With a wealth of experience gained from a career spent working with major insurers, John James transitioned into the world of insurance broking in July 2018. Armed with qualifications like CIP DipFS (Ins.Broking) and a Dip Bus (Management), John brings a blend of traditional service values and cutting-edge insurance products to his role as a broker and business owner. He prides himself on his dedication to clients and their unique needs. 

John's success stories include helping a client navigate a flood-related claim, where his commitment to transparent communication and his deep insurance knowledge resulted in a settlement far beyond the client's expectations. He enjoys connecting with classic car enthusiasts, and in his personal life, staying fit and even competing in weightlifting competitions. 

John's favorite part of his job is deciphering the multitude of insurance products on the market to find the perfect fit for each client, relying on his extensive broker network to ensure the right choices are made. 

His advice to insurance shoppers is to prioritise coverage over price and dispels the misconception that all policies are the same. John deeply appreciates the impact of insurance on businesses, as exemplified by a client who found the insurance process stress-free amid the challenges of starting a new venture. His commitment to being a trusted advisor who secures his clients' futures through insurance is the cornerstone of his career.

John James

James Wilson brings a proactive approach and a diverse insurance industry background to the table, encompassing both underwriting and broking. His qualifications, including a Business Degree from the University of Western Australia and a Diploma of Insurance Broking from The Australian and New Zealand Institute of Insurance and Finance, underscore his expertise. However, James' true forte lies in resolving complex claims. He has been the trusted advocate for clients encountering challenges with other brokers or direct insurers, consistently delivering favorable outcomes. 

In the world of insurance, James isn't one to back down from unique challenges, recounting his experience insuring a daring tightrope event at Perth stadium, a venture met with limited interest from underwriters. With a surprising Zimbabwean farming upbringing behind his distinctive accent, James sees himself as an invaluable advisor to business owners, relishing in their successes and offering tailored solutions. 

His advice to insurance shoppers is clear – seek help when needed, as professionals in the field are eager to provide guidance. He dispels the misconception that insurance only pays off in large claims, emphasising its role as a risk management tool for peace of mind.

James's career has been marked by heartwarming moments, notably when he championed a hospitality client through the challenges of COVID-19, resulting in a substantial claim payout that made a meaningful difference. James is your dedicated insurance partner, committed to simplifying complexities and delivering tangible results.

James Wilson

Paul Nicola, your dedicated insurance broker, brings a wealth of experience and a remarkable track record in the field. His approach to insurance is anchored in transparency, accountability, and above all, reliability. 

A memorable success story for Paul was when a client, within just 18 months of knowing him, expressed complete trust – a testament to his commitment to building strong relationships. His experience also includes handling unique claims, such as a client wanting to sue their own liability policy for a mishap with a wet floor. Paul's background as a qualified CPA, combined with his Tier 1 insurance broking expertise, allows him to offer a unique perspective. His favorite aspect of the job is learning about each client's individual needs and tailoring solutions that suit them best. 

As a lover of sports, Paul's dream insurance opportunity would involve a major sporting club like an AFL team, a challenge not encountered every day but one he'd relish. 

When it comes to shopping for insurance, his advice is simple yet crucial – read the Product Disclosure Statement (PDS) because not all insurance products are the same. He dispels the common misconception that all insurance products are equal, emphasising the differences between direct market products and products that only Brokers have access to. Above all, Paul's career has taught him the importance of genuine interest in his clients' businesses and the significance of tailoring the right insurance solutions. It's this dedication that fosters trust and leads to meaningful referrals, highlighting the true value of a trusted insurance partner like Paul.

Paul Nicola

Kelli Dabelstein is your dedicated insurance advocate, committed to providing you with experienced service to ensure you receive the best possible deal. What sets Kelli apart is her unwavering focus on working for YOU. She's not just in the business; she's in the business of making insurance more accessible for all business owners.

Her mission is to maintain the highest level of transparency throughout the insurance journey, striving for a future where financial security is achievable without the burden of expensive premiums or complicated policies. Kelli's goal is to create a robust safety net for her customers, ensuring they have peace of mind through comprehensive protection plans. 

Her sage advice for insurance shoppers is to remember that the cheapest premiums don't always offer the best coverage, emphasising the importance of finding the right balance between affordability and comprehensive protection. Kelli is your trusted partner in the insurance world, advocating for your peace of mind and financial security.

