our childcare insurance team.
References:
When you’re going out alone for the first time, there’s lots to organise and even more to pay for. While it is not always at the top of an entrepreneur’s To-Do list, ensuring you have the right startup business insurance cover is critical.
It can help protect your new business and its assets if something goes wrong. Without it, you may struggle to recover and remain viable after an accident or incident.
So, what insurance do new enterprises like yours need to start a business? Steadfast Technical Broking Manager Annette O’Brien shares some advice.
Start-up businesses are often advised to take out public and product liability insurance.
The first covers you for third-party injuries or property damage caused by your negligence. The second can help protect your business if a person or their property is harmed or damaged by a product you’ve manufactured or supplied.
Property insurance is designed to safeguard your assets – think plant and equipment, furniture, ICT devices and the like – against property damage, weather events such as storms, machinery breakdown and theft.
If you intend to hire employees or contractors, you will need to take out workers’ compensation insurance. This insurance will help protect against loss from work-related injuries and illnesses.
And should your employees need to use their own or company vehicles for work related purposes, you’ll likely need a comprehensive motor insurance policy.
While some new business owners baulk at the cost of business insurance, O’Brien says having coverage in place is part and parcel of operating professionally.
“Many insurers offer a business package that incorporates some or all of these common policies – your broker can help you source one that’s competitively priced and compatible with your business needs,” she says.
Depending on the nature of your enterprise, it may also be wise to take out specialised cover. If you provide professional services or advice, you’ll likely need professional indemnity insurance to help protect against claims related to errors, omissions or negligence.
In today’s world, cyber insurance is fast becoming a must-have, particularly for businesses that handle and store customers’ personal data.
Cyber-attacks and data breaches are now a daily occurrence – the Australian Cyber Security Centre received 94,000 cyber-crime reports in FY2023 – and they can be disruptive and damaging, particularly for organisations that lack the resources to remediate them.
Given the average cost per crime report is now $46,000 for small businesses, most start-ups would fall into that category, O’Brien points out.
“Cyber cover can help you mitigate the costs associated with data breaches and privacy violations,” O’Brien says. “Without it, your new business may struggle to recover from a significant incident.”
Insurance can help safeguard start-up businesses like yours against unexpected damage, disruption and disaster.
If you need help to determine the type and level of cover that’s right for your new enterprise, contact your AIB broker today.
Important notice
This article is of a general nature only and does not take into account your specific objectives, financial situation or needs. It is also not financial advice, nor complete, so please discuss the full details with your Steadfast insurance broker as to whether these types of insurance are appropriate for you. Deductibles, exclusions and limits apply. You should consider any relevant Target Market Determination and Product Disclosure Statement in deciding whether to buy or renew these types of insurance. Various insurers issue these types of insurance and cover can differ between insurers.
Steadfast Group Ltd ACN 073 659 677
Important notice – Steadfast Group Limited ABN 98 073 659 677 and Steadfast Network Brokers
This article provides information rather than financial product or other advice. The content of this article, including any information contained in it, has been prepared without taking into account your objectives, financial situation or needs. You should consider the appropriateness of the information, taking these matters into account, before you act on any information. In particular, you should review the product disclosure statement for any product that the information relates to it before acquiring the product.
Information is current as at the date the article is written as specified within it but is subject to change. Steadfast Group Ltd and Steadfast Network Brokers make no representation as to the accuracy or completeness of the information. Various third parties have contributed to the production of this content. All information is subject to copyright and may not be reproduced without the prior written consent of Steadfast Group Limited.
Many small business owners have embraced the online business model because of the obvious benefits of lower overheads – no expensive lease agreements, no store fit out costs or maintenance and utilities. This might lead you to believe that there are also fewer apparent business risks associated with having no physical store presence. However, just because you don’t have a ‘bricks and mortar’ business location, doesn’t mean you are not exposed to similar potential financial losses. Having adequate eCommerce insurance is an important way to protect your growing business. So when it comes to insurance for online business, what type of exposures should you consider?
