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

The number of claims lodged is now running about twice the level of the final year of WorkChoices.

Almost 8000 dismissal claims were lodged in the first six months of 2011-12 with Fair Work Australia, a rise of 11 per cent from a year earlier.

The new data, released by Fair Work Australia, shows that claims have nearly doubled since 2008-09, the last year of the Howard government’s WorkChoices system. The data also includes strong growth in general protections claims that relate to discrimination and freedom of association.

Senator Abetz said he suspected the claims would be higher still, with anecdotal evidence that employers were prepared to pay off sacked workers before a claim was lodged.
Read more: The Age – Fair Work Act: Unfair Dismissal Claims Rising

If this concerns you as an employer, please look at our Management Liability Insurance and Claims Examples.

For more information please contact us on (03) 9808 9222 or Enquire Now

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?

Electronic equipment is vulnerable to theft as well as accidental damage through dropping and liquid spills.

 This is especially the case for portable equipment that is not always located in secure premises. Portable equipment is at its most vulnerable when you are travelling.

Unfortunately most home and business policies do not cover theft and damage that occurs outside the home or office environment, and this is exactly when you are most likely to need insurance protection.

Equipment owners are increasingly looking for a comprehensive worldwide cover to protect their investment in mobile assets. High excesses, frequency rates and cover limited to premises mean that many mobile assets are effectively not insured or at best under-insured.

The specialised cover is much broader than a normal policy and can cover:

• Worldwide Cover
• Theft Cover
• Accidental Damage Cover
• Loss in Transit
• Cover for theft out of a vehicle
• Excess from $100

Coverage for Surveying Equipment, Photographic Equipment, Portable – IT Products, Medical Equipment, Light Machinery, Office Equipment, Musical Instruments and many others can be available.

If you would like more information on Mobile Equipment Insurance, please give us a call today on 03 9808 9222 or alternatively send us an email through our Enquiry Form.

Source: Protecsure Pty Ltd

• an employee
• a contractor or subcontractor
• an employee of a contractor or subcontractor
• an employee of a labour hire company who has been assigned to work in the business or undertaking
• an outworker
• an apprentice or trainee
• a student gaining work experience or
• a volunteer

It is important to note that as of 1 January 2012, volunteers and work experience students are now classified as workers in most states and territories.  Other than internal considerations we must now also consider the potential ramification this may have on clients’ insurance needs and adjust advice accordingly.

The following table provides information on the current status of the implementation of the new legislation by jurisdiction.  In cases where legislation hasn’t yet passed in your jurisdiction it will be beneficial to act in accordance with the laws in preparation.  This will ensure that you are complying with the highest standard.

*If you are a Victorian client, please contact us to find out more information to ensure you are prepared when the new law is introduced.

Source: Goldseal

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

Floods, hailstorms, and New Zealand’s earthquakes took their toll in 2011, with QBE Insurance Group, Insurance Australia Group (IAG), Suncorp and Wesfarmers Insurance recently warning that their earnings would be cut as a result.

Now households will pay, with insurers expecting to hike premium rates by 13 per cent this year after lifting them by 10 per cent in 2011, an annual industry survey by JP Morgan and Deloitte shows.

For more information, or to source alternative quotes please Contact Us

Source: The Age

Recently, we would have all heard the stories about a giant cruise ship, beached like a whale on rocks just metres off Italy’s Isola del Giglio, its side ripped open and its funnel almost touching the water.

It is a disaster for those on their dream holiday, but in relaton to insurance it is a timely reminder of the occasional dangers that accompany our journeys overseas and the need to be adequately prepared.

When you have exceeded your budget travelling you want to ensure that you are covered for the unexpected costs that may arise. 

Travel Insurance can cover a wide variety of the unexpected scenarios including medical expenses, loss baggage, cancellations and many more.

For a quote on travel insurance please click here

Source: Cover all your insurance basis

IAG, the nation’s biggest insurer of cars and homes, yesterday revealed it had received about 24,000 claims after storms pounded the state.

It expects the total claim for the storm to be between $180 million-$200 million.

Source: The Herald Sun

Insurance Australia Group has declared that it expects to pay as much as $720 million this year for catastrophe “reinsurance” following a year of floods, cyclones and bushfires.

But IAG said the reinsurance hike, on the back of a year of record claims, would have no impact on its forecast profit margin on insurance products of 10-12 per cent.

For more information about this article, please follow the below link.

Source: The Herald Sun