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Landlord insurance is vital to protecting your investment when you buy an investment property. Finding a reputable tenant and determining what kind of insurance the property needs are two first steps after buying an investment property. You may be able to get landlord insurance to cover unexpected repair costs due to an insured incident, as well as prospective rent loss if the residence is uninhabitable. If your property is damaged or destroyed unexpectedly, you and the lender are better financially protected. Understanding Landlord Insurance Your investment property will be safeguarded against the loss of rental income if you get landlord insurance. Fire, storm, and flood are all insured calamities, and the insurer may or may not cover damage or theft caused by tenants. Comparing Landlord Insurance VS Rent Default and Loss of Rent The news is full of stories about tenants trashing a home. They also have to deal with the additional stress of going without rental money for weeks or even months. If your building is deemed uninhabitable due to a covered loss or damage, or if your only renter passes away, you may be covered under your landlord insurance policy. Checking with your insurance first is a good idea due to the wide range of coverage options. A rent default is distinct from a loss of rent that occurs due to an insured catastrophe and may be elective. When tenants fail to pay their financial obligation or vacate your rental property without notifying you, landlords may feel frustrated. When a tenant vacates your rental property without warning, gets lawfully evicted, or stops paying their rent, rent default insurance can provide you with financial security while you search for a new tenant. Having a written lease in place is critical, as is paying a bond equal to four weeks’ worth of rent, as this may be a requirement of your insurance coverage. Before purchasing, you should check your landlord insurance policy’s Product Disclosure Statement (PDS) to determine if rent default and loss of rent coverage are included and if there are any applicable conditions, limits, or exclusions. Protecting Your Property from Tenants While most tenants try to do the right thing, accidents can happen. If your washing machine hose ruptures and floods the ceiling of your flat, you might be looking at thousands of dollars in repair and replacement costs for something that started as a simple backyard cricket game. There are several reasons to consider landlord insurance that covers broken glass, flooding, and general liability. Check your policy’s PDS to see if the coverage is appropriate for you. Getting Enough Coverage A landlord insurance policy may cover some of the following things: tenancy cover, damage or theft brought about by tenants or their guests, loss of rent, rent default, and the legal costs of suing tenants. There is also coverage for structural damage resulting from various natural and man-made events such as lightning strikes and tornadoes, vandalism, vehicle crashes, and water damage. In addition to those risks, it may also be possible to get landlord insurance coverage for smoke and fire damage, burst water pipes, and damage caused by pests such as termites. Condominium owners may be able to get coverage for mold damage, but apartment building owners aren’t as likely to have this option. Since there are different risks to prepare for, purchasing an appropriate landlord insurance policy is crucial to protecting your invetsment. Conclusion To invest in real estate, you should strongly consider landlord insurance. Though it is possible to sell your home without coverage, there are comprehensive policies available that can assist with protecting your investment. Do you need landlord insurance to protect your investment? Pivotal Insurance Brokers can assist you in locating the appropriate insurance for your assets, business, and cars. Contact us right now!

