Landlord Insurance: What is it and why is it important?

LARK Insurance Landlord Insurance

Landlord Insurance: The things you need to know:

Many Australians have investment properties. In fact, according to the ATO, in 2018 about 2 million Australians owned investment properties. From the average Mum & Dad investor who are looking to get ahead, to the super-rich property magnates who seem to own half the town, almost every Australian finds comfort in property investment.

Whether this is because people find these investments easy to understand, or whether its because of the potential tax benefits (such as negative gearing), the demand for property investment is enormous. So is the market for Landlord Insurance.

If you are interested in a complimentary review of your Landlord Insurance or other business insurances, get in touch using the button below.

What is Landlord Insurance?

Put simply, Landlord Insurance is home and contents insurance for your investment property. It provides similar covers including Public Liability, storm damage, theft, fire, etc. but also includes other options such as loss of rental income and damage from tenants. Its important to note these aren’t standard on every policy and you will probably have to add them as extras.

Why do I need insurance when my tenants have paid a rental bond?

Some people opt to rely on the bond paid by their tenants instead of having a insurance policy. And, while the bond can act as a form of insurance, it is extremely limited in nature. If the house is to be damaged and the bill to fix it is into the tens of thousands of dollars, do you have the cash reserves to pay the additional amount on top of the bond? For most people, the answer is no. With your investment property being such a significant asset, its crucial to have the proper protection in place.

Does Landlord Insurance cover me for my Airbnb property?

In most cases, this won’t be an issue as long as this is disclosed to the insurer first.

In most cases, properties that are rented on a short-term basis carry more chance of a claim. This usually means that your premium will be higher as your property carries more risk, but it is still crucial that you have cover in place. If your insurer excludes short-term accommodation or won’t cover Airbnb, we are able to assist as we have access to a wide range of insurers who will provide cover.

Can insurance advisers help with Landlord Insurance?

We have helped a lot of clients with their Landlord Insurance policies. In most cases they have had policies direct with insurers before coming to us. We have been able to assist by pointing out some of the limitations in their policy, reviewing their overall situation and providing recommendations for policies that better suit their needs. In most cases, we have been able to save our clients money as well as increase their coverage.

If you are looking to get a better deal on your Landlord Insurance or are concerned you may not be properly protected, speak to us today.

How you can take control of your business insurances during lockdown

Insurance Review

Here’s why now is the perfect time to review your business insurances

Has it been a while since you have sat down and had a look at your insurances?

Are you looking to cut some costs through these strange and difficult times?

Now is the time to review your insurances for cost and appropriateness. We look at some of the benefits of a business insurance review below:

LARK Insurance Business Insurance Review

Benefits of a business insurance review

Save money on premiums

Insurance advisers have access to a wide range of insurance providers, many do not deal directly with customers. We can help you find cost effective insurance policies to give you the coverage you need to run your business while saving you money during these uncertain times.

Changes To Your Situation

Often times, we see clients who haven’t reviewed their insurances for a while have outdated details such as addresses, annual turnovers, staff numbers, etc. These details may seem minor, but can have a big implications when it comes to claim time so it is important to keep insurers up to date with changes to your situation. Insurance advisers will perform reviews regularly with you to keep these details current and avoid any unnecessary delays or declines at claim time.

Insurance Broker On Your Side

Insurances can be complex and time-consuming and not having an expert in your corner can be a large financial exposure. Insurance advisers can help identify risks to your business, necessary and unnecessary insurance policies, assist with claims and give you the overall peace of mind that your covers are giving you the protection you and your business needs.

Get in touch

With much of NSW in lockdown, now is the perfect time to use some of the extra time we all have and review your business insurances. Reach out to LARK Insurance, we can perform reviews over phone, email or Zoom to help keep everyone safe.

Cyber Insurance: Why you need it.

LARK Insurance Cyber Insurance

Why you need Cyber Insurance

Cyber Insurance: Why you need it.

