• Improper Use and Charging

• Charging Locations, Especially in Summer

• Employee Training

• Fire Safety

• Protocols for Installation

• Optimal Charging Environments and Procedures

Regularly inspect batteries and dispose of any batteries that show any signs of swelling, leaking, or venting of gas. Ensuring that they are disposed of in an appropriate way, as they are often the cause of rubbish truck fires as well.

It is also very important to dispose of used batteries correctly.

• Charging systems should be installed by a certified/authorised company.

• Electrical circuit should be dedicated to the chargers, separated from the general main, and fitted with circuit breakers and surge protection.

• Don’t charge anything overnight, or whilst you are away from the home or business premise. Charge the item and unplug after it has been completely charged.

• Store them in an area which is not exposed to direct heat.

• Only charge on non-combustible surfaces and away from combustible items. (For example, having the charger in the garage near the jerry can of fuel for the lawn mower)

• Allow batteries to cool after use and before charging.

• If you are charging larger items, or multiple items such as multiple golf carts in the one shed, we would suggest to increase fire sprinkler systems in that area to assist in controlling the fire.

The purpose of this article is to raise awareness about the potential fire risks associated with lithium-ion batteries. However, it is important to note that the content presented in this article should not be considered a definitive guide or a substitute for professional advice. This article does not constitute professional advice, and readers should independently verify and confirm any information presented herein. KBI Pty Ltd does not endorse or guarantee the accuracy or completeness of the information provided in this article.

The policy aims to compensate the insured for the income lost during the period of interruption, helping to cover ongoing expenses like rent, salaries, and other fixed costs. Additionally, business interruption insurance may include a minimum starting time clause or a specified waiting period (for example 48 or 72 hours), ensuring that the coverage is activated only after a certain duration has passed or when a significant disruption is officially reported.

Several key factors influence insurance premiums during economic downturns. First, recessions can often lead to reduced economic activity and decreased demand for certain types of insurance coverage, which may result in decreased premiums for those specific lines of business.

Insurance companies also consider their own financial stability and risk management strategies during economic downturns. They may adjust their underwriting practices, tighten eligibility criteria, or increase premium rates to mitigate potential losses and maintain profitability.

One significant factor is the increased frequency and severity of claims. Technological advancements, changing business landscapes, and evolving risks have led to a higher likelihood of insurance claims being filed. Catastrophic events, natural disasters, and the growing impact of climate change have also contributed to an uptick in insurance claims, resulting in higher premiums to cover potential losses.

“One significant factor is the increased frequency and severity of claims.”

The impact of natural disasters and climate change cannot be overlooked. The rise in extreme weather events and their devastating consequences have put additional strain on insurance providers. The increasing costs of property damage, business interruption, and liability claims related to climate-related events have necessitated adjustments in premium rates to adequately cover these risks.

Changes in underwriting practices and risk assessment methodologies have also contributed to rising premiums. As insurers gain a better understanding of emerging risks and their potential impact, they adjust their underwriting criteria and pricing models accordingly. This focus on risk-based pricing ensures that premiums accurately reflect the specific risks associated with each insured business.

One essential strategy is implementing proactive risk management measures. By identifying and addressing potential risks within your business operations, you can reduce the likelihood of claims and demonstrate to insurers that you have effective risk mitigation practices in place. This can help in negotiating more favourable premium rates.

Maintaining a strong loss history is another key factor. Insurance companies assess your claims history when determining premiums. By demonstrating a history of responsible risk management and minimal losses, you can showcase your commitment to safety and responsible business practices, which may result in more competitive premium rates.

Exploring alternative risk financing options is another avenue to consider. This may include self-insurance, captive insurance, or risk retention groups. These alternative methods allow businesses to retain a portion of the risk and have more control over their insurance costs. However, it’s important to carefully evaluate the feasibility and potential risks associated with these options in consultation with an experienced insurance professional.

Because KBI are specialists brokers in a specific industries, our specialised experience and expertise equips us to assist you in seeking suitable premium rates for your business.

At KBI, we understand that every business is unique and has specific insurance needs. Our dedicated team of insurance brokers will work closely with you to understand your risk profile and design customised insurance solutions tailored to fit your needs. We have deep industry knowledge and access to a wide network of insurance providers, allowing us to be more effective in negotiating for more competitive premiums.

Staying informed is crucial in navigating the insurance landscape. At KBI, we provide regular product updates and industry insights through our communications channels, including our website and blog. We keep you informed of changes in the insurance market, emerging risks, and best practices to empower you with the knowledge needed to make informed decisions.

Our dedicated brokers will work closely with you to assess your risks, understand your goals, and design tailored insurance programs that address your specific needs. We take the time to explain policy details in clear, understandable terms, ensuring that you have a thorough understanding of what you are buying. With our in-depth industry expertise and access to a wide network of insurance providers, we can secure competitive quotes and negotiate on your behalf to obtain the best coverage on the most favourable terms.

Furthermore, our dedicated claims management team is ready to assist you in the event of a claim. We understand the importance of prompt and efficient claims handling, and we will work tirelessly to advocate for your interests and ensure a smooth claims process. Our strong relationships with insurers and incident response teams enable us to provide the necessary support during challenging times, such as cyber incidents or other unexpected events.

• Ovens,
• Mixers,
• Freezers,
• Refrigerators,

• Computers,
• Air conditioners,
• Cooktops and Cookware;
• Dough dividers, mixtures, and moulders.

In addition, one of the most important additional insurance cover options for a baker’s consideration is spoilage of stock, which will affect most bakeries regardless of size.

• General wear and tear,
• Failure to perform normal maintenance,
• Theft;
• Acts of God including lightning, storm, flood, earthquake, and volcanic eruptions.

• Replacing: If a piece of expensive equipment breaks down completely and needs to be replaced, having an insurance policy to cover those costs is important to any small business.

• Repairing: But what if the equipment just needs to be fixed? This would also be covered by insurance and can help your bakery with cash flow and avoid unwelcome surprises.

• Follow a regular cleaning schedule,
• Regularly inspect and maintain equipment and machinery,

• If possible, keep spare parts on hand,
• Ensure the manufacturer instructions are adhered to;
• Check all electronic wiring is in good working order and has sufficient capacity for the equipment used.

KBI has partnered with The National Baking Industry Association to provide tailored and discounted insurance for bakeries.