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Insurance Options When You Want to Upgrade Your Business Machines

websitebuilder@thryv.com — Tue, 20 Sep 2022 16:44:56 GMT

Businesses with the latest equipment can often improve their efficiency, resulting in a more competitive and profitable business. However, your machines face several risks, and you should consider contingency measures to prevent any loss of your investments.

Insurance helps you avoid any inconveniences that may occur after you upgrade your business equipment. Your new machines may have cost a lot of money, and their losses could bankrupt or ruin your business’ strategies. Insurance also gives you the confidence to take business risks without fear of loss.

Read on to learn about several insurance options available for when you upgrade your machinery.

Breakdown Insurance

A machinery breakdown insurance policy is one of the most important covers for your small business. This cover helps you pay for repairing machinery at work when they break down accidentally, or for routine maintenance. Breakdown insurance only applies to machines whose warranty periods have already expired.

This insurance cover is appropriate for different industries and machines. For example, you can obtain breakdown insurance for commercial vehicles the same way you get cover for your forklifts or bending machines. Some major industries in which this insurance coverage may be essential, are health facilities, manufacturers, production plants, financial institutions and real estate businesses.

Fire Insurance

Machines are often at risk of damage caused by fires. Fires come from a wide variety of accidents and natural causes. Fire insurance exclusively applies to damages caused by flames, including bushfires. Your business may have fire-retarding mechanisms, but natural factors such as heat waves may also cause fires.

Some machines are more likely to cause a fire than others. For example, damaged instruments cause short circuits that lead to sparks and fires. In addition, devices that use combustible fuels such as petrol or propane may also be at a higher risk of developing fire on your premises.

Sabotage and terrorism

Insurers have unique covers that protect your business from sabotage, physical damages, strikes, civil commotion and riots. These insurance covers extend to the interruptions caused by such problems. For example, your business may quickly lose clients when its core machinery and equipment do not function to the fullest.

Another major issue that can damage your business’ machinery and equipment is terrorism. For example, cyberterrorism can cause catastrophic failure of systems that rely on networks vulnerable to hacking. You should consider this type of insurance to prevent losses from terrorism, whether your business is the direct or indirect target of such attacks.

Theft

Finally, your new machines and equipment may have required a huge investment, so it makes sense to protect them against theft. You may also wish to insure portable items under ‘General Property’ so that theft is covered away from the business premises.

Business insurance helps protect your business against numerous risks that it may face. Once you upgrade your machinery, ensure you adequately protect these valuable assets and the rest of your business. At Westralian Insurance, we can help you explore different insurance options. We will also assist with any claims you may need to make in the future.

Critical Business Insurance for Your Auto Repair Shop

websitebuilder@thryv.com — Wed, 13 Jul 2022 20:50:48 GMT

Insurance helps protect your business in the event of a liability claim or property damage. If you are a small business, your profits alone may not meet such potentially huge costs. Luckily, you can obtain several insurance policies to help protect your business assets. This article discusses three essential insurance covers that your auto shop should consider.

Workers Compensation insurance

Running a garage means you might delegate a lot of work to employees as you concentrate on managing and building the business. If that’s the case, the Australian government demands that all businesses must have Workers Compensation insurance. This cover is essential in avoiding litigation, remaining compliant and bidding for any tenders.

Even though this policy is a legal requirement, it has several other benefits. For example, your business can fully compensate workers injured at the garage and help them recover quickly. This insurance policy also helps you minimise downtime and other inefficiencies associated with lengthy claims and negotiations.

Commercial Vehicle insurance

Your garage may have a crane truck, low bed trailer, or a van to ferry parts and workers. These vehicles may be in accidents, and your business should consider insurance for such issues. Commercial vehicle insurance pays for damage caused by your car to other road users and also includes cover for your own damage if you elect to take out Comprehensive cover.

Professional Indemnity cover

Professional Indemnity insurance will protect you in the event of your business being held responsible for any errors, negligence or professional mistakes. Professional Indemnity insurance is designed to protect you from financial losses should your business be found liable for professional negligence.

Business Insurance gives you the confidence to run your auto shop without fear of going under due to legal costs, compensation claims and many other potential losses. At Westralian Insurance, we help clients manage their business risks and insurance needs, before recommending suitable coverage to protect their business. Contact us today for personalised insurance solutions and friendly and efficient customer service.

Are you thinking about becoming a sole trader? Do you know which insurance options you'll likely need?

websitebuilder@thryv.com — Tue, 29 Mar 2022 19:18:33 GMT

In today's COVID-driven world where employment flexibility is more popular than ever, becoming a sole trader seems like the ideal way to make a living on your own terms. However, whilst establishing your own trade and hiring employees to help your business run smoothly, it doesn't come without its risks.

Fortunately, investing in the right kind of insurance policies can help you stay afloat, should an accident occur on the job or in the workplace. Read on to discover some of the most common business insurance products you should consider investing in as a sole trader.

Product or Public Liability insurance

Liability insurance protects you in case anyone sustains an injury whilst on your business property. It also covers any damage your property (including your products) causes to a third party. So whether someone visits your office and sustains a slip-and-fall injury or your plant or equipment causes third party property damage, these policies prevent you from being personally liable for the associated costs.

Workers Compensation insurance

If you're able to hire employees to help fulfill services and meet customer needs, Workers Compensation is a legal requirement for your business. Should your direct hires or independent contractors injure themselves on the job, a Workers Compensation policy can cover those incurred costs so your business doesn't take a financial hit.

Property insurance

We use this term more generally to explain several different types of insurance that protect your property assets—most notably your building or office space, tools and equipment, and other related goods.

For example, building insurance protects your physical office space from unforeseeable events such as floods or fires and any associated damage. Tools of Trade insurance helps cover specified equipment you use for your trade and can include vehicles. However, depending on the breadth of your business and your available resources, you should also consider investing in a vehicle insurance policy for all your commercial vehicles.

Note that not all types of equipment, tools or property qualify for coverage under these types of insurance. Check with your insurance broker to ensure you obtain the right kind of coverage for every facet of your business, as well as every piece of equipment that could be at risk for damage or loss.

Cyber insurance

So much of what we all do is on the internet, from working remotely to communicating with family and friends, to buying products and scheduling services. Depending on the nature of your business, the client information you store could range from minor (such as email addresses) to major (including credit card numbers or personal identifiable information).

With cyber insurance, you help protect your online business from cybercriminals. Plus, if you ever deal with disruptions related to hacking or other cyberattacks, this kind of insurance may help you to continue earning profits.

Professional Indemnity insurance

Does your business offer advice or consultation-based services? If so, you may wish to consider Professional indemnity insurance. This type of insurance allows you to give expert advice and related services whilst still protecting you against any legal claims.

Specifically, if a client claims you omitted valuable information which led to serious issues or losses—or they allege you acted maliciously or neglectfully—Professional Indemnity insurance will cover the legal costs related to these kinds of losses.

If you have any questions about these insurance types, or you're ready to invest in a policy as a sole trader, get in touch with Westralian Insurance . We'll design an insurance solution tailored to your business, so you can move forward with confidence in your trade and serve your clients as effectively as possible .

4 Reasons to Use an Insurance Broker When Setting Up a Business

websitebuilder@thryv.com — Mon, 31 Jan 2022 15:30:52 GMT

Every new business needs some form of business insurance. While you may choose to organise coverage for yourself, you should also consider using a business insurance broker, even at an early start-up stage. What can a broker do for your new business?

1. Get the right insurance coverage

While you may have some ideas about the types of policies you need, you may not have comprehensive business insurance knowledge. You may not know about all the different types of business coverage you can take out, to protect your business.

You may wish to take out a general package direct from an insurance company, because this seems like the easiest option. While this probably covers the basics, you may not get the protection your business needs.

An experienced business insurance broker understands the commercial insurance market on an expert level. They know how to insure business start-ups. They also understand how to insure different business sectors and specialist trades.

You don't have to settle for a general business package and will get customised coverage that meets your current insurance needs. Your broker will give you a clear explanation of the policies you take out so you understand exactly why you need them and what they do. Plus, as your business grows, your broker will be there to help you adapt your coverage in the future.

This advice also ensures that you meet any statutory requirements. For example, your broker can help you work out if you are legally required to take out certain policies such as Workers Compensation or Liability insurance.

2. Save time

If you organise your own business insurance and want to get the best coverage, you will need to set aside some time. You’ll need to research insurance companies and policy types, as well as source and compare quotes.

This research can eat into time better spent working on your start-up. If you take too long, you run the risk of not having coverage in place when you need it.

A business insurance broker works much faster. They already have all the market knowledge and connections you need. You don't need to spend any time on this part of the process and can just focus on setting up your business.

3. Save money

Even if you compare insurance quotes, you might not get the most cost-effective package. You might not include an insurer in your shortlist that has competitive rates and coverage. Or, if you take out a general business insurance package, you may pay for coverage your business doesn't actually need.

Insurance brokers can help you find the best coverage at the lowest rates. They know all the players in the market and often have access to special deals or policies that you can't access directly.

Plus, a broker can give you advice on other ways to reduce your insurance costs. For example, if you're willing to increase the excess on a policy, then your premium costs may decrease.

4. Get expert claims assistance

If you organise your own business insurance, you’ll need to manage any claims you make and will liaise with your insurance company directly.

Unfortunately, this process isn't always straightforward. You might not know exactly how to cost a claim, or make mistakes lodging a claim. You may also have problems getting your insurer to approve your claim for the full amount.

