NSW is looking to make latent defects insurance (LDI) compulsory for high-rise residential buildings by 2028. This transformative move has been described as a “game changer” by insurance law firm Wotton + Kearney. Read on to find out more about latent defects insurance and the mooted changes in NSW. The Building Compliance Crisis Industry commentators argue […]
SMEs face a raft of risks with the ongoing transition to source energy from renewable options. This article will give you a global and national context, explain what you may face, and offer tips on risk management. On a global bandwagon Across the world, economies and societies are moving away from fossil fuels (such as […]
Only one in five Australians who have experienced sexual harassment at work make an official complaint about the behaviour. But, thanks to Respect@Work laws, the onus on dealing with those and related issues has shifted more to employers. Prevention is key, but so is dealing with such claims appropriately. Those laws mean that since December, […]
Globally, a cyber breach to professional services businesses cost an average AU$6.77 M per company in 2023, according to IBM’s most recent data breach report. For businesses with fewer than 500 staff, the average cost was marginally lower at about $5M. Crucially, it takes businesses from all sectors an average of 204 days to identify the […]
Event cancellation is a major bugbear of the hospitality sector. An estimated 21,000 events were cancelled during the pandemic in 2020, and that’s only counting Australian mass participation sporting events. There are also community events, weddings, entertainment shows, conventions, concerts, exhibitions, fashion/art/award events, and more. However, event organisers, including hospitality businesses, are no longer at the […]
Tradies usually don’t have the time or inclination to report the theft of their tools to the police. This can prove costly but, as this article explains, you can minimise your risks and invest in protection for peace of mind. The Rising Issue of Tool Theft in the Construction Industry More than 29,000 tools were reported stolen […]
Supply chain risk management is the top area for Australian businesses to improve upon, according to a recent survey by the Australian Securities and Investments Commission. Alarmingly, the survey found 44% of companies surveyed were not doing anything to manage supply chain or third-party risks. In this article, we’ll explain how to audit your business for supply chain […]
An estimated eight in 10 Australian homeowners are underinsured, according to insurance websites that cite the Insurance Council of Australia (ICA) or the Australian Securities and Investments Commission (ASIC). If you consider the rise in extreme weather events, inflation, mortgage interest rates, and average insurance premiums since then, it makes sense to expect underinsurance rates […]
For business owners, Mother Nature’s risks can feel like a looming threat always on your horizon. Natural events are a matter of ‘when’, not ‘if’. Most can be expected and planned for. That’s why we’re encouraging you to consider nature as part of your risk framework. This stance is in light of legal opinion that holds companies should foresee […]
Australians think of medical providers as their front-line defence for health issues, but who’s helping those healthcare practices to stay ‘healthy’? This article is a guide on sector-specific risk management to help protect your business. Healthcare practices’ risk factors to consider Common risks for medical practices include: A newer risk involves the use of generative […]
