Information

Risk Management

 

 Managing Risks is an essential part of any modern business.

Insurance is only one aspect of this (called Risk Transfer),

but there are many other ways including:

 

  • Loss Control - minimising the risk as much as reasonably and financially possible
  • Risk Avoidance - not becoming involved with such risks at all.
  • Risk Financing - provisioning funds to manage potential risks
  • Risk Transfer - transferring the risk away contractually such as using risk carriers such as insurers, or contractual conditions

Your insurer will appreciate you very much if you take risk management seriously

On this page, we intend to give some tips in other effective ways to manage many of the risks your business faces without necessarily utilising insurance protection.

Remember foresight is better than hindsight in preventing losses. To do this is to plan effectively and we can help you with this.

For now, think about the following risks and how you could manage them better:

Financial Risks to Business

Managing Risks to the Householder

Managing Risks of Natural Disasters

Managing Workplace Risks

 Managing the Security to your Business

Managing Risks of Motor Vehicle Use

Man's influence on disasters

 

Managing Cyber Risks Try Zurich's Risk Management Health Check here

Global Risk Report 2014

What are the biggest risks concerning businesses in Australia?

ASIC's small business help and support

Latest News

D&O premium pool ‘must treble’ to return to profitability

A new report – called "Show Me The Money!" by insurer XL Catlin and law firm Wotton + Kearney – is the second in a series of three white papers on securities class actions and their impact on the Directors & Officers Liability (D&O) market. The main conclusion is that Directors’ and officers’ (D&O) insurance premiums are under-priced significantly and need to rise strongly to restore profitability. The main risk areas are those exposed to securities class actions, 

It says Directors & Officer's Side A, Side B and Side C cover has been chronically underpriced since at least 2011, while the frequency of class actions is increasing as more plaintiff lawyers and litigation funders enter the space.

The analysis suggests last year’s overall premium pool of about $210 million would need to increase by at least three times to establish a profitable market, if it is assumed all other factors stay unchanged.

“Recent market developments would indicate most D&O insurers are now endeavouring to restore some semblance of profitability to their portfolios after years of market losses,” the report says.

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75% of Cyclone Debbie claims settled

In the 6 months since Cyclone Debbie devastated Queensland and parts of northern New South Wales:

• more than 31,000 homes and business have been repaired or received settlements from their insurance company

• more than 20,000 families have had possessions replaced

• more than 4,500 motor vehicles have been repaired or new vehicles provided

• hundreds of local builders and trades have been working on properties to repair the damage and destruction caused by the cyclone

• over $5 million has been paid EACH DAY to assist local communities, residents and businesses.

read more