Kelli Dabelstein

Jamie Stumpo is your go-to insurance innovator, understanding that businesses today seek insurance that's better, cheaper, and faster. His remarkable track record includes a standout success story where he swiftly insured a large client with multiple retail stores and a substantial warehouse in just three days, a task that typically demands a minimum of two weeks! Jamie's experience, vast network, and negotiation skills secured competitive premiums and excellent coverage, impressing the client to no end. 

When it comes to insuring unusual items or events, Jamie's sights are set on Air Force One, the President of the United States' aircraft, given its unique features and global significance. He thrives on challenges and has a history of insuring hard-to-place businesses, products, and individuals. 

Beyond insurance, Jamie enjoys baking sweets with his kids, indulging his sweet tooth. His favorite part of the job is building strong client relationships and finding the best insurance solutions. 

Jamie's advice for insurance shoppers is to consult with him first, to leverage his expertise and come away with tailormade coverage. He dispels the common misconception that insurers often deny claims and showcases the true value of insurance through heartwarming stories of assistance in times of distress. Jamie simplifies insurance complexities and delivers the protection you need – better, cheaper, and faster.

Jamie Stumpo

Michael Kincaid isn't your typical insurance broker; he's your trusted problem solver in the intricate world of insurance. 

One remarkable success story in his repertoire involves a client in the leisure industry facing insurance hurdles while starting a tour company. Leveraging his extensive network of business contacts and insurance expertise, Michael connected the client with essential business providers and advisors. Together, they crafted a robust business plan and documentation, ultimately helping the client secure vital insurance coverage for their venture to take off. 

Michael's commitment to finding innovative solutions and his keen eye for detail make him a go-to expert for navigating the complex insurance landscape. His advice for insurance shoppers is simple yet profound: always compare policies thoroughly, ensuring you're comparing like for like. 

Michael is your trusted advisor, transforming insurance challenges into actionable solutions.

Michael Kincaid

Julie Lonard brings over two decades of insurance brokerage experience to the table and has mastered the art of simplifying the complex insurance industry. She understands that insurance can be overwhelming and riddled with jargon, so her mission is clear: to make it simple for you. 

In her spare time, Julie embraces her inner thrill-seeker, having joined an adult circus class while waiting for her son during dance lessons. Her favorite part of her job is getting to know her clients personally, tailoring insurance solutions to fit them like a glove, and fostering transparency by encouraging questions and ensuring complete understanding. Julie also enjoys debunking the misconception that insurance companies aim to deny claims, sharing her insights about how the industry genuinely operates. Julie Lonard is your trusted companion for simplified insurance.

Julie Lonard

Shane Thaw, an experienced insurance broker, is your trusted guide in the complex world of insurance. With a diverse portfolio encompassing companies of varying sizes across multiple industries, he possesses a deep understanding of risk transfer options and excels in delivering comprehensive insurance solutions. 

What Shane finds most rewarding in his work is how insurance empowers companies to innovate and embrace new technologies with confidence, acting as a safety net that encourages calculated risk-taking. His dedication to forging strong client relationships and tailoring bespoke solutions to meet evolving needs sets him apart. 

Shane's top advice for insurance shoppers is to carefully select the right insurance broker, emphasising the value of expertise and advocating for clients' best interests in securing suitable policies. Through transparency and education, Shane ensures clients understand the vital role brokers play in navigating the insurance market.

Shane Thaw

With the end of Summer and the wet seasons rolling in, unexpected damages to your business can occur if not properly prepared in time. This article outlines the potential impacts of wet weather on your business and offers actionable tips to safeguard against them.

Wet weather can be unpredictable and it’s important to know the potential dangers it can cause, as well as the potential damage from Property to Contents. All these areas are major components to your business, and if not properly safeguarded, you could face major loss and interruptions to your business.

From light rainfall to severe storms, wet weather events can alter your work environment, increasing the risk of workplace injuries such as slips, trips, and falls. Additionally, environmental hazards like damaged or faulty equipment can pose threats of physical harm, including electrocution and injuries.

