When we asked Peter Hanna, Director at Austbrokers SPT about his experience with overseas businesses looking to branch out to Australia, he said one of the most important things is to understand how the client plans to set up and operate their business here.
Peter described a recent experience with a client establishing a business here. They had been successfully selling their products through distributors for a period and believed being represented here as well was the best option for them to continue to expand their business.
Over the course of a couple of video meetings, Peter established what the business did and had a clear understanding of how they were going to operate. Peter looked at what they were going to do differently than how the current distributor operated and what activities the client was taking over. Having these conversations early on help establish the risk profile of the company and how we can help manage them.
From this, Peter was able to develop a package of insurance cover to specifically suit the expansion. This included workers compensation for their local employees, property and liability coverage for their business activities and a local Directors & Officers Liability cover. This package combined the best of the existing global insurance and newly arranged local insurance policies.
Peter said, “It’s through this process we are able to form a holistic relationship with the client, which usually extends beyond insurance. We often become a trusted advisor and are considered an extension of their team’.
If you are looking to expand your business to start trading internationally, especially within Australia, here are some key items you may wish to consider.
- Structure of the local company
- How you use local contractors
- Trading terms and conditions
- Locating foreign staff in Australia
- Is the current way you operate able to be done in Australia?
If you would like to discuss anything in this article, reach out or connect with Peter through the following:
Email: peterh@sptinsurance.com.au
Mobile/WhatsApp: +61 411 591 820
LinkedIn: linkedin.com/in/peter-hanna1
The advice on this website is general in nature and has been prepared without taking into account your objectives, financial situation or needs. You must decide whether or not it is appropriate, in light of your own circumstances, to act on this advice. You should ensure you obtain and consider the Product Disclosure Statement for the policy before you make any decision to acquire it.
