We are proud to announce that in conjunction with Partners Wealth Group (PWG) we can provide your business with tailored asset funding solutions.

As an equipment finance broker that is affiliated with all major banks and full suite of lenders, PWG can provide you with all asset funding options such as chattel mortgage, hire purchase, lease and rental products. They have access to low-doc finance products at market leading rates.

By obtaining a pre-approval in advance it will allow you to shop for your new asset with confidence knowing that the funds are available and ready to go when you need them. PWG can organise a master limit for your business which means that you will have a funding line ready in place for multiple asset purchases throughout the coming months or the rest of the financial year.

By taking this proactive rather than reactive approach to equipment funding it means you will be able to find the best funding line tailored to your needs at the best price. By organising the funds in advance, it has the added benefit of taking out the 11th hour stress of any last-minute equipment purchases you need to make.

PWG have a customer focused approach to funding and are passionate about delivering the right solution on time, every time. Even if you have a funding limit in place it won’t hurt to give PWG a call to obtain a second opinion. A pre-approval costs nothing and there is no obligation to proceed if you change your mind.

PWG’s role as a finance partner, is to source the best funding option for you, whether it be through one of the big four or alternate and trustworthy lenders.

If you’re looking at investing in new equipment, need to replace existing aging assets or any require assistance with your finance arrangements, then please get in touch with our partners at PWG on the contact details below.

Andrew Dodwell adodwell@pwg.com.au | mobile: 0488 288 265 or Angus Askew aaskew@pwg.com.au | mobile: 0437 615 712.


If you offer a professional service, chances are you’re selling your knowledge. But what happens if your advice isn’t right? We look at the risks involved in giving advice for a living.

To err is human, or so the saying goes.

Superstar footy players miss match-winning kicks, the savviest politicians put their foot in it, and yes, even the very best business professionals provide advice that can go awry from time to time.

For athletes and politicians, a mistake often simply leads to a loss or an embarrassing headline, soon to be forgotten. But what happens if you’re an accountant, lawyer, financial planner or and give advice that isn’t on the money?

Let’s take a look at some of the consequences below, as well as how you can protect yourself against them.

Legal battles

Mistakes happen …. some are small, others can have devastating consequences.

If your business is subject to claims of negligence, the costs can be financially crippling and an expensive lawsuit between you and your client could result.

That happened to Sydney law firm Gadens, when it was successfully sued by Aussie Home Loans founder John Symonds for almost $5 million in 2013.

It was found in the NSW Supreme Court that Gadens provided negligent tax advice that resulted in a “substantial amount” of tax, penalties and interest owed to the Australian Taxation Office by Mr Symonds.

This is where Professional Indemnity (PI) Insurance can play a vital role for your business.

As a wide-ranging insurance solution, PI insurance can protect you against legal action from a client for errors to omissions.

Negligent advice is not restricted to financial matters either.

An Adelaide doctor was successfully sued in 2014 after she failed to detect the pregnancy of a woman, who later gave birth to a child with Down syndrome.

However, the negligence ruling against the GP was later quashed, which serves to highlight just how important it is to have PI insurance in place so that you can adequately defend yourself in court.

“With so much on the line, it’s vital that your business is adequately protected against the pitfalls that come with selling your knowledge ”

Public relations

Of course, just because you win the legal battle doesn’t mean you’ll win in the court of public opinion.

If your good name is dragged through the courts – and subsequently through the media – there’s an odds-on chance your clients and potential clients will hear about it.

So how do you protect your business?

Do you fight the case head on and clear your name? Or do you settle early, limit the exposure but possibly look to outsiders like you’ve admitted guilt?

It will all depend on the particular circumstances of the lawsuit. One thing is certain, however, you’ll want to be able to afford an experienced legal team to ensure you have the best chance to defend yourself.

The good news here is that PI insurance policies can also offer coverage for public relations expenses to minimise the negative exposure your business may receive.

Regulator intervention

Of course, just because your business has survived the courts and the subsequent reputational fallout doesn’t mean you’re guaranteed to continue in your chosen field of work.

If you’ve provided particularly negligent advice and the courts find you guilty, your relevant regulator, peak industry body or franchisor may either suspend or ban you from operating.

For example, in the first six months of 2018 ASIC removed or restricted 68 people and/or companies from providing financial services or credit.

So how do you protect yourself against this situation? Once again, having an experienced legal team going in to bat for you can help.

It’s also important in many cases to have PI insurance full stop.

Some regulatory agencies, such as the Australian Health Practitioner Regulation Agency, require all health practitioners who undertake any form of practice to have PI arrangements in place.