Wet road conditions can also lead to accidents or delays in relation to business travel and deliveries. It’s important to be aware of these dangers and the increased chances of them happening during the wetter seasons

Damage associated with wet seasons is also something to be wary of. It can occur in multiple ways such as Property and Contents. Property Damage can refer to building damage which can include things like:

Whereas Contents Damage covers the internal equipment and products relevant to your business, such as:

Machinery / Electrical Faults and damages, 

A key loss that could greatly impact your business from property or contents damage is the loss of business data. It is important to make sure you are safeguarding any vital information and data associated with your business, including information such as employee and supplier details, and, products information, and anything else that is vital to produce your business.

To mitigate the risks posed by wet weather, implement the 

. Here are some practical steps to safeguard your business:

Develop a comprehensive plan to prepare and protect your business from unforeseen impacts caused by wet weather events.

Implement backup storage plans, both online and physical, to safeguard essential data against potential loss or damage.

Take proactive measures to maintain your property's integrity, including clearing gutters, maintaining gardens, and weatherproofing windows and entryways.

Protect valuable assets such as machinery, equipment, and furniture from weather-related damage by ensuring they are weatherproofed or moved to secure locations.

Educate your team on health and safety protocols to prevent workplace accidents and ensure they are equipped to respond effectively to any incidents.

Regularly monitor weather forecasts and warnings to stay informed about potential risks and take timely action to protect your business.

Even if you do follow the Double P processes and the safeguarding tips, we have provided you, it doesn’t change the fact that sometimes things happen no matter how much you prepare!

This is why it is essential that although you have prepared and protected you and your business for the wetter seasons, you also cover you and your business as well. There are numerous insurance solutions available that can be found to fit your unique experiences and requirements.

To find your perfect policy, pair up with an iNeedCover Insurance Advisor.

This article provides information rather than financial product or other advice. The content of this article, including any information contained in it, has been prepared without taking into account your objectives, financial situation or needs. You should consider the appropriateness of the information, taking these matters into account, before you act on any information. In particular, you should review the product disclosure statement for any product that the information relates to it before acquiring the product.

Information is current as at the date the article is written as specified within it but is subject to change. Community Broker Network Pty Ltd t/as iNeedCover and Community Broker Network Authorised Brokers make no representation as to the accuracy or completeness of the information. Various third parties have contributed to the production of this content. All information is subject to copyright and may not be reproduced without the prior written consent of Community Broker Network Pty Ltd.

 With the wet weather seasons rolling in, here are some tips on how to properly safeguard your business for these changes.

How to prepare your business for the wet weather changes

The Bureau of Meteorology (BOM) has warned Queensland residents about the potential “widespread severe impacts” of a category two cyclone tracking towards the QLD coast. Locals have been advised to stock up on supplies in advance of the weather system, expected to hit northern Queensland on Thursday.

If you are in a region predicted to be impacted, the important thing is not to panic but to do everything you can to prepare. There are lots of practical steps you can take to mitigate against potential impacts of a cyclone, helping ensure you are in the best possible position to receive support in the aftermath.


The safety of yourself and those around you is of paramount importance during extreme weather conditions. You can both prepare ahead of time and take steps to ensure you are keeping safe when storms hit. James Cook University has put together 

Prepare an emergency kit. This can include a portable battery radio, torch and spare batteries; water containers, dried or canned food and a can opener; matches, fuel lamp, portable stove, cooking gear, eating utensils; and a first aid kit and manual, masking tape for windows and waterproof bags.

Stock up on non-perishable foods, fill containers with drinking water

Have your phone and a backup battery bank charged, this allows you to monitor the latest emergency advice and call for help if needed/where possible.

Know where to go for information and warnings – some suggested resources are listed at the end of the blog.

Have all the information for your emergency contacts on hand.

Wear strong shoes and tough clothing for protection.

Turn off all electricity, gas and water supplies.

Stay inside and shelter (well clear of windows) in the strongest part of the building, i.e. cellar, internal hallway or bathroom. Keep evacuation and emergency kits with you.

Listen to your battery radio for updates, including evacuation orders.

If the building starts to break up, protect yourself with mattresses, rugs or blankets under a strong table or bench or hold onto a solid fixture, e.g. a water pipe. 

Check for gas leaks. Don't use electric appliances if wet.

If you are evacuating to a public shelter or higher location, follow the directions of Queensland Police Service and emergency services personnel. Homes in low-lying coastal areas may be advised to evacuate early.

Don't go outside until officially advised it is safe by authorities.

There are several things you can do to help limit the possibility of damage to your property. The Queensland government has a good checklist you can read 

Clear your property of loose material that could blow about and possibly cause injury or damage during extreme winds. This could include outdoor furniture; trampolines; gardening tools.

