Welcome to the August–September edition of Insurance Insight.

In 2018, a staggering 83% of global organisations experienced phishing attacks, according to Proofpoint’s Beyond the Phish report. Cybercriminals are experts at gathering personal information to launch targeted and highly convincing attacks against individuals and this social engineering is seeing more and more businesses being compromised. To combat the rising risk posed by employees taking the phishing bait, businesses should implement ongoing and effective security awareness training to educate employees about cybersecurity best-practices and understand how to protect data. In this edition, we look at the top three emerging phishing trends and provide a few tips to help thwart would-be hackers.

Two landmark cases involving Facebook have shone a spotlight on the need for businesses to be vigilant when it comes to their use of social media…and to make sure they have the appropriate insurance covers in place to protect them if something goes wrong.


We welcome your feedback and invite you to contact us to discuss the risk mitigation strategies you need to protect your business in the digital age.



Steve Sparkes

Steve Sparkes

Managing Director - Corporate Broking

Ryan Cameron

Ryan Cameron

Managing Director - Broking






Cyber criminals are becoming increasingly sophisticated in their phishing expeditions and using social engineering to defraud businesses. How can you protect your business from ‘hacking the human’ attacks?





Two recent landmark cases involving Facebook have reiterated the need for businesses to ensure they have Liability insurances in place.





Attendance at conference bolsters ties.



WorkCover Victoria

Key dates

Employers looking to renew their workers’ compensation policies in Victoria should note these key dates for 2019-20:

Key Date Action
11 July 2019Employers can access their Premium Renewal notifications for 2019/20
1 August 2019Last day to take up the excess buy-out option
5 August 2019Due date for annual premium payment (5% discount)
1 October 2019Due date for annual premium payment (3% discount)
due date for first premium instalment (for those paying monthly or quarterly)
25 October 2019Employers to certify their Rateable Remuneration for 2018-19 (if remuneration for 2017-18 greater than $200,000)
1 November 2019Due date for annual premium payment (without discount)
27 March 2020Employers to certify their Rateable Remuneration (if remuneration for 2017-18 was $200,000 or less) 

New indexation rates  

WorkSafe Victoria has confirmed the indexation for workers’ compensation claims which affects both employer excess and the maximum weekly benefits.

As of 1 July 2019, the new rates are:

  • Employer excess: up to $721 for medical and like expenses (as well as the first 10 days of weekly benefits)
  • Maximum weekly benefit: capped at $2,380 gross per week

Further information is available on the WorkSafe Victoria website.

WorkCover Queensland

Key dates

Employers looking to renew their workers’ compensation policies in Queensland should note these key dates for 2019-20:

Key DateAction
1 July 2019Wages can be declared online as of 1 July 2019
31 August 2019Wage Declarations due
16 September 2019Due date for annual premium payment (5% discount)
Note:  discount premium cannot be less than $200 and wages must have been declared by 31 August 2019
30 September 2019Full premium payment due (if not paying by a payment plan)

Further information is available on the WorkCover Queensland website.

EBM’s specialist Workers’ Compensation team

Workers’ Compensation is complex and EBM can assist you with every aspect of your requirements. 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.



ASIC warns over CCI
The Australian Securities and Investments Commission have threatened to take enforcement action against banks and lenders over the selling of Consumer Credit Insurance. An ASIC review found the design and sale of CCI “has consistently failed consumers” and the products were “extremely poor value for money”.  Further to the publishing of its Consumer credit insurance: Poor value products and harmful sales practices report in July, ASIC has proposed a ban on unsolicited telephone sales of direct life insurance (including funeral insurance) and CCI.   

Farmer income protection scheme
The New South Wales State Government has allocated $2 million to investigate the establishment of a nationwide income protection scheme to protect farmers from the financial impacts of future droughts. In partnership with the National Farmers Federation, the government will look into the potential risk mitigation models that could be used to protect farm incomes during times of drought or other hardship such as natural disasters. The project will involve looking at other comparable models in overseas jurisdictions as well as the best way to deliver the product across Australia. Speak to an EBM FarmCover specialist about farm insurance.

National approach to building sector reforms
Insurers have welcomed the agreement between the states and territories on implementing nationally-consistent building standards. The Insurance Council of Australia noted that the insurance industry must have a formal role in the implementation of the 24 recommendations of the Shergold-Weir report to ensure insurance perspectives are taken into account. 

$14.7 million in junk insurance refunds
An additional $14.7 million in refunds for add-on insurance sold by car dealers have been secured by the Australian Securities and Investments Commission. More than 30,000 additional consumers will be compensated for the sale of caryard add-on insurance with little or no value. This brings the total value of compensation to over $130 million, with more than 245,400 consumers being refunded.

WA ups disaster resilience
The Western Australian State Government has announced $2.85 million in funding for local disaster resilience projects. The 25 Natural Disaster Resilience Program grants will be given to local councils and emergency groups to help better prepare for disasters including floods and bushfires. 

Victoria tackles cladding issue
The Victorian State Government has announced a $600 million package to tackle combustible cladding in the state. A series of grants will fund rectification works on hundreds of buildings found to have high-risk cladding. The government will directly fund $300 million in rectification works and introduce changes to the building permit levy to raise the other $300 million over the next five years. The program will be overseen by Cladding Safety Victoria (new agency), which will manage funding and work with owners’ corporations to progress works.

New insurance requirements for Victorian builders
The Victorian State Government has issued new insurance requirements for building professionals operating in the state. From 12 August 2019, the minimum insurance requirements will allow for policies for building surveyor and building inspector practitioners with exclusions on cladding. Speak to an EBM BuildCover specialist about building industry insurances. 

App provides risk profile
The Insurance Council of Australia has developed a mobile phone and tablet app that summarises the severe weather-related and natural disaster risks that could potentially affect homes and businesses. MyHazards takes the property address and provides a visual map and easy-to-understand summary of potential natural disasters and severe weather hazards, including storms, cyclones, floods, storm tide and bushfire risk, for more than 11 million properties.

ESL increase in NSW
The New South Wales State Government announced a 14% increase in the Emergency Services Levy for FY20 in its 2019/20 Budget. The ESL will raise $895 million. A further increase of 22% is earmarked for FY21, increasing the level to $1,094 million. The Budget also indicated the state would receive over $1 billion in stamp duty revenue on insurance policies in FY20.

Regulatory change tops fears
According to the Governance Institute of Australia’s 2019 Risk Management Survey, regulatory reform/legislative change is the top risk facing risk managers, governance leaders and their organisations this year. This was followed by damage to brand or reputation, increased competition, talent attraction/retention and cyber-crime risks. Speak to an EBM Account Manager about Liability insurance.

Car defects prompt insurance warning
A study by Finder has highlighted the fact that car recalls in Australia over the past five years have increased 176%. A record number of car recalls occurred in 2018, after 214 vehicle models were found to have a safety-related defect, owing partly to faulty Takata airbags. In the first half of 2019 alone, 135 recalls have been issued by car manufacturers. Owners who ignore a recall notice from their car manufacturer run the risk of voiding their car insurance.

Shop-lifting costs retailers billions
Research conducted by the University of London has estimated retailers, such as supermarkets and telecommunications stores, are losing up to $3.37 billion in stock annually. The Australia and New Zealand retail crime survey indicated that 0.92% of revenue has been lost due to theft, with customer theft accounting for 57% of the figure. Speak to an EBM Account Manager about insurance for Retailers




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