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Running a business from home? Do you have the right insurance?

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The amount of people working on and running their businesses from home has grown out of site since the global pandemic began. With this have come stories in the press identifying that some businesses operating from home have had a number of claims declined simply because they had not disclosed they were running a home business to their insurer.

It’s important to know that if you’re running a business from home, do not assume that your home insurance will provide you with the coverage you will need for your business. This is because running a business from home carries risks that aren’t necessarily covered under a standard Home and Contents policy.

Indeed, in most cases, many home and contents’ insurance policies will exclude coverage for business assets, equipment, or stock, so it’s important to seek professional insurance advice to make sure you have the right coverage for both your home and your business.

What insurances do you need for running a business at home?

Every business is different and accordingly has different risks and exposures, but there are some business insurances that we would generally suggest are important to have in place when running a business from home, to make sure that you and your business are covered should things go wrong.

  • Business Interruption Insurance –how would you cope if your home business has to shut, even temporarily, due to factors beyond your control? Most business Insurance packages generally include ‘Business interruption’ as part of an overall solution and can provide broad financial protection for a range of small to medium-sized business types and occupations. It can help cover the costs associated with the repair or replacement of damaged property. It can also cover you for loss of gross profit following an interruption to your business, which was caused by an insured event, including fire or burglary.
  • Cyber Insurance –All businesses, large or small, can be the target of cyber-attacks. Cybercriminals can commit internet and computer crimes via social engineering fraud, phreaking, phishing, or other forms of cyber fraud with the intent to steal company or client data or money from your organisation or business. A Home and Contents insurance policy may cover the computer you use for business, but it will generally not cover such things as loss of data or the impact of a cyber breach.
  • Public Liability Insurance –Do clients, customers or delivery people visit you at home for business? If so, then you should consider Public Liability Insurance. Public Liability insurance essentially protects you if a visitor is injured, or if their property is damaged due to your business’ actions.
  • Products Liability Insurance – Product liability is where manufacturers, distributors, suppliers, retailers, and others who make products available to the public are held responsible for the injuries or damage those products cause. Find out how Product Liability insurance can help.
  • Professional Indemnity Insurance –Professional Indemnity Insurance can generally protect you, your employees and your business from litigation and associated costs arising from potential errors and omissions in the execution of your professional duty.

Get professional insurance advice – talk to one of our insurance Advisers

You can count on us to understand our client’s businesses like they are our very own – understanding their potential risks and designing an insurance solution specific to their client’s individual circumstances.

Call us on 1300 360 283 for professional insurance advice.

The information provided in this article is of a general nature only and has been prepared without taking into account your individual objectives, financial situation or needs. If you require advice that is tailored to your specific business or individual circumstances, please contact Resilium Insurance Broking or one of our Authorised Representatives around Australia.

What are the Global Business Risks for 2023 and could they impact your business?

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In the recently released 2023 Allianz Risk Barometer report, ‘Cyber incidents’ holds its position at the top of the list, for the third time in the survey’s history, and is joined by ‘Business Interruption’ as the two biggest concerns for businesses this year.

Up high on the list of risks (up from #10 to #3 year-on-year), Macroeconomic developments such as inflation, financial market volatility and an expected recession, as well as the global Energy crisis (a new entry at #4), are the top risers in this year’s list of global business risks.[1]

Resilium Insurance Broking summarises Allianz Risk Barometer’s top ten global business risks report for 2023 and outlines how some of them might impact Australian businesses.

  1. Cyber Incidents

Given that cyber-crime is now estimated to cost the world economy in excess of $1 Trillion a year, it’s not surprising that cyber risk is such a major concern, as identified by the 2023 Allianz Risk Barometer research, with over 33 percent of respondents selecting Cyber as their greatest business risk.

With increasing incidences of Cyber ransomware attacks, data breaches and other major IT outages, Allianz’s research shows that companies seem to be more worried about the threat of a Cyber breach than business and supply chain disruption, natural disasters or the Covid-19 pandemic, all of which have heavily affected organisations in the past year.

The sheer frequency of cyber-attacks everywhere around the world remains high, with losses continuing to increase as criminals become more sophisticated in their efforts to extort more money, while the average cost of a data-breach is at an all-time high.

Find out how Cyber insurance can minimise the impact of a potential Cyber incident.

  1.  Business Interruption

Following another year of global supply chain disruption, Business Interruption ranks as the second most concerning risk. Indeed, a number of BI-related risks have climbed this year’s rankings, reflecting the economic and political consequences of the pandemic and war in Ukraine.

Businesses have become more vulnerable following recent macroeconomic turmoil and the war in Ukraine, which triggered shortages and price increases in energy, food and certain raw materials. The conflict has added further pressure to supply chains struggling with post-pandemic disruption and they are a long way from recovering.

