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Breaking Down Business Insurance: What To Consider

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Risk is an inherent part of life, and it is an inherent part of doing business. Business owners have different attitudes when it comes to risk management. But virtually all owners know that business insurance is an essential, if not legally required, component of protecting their businesses from financial ruin.

And most business owners will find that a visit to a business insurance broker helps to reduce risks that are unique to their industries. There are multiple types of business insurance. Each protects from a unique set of risks. You have to consider what kind of risks your business is likely to run into. Then, you can invest in the right business insurance to avoid financial ruin in the event that these risks become a reality.

Let’s look at some of the essential things that you need to consider when it comes to business insurance.

Commercial General Liability Insurance

General liability insurance keeps your business safe from some of the most common risks that you will encounter. Indeed, virtually all businesses have the potential to encounter liability claims from staff or customers. These claims can include injuries and property damage. In the case that either of these harms happens to a third-party in your business, you will have to prove that you were not negligent. But even if you are innocent, the legal fees to defend yourself can add up. It is good to have general liability insurance to keep your business going.

Business Interruption Insurance

There is always the potential for your business to be impacted by a disaster, whether this is human-caused or natural. Floods, fires, earthquakes and the like can all create major disruption and impact your normal revenue streams. As a business owner, however, you still need to pay bills and manage costs while disasters are being resolved. Business interruption insurance will help you stay solvent during these periods.

Product Liability Insurance

If your business sells physical or non-physical products, product liability insurance is a must. When you are in this type of business, your customers might find a problem with your products that can be traced to your business itself. Whether the case has merit or not, going to court to defend your business properly is expensive. And your business still needs to be run well throughout a prolonged legal struggle.

Fortunately, product liability insurance keeps your business financially protected in the event of product liability cases, such as products that cause injuries or illnesses to customers. This type of insurance is important to have if you routinely sell physical products.

On the other hand, professional liability insurance is available for those business owners who provide a service rather than physical goods. This type of insurance is slightly different depending on the industry that you are in. However, the general principle is the same. The insurance will protect you from any claims that allege a customer has faced loss because of your actions.

Commercial Property Insurance

Like other types of property insurance, commercial property insurance keeps the physical premises of your business, and all of its equipment inside, protected from loss. This is a must, especially if your business has invested in costly equipment.

Invest In Business Insurance

Consider the points outlined here and start looking into what business insurance is best for your own business. Especially in the context of the coronavirus, it is important to have financial protection in the event of business disruptions. Insurance helps to keep your business safe from the unexpected. So, even though it can be costly, it is essential for any business owner who is thinking about the long-term viability of their business.

Australia’s Most Wanted: Here Are Top In-Demand Professionals in Australia

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If you’re like most people, career choice is quite a challenging subject.

Aside from trying to identify a career that aligns best with your aptitudes and passions, you also want to pick a profession with excellent job prospects.

Unfortunately, not all careers are in demand. It is not uncommon for people to go without work for extended periods of time.

The following are some top in demanded careers in Australia.

1. Aged Care

According to recent estimates, 1 in 7 Aussies is aged 65 and above.

This creates a need for aged care professionals in nursing homes, aged care hostels and private residencies.

These professionals provide the support required for older people to function in their day to day lives.

This means helping with cooking and grooming, socializing, implementing an exercising program, and assisting with drug administration and so on.

2. Health Care Professionals

Health care professionals are in demand almost anywhere in the world. Australia is no exception.

Practitioners of this noble profession oversee client health, both preventative and restorative.

However, healthcare professionals are not created equal, and some are more sought after than others.

See a more detailed look into the most in-demand health careers in Australia here.

3. IT Security Experts

As technology penetrates most industries, so does the need to protect systems and data grows.

These professionals set up computer system protections to help minimize instances of cyberattack and data loss. It is also their job to identify possible security loopholes and advise accordingly.

Both of these occurrences can injure a brand’s reputation and cause significant losses to a business.

4. Child Minders

Australian moms get 52 weeks of parental leave, after which they resume duty.

During this time, parents without family near them opt to leave their kids in daycare centres with daycare workers. These childminders then monitor the kids, feed, bathe, and administer medicine as per parent’s requests.

To become one, a natural love for kids and a first aid course can help you get started.

5. Wellness Managers

More and more employers are becoming more attuned to the benefits of their employees’ mental and physical wellbeing.

Wellbeing managers are usually a part of the HR team. Most often, they have a stellar record in HR processes, alongside being creative problem solvers and mediators with an uncanny ability to get along with others.

As a wellness manager, you will be tasked with designing and implementing policies that promote the physical and mental wellbeing of staff members on all levels of an organization.

Fully functional and happy employees tend to perform better and stay longer with a company.

High employee turnover is expensive and disruptive to a business.

6. Construction Managers

Australia has a booming construction industry creating a strong demand for construction managers.

