The corona virus pandemic has led to new cyber threats, with figures from the Australian Competition and Consumer Commission  showing Australians have lost $309,108 to phishing scams so far in 2020. This year to date, the commission has received more than 10,000 scam reports.

The explosion in online fraud has come about in part due to new vulnerabilities emerging as people have shifted to working from home. This means firms must be especially vigilant when it comes to protecting their operations and their staff from cyber threats. Read More…

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Not only is your customer relationship at risk, but the way you handle the complaint could have an even bigger reputational impact with other customers than the initial incident itself.

Calling a customer ‘dim-witted’ is clearly not the ideal way to handle a complaint about a staff member… Read more.

The post The silver lining of customer complaints appeared first on Trident Insurance.

Today, we’re talking about the importance of risk management, and how to establish an effective risk management procedure in your business.

What is risk management?

Risk management is the process of identifying prospective risks in a business, and then developing a strategy or plan for managing these risks, if they were to eventuate.

Why does risk management matter?

Knowing what could go wrong in your business, and what action to take if it does, protects your business significantly from loss of profits, damage to reputation and other negative repercussions.

It also allows you to identify what kind of insurances you should be taking out in order to achieve maximum value for your insurance spend. By way of example, a construction company may require different types of insurances to an office-based corporate company.

On top of this, some forms of construction may require more specific kinds of insurances. As such, it’s not just about seeking protection, but seeking the right kind of protection. So that if something does go wrong, you are effectively covered.

Unfortunately, many businesses in Australia do not have an effective risk management plan, nor do they have the right kind of cover. In some cases, these businesses are forced to declare bankruptcy if a risk is realised.

Risk management strategies

There are many resources online you can draw on to develop a Risk Management Strategy. However, we always recommend speaking with a qualified professional, to assist with coming up with a viable plan that aligns with your business.

Ideally, your risk management plan should follow the steps below:

1. Assess your business

• What are your key business activities?
• What are your core services?
• Who are your employees or contractors?
• How could a disaster, for example, a power failure, impact them?

2. Identify potential risks

• Think broadly about potential risks in your business.
• Yes, fire and storm damage are obvious starters, but what else could be a problem?
• When are these risks likely to occur in your business?
• Where are they likely to occur and why?
• Are the risks external or internal?
• Who may be involved or impacted by the risk, if it were to happen?
• When identifying potential risks, ask ‘what if’ questions.
• What if we lost Internet access?
• What if the power went out for a day?
• What if our core supplier went bankrupt?
• What if our most effective employee quit?
• Consider brainstorming all of these potential ideas. Think laterally!

3. What’s the impact of each risk?

• Now you have a list of potential risks relating to your business, consider the impact of each risk, if it were to eventuate.
• Use a table or some kind of organisational tool to keep your ideas clear.
• Below is an example:

4. How can each risk be avoided or reduced?

• This is probably the most important element of your risk management process – working out how to reduce or avoid the risks completely.
• For each risk, brainstorm how it could be avoided, transferred or reduced.
• Consider whether you have insurance that adequately covers you for each risk.

Head here for a more detailed guide on developing a risk management strategy for your business.

Conclusion

Once you have developed a risk management strategy, it’s important to revise it regularly. Risks change rapidly in today’s highly digitised world, so we recommend incorporating risk management brainstorming sessions into your regular working schedule.

Our insurance brokers can assist you with developing a risk management plan, and we can identify specific insurances that will protect you against potential risks. Contact us to get started.

The post Why every business must have risk management appeared first on Trident Insurance.

But what about contractors?

Many people believe that because a contractor is not technically an employee, the person contracting their services does not need to cover them for workers compensation. This is not necessarily the case.

Today, we’re busting myths around workers comp and contractors.

Who must have worker’s compensation?

The Workers’ Compensation and Injury Management Act 1981 (the ‘Act’), states that an employer must provide workers’ compensation cover to anyone they employ, who is defined as a ‘worker’.

According to the Act, a worker is defined as:

• A full-time worker on a wage or salary.
• A part time, seasonal or casual worker.
• Workers on commission.
• Piece workers.
• Family members
• Contractors and sub-contractors (in certain circumstances).

When does a contractor or sub-contractor need workers’ comp cover?