Property damage is probably one of the most devastating things a business may experience. Besides the usual encounter of expenses, you also have to worry about the causes of those damages in order to avoid them from happening again.   That being said, you have property damage insurance to ensure you will never have to face those expenses alone. No, you have the help of an institution that will deduct the load off your back.   If you want to learn more about property damage insurance and its coverages, look no further than our pointers below.   First of All, What Is a Property Damage Insurance?   Property damage insurance is just like your regular business insurance. It is applicable to any damage caused by a certain event to one’s commercial property.   The two main types of property damage cover are property and portable property. Property damage insurance is coverage for all kinds of your building and fixtures, from the roof of your office to the sprinklers.   Portable property damage insurance, on the other hand, is for your work tools as well as office equipment.   What Are the Different Coverages of Property Damage Insurance?   1. Leaking Pipes   For example, you have a client meeting at 2 pm, and you hear leaking sounds from within the bathroom. After rushing in, you see a leak from the top of the ceiling.   What do you do now? You have property damage insurance to reimburse your costs for fixing this leak.   2. Fire Damage   Imagine that you are in your office on a very busy day. Suddenly, you hear a boom in the kitchen. You immediately run there and see that your stove’s oven is on fire. What are you going to do now?   Far from worrying, you just need to call the office manager so that he can turn off the stove and assess the damage. You can then hang a claim right away.   3. Catastrophes   This is the most common type of insurance policy you can have, as it covers all kinds of disasters—from storm damage to an earthquake. There are many of these policies that are sold in the market. A good one offers coverage for property claims due to these natural calamities.   4. Commercial Theft   You may never think that you will be the victim of theft, but the bad guys will come, in all kinds of ways, and steal your office amenities. This is why you need property damage insurance for your business. The coverage will definitely reimburse your expenses for replacing all the things that were stolen from you.   5. Industrial Accidents   If you are a manufacturer, you must pay attention to this property damage insurance. You may not be able to recover from your losses if there are explosions from gas lines or laboratory fires in your office.   This policy covers all kinds of products and physical damage due to errors in your company policies.   Conclusion   Overall, property damage insurance protects your commercial property against all kinds of damages and calamities. You don’t need to be alarmed that you will be the one to shoulder the expenses. You just have to call your property damage claim representative, and they will handle everything from there.   Take the full load off your shoulders, invest, and apply for one as early as now.   If you are looking for a company that provides insurance for businesses, look no further than our expertise here at Pivotal Insurance Brokers. We are here to help you find the right insurance for your assets, businesses, and vehicles. Call us today and let us offer you insurance that befits your venture.

Contract works insurance or construction works insurance isn’t anything new to builders. It is a general requirement for essentially all building contracts, as many financial institutions that fund projects require this to act as loan security.   That being said, what exactly does it cover? How long does it last? If these are the questions you have in mind, don’t worry. Let’s talk about the common questions revolving around contract works insurance:   What Does Contract Work Insurance Cover?   Contract Works Insurance is intended to protect the builder and the company from the loss of the insured value of contract works due to any event of loss, including but not limited to the contractor’s liability, fire, and malicious damage.   A construction contract often covers faulty workmanship and design errors, and this is precisely what the policy covers. It also covers abnormal weather conditions and job risks, such as unexpectedly high labour costs.   How Long Does It Last?   Contract works insurance generally spans from commencement all the way to completion. This means that throughout the project, the insurance policy will be in play. However, this isn’t always the right time to opt for.   Generally, delays can occur during the project, even when construction has ended. As such, it is recommended that additional time is added after practical completion, as some contracts may require extended cover.   That said, not all contracts behave the same. You must check whether your policy covers new projects, projects underway, or both. Additionally, if you are to take on any speculative works, it is always a good idea to ensure the policy coverage extends to cover the gap between practical completion and strata registration.   What Are Its Limitations?   Contract works insurance expires when works have been completed if you do not opt for additional time. This means that even if you have valid cover, this coverage ends when the works are finished. As such, additional coverage must be arranged for the gap between practical completion and the commencement of the building’s next phase.   Another limitation is that the policy does not cover changes, extensions, or alterations to the insured works. For example, if an extension to the project is required, additional coverage must be arranged.   What Do I Need to Know about Contract Works Insurance?   As mentioned, contract works insurance is not a one-size-fits-all policy. As such, it is important to check the policy specifics to ensure that the right coverage is being provided.   This is most important considering the various types of projects that are out there. Some types of projects are riskier than others, such as high-rise projects. Therefore, it is vital to check if your coverage is adequate for the type of project that you are undertaking.   In order to ease the process, it is best to contact an insurance broker, as they can help ensure that the project is adequately covered. With the right contractor insurance, you can rest easy knowing that your financial protection is in place.   Conclusion   Contract works insurance is a fundamental part of every construction project. These policies are needed to secure sufficient cover to protect builders and the company if anything goes wrong. So, if you are still uncertain of what exactly it covers, there is a high chance that you’ll be able to find an insurance provider to answer your questions.   It is important to ensure the right coverage is in place for the project; otherwise, serious losses are expected to be incurred. Once again, it is best to contact a broker to ensure that the project gets the coverage it deserves.   Pivotal Insurance Brokers are experts in helping businesses find the right insurance for their needs. If you need insurance for contract works, reach out to us today!

