Term Life Insurance: A life insurance that provides a cover for a specific period of time - usually one to five years or until the insured reaches age 65 or 70.
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
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
Indemnity insurance may sound like complex legalese, but at its core, it's a straightforward and crucial protection for businesses of all types and sizes. Simply put, it's a form of insurance that shields a business from bearing the full brunt of financial losses due to lawsuits or claims made against it. - 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
In an era dominated by digital innovation, understanding the crossroads of cybersecurity and indemnity insurance is more critical than ever for IT professionals. As cyber threats evolve with increasing sophistication, the concept of cyber liability has come into sharp focus, pinpointing the potential legal and financial risks associated with data breaches and cyber-attacks that professionals in the information technology sector may face. - 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
In an era dominated by digital innovation, understanding the crossroads of cybersecurity and indemnity insurance is more critical than ever for IT professionals. As cyber threats evolve with increasing sophistication, the concept of cyber liability has come into sharp focus, pinpointing the potential legal and financial risks associated with data breaches and cyber-attacks that professionals in the information technology sector may face. - read more
Indemnity insurance may sound like complex legalese, but at its core, it's a straightforward and crucial protection for businesses of all types and sizes. Simply put, it's a form of insurance that shields a business from bearing the full brunt of financial losses due to lawsuits or claims made against it. - 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
Victorian Flood Inquiry Calls for Faster Insurance Responses
Victorian Flood Inquiry Calls for Faster Insurance Responses
1
An investigation into Victoria’s extreme flood impact reveals prolonged distress due to insurance obstacles.
The Legislative Assembly's examination brings forth issues with claim resolutions and coverage gaps as critical barriers in recuperation after the devastation of October 2022.
A thorough review by the Legislative Council Environment and Planning Committee highlights that prompt and adequate insurance assistance is pivotal for the recoveries of individuals and communities. Their interim findings, due for a final expansion in July, point out the further dislocation caused by slow insurance processes, limited contractor availability, and material access difficulties post-disaster.
The committee, evaluating testimonies and submissions from extensive public sessions in northern Victoria and Maribyrnong, emphasizes the importance of swift insurance action to mitigate prolonged trauma effects and stresses the importance of support services provided in a timely manner.
The negative impact of sluggish claim handling and poor coverage was pronounced in the family-faced hardships documented in the report. Obstacles like these slow rebuilding and amplify the already harsh conditions for disaster-stricken residents.
Policyholder narratives included in the interim report display the extent of the strain, such as:
the intensity of dealing with financial and emotional stress while residing in temporary homes.
the growing despair as residents remain displaced long after the floods, feeling deserted by insurers and government alike.
frustration with an insurance industry quick to collect premiums but slow in meeting claims, especially when determining reparability.
the disorder within companies, leading to inefficient repair processes and bloated costs from drawn-out paperwork.
a personal account of parents’ untenable living situation amidst arduous dealings with insurers.
Insistence on the necessity for a defined timeframe for insurance response to hold companies accountable and facilitate disaster recovery.
The widespread community sentiment reflected an orderly call for more efficient insurance procedures to address the severe effects of disasters, with policymakers looking to refine recovery mechanisms amidst Victoria's battle with natural calamities.
A motorist discovered the hard way that taking out an insurance policy hours after an accident won't cover the damages inflicted. The lesson? Timing is crucial when it comes to insurance coverage. - read more
A prominent player in the Australian life insurance industry, TAL, has set new benchmarks by disbursing more than $4 billion in claims benefits over the past fiscal year ending on March 31. This landmark is particularly highlighted by the fact that half of these claims were lodged through the TAL Connect platform and were processed within a mere 24 hours. - read more
The Senate has launched an investigation into the growing climate risks that are affecting insurance premiums, with a focus on affordability and accessibility. - read more
The decline of life/risk advisers paired with the Australian Prudential Regulation Authority's (APRA's) intervention in the Individual Disability Income (IDII) insurance sector imposes fresh challenges on the market, hinting at recovery only intermittently. - read more
Residents from western Melbourne have voiced sharp disapproval of insurance companies at the recent federal inquiry hearings held in Maribyrnong, citing significant grievances post the 2022 floods. - read more
Need a Quick Professional
Indemnity Insurance Quote?