Check that the walls, roof and eaves of your home or business are secure.

Clean your gutters, downpipes and drains to ensure they are not blocked.

Trim treetops and branches well clear of your home/business. Be careful of any overhead powerlines.

Close shutters or board-up or heavily tape all windows. Draw curtains and lock doors.

Park vehicles under solid shelter (hand brake on and in gear).

3. For businesses, organise and back up your data

You might need to quickly access essential data in an emergency. In advance,

compile a list of employees, suppliers, products, and anything else you would need at short notice. Save all of this on a USB stick or something similar so it can be easily retrieved, particularly if your technology infrastructure is damaged.

Before a cyclone makes landfall, collate all your insurance policy details and make sure you have these on hand. This may include:

Essential contact details easily accessible for each of your insurers or your insurance broker’s contact details

Policyholder identification, alongside any passwords or security questions you might need. Your insurance broker will be available to expedite claims process, navigating it on your behalf and ensuring you are correctly compensated for any damage, as per the applicable policy wording.

In the event your contents or business equipment are damaged, an accurate inventory can help you determine exactly what has been lost and everything you will want to claim insurance on. 



To speed up this process, create a comprehensive photo collection or video documenting these items.

While mother nature can throw unpredictable weather our way, taking steps to prepare can help to limit the extent and severity of impact an event like this can have on your life. If the worst does happen, early preparation and organisation can make dealing with claims easier post event. Alongside putting steps in place to protect your own home and business, encourage, friends, family members and neighbours to do the same.

Resources you can access for warnings and advice:

Well directed preparation can play a key role in keeping you safe, mitigating damage to property, & streamlining insurance claims afterward.

Tips to prepare when a cyclone warning has been issued 

When a storm, cyclone, or other weather emergency hits, there’s always the possibility of significant property damage, which can result in people having to evacuate their homes and businesses being forced to suspend operations.

Whether it’s your home or your business, being clear on what to do in the aftermath can help ensure you’re in the best possible position to access support, recover and get up and running again as quickly and smoothly as possible.

Check out the following top tips to help navigate the initial recovery phase if your property has been damaged.



For a link to share these tips with your clients, please click here.

If you remained at your property throughout the weather event, and relevant authorities have advised it is safe to leave your place of shelter, an important step is to attempt to limit further damage to your property, if feasible and safe to do so.

 Depending on the situation in the first instance, you may need to contact emergency services to assist e.g. fire services or the SES.

 – If safe to do so, engage professional services to perform temporary make safe repairs to the site(s) of damage – this may be electrical, or as simple as a tarpaulin over a damaged roof to limit further internal water damage. 

For guidance based on your specific situation and insurance coverage, contact your insurance broker or insurance company for specific. If you find yourself in trouble outside of business hours and need emergency repairs, the SES, or relevant after-hours tradespeople should be your go-to.

If you had to vacate the property, only return once advised by authorities that it is safe to do so. If damage has occurred, ensure the property has been deemed safe to enter. Likewise, if the property has been flooded or is wet, don’t turn on anything electrical until an electrician has cleared it. 

If you are conducting the clean-up yourself (and only do so if you are certain they don’t require professional attention), wear protective equipment.

Once it’s safe to investigate the full extent of damage to your property, undertake a thorough inspection and take photos before cleaning anything up – these will likely be needed for the insurance claims process. List the damage done to your property, ensuring you itemise the contents and building separately. 

Flooring (excluding carpet/floating floors)

Your insurance broker is your advocate and on hand to offer advice and manage any claims on your behalf, so you can focus on everything else needed to get back on your feet.

On some occasions when damage is severe, a professional claims assessor may attend the property to evaluate and arrange for permanent repairs as soon as possible. Again, this will all be managed by your broker.

Separately, find out if the incident been declared a CAT (catastrophe declaration) by the Insurance Council of Australia (ICA). A CAT declaration escalates and prioritises the insurance industry's response to support policyholders affected by specific natural disasters. It means claims from affected policyholders are given priority by insurers.

5. Find out what additional support is out there

Both national and state governments are committed to ensuring communities are better equipped to recover following widespread severe weather events, and there may be funding accessible for your home and/or business to support this process. In Queensland for example, funding is made available through 

The potential effects of these types of events on families, communities and businesses can’t be underestimated. Doing everything possible to be prepared for all eventualities, and understanding the best course of action following damage due to severe weather can give you the best chance to mitigate against longer-term impact.

