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Brisbane is Booming

Brisbane’s Booming Economy

Brisbane is currently experiencing a step-change in economic activity. It’s fast becoming what many are calling “Australia’s new world city,” indicating the extent of the optimism surrounding the city’s future.

From the downtown area, you can see the evidence of the city’s remarkable growth all around you. There’s an enormous amount of activity here – thousands of people rushing about to get to appointments, cranes and diggers all over the place building up the city’s infrastructure, and an impressive skyline that would be more suited to a metropolis twice the size.

Back in 2012, a prescient report by Jones Lang LaSalle predicted that Brisbane would experience 5 percent growth annually for the rest of the decade until at least 2020. Investment is hot, and since the global economic recovery began to really gain steam in 2015, activity has picked up even more. GDP is expected to grow at more than 4.7 percent annually for the next three years, implying that Brisbane will outperform some of the most dynamic cities on Earth, including Hong Kong and Singapore.

Much of this economic growth is being driven by the business community. In recent years, entrepreneurs and business owners like you have flocked to the city in search of making money. All this activity is predicted to generate an additional 440,000 in Queensland, as well as more than 200,000 high-quality, professional jobs by the year 2021.

What’s happening in Brisbane is similar to what occurred in Silicon Valley and other economic hubs in the twentieth century. The city is feeding on its own success in a virtuous cycle, and business owners stand to benefit. As the city’s economy expands, it attracts more and more talent from the surrounding region and abroad. This pool of talented people then begins earning high incomes which generate higher demand in the local economy. Thus, not only do businesses get access to the talented people they need, but they also get wealthy consumers to buy their products and services.

The Risks Facing Businesses In Brisbane

With all this activity in Brisbane and the flurry of new business startups, there’s a need for reputable insurance providers. The dramatic increases in population and wealth need to be matched by increases in insurance provision and coverage. Though things are looking great for the largest city in Queensland right now, there are still risks facing individual business – and these risks need to be mitigated.

One of the risks facing businesses in Brisbane is the loss of key people. Though it’s unpleasant to think about, people can get seriously injured or die at any time, and this can jeopardize the operations of a company. There’s a need, therefore, to get the right insurance that can provide protection in such an eventuality. Business will only boom in Brisbane if companies find policies which provide payouts to beneficiaries should someone they need in their organization lose their life, or suffer a debilitating injury or illness.

Another risk has to do with the owners and managers of businesses themselves. The nature of the economy in Brisbane is changing in ways that make individual insurance more important than ever. Just like the rest of the global economy, Brisbane is experiencing a dramatic growth in its independent workforce. There are more freelancers, contractors, and solo-enterprises than ever before, meaning that many more individuals require their own insurance coverage. Individual businesses, personal enterprises and other independent agents in the economy can no longer rely on firms to protect them from the vicissitudes of commerce: they need their own insurance policies to stand up for them and give them peace of mind.

In practice, this means finding insurance policies that provide business owners with protection at a personal level. What would happen if you suddenly got sick or injured and couldn’t work at your business? Who would pay the salaries, the rent, interest payments on debt, utility bills, equipment maintenance and so on? If you’re a small enterprise looking to locate in Brisbane, this is precisely the type of issue you need to consider.

Tips For Finding Great Insurance In Brisbane

The good news is that Brisbane has high-quality local insurance brokers, able to meet the needs of practically any business, no matter how large or how small. Although the city is one of the most attractive business propositions in the whole of the developed world, it’s unique trading position and demographics open you up for risks. As a result, it’s essential to find the best insurance deal in the city. But how? Take a look at these tips.

Know Your Risks

When insurance brokers come up with a price for insuring you, they’ll use as much information about your business as possible. They want to know whether your premiums will cover the risk your business presents and whether they’ll make a return. That’s why it’s essential to have a good understanding of the risks that you face. Knowing the risks you face ensures that your business is priced accurately and that you don’t pay more for insurance than you need to.

Different businesses in Brisbane face different risks. If you have a history of illness, or there is illness in your family, your business may also be in danger, especially if there is nobody available to replace you and continue your work if you have to go on sick leave.

If you’re setting up a joint-enterprise in a knowledge sector, such as education, software, professional services or technology, then your risks are different. You’re worried about losing key people from your organization. Talented people in your organization could get sick and might be hard to replace on short notice. If you rely on these people for the day to day operation of your business, then it’s essential that you take out keyman insurance – a type of insurance that protects you if a key person in your organization is no longer able to work.

Choose Insurance You Need To Cover You

You never know when disaster might strike, and so you need to find insurance products with adequate coverage.

If you’re a business in Brisbane that relies on a key person or key people, then you might want to consider keyman insurance. This type of insurance is designed to protect an organization from the loss of a key person needed to keep the company running.

The amount of keyman insurance you need depends on the type of business you run, but in general, the more keyman coverage you have, the better. Usually, it’s a good idea to start getting quotes for policies in the region of $100,000, $500,000 and $1 million. The next step is to think carefully about how much coverage your business is likely to need when operating in Brisbane. What would be the direct cost of losing a keyman? Could that person be replaced or substituted with freelancers? Or does hundreds of thousands of dollars ride on their being able to turn up and work?

Equally, if you rely on yourself, then you might consider business expense insurance. This type of insurance pays out in the event that you can’t work due to sickness or injury. Business expense insurance covers you for all the expenses your business faces, including rent, salaries, and utility bills. The last thing you want is to find yourself in debt to finance your business while you’re trying to recover from an injury or illness.

Find A Broker You Can Trust

Brisbane is a bustling metropolis, full to the brim with new businesses and exciting new opportunities. As a result, it’s essential to find a broker you can trust. You need somebody with enormous experience and skill in the field and who will provide you with the greatest value for money. Fortunately, there are plenty of guides out there for finding great local insurers, meaning that you never have to go to into insurance negotiations blind.

Try finding an insurance broker operating in the Brisbane area who is willing to provide you with a free insurance review. There’s no need to pay just to get a simple quote. You want to have access to price information so that you can compare all your options.

Find A Local Broker

Finally, it’s important to find a local broker who is able to take you through the various risks facing businesses in Brisbane. Many insurance companies will rely on their national brand to get customers, but they might not be in the best position to accurately price insurance for your business if they don’t have expert knowledge of the local economy and the risks facing businesses today. It’s better, therefore, to look for a broker with local expertise.

Conclusion

Brisbane is booming, and it’s having a significant knock-on effect on the insurance market. With a growing number of small enterprises in the city, there’s a need for quality insurance that can protect them against losing key members of their team to sickness and injury. Finding the right keyman and business expense insurance for your business is, therefore, essential.

 

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