Indemnity: A legal principle that stipulates that insurance policies should restore the insured to the financial position they were in before the loss.
Starting a business is a thrilling venture, but it comes with its share of risks and uncertainties. One often underestimated aspect by many entrepreneurs is the need for adequate insurance, particularly, professional indemnity insurance. This type of insurance is crucial for protecting your start-up against potential financial liabilities resulting from errors, omissions, or professional negligence. - read more
The landscape of work is changing in Australia, with more individuals embracing the flexibility and autonomy that freelancing offers. A significant surge in the freelance economy is a testament to this shift, as a myriad of professionals, from writers and designers to IT consultants, choose to offer their services independently. The burgeoning freelance community contributes not only to innovation but also to the country's economic vibrancy. - read more
Insurance serves as a cornerstone in the foundation of a thriving business, mitigating various risks that can surface in the unpredictable world of commerce. At its heart, business insurance is about safeguarding the company's financial stability. It provides a critical safety net, ensuring that a single event doesn't have the power to derail years of hard work. - read more
Intellectual Property (IP) stands as one of the core components of any modern business, particularly for startups where innovation is often the primary competitive edge. Understanding and protecting IP is not just about safeguarding ideas; it's a critical aspect of maintaining a business's unique market position and its long-term viability. - read more
If you're an Australian consultant, you understand that your advice is a valuable commodity. But with that value comes responsibility, and a level of risk that you could be held liable if your guidance results in financial loss to a client. This is where professional indemnity insurance comes into play, serving as a vital shield, providing protection and peace of mind for both you and your clients. - read more
Professional Indemnity Insurance (PII) is a type of insurance designed to protect professionals against claims of negligence or breach of duty made by their clients. It covers the costs and expenses incurred in defending against such claims, as well as any resulting damages or compensation that may be awarded. - read more
The professional services industry has undergone a significant transformation in recent years, largely due to the integration of digital technology into everyday business operations. From cloud computing to mobile applications, the digital landscape for professional practices has expanded, offering new avenues of efficiency and connectivity. - read more
If you're an Australian consultant, you understand that your advice is a valuable commodity. But with that value comes responsibility, and a level of risk that you could be held liable if your guidance results in financial loss to a client. This is where professional indemnity insurance comes into play, serving as a vital shield, providing protection and peace of mind for both you and your clients. - read more
Professional Indemnity Insurance (PII) remains one of the keystones of risk management for professionals across Australia. Yet, misconceptions and lack of awareness can lead to inadequate coverage, leaving individuals and businesses vulnerable in a litigious environment. - read more
Starting a business is a thrilling venture, but it comes with its share of risks and uncertainties. One often underestimated aspect by many entrepreneurs is the need for adequate insurance, particularly, professional indemnity insurance. This type of insurance is crucial for protecting your start-up against potential financial liabilities resulting from errors, omissions, or professional negligence. - read more
As climate change persists, the impact of severe weather on insurance premiums is becoming more evident, pushing affordability out of reach for many Australians.
Bernadette Systa, a mother of five, faced an undeniable financial strain as her annual home and contents insurance costs surged from a modest amount to more than twice what she initially paid.
This experience echoes a growing dilemma faced by households across the country.
Climate change is amplifying extreme weather events, leading to substantial infrastructure damage. In response, insurance companies are recalibrating premiums to reflect the increased risk, not only in high-risk flood-prone zones but also across broader regions.
Statistics from the Actuaries Institute indicate a 9% rise in median insurance premiums within a year, with marked surges of 30% in cyclone and flood-prone areas.
Living in the outskirts of south Brisbane, Ms. Systa frequently contends with storms, a threat she identified as particularly perilous, especially those involving hail and intense winds. "We're getting more extreme storms, and it’s that kind of damage that I am probably most concerned about."
A recent survey conducted by Parents for Climate in collaboration with the Climate Council reveals a concerning trend: 71% of parents express anxiety over the escalating cost of insurance driven by climate impacts.
Economist and Climate Councillor Nicki Hutley noted that energy reliance on oil and gas is exacerbating both climate and cost-of-living crises. "Aussies feel the strain every time we fill up cars with pricey petrol or use expensive gas to heat our homes," she explained. "These polluting products are increasingly being reflected in inflation charts."
The survey, covering 1590 participants, discovered that nearly 30% of parents are now finding it difficult to pay for basic necessities, including groceries, utilities, and insurance premiums.
The unfolding scenario underscores a rising urgency for cleaner energy solutions. Households seeking to alleviate costs have shown a growing interest in sustainable alternatives like rooftop solar panels, household batteries, and energy-efficient appliances. Ms. Systa, although benefiting from solar provisions, stressed the need for greater governmental intervention to alleviate the costs of purchasing electric vehicles.
"We have two gas-guzzling cars that are both costly to maintain and environmentally damaging. I'd love the chance to switch to an EV, but it's currently beyond our financial reach," she said.
As reported by AAP, these insights highlight the increasingly intertwined nature of climate consciousness and financial realities, igniting public discourse on feasible solutions amid pressing environmental changes.
Published:Thursday, 14th Nov 2024 Source: Paige Estritori
In recent months, Muswellbrook, a town in New South Wales, has experienced a series of earthquakes that have left residents grappling with both physical destruction and emotional distress. Criticism is mounting against insurers as more than 600 claims have emerged, following these seismic events, yet many remain unresolved or denied. - read more
The Insurance Council of Australia (ICA) has raised concerns about the potential fallout from a fragmented regulatory approach to artificial intelligence and automated decision-making in the industry. There is fear that this patchwork of reforms could result in conflicting requirements, heavier compliance burdens, and increased industry confusion. - read more
A recent analysis by the Australian Prudential Regulation Authority (APRA) reveals that over 90% of general insurers and reinsurers anticipate climate change will influence their underwriting procedures, posing new challenges to the industry. - read more
In a remarkable case highlighting the severe consequences of insurance fraud, an individual's attempt to inflate a theft insurance claim has resulted in the total denial of compensation. Despite a significant portion of the claim being genuine, fraudulent actions negated any potential payout. - read more
As climate change persists, the impact of severe weather on insurance premiums is becoming more evident, pushing affordability out of reach for many Australians. Bernadette Systa, a mother of five, faced an undeniable financial strain as her annual home and contents insurance costs surged from a modest amount to more than twice what she initially paid. This experience echoes a growing dilemma faced by households across the country. - read more
Need a Quick Professional
Indemnity Insurance Quote?