In one recent case of operating without appropriate PI insurance a Western Australian GP was reprimanded, suspended from practising as a medical practitioner for two months, had conditions imposed on his registration, and was ordered to pay $2,000.

The final word

With so much on the line, it’s vital that your business is adequately protected against the pitfalls that come with selling your knowledge.

That’s why it’s important to seek advice from a professional insurance broker who also offers advice on a daily basis.

So for expert advice on the best insurance solutions for your business, talk to your Account Manager today.

Important disclaimer – Steadfast Group Limited ABN 98 073 659 677, its subsidiaries and its associates.

The views expressed are those of the author only and do not necessarily reflect those of Steadfast.

This magazine provides information rather than financial product or other advice. The content of this magazine, including any information contained on 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 articles are written as specified within them but is subject to change. Steadfast, its subsidiaries and its associates make no representation as to the accuracy or completeness of the information. Various third parties, including Know Risk, 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 Steadfast Group Limited.


As one of Australia’s leading insurance figures, Dr Allan Manning has witnessed countless times the devastating impact serious everyday incidents can have upon small businesses and individuals.

But when his own property was threatened by fire recently, he was forced to reassess the sobering reality of what can go wrong and the best ways to prepare for the worst.

Dr Manning, Managing Director at LMIGroup and one of the industry’s foremost insurance figuresrisk and loan assessors, literally wrote the book (or in this case, 17 books) on the insurance and risk mitigation measures you can take to help protect yourself against everyday hazards.

But even he learned a thing or five when a TV that had been left on ‘standby’ overheated and caught fire in his lounge room on Christmas Day. Only good luck, the right precautions and quick thinking prevented what could have been a disaster.

The fire was brought under control by a fire extinguisher and garden hose before the fire brigade arrived.

“It’s also worth installing carbon monoxide alarms in those rooms that have gas appliances such as a stove, hot water system, central heating or gas fireplaces”

It was a stark lesson in the hidden dangers that lurk in every home and business.

“It was a Christmas to remember. After helping people through home and business fires for nearly 48 years, ‘it did happen to me’,” Dr Manning recalls.

Here are the five lessons he learned from dealing with literally fighting a fire with his own hands.

1. Fire extinguishers do save lives

When Dr Manning shared his story with friends and family, the most common response he heard was “we don’t even have a fire extinguisher”.

Dr Manning recommends you should have at least two medium size extinguishers spread around your business and house so they’re easily accessible.

By having several medium extinguishers, instead of one big one, they are more likely to be near the fire and are easier to operate. You can always grab a second one if you need to.

“I’ve got one in the tool shed, one in the kitchen, one beside my bed and one in the attic,” he says.

2. Install smoke detectors in separate rooms

Dr Manning says he’s extremely grateful the TV failed in his own home and not at his son’s place, as he has two young children.

This leads him to his next piece of advice: install smoke detectors in your children’s bedrooms.

“Unfortunately we’ve seen a number of fires recently where the children have perished,” explains Dr Manning.

“If the fire starts in your child’s bedroom and the door is closed, you won’t know until it’s too late.”

The same logic applies to separate areas of your business where valuable stock or equipment might be. Flames or smoke could destroy them in the event of a fire before you are even aware of what is happening.

Of course the safety of your employees is paramount, that is why you need a fire safety plan and the right insurance policy to guard yourself and your business against a worst case scenario.

Dr Manning also adds it’s also worth installing carbon monoxide alarms in those rooms that have gas appliances such as a stove, hot water system, central heating or gas fireplaces.

3. Don’t lock yourself in

In recent times we’ve become so fearful of home invasions that we’ve beefed up security in our homes, says Dr Manning.

“But that means, particularly for elderly Australians, that they often get caught in their home in the event of an emergency,” he explains.

“So if you dead lock your windows or doors make sure you still have a key in each door at night.”

In his event, Dr Manning discovered that painters had recently painted his windows shut.

“After I turned the power off, I wanted to bring a water hose in through the window, but I couldn’t open the window,” he says.

“If the fire had been more advanced, it would have been bad situation.”

4. Every home and business should have a fire blanket

This wasn’t an issue Dr Manning had to deal with on the night, but his experience did result in him reflecting on other common household and business fires.

“A lot of the fires are caused by fat fires on stoves – something’s been left on the stove and people go to the front door or get sidetracked by their kids,” explains Dr Manning.

“When they come back, they’ll see a fire and put water on it, which only causes it to expand by 1,700 times and become a superheated steam that sprays hot oil all over the place.”

A more practical solution is to immediately turn the gas or electricity off, says Dr Manning, and then spread a fire blanket over the top.

“That does the trick and it’s really safe,” he says.

5. Purchase good quality insurance sourced via an insurance broker

Finally, Dr Manning says you simply cannot go past top quality insurance.