Having your own home is highly beneficial because it’s a permanent place to stay. However, a house is an investment, meaning you should protect it as much as possible. After all, property costs go up over time, meaning you can make a significant return if you sell your home after a long time. The best way of protecting your home is getting home and contents insurance.   A home and contents insurance differs from the average home insurance because it covers the contents of your home and land, while the former is just general insurance that protects your house. A home and contents insurance is also costlier than basic home insurance, but it’s worth it because it covers more. Despite this, many homeowners still have reservations because they think standard home insurance is more than enough.   If you don’t see the value of getting a home and contents insurance, here are some of the things this insurance can protect you from:   #1 – Compensates for Property Damage   While home insurance policies generally cover property damage, this isn’t always the case. Insurance companies may only cover certain damages, and some might not cover replacement. If you get a home and contents insurance, however, you can rest assured that your property will be covered for a wide range of damages and losses. This means you can receive compensation for things like carpet or furniture damage.   Additionally, home and contents insurance can cover loss of use, meaning you can claim compensation for your extra expenses if you cannot use your home for a certain time.   #2 – Compensates for Bodily Injury or Fatality   Let’s say you’re having guests over for a dinner party. Not long into the party, your sofa suddenly gives way, sending your guests crashing to the ground. While you took out insurance for your home, you didn’t add the liability coverage because you didn’t want to fork out an extra premium. It may seem like a minor accident, but the small one can turn into a major one if the guests suffer bodily injury or even death.   In this case, your home insurance won’t cover it. Instead, you’ll need to get home and contents insurance to cover that kind of incident. The good thing with home and contents insurance is that, aside from property damage, it also covers injuries and other incidents.   #3 – Compensates for Injuries Caused by Pets   Unless you have a pet-friendly home policy, your home insurance won’t cover any injury caused by pets, including dog bites. While dog bites are unlikely to happen in your home, pets tend to get messy, especially cats. If you have a cat that likes to spray in your home, the smell can cause allergies and other respiratory issues. On the other hand, dogs tend to bite people, especially strangers. In both cases, you won’t be covered if you don’t have home and contents insurance.   #4 – Compensates for Losses Due to Theft   We all have possessions of great value that we like to keep close to us. If you own expensive jewellery or other valuables, keeping them in a safe is best, so you don’t have to worry about burglars. While the chances of getting robbed are slim, it’s best to be safe than sorry. Home and contents insurance covers all your possessions, including the ones in your safe or vault, if they’re stolen.   #5 – Compensates for Natural Calamities   When you buy a home and contents insurance, you’re not just paying for protection against human error. You’re also paying to protect your home from various natural calamities. This insurance also covers things like falling trees and wind damage.   Let’s say a fire or flood occurs. You should be covered if you have home and contents insurance. Many homeowners don’t get this because they believe natural calamities are rare. However, preparing for the worst is best because you never know when they might happen.   Conclusion   Home and contents insurance can help protect you from the most common accidents in your home. Whether it’s property damage or injuries, standard home insurance won’t do. Only with a home and contents insurance policy can you achieve total protection for your home. You may pay more, but it’s worth it if you want to protect your most valuable investment.   Pivotal Insurance Brokers has what you need if you’re looking for home & contents insurance! We offer various options to protect your home, all for affordable prices. Simply go to our website to book a free consultation!

