Emjay Insurance Brokers

05/02/2024

In what is welcome news for businesses and households across NSW, the state government has begun talks to reform the Emergency Services Levy (ESL). The ESL currently increases premiums by an average rate of 30 per cent for businesses and 18 per cent for households.

An alternative model is possible, as we have seen in other states, and we hope this announcement is a positive sign that we may be finally heading in the right direction.

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In what is welcome news for businesses and households across NSW, the state government has begun talks to reform the... Read Article

25/01/2024

Having liability insurance that extends to cover your contractual arrangements is crucial. However, unfortunately as an industry market standard, any liability assumed by contract is generally excluded within most liability policies. Meaning too many businesses are exposed to the potential lawsuits and claims arising from the downstream risk transfer and indemnity reallocations in their contracts.

Have you had the contract for your upcoming project reviewed by your insurance broker?

If not, reach out to our team today for a complimentary and confidential discussion.

18/01/2024

Are you aware of the biggest concerns insurers have regarding your business's cyber exposures?

As cyber threats continue to evolve, it's crucial for businesses to stay one step ahead. We have identified a few key areas that need attention to enhance your protection against cyber risks.

In an increasingly digital world, where information and data are invaluable assets, the need for robust cyber security measures is more critical than ever.

19/10/2021

Priority insurance policies for the construction industry
- Five insurance policies popular with construction companies

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29/04/2021

Workers compensation: Are your cross-border workers covered?

If your business is located in New South Wales and you have workers based in other states and territories, there are some key factors you need to consider in order to ensure they are covered when it comes to workers compensation insurance.

https://www.emjayib.com.au/workers-compensation-are-your-cross-border-workers-covered/

29/03/2021

icare Announces Workers Compensation Premiums Adjustment

icare has sought SIRA approval for NSW workers compensation premiums to adjust from 1.4 per cent to 1.44 per cent of wages in the next financial year to better meet the long-term risks for the scheme.
icare CEO Richard Harding said, “The NSW workers compensation scheme holds almost $18 billion worth of assets. However, there have been significant cost pressures over the past eight years which have been absorbed by the scheme as premiums were kept on hold.”
“In making this recommendation we have considered the future risk to scheme performance including volatile investment markets; the delivery of operational improvements; and the ongoing impact of COVID-19.”
Premium changes were put on hold last year due to the need to support NSW businesses through the COVID-19 pandemic. The changes we are making this year seek to balance the ongoing support to NSW businesses with the longer-term inflationary pressures on the scheme.

Harding added, “We are seeking modest increases to premiums over the medium term of 2.9 per cent each year over the next two years, within the parameters of other normal business expenses such as utilities, to ensure there is no knee-jerk reactions or rate shock for business. Premiums will remain below the national average.
“It is also important to note that this premium increase will be accompanied by a commitment to lifting icare’s performance and a reduction in internal costs by saving $100 million. We will ensure businesses benefit from the improvements through better services not through their wallets.
“Getting injured workers back to work sooner is always the best thing for workers and employers, and also reduces costs to the scheme. This is why it is one of my top three priorities as the new CEO and a key focus of the new Group Executive of the Nominal Insurer.”
https://www.icare.nsw.gov.au/news-and-stories/workers-compensation-premiums-adjust-to-future-risks

07/07/2020

The liability landscape for the residential construction industry changed on 10 June 2020 with the commencement of the Design and Building Practitioners Act 2020 (NSW). Here’s what you need to know about the landmark changes and the implications for insurance.

The evacuation of residents from the brand new Opal Tower at Sydney Olympic Park on Christmas Eve 2018 made national headlines. Loud noises and significant cracks appearing on internal support walls saw residents flee in what is perhaps the most dramatic example of Australia’s building compliance crisis.

Unfortunately, building defects like this aren’t unusual. While developers argue that the structural failures that triggered the Opal Tower cracks are an isolated occurrence, building defects are all too common in Australian construction.

In the wake of the Opal Tower failure, pressure to clean up the construction industry increased and the NSW Government has now introduced sweeping legislative changes intended to regain consumer confidence in the construction industry.

Read the full article

The liability landscape for the residential construction industry changed on 10 June 2020 with the commencement of the Design and... Read Article

07/07/2020

Construction industry professionals have had it tough in recent years. Poor quality structures built in the construction boom and the costs of replacing dangerous cladding saw insurance claims go through the roof. The result? Premiums increased significantly. Now, Professional Indemnity insurance premiums are also set to soar.

Professional Indemnity insurance has been the most severely impacted insurance class for the sector during 2020. Sustained losses have resulted in premium increases of 20% to 50% for Design & Construct Professional Indemnity. Pricing pressure has been even more significant for those with poor claims histories, with premium increases upward of 50% to 100%.

Read the full article

Construction industry professionals have had it tough in recent years. Poor quality structures built in the construction boom and the... Read Article

07/07/2020

New South Wales is the first jurisdiction to outlaw insurance for WHS monetary penalties with the commencement of amendments to the Work Health and Safety Act 2011 (NSW) on 10 June 2020.

The changes are the result of the NSW Government implementing key recommendations from the Review of the Model Work Health and Safety Laws conducted by Safe Work Australia.

The review, which resulted in a report released in December 2018, considered the operation of WHS laws in all Australian jurisdictions and made recommendations aimed at improving the consistency, effectiveness and enforcement of these laws.

The recommendations were wide-ranging. From harmonising maximum penalties across jurisdictions to implementing industrial manslaughter laws, the review put all jurisdictions on notice about what the future of work health and safety holds.

While amendments on a national level are unlikely to progress in the near future, Kevin Anderson, the NSW Minister for Better Regulation and Innovation, said when introducing the amendments into Parliament that “New South Wales cannot afford to wait.”

So what do the changes look like in New South Wales?

Read the full story https://www.emjayib.com.au/work-health-and-safety-no-more-insurance-for-penalities-in-nsw/

24/06/2020

Working from home: Why cyber security is a big risk for your business

At a time when financial markets are in turmoil, businesses are struggling and people continue to panic buy, it comes as no surprise that cyber criminals are capitalising. Relying on people being distracted, concerned and wanting to find information about COVID-19, scammers are using malicious emails, phony news posts and fake websites to steal money and personal information.
Since the Coronavirus pandemic hit Australia in early March, Scamwatch has received more than 2700 scam reports from consumers mentioning the Coronavirus, totalling over $1,100,000 in losses. Common scams include phishing for personal information, online shopping and superannuation scams.

Read the full article...
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29/10/2019

Great start to a Monday! Our client ticking all Insurers boxes during a site survey ✅ Collaborating with Insurers to survey Rode Microphones' Headquarters.

24/10/2019

Some of our team recently spent a day volunteering to help at Good360's Impacked Day, sorting and packing ladies products for Christmas gift packs for women in need.

With the generous support of their Agents for Good including Donors, Funders and Partners, Good360 is repurposing surplus brand new goods and directing them to the Australians who need them most. Their goal is for nothing useful to lie unused.

Visit good360.org.au if you would like to help their very worthy cause.