You would struggle to find a business these days that doesn’t use a computer to send, receive and store data. A lot of this data will be sensitive, including client details, payment information, tax information, etc. Have you thought about what would happen and the costs incurred if this data was to be exposed, lost or hacked? We have listed a few examples of potential claims below:

  • Stolen Laptop: One of your employees has their laptop in the car while they are out to lunch. The laptop has access to your business network which holds your clients’ sensitive data as well as some payment information. Cyber Insurance can assist by appointing IT professionals to potentially block the laptop’s access to the network as well as cover the costs associated with appointing legal representatives to determine if regulatory notification is required as sensitive data has been compromised.
  • Extortion Attempt: You receive a ransomware email demanding a large payment of crypto currency or else all the data on your network will be lost. Cyber Insurance can help by appointing specialists to attempt to retrieve the data, or potentially pay the ransom to help secure your data.
  • Upgrade Error: A software update from a third party cloud service provider has been installed on your system and has caused you to lose your data. Cyber Insurance will assist by appointing IT forensics to help reconfigure any lost data from the most recent back up.

You might be thinking, this won’t happen to me or my business. However, recent data shows that Australian Cyber Security Centre responded to almost 60,000 reports of cyber crime from July 2019 to June 2020, more than a third of these cases being fraud related.

With more and more of the Australian workforce working from home, the trend of cyber attacks is only going to grow. Cyber insurance is a cost effective way to protect your business from the hefty costs associated with data breaches and attacks on your network.

Talk to LARK Insurance today about your Cyber Insurance needs and how we can help protect your business from this ever-growing risk.

4 insurances your business almost always needs

What insurance does my business need?

“What insurance does my business need?” It’s a common question we hear at LARK Insurance, and this is because the insurance landscape is a complex rabbit hole that can have you spending well over your budget before you know it!

However, the truth of the matter is there isn’t one right answer as to what and how much is enough.

LARK Insurance business insurance needs

There are however, some basics covers which you might want to consider for your business.

Public & Product Liability

Whether your business is big or small, online or in person, you should be considering Public Liability insurance. It covers you and your employees for potential liabilities if harm is caused by your product or service. These liabilities could include injuring someone or damaging property. A claim could be someone in your shop falling over on a slippery surface, or damage caused while you are performing work to someone’s home. Some claims could cost millions, depending on the harm caused or damage done, so it is crucial to consider cover. Find out more here.

Business Insurance

Many people ask us, “What is business insurance?” Usually coming as a package of different covers to help insure your business for a range of different risks, business insurance can be a necessity for most businesses. Covers can insure such things as your building, contents, theft, glass, general property. For example, we recently recommended a sign-writer located in Newcastle a business insurance package. If a fire was to start in this client’s workplace and they lost all of their stock, printers, machinery and office equipment, the business insurance policy would help them to replace all of the lost items and keep them in business..

Business Interruption

If a fire was to start in your workplace and you lost everything, have you ever considered how you would keep the business going? The Business Insurance mentioned above will help recoup the costs of the physical assets, but what will happen with the lost income? What about the increased cost associated with running the business after the fire? Business Interruption cover can help you to cover the lost revenue and these additional costs so that your business can survive through the event. Read a bit more about business interruption insurance here.

Cyber Insurance

Does your business have a website, hold customer details or process customer payments? Then you may be at risk of a cyber attack. Particularly, with more and more people working from home, cyber attacks are happening more and more often. The repair and legal costs can add up very quickly and really hurt your business. If a cyber-criminal was to gain access to data base and hold it for ransom, a cyber insurance policy can help cover the ransom costs and save you from losing your business. Check out some further information on cyber insurance here.

These are some of the more common covers that we have found our clients need, however it is important that you speak to LARK Insurance about what you need based on your situation and circumstances.

LARK Insurance is here to provide a comprehensive review of your current insurances and recommend the covers you need at a competitive price. Give us a call today or book an appointment for a cost and obligation free review.