Tradies are some of the most knowledgeable and experienced talents you will ever find. Whether they’re working as a plumber, an electrician, or specialising in any other type of labour, they’re the ones you want to reach when you have a specific need. Unfortunately, tradies have their fair share of problems, especially when it comes to business insurance. More often than not, they may be experts in their craft, but they’re not experts in running a business, and one of the biggest mistakes they may make has to do with business insurance.   Today, we want to talk about the common mistakes tradies make when it comes to business insurance and what you can do to avoid them:   Mistake 1. Not Sharing All Required Information   One of the most common mistakes that tradies make when it comes to business insurance is failing to share all the required information with their broker so that they can give you an adequate quote. Make sure you share all of the information your broker needs. This includes your name, permanent address, business name, and so on.   Mistake 2. Not Checking Your Policy Regularly   Another common mistake that tradies make when it comes to business insurance is failing to check their policy regularly. Neglecting to do so can cause serious problems and can even result in fines. Make sure you look over your policy at least once a year to ensure that everything is in order.   Mistake 3. Not Getting Your Quotes in Order   Tradies also tend to make mistakes when it comes to insurance because they don’t do their research, and they don’t get their quotes in order. The fact is that some insurance companies are better than others, and by taking the time to get the quotes, you’ll be able to pick the best one available. It’s a simple step, but it can save you a lot of money in the long run.   Mistake 4. Not Being Prepared for the Worst-Case Scenario   We all know that the worst-case scenario can happen at any moment. It can happen without warning, and it can cause serious damage. If you’re a tradie and you don’t have the appropriate insurance, that damage can cost you a lot of money, and it can even put you out of business. So make sure you have the insurance coverage you need to protect you and your business in case disaster strikes.   Mistake 5. Not Recognising the Importance of Business Insurance   Another common mistake tradies make when it comes to business insurance is not recognising its importance. As we’ve already discussed, having the right insurance coverage can save you money and a lot of heartaches. Don’t put yourself at risk!   Conclusion   Tradies are some of the hardest-working business owners out there. However, while they are experts in their field, they’re not experts at running a business. So, if you’re a tradie that has yet to recognise and use business insurance, it is time to take action! Reach out to professional business insurance providers to ensure that when things go wrong, your business stays safe and sound.   Pivotal Insurance Brokers is your go-to expert for helping business owners find the right insurance to meet their needs. If you are in need of business insurance, work with us today!

Like other businesses worldwide, Australian businesses are also a target for cyber criminals.   Cyber crime is rampant today, especially as more businesses are going online. Every single day, cyber criminals are attacking millions of victims. You may have already been an unknowing victim of their attacks before.   Before, small enterprises need not worry about this as the belief was that only huge organisations were at risk of the advances of cyber criminals, but that’s not the case anymore. In fact, half of the victims of cyber crime in Australia are small and medium-sized enterprises.   Are You at Risk of Cyber Crimes?   According to reports, 86% of organisations said a ransomware attack led to them losing revenue or business, while 88% admitted an attack affected their ability to operate.   If you have a business in Australia, you are at risk of a cyber attack.   What Are the Most Common Cyber Crimes in Australia?   Ransomware attacks, denial-of-service attacks, and malicious code are a few of the most common types of cyber attacks in Australia today.   Ransomware Attacks   Ransomware is among the most common cyber attacks in Australia. A ransomware attack is an attempt to install malicious software on a device that threatens its security unless a ransom is paid. It can disrupt critical functions by preventing access to computer data, denying service to legitimate users, and demanding a ransom before returning control to the legitimate user.   Denial-of-Service Attacks   Thousands of businesses have reported that they have been subjected to denial-of-service attacks before. Denial-of-service attacks consist of a number of computers repeatedly sending requests to a website to overload its capability to respond to legitimate requests.   Distributed denial-of-service attacks (DDoS attacks) are among the most common cyber attacks in Australia. This type of attack is more often used to disrupt the services of a business or a local community, national government, or international organisation than to steal information.   Malicious Code   In Australia, cyber criminals use malicious code to crack databases, credit card numbers, and e-commerce sites. It is infiltrating countless private and business computers and systems.   How You Can Protect Your Organisation from Cyber Crimes   There are several proven ways you can protect your business from cyber attacks.   Have strong passwords. Reduce the number of employees with access to systems and databases. Keep your staff educated on how to spot suspicious emails or share links. Install the latest security updates on all the systems used by your business regularly. Update your antivirus software regularly. Get a cyber security insurance policy.   The Importance of Cyber Security Insurance   If you either own or run a small business in Australia, you can get cybersecurity insurance to protect your business. Cyber insurance policies can help you pay for the damage or loss you incur due to an attack. And because more companies are now online and becoming subject to cyber attacks, there’s an increased need for cyber insurance.   Conclusion   Cyber crime is an imminent threat to businesses in today’s internet-enabled world. With more organisations going online, the need for cyber insurance is now more relevant than ever for a business to thrive. Take all the necessary steps to ensure that you protect your business from cyber attacks and get extra protection through a cyber protection insurance policy that will help you recover from a cyber attack.   Pivotal Insurance Brokers offers cyber protection insurance on the Gold Coast, along with other business insurance solutions. Get in touch with our team today to find out more about our cyber protection insurance policies!