Business insurance customers should submit claims

The Insurance Council of Australia (ICA) has urged small businesses to submit a claim against their business interruption (BI) cover through their broker or insurer if they believe their policy responds.

This call follows the High Court’s decision not to allow an application to appeal the judgment of the NSW Court of Appeal in the first BI test case. See HDI Global Specialty SE v Wonkana No 3 Pty Ltd (2020) 20 ANZ Insurance Cases ¶62-250; [2020] NSWCA 296.

Finalisation of many claims may still not take place until further clarity is provided by a second test case that is currently underway in the Federal Court. This second text case will determine the meaning of policy wordings around disease definition, COVID-19 outbreak proximity, the impact of government mandates, and other policy wording matters.

However, this does not prevent policy holders from lodging a claim now.

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For companies who choose to price their products beyond the reach of ordinary customers, they are able to maintain the exclusivity of their product while retaining a large profit margin per product.

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The Business Development Strategy is used to underpin your main Business Plan and essentially it sets out a standard approach for developing new opportunities, either from within existing accounts or by proactively targeting brand new potential accounts and then working to close them. The first 30 days should not only include a thorough understanding of the internal workings of the company, but also include a plan to introduce oneself to all customer contacts. Learning the email system, customer retention management system (CRM), reading and understanding company policy and procedure, attending training programs, mastering product knowledge are all tactical initiatives. Most quality companies do train their sales staff extensively (whether for pharmaceutical sales positions, … Read the rest