Audit Insurance

How to prepare yourself for the current wave of ATO audits and reviews

We’ve heard from Industry Experts Kelly & Partners on the hot topic of how to prepare yourself for the current wave of ATO audits and reviews…

The ATO definitely plans to be more active in 2021 and increase its audit activity. In October 2020 the ATO commenced its “Next 5,000” streamlined assurance review program, which specifically targets private groups connected to individuals with wealth of more than A$50 million.

Ultimately the ATO uses a variety of strategies to determine who to review, one of those being your approach to tax risk.

What this means for you?

One of the ways you can manage your risk and prepare yourself for an ATO audit or review is through Audit Insurance which is outlined below:

Audit insurance

We all know the saying that taxes and death are certain. If you are a high net worth taxpayer, you can add a tax audit to that list. Addressing ATO reviews and audits takes time and money. Even if the ATO does not find any issues when reviewing your tax affairs, you still need to answer their queries as comprehensively as possible. This takes time and money – expect a bill north of $10,000 to address an ATO review where no issues are found.

Having audit insurance to cover ATO reviews will help cover these costs that you will inevitably incur.

Just remember, the time to act on this is now. You need to have this insurance in place before you get selected to be audited.

Contact us today to find out more on (02) 9587 3500 or theteam@wsib.com.au.

Is Your Workplace too Noisy?

NOISE IN THE WORKPLACE

Hearing loss can be very socially isolating.  As employers, you are required to address noisy working environments by reviewing the sound levels, worker exposure times and providing hearing checks for those workers exposed to excessive noise levels.  The SafeWork Authority has extended an exemption to employers till 31st December 2021 to implement a hearing conservation program, including hearing checks for those workers exposed to excessive noise.  This is something we can organise for you through Saunders Safety and Training.

Some examples of workers who might be affected by hearing loss are: workers who are rostered to work at a Disco, dance party, DJ events or other noisy events.  Too much noise at work can lead to temporary or permanent hearing loss, or tinnitus – ringing in the ears. The damage can occur gradually, from extended exposure to noise or immediately, from exposure to a sudden explosive sound.

What is considered noisy? 
SafeWork NSW states exposure to noise above 85 decibels (dB) when averaged over 8 hours increases the risk of permanent hearing loss.  Every 3dB increase after this doubles the risk of hearing loss.

What can you do?  
Workers who are exposed to excessive workplace noise require protection under the WHS Act 2011.  Make sure the noise a worker is exposed to at the workplace doesn’t exceed the exposure standard for noise.  Provide audiometric testing to a worker who is frequently required to use personal hearing protectors to protect them from hearing loss associated with noise that exceeds the exposure standard.

Engineering Controls
Reduce the volume, e.g:

  • Install noise limiters or compressors either within the sound system or externally.  There are two main types of noise limiters:
    • microphone controlled;
    • electronic in-circuit devices.
  • Enclose or partition off the Bar area with glass or Perspex;
  • Mount noisy or vibrating floor standing machinery and equipment on rubber pads to reduce vibration noise;
  • Install flexible acoustic screens or curtains of sound absorbent material to reduce the exposure to noise from particular loud sources, e.g.: as a sound partition.

Administrative controls and personal protective equipment (PPE) are the least effective and the least reliable controls and must only be used for any leftover risk that cannot be controlled by the above engineering controls.  Administrative controls and the use of PPE rely solely on human behaviour and require constant supervision.

For more information please click on the links below which will direct you to the Safework NSW website or contact us on (02) 9587 3500 to find out how we can help you through the services of Saunders Safety and Training.

SAFE WORK NSW – Noise Article
SAFE WORK NSW – Controlling Hazardous Noise in the Workplace Article

WSIB - NOISE THERMOMETER - Final

Prestige Home Insurance

IS YOUR FAMILY'S MOST VALUED POSSESSION COVERED WITH THE LEVEL OF PRESTIGE INSURANCE IT DESERVES?

Bushfire, storm and flood season is still very much upon us therefore it is an important time to ensure your home and valuables are sufficiently protected.

If you live in a prestige home we would like to inform you of the Chubb Masterpiece product. This policy is tailored for individuals and families with significant assets who appreciate premium levels of cover and service.

Click on the link below to download the product brochure:

CHUBB MASTERPIECE BROCHURE

Contact us to find out more about this great product on (02) 9587 3500 and ask for Robyn (robynh@wsib.com.au) or Paige (paigeb@wsib.com.au) or theteam@wsib.com.au.

Prize Indemnity Insurance

PRIZE INDEMNITY INSURANCE

Do you want to encourage more patrons through the doors of your business?

We can help you come up with fun and engaging ways to attract more patrons into your premises through prize promotion.

By engaging in prize indemnity insurance, this gives you the ability to offer special contests and promotions with attractive prizes like cars, holidays, and even cash, while transferring the risk of the prize to an insurer.

Some of the benefits include…

  • Increase sales
  • Generate revenue
  • Customer rewards/loyalty
  • A way to drive membership
  • Fundraising

Some examples of when to run a promotion…

  • Sporting related events eg. State of Origin, Australian Open
  • Mothers Day
  • Easter
  • Christmas
  • Father’s Day
  • Australia Day

Case Study – City Tattersalls Club – 125 Reasons

City Tattersalls Club gave their customers the chance to win a major prize of $125k, $50k or $12.5k.