Having Business insurances in place is one way to counter potential business risks and provide peace of mind that your business will still be able to operate if there is a disruption.

  1. Macroeconomic developments

At the beginning of 2022, many of us hoped for a continued global economic recovery after the Covid-19 crisis, but Russia’s invasion of the Ukraine soon cancelled out these hopes. The Allianz research suggests that 2023 is likely to be equally pessimistic, with Macroeconomic developments coming in at number three for the first time in over 11 years.

  1. Energy Crisis

The energy crisis arrives in the top 10 global risks for the first time at #4, as the world comes to terms with spiraling fuel costs, supply disruptions, rising inflation and the effects of Russia’s invasion of Ukraine. Even before the war in Ukraine, energy prices had been rapidly rising. The effect on Europe was felt much more severely than Australia however, given the EU’s dependence on imported, non-renewable energy sources – a quarter of all energy consumed in the EU came from Russia, including 40% of its natural gas [2].

  1. Changes in Legislation and Regulation

 Legislation ‘never sleeps’ with new rules and regulations continuing to multiply across all industries. This year will be no exception according to Ludovic Subran, Chief Economist at Allianz. “More and more new rules, standards, levies and sanctions will not bring the international flow of goods to a standstill, but they throw a spanner in the international division of labor, rendering it less efficient,” says Subran. “For many companies, the new regulations go hand in hand with a considerable amount of additional work. Reporting and compliance are increasingly becoming strategic functions within companies.”

  1. Natural Catastrophes

2022 was a horrific year as far as natural catastrophes across the globe. The risks of global warming and the pressure for businesses to act continue after insured losses from natural catastrophes continue to be above the 10-year average of $81bn, at $115bn [3]. Hurricane Ian, which struck Florida in September 2022, was the second costliest natural catastrophic event of all time, with an estimated insured loss of $50-$65 bn. In Australia, the floods across the east coast resulted in insured losses of around $4 bn[4] in 2022.

  1. Climate Change

This risk has dropped down the list of top 10 in importance year-on-year, most likely because the war in the Ukraine and other economic factors such as inflation and the energy crisis have taken centre stage, but the Allianz Risk Barometer results show that companies are still continuing to take risk mitigation action as far as climate change (ie switching to renewable energy sources, creating contingency plans for climate change-related incidents etc).

  1. Shortage of skilled workforce

Another result of the Covid-19 pandemic is a shortage of skilled workers, and this has been experienced across all countries. It is a considerable business risk given the significant reduction in an available workforce at a time of huge demand for new staff. A study by consultant McKinsey revealed that 40% of workers globally said they may consider leaving their current jobs, so businesses need to consider retaining their skilled staff and attracting new ones – a major challenge given how low the unemployment rate is in Australia. [5]

  1. Fire and Explosion

Fire risks are often well understood and typically well risk-managed, particularly in Australia where we have a dedicated ‘fire’ season. However, fire remains a significant cause of business interruption (BI) and supply chain disruption, especially where companies rely on third-party suppliers for critical components. Claims analysis by Allianz shows that fire is the largest single cause of corporate insurance losses, accounting for 21% of the value of 500,000+ insurance industry claims over the past five years.[6]

  1. Political Risks and Violence

2022 was another year of global instability, with conflict and civil unrest dominating the news, so much so that ‘political risks and violence’ ranks as a new entry in the top 10 global risks. In 2023 we can expect continued political unrest on many fronts (Russia, Ukraine, China, Taiwan, and Iran). The invasion of Ukraine by Russia in 2022 has intensified the risk landscape as economies around the world also contended with post-Covid recovery, inflation, rising interest rates and the rising cost of living.

Talk to a Resilium Adviser for tailored insurance advice

Understanding how to mitigate some business risks is the first step to being adequately prepared for the future. Talk to one of FIS Advisers who can offer professional insurance advice specific to your particular circumstances, and also offer solutions designed to protect you and your business from the unexpected.

The information provided in this article is of a general nature only and has been prepared without taking into account your individual objectives, financial situation or needs. If you require advice that is tailored to your specific business or individual circumstances, please contact Resilium Insurance Broking or one of our Authorised Representatives around Australia.


[1] Allianz-Risk-Barometer-2023-summary.pdf

[2] Allianz-Risk-Barometer-2023-summary.pdf

[3] Swiss Re, Hurricane Ian drives natural catastrophe year-to-date insured losses to USD 115 billion, Swiss Re Institute estimates, December 1, 2022

[4] Insurance Council of Australia, Insurance Council welcomes $800 million NSW Flood Resilience Package, October 28, 2022

[5] McKinsey & Company, The Shortlist, July 15, 2022

[6] Allianz Risk Barometer 2023 – Fire and explosion | AGCS