Prepare Your Hospitality Business for Seasonal Changes
Seasonality no longer needs to be a bugbear for Australian hospitality businesses. Find out how your SME can better manage the headwinds with these tips for inventory, staffing, and cash flow.
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Key Insights for SMEs: Professional Indemnity 2024
Professional indemnity (PI) insurance is not limited to traditional professions. This article is your guide into how PI works for SMEs and why you should consider taking out a policy. What is PI insurance? PI insurance is a useful policy for businesses that give advice or provide specialist services to clients for a fee. Those […]
Nurturing Growth: Tackling Underinsurance in Agriculture
Fire and flood catastrophes can often alert farmers they’re underinsured. It can often hit as a double shock. Not having the right level of coverage is more common than you might think. For example, up to eight in 10 bushfire-affected properties may be underinsured, according to the Insurance Council of Australia. Why are farms underinsured? […]
Is Australian Manufacturing Innovation on the Rise Again?
Since the mid-1950s, the Australian economy has moved from focusing on manufacturing and agriculture to services, says the Productivity Commission. Nine out of 10 of us now work in services and that sector accounts for about 80% of production. Is your SME considering becoming a manufacturing innovator? The field is shrinking, but that may be a […]
Proactive Measures: Latent Defects Insurance Insights
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 […]
Navigate Risks in the Clean Energy Transition
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 […]
How To Comply With the New Sexual Harassment Standards
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, […]
Cyber Insurance: Your Protection Against Data Breaches
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 Cancelled? Your Hospitality Business Could be Covered!
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 […]
Stop Your Tools & Equipment Going Walkies: Here’s How
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 […]