“People just don’t value insurance until it’s too late. Fortunately, I had a top notch policy,” he explains.

He adds it’s vital that you source your insurance through a trusted broker.

“Insurance is complicated. So people should definitely use an insurance broker, even for their business and their home. Not all Business Insurance, Business Interruption Insurance or Home and Contents Insurance options are the same,” he says.

“So, you need the expertise of a broker to give you the right advice. And typically the brokers will negotiate better quality coverage for you as well as backing you up in the event of a claim.”

For more information on insurance solutions, talk to your Account manager today.

Important disclaimer – Steadfast Group Limited ABN 98 073 659 677, its subsidiaries and its associates.

The views expressed are those of the author only and do not necessarily reflect those of Steadfast.

This magazine provides information rather than financial product or other advice. The content of this magazine, including any information contained on 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 articles are written as specified within them but is subject to change. Steadfast, its subsidiaries and its associates make no representation as to the accuracy or completeness of the information. Various third parties, including Know Risk, 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 Steadfast Group Limited.

Effective from 1st October 2019, McKenzie Ross will cease to be part of Insurance Brokers Network Australia (IBNA) and joins the Steadfast Group.

Steadfast Group is the largest general insurance broker network and the largest group of underwriting agencies in Australasia, with growing operations in Asia and Europe.

As a Steadfast Network Broker, McKenzie Ross has access to over 160 products and services which support our business and allows us to focus on your insurance and risk management needs. Key benefits to being a Steadfast Network broker include improved policy wordings, broker services, exclusive access to Steadfast’s technology and triage support for challenging claims.

Andrew Payne, Managing Director McKenzie Ross, said “we are excited about this new chapter in McKenzie Ross’ development. The move to Steadfast will complement our ongoing commitment to our clients through market leading products, an increased level of technology and support of Australia’s largest general insurance broker network.”

As a result of the move to Steadfast you will receive an updated policy wording, along with an updated Financial Services Guide (FSG). You will still receive the same great level of service you have come to expect from McKenzie Ross.

Should you have any questions regarding McKenzie Ross joining the Steadfast Group, please contact Luke Lalor on (03) 9691 2222.

Business travel is a part of life for many employees and a large investment for many companies. Unfortunately, even the best planned itineraries can be ruined if an unexpected event occurs.

Together with a Corporate Travel policy, here are some simple ‘Dos and Don’ts’ for you to travel safe and sound as you depart for your business trips.

The Dos

  1. Be aware of your surroundings. Avoid high-crime areas.
  2. Distribute cash in more than one pocket. Keep small amounts in a top pocket to hand over to a criminal or carry a dummy wallet containing a small amount of currency, an expired credit card and some useless receipts.
  3. Where possible, obtain small denominations of currency and keep the bulk of cash and cards in a hotel safe or a money belt, which should only be accessed in private places.
  4. Always carry a mobile phone programmed with emergency numbers (police, embassy, family, friends etc.).
  5. Ignore verbal ‘bait’ from passers-by. Do not get into an argument. Avoid eye contact with strangers.
  6. If you suspect that you are being followed, enter a busy public place and call for help.
  7. Limit alcohol intake – individuals are more vulnerable to attack if they have been drinking.
  8. Be wary of loiterers. Remember that attackers often pass their victim and then attack them from behind. If attacked, co-operate with assailants and do not make eye contact or sudden movements. Resistance is more likely to provoke violence.
  9. Avoid disputes, demonstrations, political rallies and commotions on the street. Do not stay to watch or photograph them.
  10. Use only accredited taxi services with radio communication as their drivers are officially licensed.

The Don’ts

  1. Never mention that you are alone or give out personal information.
  2. Never accept food or drinks from strangers to avoid being drugged.
  3. Don’t display signs of wealth, be it opening a wallet full of cash in public, wearing jewellery or carrying valuables such as a tablet or a camera. Dress as inconspicuously as possible.
  4. If lost, do not stand in the street consulting a map on your smartphone. Go to a busy shop and ask for directions, or consult the map there discreetly. Always walk with confidence and look like you know what to do and where to go even if you don’t.
  5. Do not be glued to your mobile phone as you need to be alert to your surroundings. If you need to use it, find a secure spot and then put it away after use.
  6. Do not walk in city streets after dark, especially if alone. If you are walking, take only brightly-lit, busy streets. Do not use public transport at night unless absolutely necessary.

Source: Asia Assistance International, a 24-hour emergency service partner of Chubb.

 

Contact McKenzie Ross today to discuss how a Corporate Travel policy can protect you and your business today.

This article has been reproduced with the written permission of Chubb Insurance Australia Limited.

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