Also critical in the aftermath is making the most of all the resources and support available to you – your insurance broker is ready and experienced in dealing with these types of claims and will be on standby to give you the best support and advice possible. 

Discover essential tips for navigating the aftermath of property damage caused by storms, cyclones, or other weather emergencies.

Guide to Handling Property Damage After a Weather Emergency

Why are my insurance premiums rising, and how can an insurance broker help?

Whether it be business insurance, your home and contents, or car insurance, there is currently significant upward pressure on insurance premiums. In some cases, premium hikes are also accompanied by restrictions on coverage features. In the insurance industry, this is known as a ‘hardening insurance market’.

A hardening insurance market can be attributed to several factors. Below, we seek to help you understand:

What a hardening insurance market means for you, and

How an insurance broker can help you achieve the best value from your insurance program.

Insurance markets are cyclical based on several factors that either push insurance premiums upwards, or downwards. The terms used to define these two different market conditions are a ‘

 – A soft insurance market cycle has lower insurance premiums, higher coverage limits available, more flexible policy conditions, and greater availability of coverage.

 – In the insurance industry, a hard market is the upswing in a market cycle, where premiums increase and capacity for most types of insurance decreases. In general, a hard insurance market is characterised by:

Decreased available cover limits (e.g., Sums Insured),

Restrictions in insurer risk appetite, and

A hard market can be caused by several factors, including falling investment returns for insurers, increases in frequency or severity of claims, and regulatory intervention against the interests of insurers.

At present, it is evident that most lines of insurance in Australia, and in fact worldwide, are experiencing a hard insurance market.

Figure 1. below helps to illustrate the insurance market cycle in visual terms (Source: 

At present, insurers are facing pressures from all directions which has impacted pricing and led to hard insurance market conditions. Driving factors behind current hard market conditions are outlined below:

The present low interest rate environment means that insurers can no longer rely on their investment returns to bolster unprofitable results. In response, insurers focus on underwriting profitability by raising premiums, tightening underwriting guidelines and being more selective about risks they choose to insure. If insurers don’t act prudently, it can affect profitability, financial viability, and their ability to pay claims.


In general, the cost of insurance claims is increasing because of social inflation. This is the societal trend towards increased litigation, broader contract terms, plaintiff-friendly legal decisions, and larger jury awards. An example of this is the increased number of Class Actions in recent years e.g., Commonwealth Bank, Takata airbags, Volkswagen.


Increase in catastrophes / no. of insurance claims.


Additional to the rising cost of insurance claims, the frequency of insurance claims is on the rise, most notably due to an increase in the number of natural catastrophes. In 2020 an unprecedented number of catastrophes were declared by the Insurance Council of Australia. From the horrific bushfires of 2019/20, severe hailstorms to flooding, the number of insurance claims lodged has continued its upward spiral. Sadly, serious NSW floods in March 2021 have seen this trend continue, putting further pressure on insurer profitability and the need to increase premiums due to the number of claims payouts.

In hard market conditions, the only way insurance companies can remain profitable, financially viable and continue to provide insurance cover and claims payments to the market is by:

Reducing level of insurance policy limits available e.g., sum insured, and

Tightening policy conditions e.g., extensive risk management measures may need to be in place before an insurer will offer coverage.

How does a hardening insurance market translate when it comes to your insurance policy?

In general, hard insurance market conditions may see you experience the following across several policy classes:

An increase in premium rates simply due to insurance market conditions, or your own claims history

Your insurance excesses (deductibles) may increase.

You may not be offered coverage at renewal because an insurer can no longer provide it within their risk appetite.

You may be offered reduced coverage at renewal e.g., lower policy limits available, some coverage features may no longer be available e.g., aluminium cladding exclusion and PI Insurance

You may encounter strict policy conditions and need to implement additional risk management measures before an insurer will agree to cover you.

Other reasons insurance premiums may increase.

If you have experienced one or more claims in the last five years, particularly if you were deemed at fault, insurers may perceive you as a greater risk to insure and will increase your insurance premium at renewal accordingly.

Increase in sum insured e.g., purchase of new assets.