Using an insurance broker ensures they always represent you in a claim. They will manage the claims process and liaise with the insurance companies involved, letting you get on with running your business.

If you want insurance advice on the protection your start-up needs, contact Westralian Insurance today.

How to Choose the Right Home-Based Business Insurance Coverage

websitebuilder@thryv.com — Wed, 29 Sep 2021 14:17:59 GMT

If you’re planning to set up a new business from home, or switch to home working after renting office space, you need to ensure you have the right insurance coverage in place. You should not assume your home and contents insurance will cover your business needs.

To get started, consider the following areas.

Your assets

Your Home and Contents insurance policy may cover some of the items you use to run your business, for example, your policy's general terms might cover a laptop or computer.

However, Home and Contents insurance policies aren't designed to cover business assets. Your policy limits may not meet the value of your business equipment. You may also not be allowed to add business items to your coverage.

Consider your business assets and their value to your business. You may need to insure home office equipment such as computers, printers, copiers and scanners against fire, theft and damage. If you keep stock or tools in or on your property, they also need to be protected.

If you use your car as a company vehicle, you will need insurance that covers business use. If you take equipment such as laptops and phones out of your home office, customer sites or on business trips, you should consider a policy that covers items outside of your home office.

Your staff

If you employ staff, you’ll have an obligation to provide Workers Compensation coverage. This insurance protects employees financially, should they sustain an injury or illness resulting from the work they do for you.

Bear in mind that this obligation doesn't just apply to full-time salaried employees. You may need to cover employees who are on a part-time, commission-based or casual basis. In some cases, you may need to cover contractors and sub-contractors if you use them.

Your income

If something goes wrong with your business, you don't just have to think about how you'll pay to repair or replace your assets, you’ll also have to work out what will happen to your earnings. For example, if you have a fire at home and your computer is damaged, you may not be able to work until you buy a new one and transfer its data from your backup.

This is where you may wish to take out a policy to protect your income. Business Interruption insurance helps you cover lost earnings if your business can't trade.

Your liability

All businesses require different kinds of liability insurance. For example, you should set up a Public Liability policy if anyone is likely to visit your home office. If they have an accident during a visit, this insurance policy will pay for your legal and compensation costs.

The type of business you do may require extra liability coverage. If you give professional advice as part of your work, you may wish to consider Professional Indemnity insurance. If you sell products to your customers, Product Liability covers you if one of your products injures someone or causes damage to their property.

To find out more about home-based business insurance options, contact Westralian Insurance. We are a team of experienced, fully qualified insurance brokers. With our help, you can work out exactly what coverage you need and find policies at the right price.

All You Need to Know About Professional Indemnity Insurance

websitebuilder@thryv.com — Thu, 09 Sep 2021 14:35:41 GMT

For protection against acts of professional negligence or wrongful advice, you should understand how Professional Indemnity insurance works.

3 Types of Insurance You Need to Protect Your Hair Salon

websitebuilder@thryv.com — Wed, 21 Jul 2021 19:41:17 GMT

If you're wondering how to best financially protect your hair salon, read this rundown of three insurance policies you should consider.

5 Questions to Ask Your Workers' Compensation Insurance Broker

websitebuilder@thryv.com — Tue, 29 Jun 2021 16:23:33 GMT

Workers Compensation is a compulsory insurance which protects employees in the event of a workplace injury. When taking this cover for the first time, you may be confused about the type of cover you should take.

1. Who does the policy cover?

Workers Compensation insurance covers all classes of employees, including casuals, permanent employees, seasonal employees and working directors. The policy can also cover subcontractors working on behalf of the company.

The business owner(s) and third parties are often exempt from the cover.

2. How much are the premiums worth?

Several factors will affect the Workers Compensation premium . They include:

The number of employees in your business
The compensation of your employees
The kind of work your employees perform
The safety of your workplace

Keep in mind, you will typically pay a higher premium if your employees perform hazardous work such as construction and mining, and you will pay more if your workplace contains fire hazards or construction risks.

3. Can you reduce the premium?

The insurer may assess your workplace before issuing cover. Since premiums are based on the risks your employees face at your workplace, you may be able to reduce the risks to decrease the premium.

For example, your commercial building should have essential safety standards to reduce injuries in case of a fire outbreak, and your premises should be compliant with the building code. You should also eliminate other workplace hazards such as frayed wires, faulty elevators, slippery floors and malfunctioning appliances.

If your employees operate machines at the workplace, train them on machine operation to decrease the possibility of accidents. Additionally, equip them with protective gear to minimise injuries in case of an accident.

4. Do clients need to update cover?

A wages declaration is sent out every 12 months at renewal to obtain updated wages from you.

You must inform your insurer or insurance broker as and when your business changes, particularly if your trade, service or occupation changes.

5. What happens when an employee suffers an injury at your workplace?

Your first concern as an employer, is to ensure that the injured employee sees a doctor or goes to a hospital in the shortest time possible. This will prevent them from furthering the injury or acquiring complications caused by non-treatment.

Additionally, you should gather as much information as you can about the injury. For instance, when did the injury occur? What caused the injury? Can you tell the extent of the injury? Who responded to the injury?

You will then use this information to file a claim with the insurer or insurance broker. Upon acceptance the insurer will reimburse the employer for replacement wages while the injured worker is unable to work, as well as reimbursement for all medical costs associated with the claim.

When arranging your Workers Compensation cover, you should speak with an insurance broker who is experienced with Workers Compensation policies. Your preferred insurance broker should offer quality service and have a fast and efficient claims handling process.

At Westralian Insurance, we understand Workers Compensation insurance. Contact us today to learn more about our services.

4 Things to Do When Your Employee Suffers a Workplace Injury

Wed, 02 Jun 2021 14:24:09 GMT

Workers Compensation is a compulsory cover for most Western Australian businesses that employ part-time or full-time employees. If you are a small business owner, this cover protects your business from having to pay potentially large costs associated with medical bills and replacement income, in the event of a workplace illness or injury.

If an employee suffers an injury at the workplace, the employer is responsible for filing the claim with the insurer. The excerpt below discusses what you should do if an employee suffers an accident at the workplace.

1. Ask the employee to seek immediate medical attention

It is the first rule of any injury claim. The reason behind this is, if the employee chooses not to seek medical attention, it will be challenging to determine the extent of their injuries.

For example, take the case where an employee fails to seek medical attention for a fracture. Over time, the fractured area may begin to swell and become infectious. If the employee decided to seek medical attention at this stage, the injury would be more expensive to treat than it would have been initially. Additionally, the injury will also take longer to heal.

The underlying principle of Workers Compensation is that the insurance company only pays for injuries resulting from the accident. Therefore, insurance adjusters could argue that the employee's negligence increased the severity of the injuries. Alternatively, they could assert that the employee failed to seek medical attention to increase the value of their claim. These arguments could significantly affect their claim.

2. Gather evidence that relates to the injury

Insurers will require intricate details regarding the injury to ensure that the injured employee qualifies for compensation. Ideally, you should provide the following information:

· Was the injured employee casual or permanent?

· What time was the employee injured? The insurance company will want to know if the incident occurred during working hours.

· What was the state of the employee when the injury occurred? For example, were they under the influence of medication or drugs?

· What was the cause of the injury? It could be a defective machine, slippery surface, car accident or poorly built structure.

· Did the employee have pre-existing medical conditions that you were aware of?

· What are the employee's salary and allowances?

· From your assessment, do you think that the employee was negligent?

3. Contact the insurance provider

The insurance company expects you to file the claim. The claims filing process should be straightforward when dealing with most insurers. More often than not, you can file the claim on the insurer’s website. You may have to visit their office or that of your insurance broker to file the claim.

Once you file the claim, the insurance company will send an adjuster to establish the conditions that led to the incident. In most cases, the adjuster will need to interview you, the injured employee and any witnesses at the site. He or she will then file a report with the insurer. The insurer will use this report to determine suitable compensation.

4. Prepare your employee for the claims process

As an employer, you should not take any sides once an employee suffers an injury at your workplace. However, given that the employee does not understand the claims process, it would be wise to give them some insight as to what they should expect.

Typically, the employee must be completely honest with the insurance adjuster. For instance, if they left out minor details such as the existence of other medical conditions, the insurer could argue that they intend to defraud the company. The employee is also entitled to negotiate their compensation if they feel that the insurer’s offer is too low.

As observed, filing and following up on a compensation claim can be nerve-racking for the employer and employee. For this reason, you need an experienced professional to guide you and follow up with the insurance company. Westralian Insurance can help you out when it comes to compensation claims. Contact us today and enjoy peace of mind as you file your claim.

3 Key Types of Business Insurance for Sole Trader Plumbers

websitebuilder@thryv.com — Fri, 12 Mar 2021 17:15:19 GMT

If you're considering setting up your own plumbing business as a sole trader, you must ensure you have the right insurance policies in place, to protect you and your business.

If you aren't sure which kinds of insurance you need, read on to learn more.

1. Property coverage

Even a new startup business owns items which need insurance coverage. For example, you should insure your plumbing tools and equipment.

If someone steals your tools, you may be unable to do your job. You'll also have to pay to replace anything lost or stolen. If you've invested in high-cost equipment like CCTV drain cameras and hydro-jetting machines, you may not be able to afford to replace these items.