The Results

Wednesday’s

In comparison to the Wednesday average turnover for the 16 weeks prior to the promotion, the promotional period recorded an increase of 24.7%.

Friday’s

In comparison to the Friday average turnover for the 16 weeks prior to the promotion, the promotional period recorded an increase of 56.87%.

Contact us to find out more about this and how we can help you come up with fun and engaging ways to attract more patrons through your doors – (02) 9587 3500 or theteam@wsib.com.au

icare proposes NSW Workers Compensation premium rate increases

icare proposes NSW Workers Compensation premium rate increases

NSW Workers Compensation insurer (icare) has advised an expected premium increase of 2.9% at a Scheme level for 2021-2022, and a further 2.9% increase for 2022-2023. For employers within the Loss Prevention & Recovery (LPR) scheme, it is anticipated that there will be a 5% increase to the adjustment rates for 2021-2022, and that the ESI will remain and at 7.5%.

Please see icare’s media release with further information below:
https://www.icare.nsw.gov.au/news-and-stories/workers-compensation-premiums-adjust-to-future-risks

 

Please note that whilst this has only been proposed to the Insurance Regulator (SIRA), we expect that it will be approved and if so, may result in a premium increase to you. We will keep you informed of developments however should you have any immediate concerns please do not hesitate to contact your account manager or the office on (02) 9587 3500, or email us at theteam@wsib.com.au

Important NSW Market Update

Important NSW Market Update

Many of you will agree that since the introduction of the new claims model introduced by icare in January 2018, it has not delivered the desired outcomes or service delivery that had been intended. WSIB has worked extensively with icare and its representatives, in conjunction with industry bodies and professionals, to drive change and ease the financial burden and frustrations placed upon employers in NSW.

We are pleased to announce that icare have acknowledged the need for change and have committed to a $20 million investment program to deliver short and long term changes to the current claims model. In addition, icare has extended the contract to EML for a further 12 months with a view to tendering the contract and the possibility of increasing the number of agents to bring about better competition. A high level overview of the proposed changes are:-

  • More streamlined decision rights including more empowerment to the scheme agent and a complete overhaul and possible removal of MSP
  • Dedicated case managers (already applicable to WSIB)
  • Lower case loads
  • Continued and even greater consultation with key stakeholders including WSIB
  • Contract extension of one year to EML
  • Agent contract tender to be held early to mid 2021, with a view to additional agents being introduced.

We see the changes as a very positive step and will better allow us to drive improved performance, whilst easing the frustrations around decision rights and overall customer experience.

As always, please don’t hesitate to get in contact with us on (02) 9587 3500 or theteam@wsib.com.au should you have any questions.

Preparing for a Severe Storm

Preparing for a Storm

Storms cause significant damage throughout Australian communities, each year. However, you can take action before, during and after a storm to reduce the impact on your home or business.

Before a Storm

  • Clear leaves and debris from gutters, roofs and downpipes at your home or business. Check the roof for leaks and seal them to prevent water from flowing in. Move vehicles under cover when possible, and secure items outside that could be blown about by the wind or carried away in surging water.
  • Keep yourself and your family or colleagues safe by ensuring that everyone is familiar with your evacuation plan and knows where first-aid and emergency kits are. Ensure that operational and other data is backed up, and ensure that stock and other key items can be moved if needed.
  • Ensure you provide your Account Manager of any major changes that happen within your business so they can make sure that the sum for which you are insured covers the replacement value of the items that you wish to insure.

During a Storm

  • Use a battery-powered radio to monitor your local radio station for updates on the weather, power supply, emergency warnings and evacuation alerts. Contact 000 or your local SES in any emergency.
  • Stay indoors and away from windows.
  • Unplug electrical items, especially computers.

After a Storm

  • Do not use damaged electrical outlets. Stay away from fallen power lines and anything that they may be touching. Do not use damaged electrical outlets.
  • Do not walk through or drive through flowing water or enter still water of unknown depth.
  • Once the danger has passed, take photos of damaged or destroyed items before disposing of them to assist in any insurance claims. Speak to our dedicated Claims Department or your Account Manager to lodge your claim.

As always, please don’t hesitate to get in contact with us on (02) 9587 3500 or theteam@wsib.com.au should you have any questions or need any further advice.

Preparing for a Flood

Preparing for a Flood

Despite Australia’s dry terrain that is often affected by drought, significant floods occur in parts of Australia each year. These floods can cause extensive damage to both homes and businesses. However, you can take action before, during and after a flood to reduce the impact on your home or business.

Before a Flood

  • Work together with your Account Manager to evaluate your flood risk.
  • Gather important and valuable items and documents that you can take with you should you need to evacuate the premises. Place them in waterproof bags. Put together an “Emergency Pack” – including tinned food, water, first-aid kit, warm clothing, and a torch – that can be kept on the premises.
  • Keep yourself and your family or colleagues safe by ensuring that everyone is familiar with your evacuation plan and knows where first-aid and emergency kits are. Make sure that operational and other data is backed up, and that stock and other key items can be moved if needed.
  • Ensure you provide your Account Manager of any major changes that happen within your business so they can make sure that the sum for which you are insured covers the replacement value of the items that you wish to insure.