These professionals work with site owners, contractors, architects, and suppliers to ensure project completion.

To be successful in this role, you have to be well-organized, able to manage pressure and have the flexibility to adapt to the volatile construction industry.

To get started, you will require a relevant degree, coupled with some on-site work experience. Some construction managers begin at the bottom on-site, accumulate experience and eventually take up construction management jobs.

Final Word

The other common characteristic with most in-demand jobs is that they attract good remuneration and other perks.

While this is a plus, it should not be your only consideration. Look more into these careers vis a vis how they align with your personality and aptitudes to settle on one.

One thing is for sure, though, whichever one you pick, you will be guaranteed to find many employment opportunities.

A Look at the AusCERT2019 Cyber Security Conference

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AusCERT is holding its annual conference from 28 to 31 May 2019 at the Surfers Paradise Marriott in the Gold Coast. AusCEPT is a leading Cyber Emergency Response Team CEPT information security advisor for different sectors.

Different organisations in Australia join the network and benefit from the response services of the team on different issues involving cybersecurity.

Both members and non-members can attend the conference, which has various elements making up the agenda. The first two days cover tutorials while the actual conference takes place on the last two days.

More About AusCERT

The Australian CERT was established in 1993 as a non-profit that is part of the University of Queensland in the Information Technology Services. AusCERT served as the national cyber emergency response team until 2010. It is one of the first contacts that organisations have when dealing with security incidents.

AusCERT was created to help members detect, respond, mitigate and prevent cyber-related attacks. The response funds itself through registration fees from members, service contracts and the annual conference.

AusCERT is responsible for monitoring threats and vulnerabilities on a global scale. It then develops strategies for mitigation and prevention of different types of risks. The team has numerous global contacts across the world that allows it to gather accurate information on emerging cyber threats. As part of global CERT, the cyber security Australia team gets early warnings about threats for which members benefit a lot.

The response team has an incident management service that is responsible for stopping a cyber attack in progress. Members can also rely on this service to help them recover after an incident. AusCERT has a Security Bulletin Service, which is a report containing data from varying sources about different internet security issues.

AusCERT 2019

Every year, AusCERT holds a cyber security conference that has remained the longest running in Australia. About 700 participants, both individuals and organisations, attend the event. The conference is designed to offer companies and internet security experts the tools they need to enhance their response to attacks.

From in-house IT teams to white hat hackers and other internet security experts, the 2019 conference provides an opportunity for industry players to interact and discuss issues like cyber security management. Social events are also part of the program including a Gala Dinner that incorporates industry awards. Participants have the chance to visit the Gold Coast and enjoy what it has in store.

The Agenda

On the first day of tutorials, participants will undertake a malware traffic analysis workshop, open source security orchestration, malware analysis, MISP training, TLS training, digital forensics and social engineering. For the second day of tutorials, attendees will learn how to think like an analyst, the risk management of cyber security, x86 assembly fundamentals, hacking of Bluetooth low energy, practical data science, TLS training and digital forensics. On 30 and 31 May, keynote speeches will take place.

The keynote speakers at the 2019 AusCERT cyber security conference are Mike Hypponen and Troy Hunt. Hypponen is a renowned TED Speaker on matters of tech security. He is also the CRO (Chief Research Officer) of F-Secure. Hypponen is an author for various global publications including Scientific America, The New York Times and Wired. Hunt is a Microsoft Regional Director and an independent security trainer. He founded HIBP (Have I Been Pwned) a data breach monitoring and notification service. Adam Spencer, a lover of math and a comedian, will be the event’s MC. Speakers for the main program and tutorials are from different global and regional companies.

AusCERT2019, organised by GEMS Event Management, will be a congregation of organisations from across the region looking to gain more knowledge about cybersecurity and its various facets. AusCERT provides information about the registration of members and non-members for the conference.

Australia’s New Workforce is Driving a Change Amongst Employers

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It may be surprising to find out that life expectancy can be dramatically reduced for labourers who are not doing what they love. This could be the reason why things within the labor force are changing, especially amongst younger generations.

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How Career Affects Life Expectancy

There are a lot of things that affect life expectancy, and most of those things are obviously linked, such as the food consumed or the quality of healthcare a person receives, but the career a person has may seem a little ludicrous. The reason a person’s life may be cut short by doing something he or she does not love has to do with the stress linked to such a job. A person who hates going to work yet still goes is bound to build up negative feelings, which will likely manifest into stress.

 

This stress seems to affect a person’s health, especially when exposed to it for long periods of time. Most people stay in a particular job for years, making it pretty clear how it can affect this labourer’s health in the long run. Stress releases cortisol, a stress hormone that is meant to help the body in “fight or flight” situations but can do harm if the body is overly exposed to it. Too much cortisol in the body can lead to things like elevated blood sugar levels, weakness, or rapid weight gain just to name a few things.