Stock coverage is also useful. You'll typically build up stocks of common parts as your business grows, so that you can complete small jobs on the spot. Again, if your stock is lost or stolen, you will have to pay to replace it if it isn't insured.

You should also set up a commercial insurance policy for any vehicles that you use for business purposes. A good policy won't just cover the costs of loss or damage; it may also set you up with a replacement vehicle to keep you on the road until your insurer settles your claim.

2. Liability coverage

The work you do sometimes negatively affects other people. If you cause an accident or make a mistake during the course of your work, you may be liable for third-party damage costs.

For example, say you work on a blocked drain. You think there is a problem in the connection to the sewage system, so you remove its manhole cover. You forget to block off the hole and someone falls into it. They could sue you for any injuries they receive as a result.

Public liability insurance coverage protects you against this kind of third-party claim. Your policy will cover injuries to other people, property damage and legal costs.

Bear in mind that public liability insurance may also be a condition of your plumbers licence in some states, and even if this insurance isn't mandatory, you should definitely consider it. You're unlikely to be able to afford to pay compensation and legal costs if someone does bring a case against you.

Plus, this coverage could help you get more subbie jobs, with some building companies and contractors only hiring subbies who have their own public liability policy.

3. Personal coverage

Whilst building your own business is an attractive financial prospect, you do need to think about how you would pay your bills if you suddenly lost your income. You don't have an employer's workers compensation package to help you out now!

For example, how would you cope financially if you broke your arm? You won't be able to complete any plumbing jobs until your arm heals, which means you won't bring in any income. You may even struggle to pay your living expenses and your fixed business costs.

You can take out an income protection policy to cover times when you cannot work because of illness or accident. These policies pay part of your income for set periods and this income could keep you going until you are able to start earning again.

If you need professional, friendly advice to protect yourself and your business, contact Westralian Insurance . We can assist you in setting up the best coverage for you and your plumbing business in the most cost-effective way.

3 Questions to Ask Before You Take Out Workers Compensation insurance

websitebuilder@thryv.com — Mon, 01 Feb 2021 17:08:50 GMT

Have you hired one or more employees in your business? If so, then you’ll need Workers Compensation insurance. Read on to learn more…

4 Ways to Reduce Your Trade Insurance Renewal Costs

websitebuilder@thryv.com — Tue, 22 Dec 2020 16:06:34 GMT

If your trade insurance policies are about to expire, now is a great time to see if you can reduce your costs. Learn how you can do just that.

Why Do You Need Builder's Warranty Insurance?

websitebuilder@thryv.com — Wed, 09 Dec 2020 18:47:03 GMT

If you've recently set up your own building business, you might be focusing on small to medium jobs to start with. If those jobs have gone well, you may be at the stage where you want to branch out to take on bigger projects.

While you probably have the employees, subbie contacts, equipment and company infrastructure to work on larger projects, you also need to think about how bigger contracts might affect your business insurance. For example, at this stage, you may need to take out Builder's Warranty insurance for some jobs.

How does this insurance work, and why should you consider taking it out?

What is Builder's Warranty insurance?

Builder's Warranty coverage protects people who hire a contractor or company to do high-value building work. The insurance covers customers if they have certain problems with the project, or the person or company they hire to do the job.

Builder’s Warranty is designed to help customers who are unable to rectify a problem for specific reasons, say if their builder disappears, passes away or goes out of business. A policy is valid during the build itself and for a number of years afterward.

Typically, you only need this type of insurance if you're working on a project over a certain value. This amount varies from state to state. For example, WA sets a residential building limit of $20,000. Once a project cost reaches this limit, then you may need Builder’s Warranty insurance coverage.

Why take out a Builder's Warranty policy?

While Builder's Warranty insurance protects the person who hires you, you are required to take out the policy. Your customer claims from the insurer if something goes wrong, but the person or company that does the work has to arrange the coverage and pay for it.

Typically, most states require licensed builders to have this kind of insurance, subject to their own rules and regulations. If you try to bypass the system and go ahead without this statutory coverage, then you may be fined or may even lose your license.

In some cases, you may also find that you can't go ahead with a project until you have proof of warranty coverage. For example, this may be a condition of planning permissions and permits. You might have to provide a copy of a policy during the application process. If you don't have a policy when you apply, you may not get permission to proceed.

Plus, your clients may not be able to give you the go-ahead to start work, or to pay any deposits or money towards the project, until you give them a copy of your valid policy. So, organise this insurance as early as possible to avoid unnecessary delays!

Builder's Warranty insurance is also a useful marketing tool. If you advise potential customers that you will arrange this cover if the project requires it, you give them peace of mind that you are a reputable builder. This is especially important if you are a newer or smaller business.

Although you may not have built up a large portfolio of work yet, especially for larger or more complex projects, you might find it hard to compete with larger companies or contractors who have been in business for longer than you. If you meet your statutory responsibilities and make potential customers aware that you will protect them against unforeseen problems in the future, they may feel more confident hiring you to do the job.

4 Types of Insurance Your Construction Business Needs

Mon, 02 Nov 2020 21:56:26 GMT

When you step into the construction industry as a business owner, you understand that each project is unique, and that each day presents a unique set of challenges and risks for your business. Every project comes with varying site conditions, blueprints, requirements and materials. Some risks that come with this industry can quickly put you out of business if you're not prepared.

Therefore, investing in building and construction insurance is a sure way of safeguarding your new company from the day-to-day risks in construction. With this in mind, here are four crucial insurance policies you should consider before commencing any construction work.

1. Contract Works Insurance

Perils such as fire, hail, lightning, floods, theft and vandalism can lead to costly damages on a building site. Contract Works insurance provides coverage against damage to buildings whilst under construction. The policy may also cover the materials you're using for the construction work.

Your client, who is the property owner, can purchase Contract Works insurance to insure their property. However, as an interested party in the project, you should also insure business-related items such as materials, supplies, machinery and equipment on the site. You can also modify your policy to cover the following, often-excluded items and risks:

Scaffolding and other temporary structures
Supplies on the site from theft
Materials in transit

Contract Works insurance can offer temporary coverage which expires on completion of the project. Alternatively, you can take out annual Contract Works insurance which covers all projects during a 12-month period.

2. Tools of Trade insurance

Construction jobs require various equipment and pieces of machinery, and these may not be covered under your Contract Works policy. Equipment is expensive, and any damages incurred may cost a lot of money to repair. Tools of Trade insurance covers all equipment and machinery in a contractor’s possession. This is a broad policy, and it covers:

Loss of or damage to heavy equipment such as cranes, trucks, forklifts, compressors, trailers and excavators
Loss of or damage to small tools and equipment such as power saws, drills, wheelbarrows, concrete mixers and generators
Employee equipment and clothing
Debris removal and site cleanup after the occurrence of an insured risk

This policy can cover both owned and rented equipment. Insurable risks include fire, theft, vandalism and floods.

3. Workers Compensation insurance

A good number of people are injured at their place of work every year. Without the right insurance coverage, your business may pay for damages resulting from employee injuries (in addition to potential fines for not having Workers Compensation cover in place). In Australia, any business who employs workers, MUST have Workers Compensation insurance. This policy provides medical benefits and wage replacement to employees injured on the job.

Construction businesses usually work with various types of people, some of whom are contractors and sub-contractors. According to the Workers Compensation and Injury Management Act, a person who has an employee-employer relationship with you is eligible for compensation. Talk to an insurance professional to help you figure out how much workers comp coverage you need.

4. Professional Indemnity insurance

Mistakes happen on the job, and in the construction industry, these mishaps can mean huge losses. For example, your contractors and sub-contractors may make errors when executing the building plans. If a client successfully sues your small business, you may be liable for all of the damages owed. You can protect your business from the financial implication of such lawsuits by taking out a Professional Indemnity policy.

This policy covers mistakes and errors made by you, your contractor or sub-contractors during the construction work. Note that this policy only covers work completed by your business or by sub-contractors and third parties hired by your business. You must be providing a professional service in order to qualify for Professional Indemnity insurance.

Running a construction company requires covering all of the risks that your business may be exposed to during each project. At Westralian Insurance, we specialise in tailoring insurance solutions for businesses. Contact us today for a chat about your business.

3 Reasons Why Your Small Business May Need Public Liability Insurance

Mon, 12 Oct 2020 16:39:30 GMT

Public Liability insurance isn't always required, but it might be recommended for your business. Learn more below.

3 Questions to Ask Before You Take out Trade Tools Insurance

Fri, 21 Aug 2020 15:33:16 GMT

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10 Things That Caravan Insurance Covers

Wed, 29 Jul 2020 16:33:28 GMT

Your caravan is often a vital addition to your travels, holding the possessions you bring along, as well as providing a place to sleep. So, what does caravan insurance cover?

1. Damage

As a caravan is attached to a car and is often included in long road trips, accidents can occur which may result in damage to your caravan. With caravan insurance, any damage to your caravan which occurs in an accident, is covered. Whether that means repair of part or all of your caravan or a complete replacement, caravan insurance gives you piece of mind.

2. Theft

A caravan can be a valuable asset. Unfortunately, thieves may see it that way also. Many thieves target caravans and either steal them or attempt to do so. If this happens to your caravan, your insurance coverage will cover you for theft or attempted theft.

3. Towing

Does your caravan need to get to the nearest repair shop? Insurance coverage can assist with this. Whatever the need is for the tow, your insurance coverage can often cover any towing costs, including hook-up and transportation, for your caravan.