Policy holders who wish to increase their sum insured, e.g., to include a new asset, new business machinery or account for an increased property value following a renovation, will be subject to increased premiums due to an increase in the value of the insured items. This is because in a total loss, the replacement cost / cost of the claim incurred to the insurer would be higher.

Your premium may increase when you change address because the new location may have different risk exposures e.g., increased crime rates, it may be in a flood plain, or have a greater bushfire risk.

Change in business activity e.g., higher risk.

Businesses which change or expand to include a new business activity on their insurance schedule, which is deemed a higher risk by the insurer can be subject to premium increases.

It is essential that you inform the relevant insurer(s) of any changes to ensure you do not experience coverage issues in a claim.

Duty of Disclosure: Under the Insurance Contracts Act 1984, it is your duty to disclose to your insurer anything that you know or could reasonably be expected to know is relevant to an insurer’s decision on whether to accept the risk of insurance, and on what terms.

Change in tenants’ business activities.

Even though you’re not involved in your tenants’ business(es), the commercial activities they undertake has an impact your property insurance. As above, if your tenant changes their business activities, or you have a new tenant with different business activities to that recorded in your commercial property insurance schedule, it can lead to an increase in insurance premium applied.

Again, under the Insurance Contracts Act 1984, it is your duty ensure tenant business activities are disclosed and listed correctly on your policy, to avoid coverage issues in an insurance claim.

How can an insurance broker help combat these premium increases?

Professional advice & specialist knowledge

An insurance broker provides professional advice on the most suitable, and best available cover to protect your business and / or assets. They assess your risks, advise you on essential covers, and how you can structure coverage in the most cost-effective way. For example, adjustment of coverage limits, excesses, cover exclusions.

Claims – we advocate for you to achieve the best possible settlement.

In an insurance claim iNeedCover Broker advocate for you. Brokers work hard to resolve your claim efficiently, communicating with you at each key stage. The technical knowledge of an insurance broker and strong insurer relationships can make all the difference when negotiating to achieve the best possible claim outcome.

iNeedCover Brokers can offer clients premium funding facilities. Premium funding can be utilised to pay your insurance premiums monthly, spreading the cost over 10 monthly payments. This can ease the financial strain of a lump sum payment, freeing up cashflow in your business for more immediate needs.

Protect Your Business – Connect with an iNeedCover Insurance Broker

With an insurance broker in your corner, you can relax knowing your business not only has quality coverage designed to respond in a claim, but also the support of an insurance advisor who has your back.

Safeguarding your business is not just a smart move - it's vital for your long-term success. Pair up with an insurance professional who’s on your team. With the expert guidance of an iNeedcover insurance broker, you can proactively manage risks, stay on top of emerging trends, and confidently navigate the ever-changing insurance universe.

Get covered by insurance based on reliable human advice, not hope. Find your Perfect Advisor today.

Uncover the reasons behind rising insurance premiums and explore the role of insurance brokers in navigating a 'hardening insurance market

Australian homeowners face an increased risk of being underinsured as inflation drives up construction costs and labour expenses. The surge in demand for building and renovations during the pandemic, coupled with supply chain disruptions, has led to a significant rise in building material costs. Timber shortages, in particular, have caused delays and cost blow-outs in construction projects across the country.

The combined impact of COVID-19 disruptions and heightened demand for building materials has created a challenging environment for the construction industry. Inflation-driven rises in building costs and labour expenses, coupled with the backlog of people option to build due to pandemic incentives, have created a challenging environment.
Concurrently, government incentives for home building have added to the surge in demand for construction materials, compounding the challenges faced by the industry.

Given this spike in construction expenses, homeowners must reassess their building sums insured to ensure comprehensive coverage for property replacement, including additional elements like retaining walls, water tanks, and garages. Many property owners may find that their current sums insured are insufficient in the face of rising building costs, putting them at risk of underinsurance.

,' where repair costs surpass the insured value. Professional insurance brokers play a vital role in guiding property owners to nominate appropriate sums insured, factoring in market dynamics and rising construction expenses. While adjusting building sums insured may not be the preferred advice, it is essential for ensuring adequate protection in the event of a claim.

How can you make sure your property is insured for an appropriate amount?


While nominating the sums insured on an insurance policy is the responsibility of the property owner, a professional insurance broker can provide advice on what the market is doing to guide your decision.

While an increase in your building sum insured may not be the advice you want to hear, it will help ensure you have sufficient insurance protection in a claim.

