Lisa Carter, CEO- Clear Insurance
The insurance landscape is evolving, presenting both challenges and opportunities that savvy business leaders can leverage to their advantage.
The latest news is optimistic—the insurance market is softening, particularly in property, directors' and officers' liability, and cyber insurance sectors. This shift is fostering increased competition among insurers, which could work in your favour when negotiating policies for your business.
However, it's important to remain alert, as the environment for liability and professional indemnity lines remains tight, and motor premiums are on the rise. The key to navigating this complex landscape is proactive engagement with your insurance adviser.
To maximise the opportunities available, connect with your insurance adviser at least two to three months before your policy is due to expire. Honesty about your past, current, and future business activities is essential; this transparency will enable your adviser to assess your risks and negotiate on your behalf properly.
Consider your adviser a trusted confidant—much like a local priest. When you share insights about your business challenges and opportunities, they can advocate more effectively on your behalf, ensuring that your policy meets your unique needs.
With cyber threats intensifying, no business is immune, regardless of size. Understanding your cyber risk exposure is crucial. Are you familiar with the security measures of your software applications? Ask yourself: How well-prepared are you for a cyber-attack? Don't fall into the trap of believing it won't happen to you.
Being proactive is essential. Develop and regularly test your cyber response plan. Training your staff and consulting with cyber risk professionals is imperative—don't solely rely on your IT providers to handle these risks.
Insurance is a risk transfer mechanism, a strategy of last resort to manage financial losses in your business. By equipping yourself with knowledge and engaging your insurance advisers early, you'll be well-positioned to manage the risks in your business effectively.
If you would like guidance on your risk and insurance program, we encourage you to contact your insurance adviser. Alternatively, contact
Clear Insurance for a no-obligation risk and insurance review for peace of mind. Contact Lisa Carter at lisa.carter@clearinsurance.com.au
or call 1300 721 132.
Clear
Insurance Pty Ltd is a Steadfast Network Broker. ABN 41 601 916 689. AFSL No. 548953. General Advice Warning: This advice
is general and does not consider your personal circumstances. You should consider whether the advice is appropriate. Read the relevant
product disclosure statement before purchasing products. Visit
clearinsurance.com.au.
