• Skip to primary navigation
  • Skip to main content
  • Facebook
  • Instagram
  • LinkedIn

+61 3 8379 7300

Megalines Insurance And Risk Advisers

Megalines Insurance And Risk Advisers

For over 12 years, we have been relentless in building quality and effective Insurance programs for our teeming Clients in various Industries and of every size.

Menu
  • About us
    • Our Difference
    • The Team
    • Steadfast group
    • What can you Expect from us?
    • Community Engagement
  • Insurance Products
        • Business Insurance
          • Business Interruption
          • Contract Works
          • Cyber Insurance
          • Farm Insurance
          • Management Liability Insurance
          • Marine Transit Insurance
          • Motor Insurance
          • Public and Products Liability
          • Strata Insurance
          • Trade Credit Insurance
          • Travel Insurance
          • Workers Compensation Insurance
        • Personal Insurance
          • Cyber Insurance for Families
          • Domestic Risks
          • Home and Contents Insurance
          • Landlord Insurance
        • Specialised Insurance
          • Family Day Care Insurance
          • NDIS (Care & Disability)
          • for Nannies / Babysitters
  • Claims
    • Brokerapps
  • Pay an Invoice
  • Get a Quote
    • Business Insurance Quote
    • Family Day Care Insurance
    • Home & Contents Quote
    • Insurance Cost Calculators
    • Landlord Insurance Quote
    • Motor Vehicle Quote
    • NDIS Application Form
  • News
  • Contact

How to minimise being underinsured

You are here: Home / News / How to minimise being underinsured

Many Australians, especially those who own businesses, discover they don’t have the cover they need in the worst possible circumstances. Insurance is one of those subjects that many people glaze over. So, just to test how knowledgeable you are about this important but unsexy topic, see how many of the following you can answer.

Questions

  1. What type of insurance can provide cover if a natural disaster results in my business having to shut down for a period of time?
  2. What type of insurance can provide cover if a client takes legal action against me? In what industries is it mandatory to have this insurance?
  3. What type of insurance can provide a payout to cover costs relating to everything from a broken window to a tax audit to a light-fingered employee?
  4. What type of insurance is legally required if you employ staff? What is the penalty for failing to take out this insurance?

Answers:

  1. Business interruption insurance.
  2. Professional liability insurance (also called professional indemnity insurance). Those working in the medical, accounting, law and financial advice industries.
  3. Business insurance.
  4. Workers’ compensation insurance. It varies from state to state but you’ll typically be at risk of jail time if an employee has been injured (or worse). NSW imposes a ‘double avoided penalty’ equivalent to double the amount you should have paid in workers’ compensation premiums.

One in ten businesses have no cover

If you failed to get all (or any) of the answers right, you can take solace in being a typical Aussie. Survey after survey has shown that Australians don’t have a good grasp on what insurance policies might be relevant to them. Unsurprisingly, Australia is one of the most underinsured nations in the developed world (underinsurance is when an individual or business has no or inadequate insurance to cover their legal liabilities, or the cost of loss or damage to their assets). The Insurance Council of Australia’s 2015 report on non-insurance in the SME sector showed a non-insurance rate of 12.8 per cent. Paul Nielsen, director and chair of the Council of Small Business Australia (COSBOA), says many SMEs are in denial. “Business owners tend to think it won’t happen to them. Because of this, some SMEs view insurance as dead money,” he says. Read the full Steadfast article here.

Previous Post: « What insurance cover does a growing business need?
Next Post: What is Volunteer Insurance? »
Megalines_Footer_logo
  • Pay an Invoice
  • Privacy Policy
  • Financial Service Guide
  • Terms of Use
  • Insurance Broker Code
Address

Megalines Place
Unit 112, Level 1
22-30 Wallace Avenue
Point Cook VIC 3030

Postal Address

PO BOX 6353
Point Cook VIC 3030

Phone

+61 3 8379 7300

Fax

+61 3 8677 9344

Email

info@megalines.com.au

ML_tagline
Steadfast-Logo-white-300x128

Mega Lines Pty Ltd | AFSL 495082 | ABN 68 122 341 191 | Megalines Insurance & Risk Advisers is a trading name of Mega Lines Pty Ltd
Copyright © 2021· Megalines Insurance And Risk Advisers. Website by