Career Loving is Changing Today’s Workforce

There is no doubt that more people in today’s workforce want to do something they love more than anything else. This is especially true for millennials, which are slowly becoming a major group within the workforce. Older generations seem to care only about the paycheck made from any given career, but it seems that younger generations see the value in doing something meaningful.

 

It is a drastic change that will likely get some criticism, especially from older generations, but there is no stopping this trend. All one needs to do is pay attention to some of the other values that millennial’s hold close to their hearts like experience over things in order to understand this strange trend. Perhaps, this is the reason many young Australians are turning towards impactful careers rather than pure money-making ones.

 

Most people might mistakenly believe that careers that serve a human purpose would be relatively scarce, but that is not the case. There are a number of careers that young people are turning to, most of which come with degrees that can be attained online, making them both affordable and accessible. One of the most meaningful careers out there is a nursing career.

 

It is one that comes quite varied with some nurses working in hospitals while others taking up residence in a person’s home as a home nurse. Some nurses become travelling nurses who end up blending their love for travel and helping people. Another career worth highlighting is that of a social worker. Again, this is a career that can touch people’s lives in priceless ways; for example, some social workers can dedicate their lives to helping children who might have been mistreated. Social workers can also be helpful to adults like women who have been victims of domestic violence just as an example.

 

Another popular career that many young people looking to contribute to society might look into is police work. Granted, police work can put a person in harm’s way, but Australia’s crime rate is relatively low compared to other developed countries like the United States. This does not mean the people donning the uniform are any less brave, but it surely feels better to know that the profession is not as dangerous as it could be. Earning a degree within this field can be done online, which is surprising, but it does open doors to a workforce that is eager to contribute positively to society.

 

These are just some of the professions giving young Australians fulfilment. This is likely to drive change within other companies out there if they want to attract employees who want to feel like they are doing more for people, which could create even more effective corporate citizens. Companies that take active steps towards helping society or local communities may attract younger employees and may even retain them longer.

3 Problems Plaguing the Australian Construction Industry (And How to Overcome Them)

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The construction industry can be a harsh place for businesses. It requires a huge investment in potential profits. Until a customer has paid for a project or contract in full, there is no guarantee that this investment will be worthwhile. It means that cash flow is very important and any delays to payments or problems with receivables can become big obstacles very quickly.

In Australia, the construction sector is very healthy and diverse, but it has its challenges, just like construction sectors all over the world. For instance, the rising cost of raw materials is a constant pressure and contractors have to find ever more innovative ways to meet them, while also keeping their rates competitive.

This guide to the construction sector in Australia will discuss some of its biggest problems and how your business can overcome them.

Slow Invoicing and Payment Cycles

Many contractors (small businesses especially) find it hard to regulate cash flow because they don’t put suitable invoicing systems in place. By using aprogress payment schedule you can easily outline what is expected of your contractors at different phases of the project. It’s important to be crystal clear on what is required for a phase of the project to be considered ‘complete’ and for a progress payment to be issued so that there is no confusion or disagreements as the project progresses. Expect contractors to request a progress payment approximately every two weeks, depending on the scope of the project.

Without regular progress payments, it can be very challenging to keep your current construction project on track. Furthermore, it will be virtually impossible to begin another project as you will have too much of your financial resources tied up in the current job. Agree on a progress payment schedule that works for all parties and the job should run smoothly from start to finish.

Rising Cost of Raw Materials

As already mentioned, the price of commodities like oil and metal continues to rise alongside interest rates and the strength of the Australian currency. In some ways, this is good news for contractors, because it means that they can justify raising their own rates. However, if rates climb too high, customers look elsewhere for their construction work and deals are lost.

It is a tricky problem and one that has no easy solution. Nevertheless, businesses can try to cut costs in other areas. For example,learning how to streamline operations with the use of technology can be an effective way to minimise waste. Digital invoicing apps and record keeping software are tools which boost profits by helping companies keep track of payments and close out on projects faster.

Lack of Safety Training

One recurring problem for the Australian construction industry is safety. As demand grows, so too does the need for qualified contractors and construction experts. This can encourage some companies to cut corners and try to maximise profits by reducing their investment in things like safety training and risk management procedures.

Unfortunately, this is nothing but a fast track to serious injury and, in many cases, subsequent litigation. So,investing in high-quality safety training is not just a way to keep employees safe, it also protects the business. Technology can be a great tool in this area as well because apps and mobile devices mean that training doesn’t have to be limited to formal meetings.

Why Technology Is the Future of the Construction Industry

It is often said that technology represents the future of all industries, no matter what their objectives. While this might sound a little far-fetched, the reality is that digital resources can transform everything from project planning to managing supplies, tracking deliveries, and processing invoices. It is particularly valuable for regulating cash flow, as automating payments eliminates errors and increases visibility right the way along invoicing channels.