Insurance 

2021 Changes in Australia and How Your Pub Insurance Can Help You Through It

2021 is bringing in major changes to Australians. Come January 1, the following changes are set to take place:

  1. Homebuyers from New South Wales are set to pay lesser in tax as land tax is proposed to be paid in quarterly installments.
  2. Unemployed Australians will lose $100 in their JobSeeker benefits.
  3. Pensioners set to receive $250 by the end of February.
  4. Most Australian households will pay lesser in power bills because a new capacity will enter the market that will decrease the costs of wholesale power.
  5. JobKeeper wage subsidies to decrease by $200.
  6. Small bars and pubs’ permission for takeaway alcohol is extended.

If you run a business, specifically one in the hospitality industry, you will be significantly hit by the last two changes both negatively and positively. On the negative side, you will receive less help from the government when it comes to paying your employees. On the good side though, you will have the chance to earn more as permission for takeaway alcohol operation has been extended.

If you are insured though, you will encounter no problem at all. This article will discuss how the last two changes will significantly affect your business and how being insured can help you get through it scot-free!

Decrease in JobKeeper Subsidy

As the Australian government continuous to wade through the demands of the pandemic, it has decided to decrease its aid to businesses under the JobKeeper subsidy.  Beginning January 4, employees who weekly work for 20 or more hours will only get $1,000 a fortnight. Wage subsidy to part-timers will also decrease as they will now only receive $650 every two weeks. Full-time workers used to receive $1,200 a fortnight while part-time workers received $750.

Business in the hospitality industry will take a blow from such changes. As business operation is still limited, it will be challenging for business owners to come up with means and ways to supplement the lack of profits for efficient employee wages. If you have the proper Australian hotel and pub insurance though, you will have no need to worry.

Extension of Takeaway Alcohol Permission

In recognizing the unique consumer need for alcohol during the pandemic, the Australian government opted to extend its permission for takeaway alcohol operation to hotels, pubs, and venues. This is welcome news as it allows for a solid revenue stream for businesses in the gravely affected industry.

Hotels, pubs, and venues are still mandated to have a four-square-metre rule among indoor customers. The Australian Taxation Office is set to meet in January of 2021 to discuss if further extension is required.

What Having a Hotel and Pub Insurance Can Do For You?

Insurance policies were made for times exactly like this. Insurance policies deal with uncertainties and unexpected liabilities that crop up randomly in life. There were many warnings from experts regarding the imminence of a global pandemic but no one was able to fully comprehend and prepare for it, except for those who already have insurance policies in place.

Insured businesses need not worry about such changes in subsidies to workers. If a business is insured, business owners can be sure that they will always have something to rely on and fall back on in case things get dreary and unexpected things, like the pandemic, happen.

Insurance providers even have particular policies for hotel and pub owners. Accommodation and Hospitality Insurance packages offer safety from liability from the following exposure:

  1. Stock damage
  2. Building damage
  3. Content damage
  4. Machinery breakdown

5.Theft

  1. Money
  2. Glass Breakage
  3. Public and Products Liability
  4. Transit Insurance
  5. Employee Dishonesty
  6. Electronic Equipment
  7. Stock spoilage
  8. Workers Compensation
  9. Business Interruption

Business Interruption in the Time of COVID

What is happening right now is a valid form of business interruption. If you have solid hotel and pub insurance in place, you will now be reaping the following benefits:

  1. No Interruption in Wage Payment

As the pandemic is a valid business interruption, with hospitality businesses forced to close operation, there is no way for a business to earn during these times. If you are insured though, you need not worry as your insurer will dole out once you file for claims under your hotel and pub insurance policy. With it, you need no worry about not being able to pay for your employee’s wage because your insurer will be able to help you pay for it.

  1. Continued Stability

With a hotel and pub insurance in place, you can power a limited takeaway only operation without having to worry about lacking funds. You simply need to claim under business interruption and your insurer will provide the due financial aid to allow you to continue operating and tending to your employees.

  1. Total Security

Having a solid hotel and pub insurance frees you from any form of liability during the lockdown. You will not need to pay more or get anything from your pocket as your insurer will answer for all the excess needs that the pandemic warranted.

  1. Stress-free Quarantine

If you have a hotel and pub insurance policy to back up your business operation, you can relaxingly enjoy your time-out from work and the demands of the world. You need not sweat and be anxious if your business will make it or if you will have enough for the future because you can easily file a claim under your policy.

  1. Peace of Mind

Your insurance premiums are actually payments for security. Given that you’ve given your due, now is the time to reap your rewards. If you have solid hotel and pub insurance in place, you can sleep well at night knowing that your business needs, your employees, and your family needs will be well taken care of amidst all the uncertainty.

The Time is Now

It’s never too late to prepare for yet another uncertainty. Lucky you, if you already have a hotel and pub insurance in place. Your foresight and business acumen are commendable!

If you don’t have one yet, it’s never too late. Do your research now and do the next best thing by availing a solid hotel and pub insurance policy. The best time to act was yesterday but you can still do something today. Act now.

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