4. Lay-up

Lay-up cover is often an optional coverage choice but may be important for you to consider. Lay-up cover is for when you don’t use your caravan. This cover usually covers caravans parked at your residence or at a caravan park. While you try to protect your caravan as much as possible, unpredictable things such as the weather can damage your caravan—even in between trips.

5. Contents

What about the items in your caravan? While accident or theft coverage covers repairs or replacement to your caravan, these types of cover may not protect the important possessions inside your caravan. However, with contents cover, you can get protection for especially important or valuable items within your caravan.

6. Vandalism

What if someone breaks into your caravan and damages the interior? What if someone damages the outside of your caravan deliberately? Vandalism coverage may be important in these cases and with proper insurance coverage, you’ll be able to make repairs easily.

7. Annexe

Does your caravan include an annexe? This is an extension of your caravan, often made of vinyl or canvas, that includes walls, windows and a roof. While annexe cover is often an optional coverage, it can be important to have if you decide to include this extension with your caravan.

8. Fire

Fire is often an unanticipated and thoroughly destructive cause of damage to your caravan. If, however, fire does damage your caravan, your insurance coverage often covers any repairs or provides a replacement if your caravan is unrepairable.

9. Liability

Did your caravan unintentionally cause damage to another vehicle or property? If so, liability coverage can cover any legal costs that may happen.

10. Spoiled food

Spoiled food in a caravan can happen for a number of reasons. If the reason that you have spoiled food is included in your coverage, then caravan insurance can help replace most, if not all, the food that was in your caravan.

Get your caravan insurance today

If you have a caravan, ensure you have it protected. At Westralian Insurance, we offer comprehensive insurance for your caravan and can customise your insurance based on your needs. Please get in touch with us today, to learn how we can provide quality coverage for your caravan…happy travelling!

3 Ways Cyber Insurance Covers Financial Loss

Tue, 28 Jul 2020 19:26:42 GMT

If you cover yourself against incidences of cybercrime and their effects, you reduce potential financial loss. Read on to learn more.

3 Ways Cyber Insurance Can Protect Your Business Reputation

Wed, 24 Jun 2020 03:32:28 GMT

Cyber attacks can affect businesses in many ways. Some can have an obvious effect on your income, for example, your business may need to shut down for a while if your systems are blocked or infected.

Other negative effects of a cyber attack may not be immediately obvious, but they may still pose a threat, for example, your brand's reputation could take a hit after a data breach.

A perceived lack of security can reduce customer confidence. Over time, this lack of confidence may affect your turnover, profits and market position.

While you may think that cyber insurance helps you deal with immediate and tangible losses, this coverage has other benefits. It can help you protect your reputation after a cyber attack. How?

3 Types of Insurance You'll Need for Your New Craft Business

Mon, 27 Apr 2020 21:06:46 GMT

Starting your own craft business can be a wonderful opportunity to make money from the craft you love, whether you make greeting cards, bath products, ornaments or candles. However, with any small business, there are problems and liabilities which may arise, so it’s worth researching which types of insurance you may need to protect your small business.

This short guide explains three types of insurance that may be essential for protecting your new, or existing small business.

Budget for Insurance When Starting a Small Business

Fri, 03 Apr 2020 17:03:14 GMT

Financially responsible small business owners know that carefully budgeting for all expenses is an integral step in starting a new small business. If you're planning on opening a small business, here are some insurance policies you may wish to include in your financial forecasts.

General Liability Insurance

General liability insurance provides board cover which many businesses should consider including in their company’s insurances. A general liability policy will typically cover the following:

Third-party injury claims
Third-party property damage claims

Some general liability policies also offer protection for damage and injuries caused by products. The product liability protection included in general liability policies is often limited, however, it may be sufficient for your small business. If it isn’t, you can also purchase a separate product liability policy that offers greater protection for product-related incidents.

No matter what kind of business you plan to start, it is likely to be susceptible to the types of claims listed above. Therefore, you may wish to have general liability insurance in place from the start.

Commercial Property Insurance

Commercial property insurance is used to protect property that businesses own. This can include land, buildings, equipment, supplies, inventory and products.

Most small businesses have some type of property that they cannot afford to lose, and therefore should seriously consider this insurance. If you do have or will have a business that has little physical property, you may be able to get by without commercial property insurance, however if your business has any facilities, supplies, equipment or products, make sure you plan to insure the property for its full replacement value.

Owners of home-based businesses sometimes don't budget for commercial property insurance because they think their homeowner's policy will cover their business. Most homeowners’ policies aren't set up to cover even small home-based businesses, however, so to protect your business, you should consider a commercial property insurance policy.

Workers' Compensation Insurance

Workers' Compensation insurance provides coverage for job-related injuries and illnesses that employees sustain. There are two reasons to include this insurance in your budget.

Firstly, your business will need Workers Compensation insurance if the business has employees. Even if you don’t plan to start with employees, budgeting for them and the insurance costs that come with hiring them is wise. Hopefully, your business will grow, and you will eventually need to employ staff so Workers Compensation will become a legal requirement.

Commercial Car Insurance

Commercial car insurance is similar to personal car insurance, however it is tailored for business needs. It provides coverage for work vehicles and any accidents caused while they are driven for job-related purposes.

If your business owns one or more vehicles, you should consider this insurance.

Should you plan to use a personal vehicle for work-related purposes, you may not need commercial car insurance, but you ought to still budget for it. As you start out, you may need to add to your personal car policy. Once your business grows, you may need to purchase a true commercial policy, and you'll want to make sure you can afford one as the cost can be significantly more depending on the kind of business you operate.

The best way to budget for these different types of insurance is to speak with a professional, business insurance broker. Contact the team at Westralian Insurance today!

3 Ways to Reduce the Costs of Cyber Insurance

Fri, 14 Feb 2020 17:55:28 GMT

The thought of your business being hit by ransomware, malware or hacking attack may frighten you. These attacks can affect any size of business in any sector, and the costs of repairing commercial cyber damage can be high.

If you take out cyber insurance, you will have peace of mind of being protected. However, this insurance doesn't always come cheap. Before you take out a policy, review these steps to ensure you get cost-effective coverage.

1. Assess and fix areas of weakness

If you don't work in the IT security sector, then you won't have in-depth experience of your own security systems and how robust they are. Your IT personnel or consultant will have measures in place to protect your network and data, but you may not be sure how well these measures will work if talented hackers target your business.

Also, security systems that were up to speed a while ago may not be fit for purpose now. Your system may have weak spots that allow access to cyber criminals who develop new ways of breaching networks all the time.

At this stage, it often helps to run a risk assessment on your IT system and its security. You can do this in-house if you have the skills. Or, you can bring in a cyber security specialist.

As well as assessing your system and helping you fix weak areas, an external specialist also helps you evaluate the impact of a cyber attack. They can tell you how it might affect your business and what kinds of costs it would bring.

If you can improve your internal security, then you might be able to reduce cyber insurance costs. If you implement industry-standard preventative measures, then an insurer may lower your premium because you pose a lower risk.

2. Check if you have other cover already

While cyber insurance is a specialist product, it isn't the only coverage that potentially pays out after a technology breach. In some cases, other business insurance policies may also cover you for some events.

For example, if you have business interruption coverage, this policy contributes towards your costs if you can't operate for a while. If your current policy accepts problems caused by cyber attacks, like data breaches, then you may already have some level of financial protection in place to cover this problem.

Some commercial crime insurance policies also offer useful technology coverage. For example, a policy may include employee or third-party computer crime which could cover some cyber attacks.

The fact that your current policies give you some protection against cybercrime doesn't mean that you shouldn't take out a specialist policy. However, you might reduce your costs by leaving out some risks that other policies include already.

3. Ask an insurance broker for advice

At this stage, it makes sense to talk to an insurance broker. They can help you assess your financial risk needs and find companies that might give you a discount for any extra security steps you take.

A broker can also help you understand the terms of any other business insurance policies you have that may cover some cyber costs. This helps you ensure that you have adequate and relevant coverage.

Bear in mind that a broker also works across the market. They can access a wide variety of cybercrime policies and insurance companies, saving you some money and ensuring you have the right cover in place.

If you’re considering cyber insurance, talk to Westralian Insurance. We’ll source the right cyber insurance policy for your business, for the right price.

3 Questions to Ask About Pleasure Craft Insurance

Thu, 30 Jan 2020 20:29:24 GMT

Do you love sailing on the water? Do you own a pleasure craft that you utilise for private use? If so, you should consider pleasure craft insurance. Read on to learn more!

What constitutes pleasure craft?

A basic definition of pleasure craft is any non-commercial marine vessel used for private, personal or family use. The craft may engage in recreational or sporting activities including waterskiing, as long as it is not being used commercially with fees being charged.

Pleasure crafts range from small to large vessels, such as sailboats, yachts, canoes, motorboats and jet skis. Pleasure crafts are able to be used on all waterways, including lakes, rivers, coastal waters or canals.

What does pleasure craft insurance cover?

Pleasure craft insurance covers any personal boat or marine vessel up to a certain, agreed-upon amount. However, the owner must list supplementary items such as a trailer, rigging, personal contents, fishing gear or canopies on the policy. If not listed, these items are often not insured.

