Each year, almost 800 Australians die due to using items that were unsafe due to their production or the way they were sold. The ACCC’s analysis shows fatalities due to faulty products were predominantly a result of: Those fatalities and people hospitalised due to defective products cost the Australian economy about $5 billion annually, according to figures […]
Using Foreign Manufacturers? Here’s How To Reduce Your Risks
Australia’s skills shortage and high manufacturing costs mean importing products and parts from overseas can make good business sense. This article is your risk management update on sourcing from foreign manufacturers. Risks of imported products/components Using overseas manufacturers to source parts and products raises these issues: If there’s any issue with the overseas-made product, you […]
Your Guide to Benefits & Risks of Becoming a Franchisee
Franchising can be a great way to start a business with a ready-made model and resources for a fee. Research shows that four out of 10 franchisees used to work for the franchisor, making it a natural transition. Franchising is a mature sector in Australia, so franchisors are becoming creative in finding ways to expand. Even part-time […]
Happy New Year
Wishing you and your families a happy, safe and prosperous New Year. The team at Austbrokers Terrace look forward to welcoming you again in 2024.
Season’s Greetings
Very best wishes from the team at Austbrokers Terrace to you and your families for the festive season.
Selling Yourself Short? Why You Should Avoid Underinsurance
Is your small business among the one in four that say they’ll go under if faced with a liability claim? That’s the alarming statistic from one insurer’s survey. More respondents said they would: At the crux is understanding the cost of and whether you would be able to fund the costs of legal action due to […]
Know the Liabilities in Offering Professional Services
Professional liability insurance – also known as professional indemnity cover – may not be compulsory for your sector. But it could be an investment in risk management worth considering. This cover offers protection against legal costs for businesses that give advice or services for a fee. Typically, accountants, architects, IT specialists, marketing consultants, lawyers, bankers, […]
Lest We Forget
On this day, we honour and remember the brave men and women who have served and continue to serve countries around the world.
Using Generative AI in your Business? Risks & Opportunities
It’s less than a year since OpenAI released its (general) artificial intelligence (AI) app, ChatGPT. Since then, it and its alternatives, have transformed how we do business. Such tech is known as generative AI, a form of machine learning. Trained on a vast database of natural language, it can create content, such as text, code, audio, images, […]
Why a Risk Multiplier Mindset is Good for Your Business
Did you only focus on individual risk factors when you last undertook a risk management matrix for your SME? That’s OK, but the 2023 BDO Global Risk Landscape Report suggests widening your vista to the links between risks. BDO is one of the world’s largest auditing and accounting organisations and operates across Australia. This article explains why you should […]
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Happy New Year
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Seasons greetings
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