During a Flood

  • Use a battery-powered radio to monitor your local radio station for updates on the flood, weather, power supply, emergency warnings and evacuation alerts. Contact 000 or your local SES in any emergency.
  • Switch off utilities: electricity, gas and water. Disconnect electrical appliances. Move electrical and key items to a higher place.
  • If able to safely evacuate, gather important and valuable items and documents, and lock your premises as you leave.

After a Flood

  • Return to your premises only when authorities indicate that it is safe. Avoid fallen power lines and damaged trees.
  • Water can become contaminated after a flood. Do not drink water straight from a tap until authorities declare it safe. Until then, boil the water before drinking it. Do not enter floodwaters unless authorities say it is safe.
  • Once the danger has passed, take photos of damaged or destroyed items before disposing of them to assist in any insurance claims. Speak to our dedicated Claims Department or your Account Manager to lodge your claim.

As always, please don’t hesitate to get in contact with us on (02) 9587 3500 or theteam@wsib.com.au should you have any questions or need any further advice.

Preparing for a Cyclone

Preparing for a Cyclone

Every year, Australia’s high-risk cyclone areas can expect an average of two to three cyclones to cross the coast during the November-April cyclone season. Combining strong winds, heavy rain and flying debris, cyclones can be devastating. However, you can take action before, during and after a cyclone to reduce the impact on your home or business.

Before a Cyclone

  • Secure the roof, walls and eaves of your premises. Trim tree branches around your premises. Clear away or secure items outside that could be blown about by the wind or carried away in surging water.
  • Familiarise yourself and your family or colleagues with your cyclone emergency plan. Put together an “Emergency Pack” including tinned food, water, first-aid kit, warm clothing, and a torch. Be prepared for power, water and communication outages.
  • Before a cyclone hits, move all vehicles under cover if possible. Secure all shutters, windows, doors, and any items left outdoors. Turn off gas and power supplies.
  • Ensure you provide your Account Manager of any major changes that happen within your business so they can make sure that the sum for which you are insured covers the replacement value of the items that you wish to insure.

During a Cyclone

  • Be aware of where the cyclone is expected to be heading. Use a battery-powered radio to monitor your local radio station for updates on the cyclone, weather, power supply, emergency warnings and evacuation alerts. Contact 000 or your local SES in any emergency.
  • Remain in your home or business if the building meets appropriate cyclone regulations and is not in a storm surge/flood-prone area. If your building does not meet cyclone regulations, know where you and your family or colleagues can shelter safely.

After a Cyclone

  • Stay away from fallen power lines and anything that may be touching them. Also avoid damaged buildings and trees, as well as creeks and rivers that are flooded.
  • Continue to monitor your local media outlets for updates on the weather, power supply, emergency warnings and evacuation alerts. Don’t go outside until authorities advise that it is safe.
  • Once the danger has passed, take photos of damaged or destroyed items before disposing of them to assist in any insurance claims. Speak to our dedicated Claims Department or your Account Manager to lodge your claim.

As always, please don’t hesitate to get in contact with us on (02) 9587 3500 or theteam@wsib.com.au should you have any questions or need any further advice.

Preparing for a Bushfire

Preparing for a Bushfire

The intensity and course of a bushfire can change rapidly and threaten the safety of homes and businesses alike. However, you can take action before, during and after a bushfire to reduce the impact on your home or business.

Before a Bushfire

  • Clear leaves and debris from gutters, roofs and downpipes at your premises. Fit quality metal leaf guards on gutters. Equip your premises with a sufficient
    number of fire extinguishers.
  • Keep safe by making sure everyone is familiar with your evacuation plan and knows where first-aid and emergency kits are. Check that operational and other data
    is backed up, and that stock and other key items can be moved if needed.
  • Ensure you provide your Account Manager of any major changes that happen within your business so they can make sure that the sum for which you are insured covers the replacement value of the items that you wish to insure.

During a Bushire

  • Use a battery-powered radio to monitor your local radio station for updates on the bushfire, weather, power supply, emergency warnings and evacuation alerts. Contact 000 or your local SES in any emergency.
  • Close all windows and doors. Wear protective clothing. Ensure that you and your family or colleagues drink plenty of water to stay hydrated.
  • If you can, safely evacuate. Before you leave the premises turn off gas and power, close doors and windows, and plug gaps with wet towels.

After a Bushfire

  • Stay away from fallen power lines and anything that they may be touching. Also avoid damaged gas lines.
  • Check for small spot fires on your premises and extinguish them if possible. If there is any danger, contact 000 or your local SES.
  • Once the danger has passed, take photos of damaged or destroyed items before disposing of them to assist in any insurance claims. Speak to our dedicated Claims Department or your Account Manager
    to lodge your claim.

As always, please don’t hesitate to get in contact with us on (02) 9587 3500 or theteam@wsib.com.au should you have any questions or need any further advice.