Once the specific items of the policy are agreed upon, the policy coverage often provides for the following:

Damage: This includes any damage incurred from a fire, explosion or theft. However, for this coverage to apply, the boat must be in storage, in secure moorings, in use or in transit on a trailer specifically designed for that type of boat.
Loss: If you suffer a total loss of your boat from any kind of accident, the policy will usually pay for a replacement.
Theft: As long as your boat was secure and the thief entered without authorisation, then the policy covers the theft of any of the boat’s contents or the boat itself.
Liability: Did another person get injured by your boat or whilst they were a passenger on your boat? Did your boat damage another boat or another person’s property? If so, the liability section of the policy will be triggered.
Water skiers: Pleasure craft insurance often covers water skiers, whether they’re personally injured, injure another person or damage another’s property whilst riding behind your boat. Coverage doesn’t usually include parasailers without prior approval by the insurers.
Fuel: If your boat’s fuel accidentally discharges, then insurance coverage will often cover the costs of replacement fuel.
Breakdown: Some insurance policies will handle costs related to electrical or mechanical breakdowns of your pleasure craft.
Sewage: If your holding tanks accidentally leak sewage, you can usually cover the costs associated with this.
Storage: Also known as layup coverage, this additional benefit helps with any theft, fire, accident or damage that happens whilst your boat is in storage. The boat must be on your property or in an authorised boat storage facility. You can usually select the specific months you want this coverage for.
Personal injuries: If the policy owner is injured in an accident whilst using the boat, then insurance will typically cover the costs, especially if the policy owner has permanent eye, finger or limb injuries.
Salvage: If your boat suffers damage which renders it un-useable, many policies will cover the costs associated with retrieving it.
Specific activities: If you use your pleasure craft for racing, you may be able to get additional coverage for this.

Besides all these various coverage options, you can also benefit from emergency help and claims assistance.

Who benefits from pleasure craft insurance?

Pleasure craft insurance isn’t just for the craft’s owner. It covers various people, including:

Passengers on the boat while it’s in use
Jet skiers being towed by the boat
People who are injured by your boat or any jet skiers being towed behind it
Owners of property that the boat damaged

If you own a pleasure craft, make sure you have pleasure craft insurance. Speak to the friendly, knowledgeable team at Westralian Insurance today.

Do I Need Workers Compensation Insurance in Western Australia? 3 Questions to Ask

Tue, 28 Jan 2020 20:03:38 GMT

Workers Compensation insurance is crucial for any business employing staff. It’s also a legal requirement for businesses operating in Western Australia.

3 Insurance Policies to Take Out When Opening a Restaurant

Wed, 20 Nov 2019 18:37:48 GMT

You might think opening a high-quality restaurant is a pretty risk-free business model—after all, eating tasty food isn't something that goes out of style. However, a wide range of accidents and mishaps can befall even the most well-run restaurant.

If you’ve decided to open your own restaurant, either as a hands-off owner or a hands-on operator, you will almost certainly need to take out several insurance policies to guard against worst case scenarios. Here are three you should consider.

1. Public and product liability insurance

Hugely important to any restaurant or hospitality business, public and product liability insurance insures your restaurant against compensation claims by customers. In an industry where a small mistake by a single employee can lead to contaminated or undercooked food and a nasty case of food poisoning, insuring yourself against potential lawsuits by sick customers is vital.

Public liability insurance also protects you against other kinds of trouble your customers may experience whilst on your premises. If a customer slips on a discarded piece of cutlery, has hot soup spilled on them by a waiter or even accidentally burns themselves on a plate straight from your plate warmer, your public and product liability insurance will protect you against any claims made.

Some public liability insurance policies also protect your business if an accident at your restaurant causes financial difficulties for a third-party business.

For example, if your restaurant has drink vending machines operated by a separate vending machine business, a comprehensive public and product liability policy will protect you if a vending machine is accidentally damaged and the vending machine business sues for costs.

2. Property insurance

Opening a restaurant involves some serious investment, from buying or renting a building, to purchasing professional-grade cooking equipment and appliances, so you should definitely consider taking out a comprehensive property insurance policy to protect against a wide array of potential damages to both your building and its contents.

With a restaurant, your main concern will likely be insuring against losses and damages caused by kitchen fires, but a good property insurance policy will also protect your restaurant against theft of valuable equipment or stock, loss of income caused by equipment breakdowns and building damage caused by heavy thunderstorms and cyclones.

The modern hospitality industry is also heavily digitised, so you should ensure your property insurance policy (or policies) cover you against damage to expensive electronic equipment. Digital cash registers, touchscreen ordering booths and other electronic equipment will all need to be insured.

If your restaurant handles its finances or orders stock with online or cloud based services, you may also wish to take out a separate cyber security policy.

3. Workers Compensation insurance

Taking out a Workers Compensation insurance policy on your restaurant isn't just a good idea—it's also the law. Western Australia's WorkCover laws require all businesses with employees to take out a Workers Compensation policy.

Your Workers Compensation insurance policy will cover a wide range of costs related to employee accidents and injuries. If an employee decides to sue your restaurant for damages, insurance will help your business pay compensation fees.

Workers Compensation insurance will also provide important financial aid for your stricken employees, helping them pay for medical and rehabilitation costs and providing reasonable travel expenses if they need to seek specialised medical attention out of town.

These are the three most important insurance policies any new restaurant owner or operator should invest in. You may be interested in taking out other useful policies, such as business interruption insurance. If you require more information, the friendly and professional team at Westralian Insurance will be happy to assist. Contact us today.

3 Reasons Your SME Should Consider Management Liability Insurance

websitebuilder@thryv.com — Mon, 11 Nov 2019 18:37:32 GMT

If you run an SME, then you'll have no doubt put some thought into purchasing the right insurance cover for your business. For example, you might already have cover in place for your premises, stock and employees.

As well as covering these assets, you also know that you need to protect your business from a legal dispute. So, depending on your business sector, you may also have set up policies that give you some legal protection, such as Public and/or Product Liability and Professional Indemnity.

However, you may still have a gap in your cover. If you don't have Management Liability insurance, you and your business may not be fully protected. Management Liability insurance covers the costs of defending directors, managers and employees against any claims that are the result of their actions or decisions.

So, why should you think about putting this cover in place?

1. Your other liability policies don't include management cover

Whilst Public and/or Product Liability and Professional Indemnity insurance policies protect your business from certain types of legal action, they don't provide all-in-one coverage. They each cover a specific area such as:

Public Liability . This cover protects you if your company injures a third party or damages their property in the course of your work.
Product Liability . This insurance covers problems caused by one of your products.
Professional Indemnity . This cover protects you if someone sues you because of negligent advice in which you supply.

These are all valuable business insurance options, however, none of them extends their coverage to issues that arise because of the way you run your business.

If someone takes legal action against your company because of something you or one of your employees did or didn't do, these Public and/or Product Liability and Professional Indemnity insurance policies won't necessarily protect you. If you want full coverage, then you should consider a Management Liability policy.

2. You can't control the actions of other people

Whilst you trust your employees, you can't always control their actions. People make mistakes and sometimes make decisions or take actions that you didn't expect or that are out of character.

For example, one of your senior managers could fail to meet required health and safety standards. They may miss a task that your company should legally have done. Your business may have to pay a non-compliance penalty fine.

Or, one of your employees could accuse one of your directors of sexual harassment. If they take legal action and win, then your company may have to pay a significant compensation.

It is impossible to be sure that your staff won’t ever make a serious mistake. You can't mitigate against mismanagement or misconduct unless you micro-manage all of your staff. The whole point of hiring people is to take some of the strain of running the company, away from you.

Management Liability insurance gives you peace of mind protection. If something were to go wrong, then your policy could cover your costs.

3. The buck stops with you

If someone sues your business because of the actions of one of your employees, you could suffer serious financial hardship…and even if you're doing well, you may not have the assets or cash reserves of a larger company.

If you have to pay compensation costs, legal fees, penalties or fines, then your business could really struggle. In extreme cases, these costs may even put you out of business.

Plus, you might have personal responsibility in these legal cases. If you are liable for some of these costs, then you could lose personal as well as business assets.

To learn more about the benefits of taking out Management Liability insurance, talk to Westralian Insurance. Our knowledgeable, professional team will help ensure your business has all the professional risk cover it needs.

3 Financial Risks Tradespeople Face (and How to Protect Against This)

Wed, 16 Oct 2019 20:39:07 GMT

Have you just started as an electrician, plumber, builder or a specialist in any other manual trade? If so, protect yourself against financial losses right from the beginning. The trade industry is fraught with risks, and any one of them could leave your business bankrupt if you don't protect yourself against them.

To ensure you can cope with whatever comes your way, take a look at these common financial risks tradespeople face and how to cover yourself against those losses.

1. Tool Theft

A tradesperson is nothing without their tools, so ensure they’re protected. The average person has little use for specialist trade tools, so many tradespeople think their tools aren’t at risk of theft. Unfortunately, that couldn't be further from the truth.

In 2017 , one concrete contractor in Melbourne lost a staggering $400,000 worth of tools to theft. While thieves may not have a use for your tools themselves, the high value makes them a resale goldmine.

What's worse is that having your tools stolen means you’ll also lose money for every day that you can’t work, because you don't have the equipment.

Thankfully, you can prevent tool-related financial losses, with tool insurance.

2. Damage to Clients and Their Homes

Manual trades are hazardous. One wrong move or small mistake can cause serious damage to a client's property, or even bring harm to clients themselves. Accidentally dropping a heavy hammer, for example, may smash a client's floorboards. Or, an improperly fitted light fixture could come loose and fall onto a client or lead to an electric shock.

