business insurance

Ensuring a Secure Transition: Run-off Insurance and Warranties & Indemnity Insurance for Acquisitions

business insurance

Warranty & Indemnity Insurance: Key Trends and Considerations in Business Deals

Warranty and Indemnity insurance (W&I) is an insurance solution that provides coverage for breaches of warranties and indemnification claims outlined in sale and purchase agreements. This insurance safeguards against losses or liabilities arising from undisclosed or unknown issues and indemnities. Essentially, the insurer assumes the responsibilities of the party providing the contractual warranties and tax indemnity. W&I insurance functions alongside negotiations and serves to enhance, rather than substitute, a thorough due diligence process. Here's a snapshot of current trends and considerations in W&I insurance to help you make an informed decision about your transaction.

business insurance

HoneIn FY24 Q1: Global & Networks Market Update

business insurance

HoneIn FY24 Q1: Professional & Executive Risks

business insurance

ASIC takes aim at boards and executives for cybersecurity failures

In an era where digitalisation has become synonymous with business operations, the threat landscape has evolved and cybersecurity has taken centre stage. The Australian Securities and Investments Commission (ASIC) is stepping up its efforts to hold boards and executives accountable for cybersecurity failures within their organisations, which was addressed by ASIC Chair Joe Longo at the Australian Financial Review Cyber Summit last month. This proactive approach is aimed at safeguarding not only corporate data but also shareholder value and public trust.

business insurance

Claiming Success: Why Your Insurance Broker is the Key to Notifying Insurers About Potential Claims

When it comes to insurance, brokers are in a unique position. We’re neither the client nor the insurer, we’re privy to the unique notifications from clients when there is a situation that may give rise to a claim, and the reactions from insurers to those notifications. This is a complex and evolving area, and in the post-pandemic era, we’ve observed that insurers are scrutinising all aspects of the claims process. Following a loss, the claims process can be stressful, complex, and long. This article outlines the paradigm shift in insurer’s perception of an acceptable notification of circumstances which may give rise to a claim, from a broker’s perspective.

business insurance

Audit recommendations will be constructive for Directors’ and Officers’ Insurance

The Australian Institute of Company Directors (AICD) has recommended companies undertake robust reviews of their external auditors every five years to instil investor confidence and avoid accounting misconduct. These sentiments are something Directors’ and Officers’ (D&O) insurance underwriters have been encouraging for years when reviewing company risk profiles. Implementing a review or even having a fresh set of eyes has always been considered good financial management, usually indicating financials have undergone regular health checks. This article takes a closer look at the recommendations and why they matter when it comes to insurance coverage.

business insurance

FY23 Q4 Market Update: Professional & Executive Risks

business insurance

Gen Z Talent: Engaging the Workforce of Tomorrow

At Honan, we have learned what it takes to achieve growth and stability and we believe it starts with our people and supporting their potential. However, over the last 12 months finding the right people has become increasingly difficult and companies are set to face a major challenge again this year. As the largest generation, they represent a pool of well-educated, skilled, and resilient talent whose potential is only starting to be realised. As more of this group enter the workforce, many are weighing up the value of traditional higher education and seeking diverse career opportunities. Stephanie Tennant, our in-house Senior Talent Adviser, explores what Gen Zs look for in a workplace and provides insights on attracting and nurturing the potential within this emerging cohort.

business insurance

Professional Indemnity in the Professional Services Sector: A PwC Case Study

As professional service providers, tax consultants hold a crucial role in advising clients on various matters, including potential tax liabilities and tax minimalisation. Recent events serve as a call to action for the sector to re-evaluate its approach to confidentiality, integrity, and overall risk management. This not only involves rethinking internal controls, data management policies, and professional practices but also reviewing the broader regulatory landscape and accountability mechanisms in place. Laurence Basell – Honan’s Chief Operating Officer shares key take aways for consulting firms when it comes to managing risks effectively.