E-commerce business insurance refers to a range of insurance products designed specifically for businesses that operate and sell online. These insurance policies are tailored to address the unique risks associated with conducting business over the internet.
The simple answer to this question is – yes! While you may not run the risk of customers getting injured on your property, you have many of the same risks as any other retailer or service provider plus a couple of more specific ones. If your online business sells goods or services you could definitely benefit from business insurance that could mitigate a number of key exposures.
Depending on the type of business that you run, you still have the potential for your products to fail, be stolen or damaged or for your services to be called into question. In addition, operating in a digital space means you are exposed to the specific risks associated with data breaches or cyber crime.
Potential financial losses and liabilities associated with digital or online-only businesses can include everything from your website or online store going down, to the physical loss of your products due to theft, fire, weather damage or transit issues. You may be held responsible if your products cause physical injury or harm to someone and your reputation may suffer damage if a client feels you have been negligent.
Having appropriate online business insurance in place can protect your ecommerce business against potential legal action from customers or third parties who may claim to have suffered injury or property damage as a result of using your goods and services. This can include covering legal costs should you need to defend yourself against such claims and may even cover compensation that you may be required to pay.
Broadly, insurance for online business falls into several main categories: liability cover, business continuity protection and transit insurance. Let’s take a look at the types of cover you might want to consider.
Online retailers and eCommerce sites are most affected by cyber liabilities, as the point of sale overwhelmingly relies on websites and IT. If you were affected by a cybercrime you would likely suffer business interruption and it could impact your business profitability.
Cyber insurance protects against losses due to cyber incidents such as data breaches, hacking or accidental loss of customer information. Cybersecurity is one of the most significant challenges for an online business nowadays. Potential exposures include data breaches and the associated fines and penalties; cyber attacks where your data is encrypted and held to ransom; data loss and recovery costs and reputational harm.
Depending on how specialised your business is, you need to consider how much you might be affected if an integral part of your business e.g. machinery breakdown such as refrigeration units or storage facilities such as warehouses was unavailable or offline for any period of time.
Business Interruption Insurance provides compensation for lost income and other expenses if the business is unable to operate due to physical loss or damage from natural disasters such as fires or floods. It can cover financial losses such as lost profits, employee wages, fixed costs such as rents, temporary relocation and recovery costs.
The nature of work engaged in by online retailers and eCommerce operations may include exposure of employees to office, warehouse and shop hazards such as slips, trips or falls or risks associated with heavy lifting.
While Workers Compensation insurance regulations differ by state or territory and by the size and type of business that you run, Employers Liability Insurance can provide cover for compensation for medical and hospital expenses and rehabilitation services should an employee be injured in the course of carrying out their duties.
If you run a manufacturing or labour intensive operation and depending on the size and scale of your business, you may have a greater risk exposure to employee unforeseen actions or wrongful acts in your business operations.
Management Liability Insurance can safeguard you against claims arising from mistakes, actions or decisions made by your company directors, managers, officers and employees. It can cover the cost of investigating, defending and settling claims by a third party, as well as paying compensation the business is liable for.
Don’t let the term ‘inland marine’ confuse you. This isn’t cover for transporting goods on a ship. If your eCommerce business transports products, materials or equipment over land via truck or train, you may be exposed to risks of your products being lost or damaged in transit or while being stored in a warehouse.
Inland Marine Insurance can protect you should you lose products, materials or equipment due to theft, rough handling that causes damage or bad packaging resulting in damage. It can also cover you for damage or financial losses incurred while your goods are being held by a third party such as a warehouse or logistics company.
E-commerce insurance is crucial for online businesses due to the particular vulnerabilities they face, such as cyber threats, logistical challenges, and the global nature of access, which can expose them to various regulatory environments and litigation risks.
If you operate an online business contact AIB’s business insurance experts for assistance in selecting and getting a tailored quote for a policy that covers your specific needs.