No matter how well trained you are and how infrequently you make mistakes, there is always a risk that something could go wrong—especially if you have employees working under you too. Plus, if anything goes wrong and affects a customer, you'll likely be the one who pays the medical bills or repair costs. If you can't, you'll quickly find yourself caught up in a court case and face irreparable reputation damage that may cripple your business.

With Public Liability insurance, however, you can rest assured. This cover will pay out the legal fees and compensation you're faced with if you or your employees are negligent causing harm and/or damage during the process of your work. This type of insurance is so crucial, that many professional trade bodies require their members to have it.

3. Motor Vehicle Cover

Could your business survive without your motor vehicle, van or truck? Without a vehicle, you have no way of getting yourself, your tools and your employees where they need to be. Without any protection, something as simple as a motor vehicle accident could leave your business out of action for weeks, costing you thousands in missed work.

On top of that, you may have a lot of angry customers who waited on your services, leading to terrible reviews that could affect your future earning potential.

Again, this is where insurance will save you. Comprehensive motor vehicle insurance will provide cover to repair your motor vehicle in the event of an accident. It will also cover any damages caused to third parties if you are at fault in an accident. You can also take out additional cover for a Hire Car to keep your business running whilst your main vehicle is at the repair shop.

If you’re concerned about the complexity of covering yourself against so many different financial risks, don't be. At Westralian Insurance, we provide special insurance packages for tradespeople that cover you against all of the above claims and more. For a simple, cost-effective, complete solution for your business, submit an enquiry now, or call (08) 9302 2885.

Protect Your Small Business | Westralian Insurance

Sat, 27 Jul 2019 08:27:06 GMT

3 Ways to Protect Your Small Business Against Data Theft
Data theft is a big concern for businesses of all sizes. According to a recent report, almost 70 percent of small to medium-sized businesses suffered a cyber attack in the last year. Business owners must never assume that their companies are too small to be attractive targets.

Here are some tips you can use to help reduce the risk of your business becoming a victim of data theft, as well as how to minimise the impact of a potential attack.

1. Work With a Cyber Security Expert

The biggest mistake most small business owners make is trying to manage all of their cybersecurity concerns in-house. This puts a huge amount of pressure on IT employees, who have to try to keep up with the latest cyber threats on top of carrying out their regular duties.

A better approach is to work with a cybersecurity expert to ensure the security of your digital data. IT security consultants spend their professional lives learning about the latest generation of threats to your data and working out how to combat them.

By outsourcing your cybersecurity activities to an IT company that provides cyber consulting, you can reduce the strain on your IT department and increase the protection that your data receives.

2. Invest in Employee Training

For many businesses, employees are the weakest link in data security systems. Cyber criminals have come up with a variety of scams that aim to trick employees into handing over sensitive data. These scams, which are known as phishing, are one of the biggest threats that many small businesses currently face.

One type of phishing that is currently growing rapidly is spear phishing, which involves cyber criminals sending emails to individual employees. These emails appear to come from trusted sources, which can convince some employees to reply and grant access to sensitive data, such as customers' financial details or details of business accounts. Spear phishing currently accounts for 71 percent of targeted attacks.

Software cannot always prevent phishing emails from getting through to employees’ inboxes. Therefore, the only foolproof way to protect against phishing is to train employees to spot the scams and report them to their manager. To stay safe, businesses must offer regular training sessions to employees to equip them with the skills they need to spot the latest scams.

3. Purchase Cyber Insurance for Your Business

There is no way to guarantee that your small business will not be a victim of a cyber attack. From ransomware to spear phishing, the threats to your data are growing all the time. The danger is only likely to increase, as cyber criminals invent new ways to steal data.

You can’t guarantee your business won’t experience data theft, so you should have a good cyber insurance policy in place.

When shopping for cyber insurance, be sure to work with a reputable insurance broker. Choose a local business that is easy to contact in the event of a data breach, and select an insurance broker that allows you to speak to a human, rather than forcing you to deal with an automated phone system. This will help to take the hassle out of starting a claim for data theft, which can be a stressful situation to handle.

If you are looking for cyber insurance in Western Australia, get in touch with Westralian Insurance today. With specialist knowledge of Australian law, we can help ensure that a cyber attack does not irrevocably damage your small business. Contact Westralian Insurance today, and learn about the features, benefits, costs and exclusions of our cyber insurance policies. We look forward to speaking with you.

FAQ About Marine Insurance

Wed, 26 Jun 2019 12:28:16 GMT

Marine insurance is a general term that covers many aspects of marine activities, including boat building, ship repairing, cargo shipping or overland transporting. Are you a marine business owner and unsure if you need marine insurance? Learn more about marine insurance in general with these commonly answered FAQ about marine insurance.

What Businesses Can Marine Insurance Cover?

Marine insurance covers many businesses, specifically those dealing with marine-based activities. These businesses can include:

Freight shipping companies
Countrywide transport companies
Ship repair yards
Boat building facilities
Commercial fishing companies
Marina operating companies

If you are unsure whether your business requires marine insurance, speak to your trusted local insurance broker to find out.

What Policies Does Marine Insurance Offer?

Marine insurance provides a wide range of policies that can provide protection for various aspects of marine businesses. Read on to discover some common policies and what they typically cover.

Marine Hull

Do you own a boat, ship or fleet of marine vessels? Marine hull insurance can help cover the loss of or damage to your ship. Marine hull insurance covers incidents like storms and collisions with other ships. The insurance covers the entirety of your marine vessel, including the hull, motor, machinery and other equipment.

Additionally, marine hull insurance covers a wide variety of marine vessels, such as cargo ships, tugs, tankers, ferries and port boats.

Marine Cargo

Marine cargo insurance covers all imported, exported and transported goods. It covers against the loss or damage of these goods. Marine cargo mainly covers two areas: imported and exported goods to or from other countries or goods transported across Australia via aeroplane or freight truck.

Marine Liability

Marine liability covers personal injury or property damage to third-party persons or companies that help with marine procedures.

Specific policies can include:

Ship repairers liability: This policy helps cover any loss or damage to a ship under repair, personal injury to a ship repairer or property damage at the ship repair yard.

Marine or port operations liability: This covers damage to or loss of ships in a specific marina or port.

If you are unsure if your company can apply for marine liability insurance, speak with your local insurance broker.

Boat Builders

Boat builders insurance, also known as ship builder’s risk or marine builder’s risk, is insurance that boat or ship builders can use for protection while constructing marine vessels. The coverage extends from the initial build to the final product. This includes sea trials, marine vessel launch and delivery to the customer.

Boat builders insurance covers your entire ship, including the hull and machinery, whilst under construction.

Why Should I Get Marine Insurance?

You might wonder if marine insurance is important for your business. However, if you do not have marine insurance, you will have to cover expenses out of your own pocket if you have:

Damage to your marine vessel or freight
Loss of your ship or cargo
Loss of income due to loss or damage of ship or freight
Personal injury or property damage claims from a third-party company

Additionally, if you want or plan to work with other marine-related businesses, they might require a certain level of insurance coverage before they work with you.

Where Can I Find The Right Marine Insurance for My Business?

If you have a marine-based business and want to learn more about how marine insurance can help protect your business, speak to Westralian Insurance, serving Perth and state of Western Australia. Westralian Insurance comprehensive and customised insurance solutions for every business, from ship repair yards to freight companies, and are happy to answer your questions, address your concerns and meet your marine business insurance needs.

Could My Business Be a Target for Ransomware?

Thu, 09 May 2019 01:14:23 GMT

As a business owner, you must take steps to defend your online assets from cyber criminals. You may have a first-rate antivirus software package and some other malware detectors, but you may still not be doing enough in terms of data protection, because criminals are becoming more sophisticated by the day.

If you think that ransomware is a problem for the big companies only, please think again. Continue reading to learn more about this specific form of malware, find out what steps you can take to safeguard yourself, and learn how to use insurance as a further level of protection.

What Is Ransomware?

Ransomware is effectively a cleverly-written software program that, once installed on your computer, can deny you access to crucial data. It can be delivered in a number of different ways and once accepted (more often than not inadvertently), it can be very difficult to remove.

How Do I Get Ransomware?

Often, the ransomware will be disguised as an attachment and will be delivered to the victim's email box. Sophisticated marketing methods are used to lull the business owner into a false sense of security, as the file will often appear to come from a trusted source and look like something that's perfectly okay.

All it may take is one click, and the contents of the file will be downloaded to the machine right away. In many cases, the software will gain access to the administrator function and block out the original administrator — YOU.

How Does Ransomware Work?

The ransomware will encrypt crucial files and ring-fence, or virtually barricade, access. These files may be crucial to your business operation and they may also contain sensitive data linked to your clients. This can be a particularly dangerous situation, especially in today's litigious society.

Furthermore, regulators will take a dim view if any of this third-party data is compromised, and you may find that you are liable for fines or other censure, to make matters worse.

How Will I know if I Have Ransomware?

Typically, the attacker will notify you as soon as the encryption has occurred, and will look for a hefty financial payment before they issue you with a decryption key. Of course, the money will be difficult or impossible to trace and will usually be required in the form of Bitcoin or another digital currency.

What Companies Do Attackers Target?

These cyber criminals are beginning to target smaller organisations and companies that have a much tighter — or even non-existent — security team on hand.

If your organisation has a scattered user base and relies a lot on file sharing, it can also be a lot easier for attackers to gain access. As the attacker determines that your organisation is likely to have sensitive data, they may assume that you will be more than willing to pay good money to keep news of any data breach confidential.

