Welcome to the March-April edition of Insurance Insight.

The new working year has now well and truly begun and its back to business as usual, or is it?

Now is a time when many business owners make plans for the next 12 months and decide that finance is in order to enable their business to prosper through plant and equipment upgrades and investment in assets. But with tightening credit seeing many business loans rejected, business owners need to be alert to what financiers are looking for when they seek loans. In our EBM Finance article we look at the common mistakes loan applicants make and provide advice on how to be prepared.

And speaking of preparation, now is a great time to make sure you have your business and personal assets protected against rising legal liability costs. It might also be opportune to review your business fire management strategies, especially if your premises contain combustible materials, in light of the issues in insuring buildings harbouring flammable materials.

We welcome your feedback and invite you to contact us to help you get the new working year off to a great start by ensuring your business and personal insurances are tailored to your specific needs.

Steve SparkesRyan Cameron
Steve Sparkes, Managing Director - Corporate BrokingRyan Cameron, Managing Director - Broking






would you manage


Global and local issues are putting legal liability in the

spotlight for many businesses. Are you prepared? 



EBM finance


In light of the fall-out of the banking royal commission

and a general tightening of credit, will your

business loan application be successful? 




alan bishop


We celebrate an incredible honour for our Executive Chairman,
Alan Bishop, as well as introduce a key appointment in Melbourne.




NT WorkSafe

Changes to average weekly earnings/entitlements

Injured workers in the Northern Territory have a range of entitlements available to help them recover from a workplace injury and return to work under the Return to Work Act.

As of 1 January 2019, changes to average weekly earnings affect certain sections of the Act, including: 

  • Weekly Compensation Payments: The maximum weekly entitlement after 26 weeks is $2,502.75
  • Non-Cash Benefits: The maximum payable for electricity, meals or accommodation is $583.98 per week
  • Vehicle Running Expense: $0.34 is the suggested rate per kilometre  

Further information is available from NT WorkSafe.

EBM's specialist Workers' Compensation team

EBM can assist you with every aspect of your Workers’ Compensation policy. Please contact us to see how we can help.

If your business is faced with a Workers’ Compensation claim, EBM’s Injury Management team is here to help you with advice and support throughout the claims process.



EBM partner AIA on top
An analysis of reviews on the Insurance Watch website has found AIA, with whom EBM has partnered to provide our MaxLife suite of personal insurance products, is one of the top performers in terms of customer satisfaction. The analysis found that clear and regular communication, interacting with personable staff, being able to access the policy details online, well-priced cover, comprehensive features and easy to understand documentation were regarded well by consumers. Personal insurance (life, income protection, TPD, trauma) providers that offered added benefits, such as health incentives like AIA Vitality and medical services, were also well received.
Top 10 Australian business risks for 2019
According to KPMG’s second annual survey of Australian business leaders, digital transformation (#1) and disruption (#2) are the top issues for 2019. Business leaders are also wary of a potential “avalanche” of new regulations (#3), including from the banking royal commission. Building customer (#5) and public trust (#7) “is undoubtedly the other key permeating issue” said KPMG. Political paralysis (#4), cost competitiveness (#6), and infrastructure and liveable cities (#10) were also cited as major concerns. Cyber security and data privacy (#8), and big data (#9) also made the top 10.

Top 10 global business risks for 2019
Challenges surrounding digital transformation (#1) have also topped the list of global business concerns for this year, according to the 2019 Executive Perspectives on Top Risks survey. Succession challenges and the ability to attract and retain top talent came in (#2), regulatory changes and regulatory scrutiny (#3), cyber threats (#4), resistance to change operations (#5), rapid speed of disruptive innovations and new technologies (#6), privacy/identity management and information security (#7), inability to utilise analytics and big data (#8), organisation’s culture may not encourage timely identification and escalation of risk issues (#9), with sustaining customer loyalty and retention rounding out the top 10 concerns. 

Cyber security grants for small business
The Australian Small Business and Family Enterprise Ombudsman is offering grants through the Cyber Security Small Business Program. Eligible small businesses (those with fewer than 19 employees) can apply for a grant for a certified cyber security health check (to be carried out by providers approved by the council of Registered Ethical Security Testers Australia New Zealand) to determine business risks and areas that need attention. The maximum grant amount is $2,100 or up to 50 per cent of eligible project costs. Grant applications are open until June 2020. Business owners should speak with their EBM Account Manager about Cyber Liability cover.

ARPC to continue providing terrorism cover
The 2018 Triennial Review of the Terrorism Insurance Act 2003 has recommended the Australian Reinsurance Pool Corporation (ARPC) continue to provide terrorism reinsurance covering the Australian commercial and high value residential property market. The review also recommended that the ARPC scheme not be extended to provide coverage for cyber terrorism “at this time” and that “the Government will continue to monitor developments”. Despite the report acknowledging that the current array of schemes and products that cover victims of terrorism attack “create significant complexity and may make it difficult for an individual to understand what they may be entitled to”, it recommended against extending rules that would provide reinsurance to primary insurers to cover personal injury or death from a terrorist attack.

New deputy chair for ASIC
On 28 January 2019, Karen Chester succeeded Peter Kell as the full-time deputy chair of the Australian Securities and Investment Commission (ASIC). The former chair of the Productivity Commission will fulfil the ASIC role for term of five years.

Small charities have poor risk management
PolicyBee’s Under the radar: risk management in small charities report found 62 per cent of small charities have never received risk and governance training, 10 per cent ‘don’t have’ or ‘aren’t sure’ whether they have any risk management measures in place, 87 per cent only have one risk management measure in place, and 47 per cent are only partially confident in their capacity to identify and assess risk. Charities and Not-For-Profits should contact EBM to discuss their risk management strategies and secure the insurance protections needed.

WA Government’s subbie protections
The Western Australian Government’s report on Security of Payment Reforms in the WA Building and Construction Industry has made 44 recommendations of reform to protect subcontractors. The report proposes the introduction of a statutory deemed trusts scheme and also recommends amendments to the Building Services Registration Act to better define when disciplinary action against tardy payers can be taken and the introduction of demerit points against companies that demonstrate poor payment practices. EBM’s BuildCover & Construction teams can assist builders and trades with their risk management and insurance needs.

Parents paying for kids uni education
According to HSBC’s The Valuation of Education – The Price of Success report, one in three parents are taking on second jobs and working overtime to pay for their children’s university. Of the parents surveyed, 85 per cent were relying on their day-to-day income to support their children throughout their education, and 32 per cent said they wished they had had the foresight to start saving for their children’s university expenses earlier (on average, over the course of a degree, students spend $50,311). It was found parents spend an average of $17,124 (or one-third) towards their children’s further education (in addition, 42 per cent said they didn’t know how much they were contributing), with only 3 per cent drawing this money from savings or investment accounts established in advance. Speak to an EBM Financial Planner about savings and investment options to help fund education or other life goals.




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