Bricher Insurance Brokers - News & Articles.
Management Liability Insurance & Unfair Dismissal
22 Feb 2012 | No Comments | posted by admin | in Blog
There have been a few articles in the last week or so regarding the rise in unfair dismissal claims in the workplace. The Baillieu Governement said employers were being caught by the laws even if there was a valid reason for dismissal. ‘A decision to terminate employment might be considered unfair due to any failure to strictly comply with the precedural requirement’ the submission stated. Employers are having to pay ‘go away’ money to settle unmeritorious claims to avoid involvement in more lengthy and costly tribunal proceedings. The Baillieu Government wants to make it easier for employers to sack under performing workers without legal action.
To all the employers out there, what are your opinions? Have you been in the position that you are unable to end an employees contract because of being wary about Unfair Dismissal? Did you know that you can insure against Unfair Dismissal?
It is the defence costs that can be insured by Management Liability Insurance. For more information on the Management Liability Product and what other areas it covers, Click Here.
Statistics and Quotes Sourced from: The Herald Sun
Travel Insurance and Driving Overseas
21 Feb 2012 | 1 Comment | posted by admin | in Blog
With all the drama with Strategic Airlines (Air Australia) and stranded passengers, we were looking into coverage under travel policies for when airlines go into liquidation.
Along the way we discovered an interesting fact about driving motor cycles overseas. Unless you hold an international drivers licence with a motor cycle endorsement you are not covered for any claims that may be associated with riding a motor cycle.
We think many people would not be aware of this.
Were you aware of this?
Why are insurance premiums increasing?
17 Feb 2012 | No Comments | posted by admin | in Blog
It is apparent to most people that there has been a significant increase in both the scale and frequency of severe weather events in Australia, with major storms, floods, cyclones and earthquakes caushing massive destruction.
You are all asking the question when receiving your insurance renewals each year; why has my insurance increased by so much? I have not made a claim in over 10 years, what is going on? Below is a little explanation of the reasons exactly why you insurance premiums continue to increase each year.
In the current calendar year to 21 April (2011), claims costs nationally exceeded $4.2billion – twice the cost for the whole of 2010, and nearly four times the costs in 2009 and 2008 (source: Insurance Council of Australia).
Most insurers have been absorbing much of the impact of these rising costs, but the situation has reached a stage where these significant cost increases are forcing insurers to review their pricing. There seems to be some perception that major events occur mostly in Queensland, but they are occuring nationally with their effects felt across Australia. Premiums are therefore rising in most regions of the country.
Why the rising costs of claims?
The materials for rebuilding and repairs have become more expensive. For example, there are a finite number of companies who supply plasterboard, and high demand is causing an increase in prices. The cost of labour and tradespeople has also risen sharply due to high demand for their services.
Many of us also own more expensive items these dats, and an insurance premium will rise to reflect the increase in value of the assets being insured and their replacement value, regardless of any additional external factors.
Your Insurance Premiums is also based on the level of risk and your claims history, so here are some tips on how to manage both of these:
Maintain buildings – roofs and gutters should be regularly inspected and kept in good condition and free of debris
Modern Methods of Construction products can significantly increase external fire spread, so review proposed building developments
Consider storing stock off the floors, perhaps using pallets. This will minimise the likelihood of stock damage in the event of heavy rain entering the building
Check property occupations regularly even if the occupation has not change. Not only is the illicit use of premises an increasing trend, but regular inspection and protection of unoccupied premises is usually a precondition of cover.
Contact us to gather the latest Risk Management Advice specific to your situation.
Remember, Insurance is not just about price – the cheapest option is rarely the best option. It’s much more important to have insurance cover that correctly meets your needs and will respond when you most need it. We are in the best place to help you determine the right policy and cover for your personal or business needs. Please Contact Us if you have any questions about your current or future situation.
Source: CGU Insurance