How Can I Protect My Business?

You should keep your operating system up-to-date, and install any issued patches as soon as they are available. This will help to close any vulnerabilities when they arise.

You should also avoid installing any new software unless you are familiar and confident with its origin, and make sure that other members of your staff do not have administrator privileges, unless they are as cautious as you.

If you want to investigate cyber insurance, talk with the knowledgeable and professional staff at Westralian Insurance about a tailored business solution today!

Tips to Reduce Customer Trips and Falls in Your Brick-and-Mortar Business

websitebuilder@thryv.com — Wed, 03 Apr 2019 00:20:33 GMT

When you own a business, you may be held liable if a customer or client injures themselves on your property.

Keep the following tips in mind to protect your business.

1. Keep Walkways Clean and Clear

All walkways through your store, restaurant, or office should be clean and clear. You should make sure that customers and clients can pass easily through these areas without risk of tripping or slipping.

In particular, make sure you don't let retail displays, inventory, boxes, or other items clutter up these areas, and beyond that, keep walkways clean from hazards that could cause a customer to trip or slip.

2. Schedule Regular Walkthroughs

Maintaining a safe environment requires constant attention. If someone gets hurt and wants to hold your company liable for the accident, they often have to prove that you breached your duty of care. If you can show that your staff had paid attention to the situation and worked hard to keep your building safe, you may be able to escape liability for the injuries.

Ideally, you should schedule regular walkthroughs of your facility. For instance, if you own a grocery store, one of your employees should walk the aisles every 15 minutes to ensure there are no spills or tripping hazards. To track this activity, consider using a sheet with time slots and space for employees to sign their initials after a walk through.

3. Invest in Safety Signs

When there are dangers, let the public know by posting signs. When you mop or clean up a spill, make sure you have a CAUTION or WET FLOOR sign to alert everyone of the risk. Depending on the unique risks in your environment, you may also want signs that warn people about stairs, oncoming forklifts, dangerous chemicals, or anything else that could potentially harm them.

4. Mark Steps

An unexpected step can easily cause someone to fall, and if they fall, they may put in a claim against your public liability policy or even try to take you to court. To minimise these risks, mark any steps clearly.

This is especially important in areas where only one or two steps goes from one level to another level in a spot where someone may not expect a step up or down. Reflective tape can help to make steps more noticeable, but you may also want to hang signs.

5. Keep Your Business Well Lit

Proper lighting can go a long way towards reducing accidents. Make sure that people can see where they are going, especially around stairs or other obstacles. If you need dim lighting for ambiance, for instance in a restaurant, you may want to line walkways with strands of LED lighting. These lights can increase visibility without disturbing the mood.

6. Remember the Outside of the Building

Customers can also get injured outside your building, so apply the above tips to your building's exterior as well. In other words, schedule regular checks of this area. Post safety signs as needed, and keep up with repairs related to cracks or other tripping hazards in walking paths.

7. Protect Yourself With Public Liability Coverage

In spite of your best efforts, accidents can happen, and if you end up facing a bill for an injured customer, you want to be able to rely on insurance. Public liability insurance can be critical in these situations.

To learn more about public liability coverage, contact us today. At Westralian Insurance, we can help you find the right insurance solutions for your business.

Business Insurance Tips: 3 Ways to Cover Your Stock

Thu, 13 Dec 2018 00:34:01 GMT

Your stock is one of your most valuable business assets. You may have a lot of money tied up in raw materials and the stock you hold before you distribute it to your customers, so it makes sense to keep it comprehensively insured.

Your business insurance should give you some automatic stock protection; however, this may not be enough to meet your needs. You should consider increasing your coverage to avoid under-insurance.

If you use bulk transit delivery methods or your stock needs to be stored in a climate-controlled environment, business insurance is even more important. How does business insurance cover your stock?

1. General Stock Cover

Your core business insurance policy covers your buildings and contents. It protects your stock from perils like fire, accident, damage and theft. For example, if some of your stock was stolen from your warehouse in a burglary, you would include the costs in a theft claim.

This insurance mainly focuses on damage or loss that happens on your business premises. However, some policies also give you some cover for stock that you have temporarily moved to a different location.

Your stock protection may be limited by a dollar amount, in which case you should ensure that this amount is enough to cover your losses. If it isn't, you may need to increase the amount to get full protection. This usually also increases your insurance costs.

Some business insurers also weight stock coverage on a seasonal basis. This may be useful if the amount of stock you hold fluctuates during the year. For example, if you have a lot more stock in the run-up to Christmas, then your insured amount would be higher during that period than it would during the rest of the year.

2. Goods in Transit Cover

If you use bulk transit deliveries when you ship stock to your customers, then you need to think about what would happen if a shipment was damaged or stolen. For example, if a truck carrying your stock was in an accident and caught fire, then some or all of your stock would be damaged.

If this happens, you need a way to recoup your losses. Goods in transit insurance protects against this kind of event.

This cover is usually added to your core policy as an extra. In some cases, you get blanket coverage against accidental damage and specific events like collisions, fire and theft. In others, you choose from different packages offering differing levels of protection.

3. Deterioration of Stock Cover

Deterioration of stock cover is a useful add-on if your raw materials or stock need to be stored in climate-controlled conditions. This insurance protects you if your raw materials or stock become unusable or unsaleable because of a mechanical breakdown or power supply problem.

For example, if you sell chilled products and you have a power outage or cold storage breakdown, then you may lose stock if it can't be kept at the correct temperature. Deterioration of stock cover pays you for any raw materials or stock you lose for this reason.

This cover is often bundled into equipment or machinery breakdown cover. It may be offered as standard within this cover or as an add-on benefit. Depending on your insurance company, equipment or machinery, this insurance may be included as part of your core business insurance or added as an optional extra.

If your stock is one of your main assets, but you aren't sure how to get the right cover to protect it, then talk to Westralian Insurance. We can help you build a business insurance portfolio that comprehensively covers anything that might happen to your stock. To learn more, contact us .

Business Interruption Insurance FAQs

Fri, 12 Oct 2018 00:54:27 GMT

Should Your Company Have Business Interruption Insurance cover?

Coverage against events such as fire, floods and theft is an essential part of any company's insurance portfolio. However, while this coverage protects you against damage and loss, it may not be enough to compensate for all your costs after a major event.

Business interruption insurance gives you extra protection during this difficult time, until your business is back on its feet again. How can business interruption insurance help your company?

What Is Business Interruption Insurance?

If your company has a business-damaging event, like a fire, then your general insurance policy typically fixes the damage and pays for lost or damaged equipment and assets. While a policy like this covers tangible costs, it doesn't usually protect against what happens to your company after the fire.

You may think that your business will carry on as usual after this kind of event, but this isn't always possible. It may take weeks, months or even years until you're fully operational. If this happens, your company's income may decrease or even stop completely; however, your general outgoings stay the same, for example rent and electricity. You still have to meet your financial commitments and may even incur additional costs until you're fully operational again. This can be a very difficult time for many small businesses.

Business interruption insurance gives you specific coverage for losses and costs when your business isn't operational, following a fire or peril. Even if your business can't make any money for a while, you'll have access to enough cash to keep it running.

What's Included?

Not all business interruption insurance policies have the same features; however coverage typically includes the following three benefits.

Revenue Loss

If your business can't operate, it can't earn. Business interruption insurance payments, usually calculated on a gross profits basis, ensure that your revenue is protected until you're up and running.

Fixed Costs

Your fixed costs don't go up in smoke when you have a fire or other event — you're still legally obliged to make these payments. For example, business interruption coverage helps you make loan and leasing payments and pay utility bills. It also ensures that you retain key staff, assisting with wage commitments, even when your staff can't work.

Relocation Costs

If your premises are badly damaged, then you may need to move to temporary accommodation until your office is renovated. The costs of finding, renting and moving in and then out of new offices is significant.

How Long Does Coverage Last?

Some companies only need a few months to get over a business interruption; others need years. One of the benefits of this insurance is that you buy coverage based on an indemnity period — the length of time the insurance company pays out — rather than on a fixed timescale.

However, if you've never had a business interruption before, then you may not know how to calculate the right indemnity period. If this period is too long, you'll pay more for coverage than you need; if it's too short, then you won't have financial help for as long as you need it.

Westralian Insurance has the expertise to help you choose the right indemnity period and the best business interruption benefits for your company. To find out more, contact us .

Professional Indemnity Insurance | Westralian Insurance

Thu, 16 Aug 2018 01:57:58 GMT

Why Professional Indemnity Insurance Is a MUST for Digital Freelancers

Aside from the allure of waking up late and working in pyjamas, one of the main reasons many self-sufficient people are drawn to the world of online freelancing is that it seems easier than setting up a traditional, physical business.

Of course, while becoming a digital freelancer doesn't require as much form-filling as opening a shop or becoming a tradesperson, that doesn't mean online freelancers are exempt from the typical infrastructure of a traditional business.

Insurance, in particular, is one business requirement that many digital freelancers don't think they need. However, that couldn't be further from the truth. Those who freelance online need to be protected from financial risk just as much as traditional businesspeople do.

One area you'll definitely want to be covered is Professional Indemnity. Never heard of it or not sure how it applies to you as a digital freelancer? Here's all you need to know.

What Is Professional Indemnity Insurance?