A contractor or sub-contractor is considered to be a ‘worker’ when they are engaged to perform work for the purpose of the other person’s trade or business. They must also be paid for the work they perform.

Here are some examples:

• When a bricklayer or carpenter performs work for a builder.
• When a fencing contractor is contracted by a farmer to fix his property boundary.
• When a painter is contracted by a decorator to paint a client’s home.

What if the contractor employs a sub-contractor?

If a contractor employed by a person (the ‘Principal’) then employs a sub-contractor to complete work, which relates to the Principal’s main business, then the original contractor and the Principal are both liable to cover the sub-contractor for workers’ compensation.

In this instance, the original contractor and Principal are jointly and severally liable. If the sub-contractor contracts to another person, then all 3 of the parties are jointly and severally liable for the final sub-contractor in the chain.

How do I know I am adhering to the Act?

WorkCover WA has a step-by-step guide, which explains how the workers’ compensation scheme works for employers, contractors and anyone deemed a ‘worker’ under the ‘Act’.

We recommend reading through this guide, and if necessary, speaking with a lawyer about your obligations under the ‘Act’.

Need workers’ compensation cover?

Contact our insurance brokers about securing affordable and comprehensive workers’ compensation cover for your business and workers. We will sit down with you and discuss the most effective option for your unique circumstances and your budget.

The post Do I need workers’ compensation for a contractor? appeared first on Trident Insurance.

Here are 5 other reasons why corporate travel insurance is a must.

1. Getting injured overseas

Plenty of people get injured overseas while on holiday, or during the course of a business trip. During the 2012/13 financial year, over 200,000 travel insurance claims were paid out. (According to The Financial Ombudsman Service Australia report.)

The costs associated with international medical treatment can be exorbitant. Having corporate travel insurance covers you and your staff for medical expenses incurred overseas. It also means that an alternative employee can attend that important meeting or conference. Plus, coverage under corporate travel can be extended to include illness, for your peace of mind.

2. Lost or stolen baggage

If luggage is lost, stolen or damaged while travelling, corporate insurance will cover the loss. This is especially important if you or your staff travel with expensive items such as laptops, iPads or other technological equipment.

3. Cover your employees

If you have a business that employs people who travel in Australia or overseas, it’s important to protect your business from the costs associated with emergency travel expenses. This includes circumstances such as flight cancellations and even other associated costs.

4. Political events

Terrorist attacks and other events that are the result of social or political unrest are a real threat to those who travel to particular parts of the world. If you need to be evacuated in an emergency, your policy will cover you for this.

Airlines are known to delay flights if these kinds of events occur. Being covered for flight delays means hotel accommodation and other expenses related to your layover are taken care of.

5. Natural disasters

In the event of a natural disaster, corporate travel insurance will cover you for evacuation, medical costs and other related costs. We recommend you contact our insurance broker for a comprehensive list detailing what corporate travel insurance covers you for.

We have affordable, competitive corporate travel insurance options for businesses. Please contact us for a quote, or let us check your existing policy to ensure you’re getting the most affordable and suitable cover.

The post Why you need corporate travel insurance appeared first on Trident Insurance.

Melbourne, Adelaide, Hobart and Canberra were also affected by dangerous winds and heavy rainfall this month, with severe weather warnings in place for each state.

When storm season does roll around, we see a marked increase in damage-related claims. Unfortunately, many Australians are not covered for storm-damage, or are under-insured.

How do I know if I am under-insured?

Under-insurance is a big issue in Australia. Many people think they are covered for a specific incident, but if and when they do make a claim, discover they are actually not covered at all. As a result, they waste significant funds paying for insurance that is never used.

This is why we recommend having your existing insurance reviewed by a broker. A good broker will be able to assess whether you are insured for storm damage, and other incidents relating to bad weather.

They can then recommend a more suitable insurance product, or give you peace of mind around the product you are currently paying for.

Case Study – Hail Damage caused by 2010 Perth Storm

When hail damaged thousands of vehicles in the big Perth storm of March 2010, many individuals were not actually covered for hail damage.

This meant many Western Australians were left with big repair costs, which could have easily been avoided if they were covered adequately.

A simple insurance health-check could have saved these people from significant repair expenses, and of course, stress.

What kind of cover do I need?

