Coronavirus & Insurance - 25/03/2020
We are closely monitoring the impact of the Coronavirus on clients, our community and our people. To support you through this time, we will continue to provide ongoing updates and information.
Recognising that many businesses are experiencing substantive changes in activity levels, wages, turnover, assets or other - please stay in touch with your EBM Account Manager. We are here to assist should you require a review of your insurance cover.
To assist with preserving cashflow during this challenging time, EBM has negotiated loan application fee waivers and discounted interest rates on Premium Funding. For EBM clients, longer grace periods for an agreed timeframe will be available to provide some respite in the short-term.
As businesses are faced with increasing financial obligations, Premium Funding offers a flexible alternative to paying insurance premiums upfront. Avoiding large lump sum payments frees up business cashflow for use elsewhere.
To discuss your current Premium Funding arrangements or to find out how this may be of assistance to your business, please contact your EBM Account Manager.
Government Stimulus Package
The Coronavirus poses significant financial challenges for households and businesses. Prime Minister Scott Morrison has announced a suite of measures aimed at stimulating the Australian economy and cushioning the impact – with the hope that it will assist with the recovery.
A total of $189 billion is being injected into the economy by all arms of Government and the RBA to keep Australians in work and businesses in business.
Support for Individuals and Households includes:
- Income support for individuals
- Payments to support households
- Temporary early release of superannuation
- Temporarily reducing superannuation minimum drawdown rates
- Reducing social security deeming rates
Assistance for businesses to manage cash flow challenges and retain employees includes cash flow support and temporary measures to provide relief for financially distressed businesses, including:
- Boosting cash flow for employers
- Temporary relief for financially distressed businesses
- Increasing the instant asset write-off
- Backing business investment
- Supporting apprentices and trainees
Find out more about the Australian Government Economic Response to the Coronavirus here or speak to your Accountant to find out how this may apply to you.
To reduce the spread of Coronavirus, many businesses have moved to work from home arrangements for employees.
The Australian Government FairWork Ombudsman has extensive information available on their website, with answers to frequently asked questions about Australian workplace laws and coronavirus, including:
- Health and safety in the workplace
- Enforceable government directions
- Workplace obligations and entitlements if you’re affected by the coronavirus outbreak
- Links to federal and state government information about coronavirus
SafeWork Australia is a valuable resource for employers and includes information relating to Work Health and Safety, including a dedicated section on their website on Coronavirus and Advice for Employers.
Please note: additional information about Workplace Health and Safety (WHS) regarding compliance, injury reporting, licensing and workers’ compensation claims, is available from the WHS authority in your state or territory and/or your local Workers’ Compensation authority.
It is also important to note employee WHS responsibilities; they must take reasonable care for their health and safety in the workplace, and also take reasonable care for the health and safety of others who may be affected by what they do or don’t do. Employees must cooperate with anything the employer does to comply with Occupational Health and Safety (OHS) requirements.
Here to help
As the situation is evolving quickly, we will do our best to keep you informed. While we are not hosting face to face meetings with clients at the moment, we are able to facilitate video meetings. If you have any questions, please contact your EBM Account Manager on 1300 755 112 for further information.