Sometimes referred to as Professional Liability insurance or simply PI, Professional Indemnity insurance is insurance that will cover your legal costs and other expenses, in the event that one of your clients loses money or business as a result of the services you've provided. For example, a tax agent providing incorrect advice which led to a client's business losing money; or a graphic designer creating a new logo that was similar to a copyrighted design, which led to legal proceedings against their client.

In short, you'll be financially protected if you make a mistake when giving advice, selling your skills or handling a client's assets.

Who Is It Right For?

Professional Indemnity insurance is a must for digital freelancers in most sectors because this type of freelance work almost always involves selling specialist knowledge and skills that a client is relying on.

Some of the common types of online freelancers who need Professional Indemnity insurance include:

Accountants
Graphic Designers
Web and software developers
Marketers and consultants
Translators
Tutors

Essentially, anyone who provides a professional service should consider Professional Indemnity insurance.

Why Is It Really Necessary?

Since Professional Indemnity insurance isn't compulsory by law, many online freelancers don't think it's really necessary. However, it's important to remember that mistakes can happen to anyone. Even if you're one of the most well-trained, skilled and knowledgeable professionals in your field, you can't guarantee that every service you render will be perfect.

Don't underestimate how much money a client could lose over even the smallest of mistakes. Just imagine the potential losses if you made a coding typo that stopped a client's e-commerce website from working during a big sale or mistranslated a sentence so it painted the quotee in a bad light.

Having insurance gives you the peace of mind, knowing that you're financially covered if an honest mistake does happen. You won't end up in a position where you have to sell your personal assets or lose your business to defend yourself.

Comprehensive Professional Indemnity cover will also come in handy if you decide to grow your freelance business and hire employees in the future, protecting you against their negligence. Plus, if you decide to retire from digital work, you'll be able to switch to run-off cover that insures you against future claims.

In short, working in the virtual world can get you in physical trouble, but Professional Indemnity insurance can get you out of it. If you’d like a free quote or want more advice about other types of insurance that online freelancers benefit from (such as Cyber Insurance, Management Liability and cover for your work computer), contact us at Westralian Insurance by phone or web.

3 Things Business Insurance Brokers Should Always Do

Thu, 14 Jun 2018 02:11:39 GMT

As the owner of a small- or medium-sized business, you have to make sure that your business insurance coverage is in order. Whilst business insurance coverage is absolutely crucial for the protection of your company, finding the right insurance broker can be a time-consuming endeavour.

Fortunately, the best business insurance brokers manage much of your business insurance for you. Read on to learn the three things that your business insurance broker should do for you.

1. Manage Your Claims

Whilst you probably won't have to deal with insurance claims very often, they can be extremely timeconsuming - additionally, claims can be quite confusing and frustrating. The documentation required to file a claim can be extensive and can take valuable time away from other important things.

The best business insurance brokers can act on your behalf by initiating the claims process for you. You'll need only to provide the essential information regarding the claim, and then your business insurance broker can get to work straight away.

Initiating a claim may be as simple as a telephone call to your business insurance broker - in fact, in many cases, you won't even have to leave your office to start the claim. With your business insurance broker handling the claim for you, you'll be able to focus on what matters most: your business.

2. Deal With You Personally

When you're dealing directly with a large business insurance broker, you may run the risk of becoming just another number in their client queue. Often, you could be confronted with automated telephone systems and long wait times simply to speak with someone who can actually help with your questions and concerns. When you just need to get answers fast, having a liaison representing your business interests can make all the difference.

Opt for a business insurance broker who makes a commitment to personalised service. By working with this type of insurance provider, you'll have someone who can work reliably and quickly.

The best business insurance brokers know the issues that you're dealing with, and they know how to get you the help you need straight away. You won't have to wait to ask questions or voice your concerns this way, and you'll get your answers promptly and without wasted time or stress.

3. Keep You Updated on Legal Requirements

As a business owner in Western Australia, you are required to maintain at least two types of insurance: workers' compensation insurance and public liability. Additionally, all businesses that own motor vehicles must maintain third party personal injury insurance. Every state in Australia has its own specific laws regarding the amount of business insurance required. Most business owners also choose to maintain property insurance and other types of cover as well.

Making sure that you are properly protected as a business owner is important - but ensuring that you're following all the local laws and regulations regarding business insurance is equally crucial. Choose a business insurance broker who is locally based, as this allows for the best knowledge and experience with the Western Australian business environment.

The best business insurance brokers will work to continually stay updated on all local insurance laws, rules, regulations and policies. When changes occur, you'll be informed of this straight away so that you can make any necessary changes. You'll have no more worries about whether you're following the local laws, whether you have the proper coverage in place or whether you need to purchase additional insurance cover.

The Westralian Insurance team is here to help with a full range of business insurance services. Contact us anytime for help with business insurance.

The Importance of Cyber Insurance for Businesses of All Sizes

Thu, 14 Jun 2018 02:02:13 GMT

Cyber resources have revolutionised the way businesses in all sectors operate. Modern technology makes transactions, product fulfilment and even manufacturing more efficient and customisable than ever before.

However, digital technology, especially any gadget with an internet connection, can also make businesses vulnerable to new threats they haven't faced in the past. Unfortunately, these threats often evolve as quickly as the technology and information that they target!

While you may not be able to anticipate all the possible challenges surrounding the technological growth of your business, you can take steps to protect yourself, your investments, your employees and your customers.

In addition to security measures, you should consider a cyber insurance policy. In today's digital age, cyber insurance can provide critical protection to businesses of all shapes and sizes.

What Does Cyber Insurance Do for Businesses?

As the name suggests, cyber insurance is intended specifically to cover the potential costs of technology, data network and cyber communications liabilities. The exact cover depends on your specific policy, but options include insurance for:

Risk assessment reviews
Data theft or loss
Cyberterrorism
Legal issues, including the cost of notifying customers
Business interruption
Breach recovery measures, such as equipment repair and penalties

The type of coverage you may need also depends on the industry you work in and how much of your business you conduct online.

When Do Companies Need Cyber Insurance Coverage?

In the past, only large companies were considered desirable enough cyber targets to need specialised insurance. However, with many small businesses using cardswipe apps to process credit card transactions, cloud storage for customer data and so on, more companies than ever should consider this critical protection.

In fact, a 2017 report from Small Business Trends showed that almost 50% of current cyber attacks affect small businesses rather than their medium or large counterparts, perhaps because these companies tend to be easier targets.

Additionally, these attacks often have a devastating impact on small or newly established businesses, with 60% of these companies closing within half a year of an attack.

Insurance experts recommend that businesses of all sizes consider their cyber insurances options if they:

Accept online payments
Communicate about intellectual property or sensitive information using unencrypted web messaging systems
Have a public website
Store payroll, accounting or customer information online
Use webconnected registers

While a cyber insurance policy cannot replace your firewalls, encryption programs or IT team, this coverage can ensure that your company survives a technology-related breach or loss.

How Does Cyber Insurance Work With General Liability?

Some business owners acknowledge the potential of cyber threats but assume that their existing business liability insurance provides enough cover to protect their company from these risks. However, most general or public liability policies have little to no measures that apply to cyber threats.

You should discuss your existing coverage with an insurance broker and consider purchasing a cyber insurance policy to ensure your business is fully protected.

How Does Coverage Work With Third-Party Data Management?

While some business owners fail to purchase cyber insurance because they assume they are already covered by their other insurances, other owners mistakenly believe that because they do not handle data management themselves, they are not liable in the event of a breach or loss.

Unfortunately, your company is considered responsible for vetting your information and technology partners. If your customer's private or financial data is compromised, you can be held liable for the full cost unless you have appropriate insurances.

For professional and friendly advice, based on the unique needs of your business, trust the team at Westralian Insurance. Call us now on (08) 9302 2885 or submit an enquiry form here .

Packages for Trade

Tue, 03 Apr 2018 02:15:45 GMT

For most businesses, insurance is straightforward; it covers their building, vehicles, and employees. However, for tradespersons who work primarily on other people’s properties, insurance is a little different. At Westralian Insurance, our knowledgeable and friendly staff make trade insurance simple by offering trade packages for tradespersons in the Perth area.

Insurance Catered to You

Whether you’re a plumber or a carpenter, a bricklayer or an electrician, you rely on yourself and your employees to build your business. Our trade packages are designed to suit tradies who need specific insurance for themselves and their tools of trade as they undertake work on their customers’ properties.

Our packages include:

General property. This insurance covers your tools of trade anywhere in Australia, not just Perth, and protects you from the theft of your tools from a vehicle or property.

Public liability . This insurance protects you from property damage or personal injury claims from members of the public.

Burglary . This insurance covers your business’ property and any loss or damages that might occur if you are burgled.

Motor vehicle . This is insurance is designed to protect any business vehicles you use to operate your trade.

Personal accident and illness . This insurance provides compensation for illness or accident that deprives you of your ability to run your trade business.

Fire and associated perils . This insurance covers you in the event of a fire or other natural disaster.

These packages are designed for small businesses with one to five employees who generally have no individual contracts exceeding $100,000 and an annual turnover under $500,000.

Professionals You Can Trust

Your trade is your reputation and your livelihood, which is why Westralian Insurance works hard to support your business. Our fully qualified staff are happy to answer any queries you may have and work with you to find the best insurance solution that suits your needs.

If you are a tradie in the Perth area, let Westralian Insurance protect you. Get a free quote now by completing the form on the right, or call us today on (08) 9302 2885 .