Most good insurance companies should provide protection against fire, storms and earthquakes in their Home Insurance package.

Always ask your insurer if you are covered for these items, as some companies offer specific natural disasters as an ‘addition’ to their base-level product.

By way of example, we provide cover for the elements listed above, plus, we offer a broader level of cover for individuals who require it. This broader level of cover is known as our ‘Accidental Damage’ policy.

Your insurance broker should ask you a series of questions to determine whether you need a broader level of cover. In many cases, additional cover is not required, but we believe it is important that every possibility is assessed before an insurance product is recommended.

That way you’re not paying for insurance that won’t help you, if and when you need to make a claim.

For more information our Home Insurance package, please click here.

Get covered now

If you’d like your existing insurance policy reviewed, or would like to take out a Home Insurance policy to protect your property from storm damage, please contact us.

The post Getting the right cover for storm damage appeared first on Trident Insurance.

Management liability protects directors and those in senior management roles from this very real risk. Here is what you need to know.

Protecting your personal assets

The key reason for securing Management Liability cover is to protect your personal assets. In some instances, Australian Corporate Law pierces the ‘corporate veil’ and holds management personally responsible for losses their company or business incurs.

The risk of litigation is arguably greater for companies with large numbers of employees, as it is more difficult to manage and track the actions of multiple individuals.

If you are operating a small business, management liability will still hold you in good stead. The cost of legal proceedings can be crippling to a small business, and Management Liability covers you for this too.

Benefits

• You are covered for the cost of legal proceedings, which in many cases can exceed the $100,000 mark. This cost alone can cripple a business.
• Many Directors and managers believe their business will never experience a loss. However, even the most OH&S conscious companies may experience litigation at some point in their lifetime.
• Management liability allows you to continue operating your business, without losing excessive income or risking bankruptcy.
• Your assets are protected, should the courts decide to hold you personally liable for the loss or damage incurred by the company you direct or manage.
• Peace of mind, knowing the company is protected against instances of theft, loss or fraud, especially where employees are involved.
• Directors who also own the company are protected against financial hardship.
• The cost of Management Liability insurance is surprisingly affordable.

What level of cover do I need?

Like any insurance, it is vital to choose a comprehensive policy that covers you for all foreseeable losses related to your specific business or industry.

This is why we recommend choosing a Management Liability policy that includes the following key items:

Employment Practices Cover

• Covers Directors, officers, employees and the company itself against legal claims instigated by past, future and existing employees.
• Relates to issues concerning employment practices, unfair dismissal, harassment and other employment-related issues.

Statutory Cover

• Covers Directors and the company for penalties and fines relating to running the business.
• This includes fines relating to worker’s compensation.

Crime Cover

• Covers the company for dishonest acts, including but not limited to fraud and theft on the part of employees.
• For example, if an employee steals stock from a company.

Corporation Entity Cover

• Covers a company against actions that originate at management level.
• Especially important for companies owned by Directors, as they will ultimately wear the cost of litigation and possibly damages, if a case is brought against their company.
• Protects Director/ Owners from financial hardship.

Directors and Officers

• Protects past, present and future Directors and officers.
• Also protects any person involved with managing the company.
• Protection is granted for claims of wrongful acts where the company has not indemnified the person involved.

Superannuation Trustees Cover

• Covers a company in the event of funds being mismanaged.
• Also provides cover for companies with a sponsored staff superannuation fund, if a trustee breaches their responsibility.

How do I get covered?

A good Management Liability Policy should, at the very least, include the items listed above. We also recommend a number of extensions, depending on the industry you are in and the nature of the company you operate.

Contact us about finding a Management Liability solution that protects your personal assets today.

The post Why a Director’s assets may not be protected appeared first on Trident Insurance.

Given more and more businesses transact online, the Government sees cyber-crime as one of the biggest threats to Australia’s economy.

If you’re in business, here are 5 more reasons why you really do need cyber insurance.

1. You rely on a computer, in any way

Cyber insurance (also known as cyber liability insurance) was unheard of 15 years ago. Today, it’s as necessary as worker’s comp.

If you rely on a computer, in any way, to run your business, you need cyber insurance. Consider what would happen if your computer was hacked, and someone gained access to the private information of all of your customers, including their credit card details?

