Today being May 1, 2013 is a great day as most insurers have now reduced the Fire Service Levy ("FSL") on insurance products to zero. Some have done this earlier while others will still do so till 30 June, but for most Insured's this unjust tax which ended up being triple taxed is gone.

I repeat my strong recommendation that this significant saving is not just pocketed, which in view of the Federal Government's warnings of late, but rather, that you take a few minutes and go through your insurance program to ensure that you are adequately covered. This is more than just ensuring that the sums insured on the building and contents are genuinely enough to replace the assets on a "new for old basis" but check what lesser known covers such as business interruption and management liability you should have.

The thing about insurance is that you do not know what you do not know and that is where a good insurance broker in invaluable.

Even though had a small part in having this tax removed, we will not be opening up the bubbly just yet. we will wait till 30th June and then it will only be one glass as we still have to remove the tax in New South Wales, Tasmania and New Zealand.