Insurance brokers offer valuable insights into:

Ensuring proper coverage for the total cost of rebuilding.

Achieving optimal value for money in property insurance.

Understanding the importance of full insurance coverage.

For more precise information on replacement and reinstatement costs in the event of a total loss, property owners may seek the expertise of a Certified Quantity Surveyor.

Discover how inflation and surging demand reshape construction costs and the challenges facing the industry in this insightful exploration

Is your property insurance keeping up with increasing building costs?

As a commercial property owner, there may be a number of different tenants conducting business from your premises. But are you aware of their exact business activities? Are these up-to-date on your commercial property insurance policy schedule?

It’s important to be aware that incorrect or missing details on tenant business occupations can have implications for your insurance cover.

Why do I need to ensure my tenant business activities are up-to-date on my commercial property insurance policy?

Even though you’re not involved in your tenants’ business(es), the commercial activities they undertake has an impact your property insurance. It is essential to ensure tenant business activities are listed correctly on your policy, or you may experience coverage issues in an insurance claim.

How can inaccurate tenant business activity information affect my insurance coverage?

You may be without cover in an insurance claim.

Different business occupations present different risks to insurers. Some business activities pose a greater likelihood of claims occurring, and others may have an increased probability of larger scale losses in a claim. For example, a tenant who stores combustible chemicals at your premises is deemed a far greater risk to insure, than a tenant who uses the premises as an office space.

Under the Insurance Contracts Act 1984, it is your duty to disclose to the insurance company anything that you know or could reasonably be expected to know is relevant to an insurer’s decision on whether to accept the risk of insurance, and on what terms. Tenant business information is paramount for insurers when deciding whether to offer you insurance, what premium to charge, the excesses to apply, and any specific policy conditions / cover exclusions.

If tenant occupation(s) are incorrect on your property insurance schedule, and the insurer rates the risk and offers insurance based on this incorrect information, you may experience coverage issues in a claim, which may even lead to denial of a claim. This is based on a failure to accurately disclose to the insurer key information that affects their decision on whether to accept the risk of insurance for your commercial property. If the tenant business risk is outside the insurer’s risk appetite, you could be without cover in an insurance claim.



What other issues could I encounter if tenant occupations are not accurately listed?

Most businesses will need to evolve their offerings to stay relevant, meet market needs and remain profitable. If you’ve introduced new products or services since you last reviewed your business insurance, you may now have additional liability insurance requirements.

While Product Liability Insurance isn’t required by Australian law, it is strongly recommended for any business working with any type of product. The addition or removal of products will likely require changes to your policy. 

Similarly, any changes you make to the types and formats of services you offer should be followed by a policy review to ensure you have appropriate insurance protection in place. Insurance companies have been know to decline claims where a company's business occupation listed on the policy no longer aligns with their primary business activities. 

Increase in premiums and change in policy conditions.


If an insurer offers coverage for a commercial property based on incorrect tenant information, and this information is updated during the policy period, you may experience a change in premium and policy conditions.

If the tenant presents a lower risk to the insurer (i.e., less likely to experience a claim, and claims tend to be low in severity and cost) the premium may be reduced. If the tenant presents a higher risk where claims are more likely, and tend to result in a higher loss, the insurance premium may increase, and level of coverage offered may reduce in line with the insurer’s risk appetite.


Business activities are excluded by insurer.


If an insurer agrees to insure your property based on an incorrect tenant activity and the real ‘high risk’ business activity comes to light during the period of insurance, you may find yourself without cover.

Each insurance company has a specific risk appetite, where they prefer to insure some tenant business activities over others. If the higher risk tenant business activity sits outside the insurers preferred risk appetite, insurers can withdraw their offer of insurance cover, or cancel the policy mid-term.


Steps to ensure your tenant information and insurance coverage is accurate:

 – make sure your tenants have provided you with an accurate description of their business activities. Can they get tenants to sign a declaration that this information is true?

 – educate your tenants on the importance of updating you with any changes to their business activities. Communicating expectations can help ensure tenants are proactive on informing you of any changes.

Check current tenant business occupations against your current policy

Verify your commercial property insurance: Audit tenant activities to align with your policy for comprehensive coverage.

Risk Averse Universe

Tips, tricks and honest behind-the-scenes insurance insights. Check out The iNeedCover Risk Averse Universe Blog.