The fallout could put any operation out of business, which is especially scary given hacking is a significant and real risk.

2. You don’t have a risk management team

Big corporations can have whole departments dedicated to creating policies and action plans, which deal with potential risks, including cyber crime. If you’re a small or even a medium sized business, chances are you don’t have a risk management team.

A good cyber insurance policy bridges the gap for businesses that don’t have the luxury of a risk management team.

In many cases, an insurer will require you to put in place firewalls and other protections against cyber crime before allowing you to take out a policy. This ensures your business is better protected against cyber threats, plus you get the benefit of being covered.

3. A general policy may not cover cyber crime

Most general liability policies do not include losses incurred due to the Internet. A comprehensive cyber insurance policy fills this important gap.

You might be wondering why a general liability policy doesn’t cover you for cyber related injury. A general liability policy covers your legal liability for 3^rd party property damage and personal injury. This means someone needs to be identified as responsibly for the loss, and some physical damage needs to occur.

As electronic data is not considered to be ‘physical property’, it cannot be physically damaged. Cyber insurance offers tailored cover for your business for 1^st party and 3^rd party losses, breaches to the Privacy Act and loss of profits following the insured event.

4. You may be responsible for data, even if you don’t host it

If you have information stored on a Cloud database, you may be surprised to know that in many cases, you are still legally responsible for how this information is handled.

This is why it is important to read the fine print of your Cloud hosting contracts. If you do find that your Cloud provider is not responsible for mistakes or breaches to your data, at least you are protected.

5. It’s affordable

Securing cyber insurance cover doesn’t have to break your budget. With the right insurer, you can secure affordable cover that is also comprehensive. Trident Insurance Group can provide quality cyber insurance cover to businesses all around Australia.

If you’d like to get covered against the threat of cyber crime, or want your existing cover reviewed, please contact us.

The post 5 reasons why you need cyber insurance for your business appeared first on Trident Insurance.

Unfortunately, this scenario isn’t just a hypothetical. Underinsurance in Australia is considered to be a chronic problem, especially in the commercial landscape.

Here are our insights into how you can avoid the pitfalls of underinsurance, so you’re covered, if and when you need to make a claim.

What is underinsurance?

According to the Insurance Council of Australia, underinsurance is:

When the value you have insured your property for is not enough to cover the full value of the items you are insuring.

How does underinsurance affect me?

If you’re like most savvy business owners, you protect your business by taking out comprehensive insurance cover against loss and damage to your commercial building, and its contents.

But according to the Insurance Council of Australia, many business owners are actually underinsured or not insured at all.

If you’re in this category of business owners, and disaster were to strike your business, you will be out of pocket, and in some cases, out of business too.

Although this verdict does sound dire, it is important to note that there are steps you can take to ensure your commercial property and its contents are protected.

How to combat underinsurance

• Every insurance policy should include a Product Disclosure Statement (PDS), as well as policy documents. Read these carefully to ensure you know exactly what you are covered for.
• Work out what kinds of risks your commercial property is likely to be exposed to. For example, during the Christchurch quakes of 2011, many business owners were not insured against the risk of earthquakes. (Many insurance companies paid out claims anyway, but this is not a usual situation.)
• Speak with Councils and Emergency Management Authorities to determine what kinds of risks your commercial property is likely to be exposed to.
• Consider the rising costs associated with building and meeting requisite standards. According to the Insurance Council of Australia, a property is underinsured if the policy covers 90% or less of rebuilding costs.
• Make sure your policy includes cover for debris removal, demolition, council costs and engineering and architectural costs.
• Ensure items located at your business are correctly identified in an inventory. This is vital, as often capital equipment and other business items are insured for less than it would cost to replace them.
• And finally, we highly recommend speaking with an insurance broker, who can assist you with identifying whether your insurance cover is comprehensive enough.

Get the right level of cover for your business

An insurance broker compares many different kinds of commercial cover, and pinpoints a solution that covers your commercial property for all possible risks. They take into account the kind of business you are operating, as well as the possible situations you should be covered for.

A good insurance broker will make sure you never experience the trauma of losing your business, and then discovering you do not have the funds to rebuild.

Speak with one of insurance brokers about protecting your business against underinsurance today. For information on protecting your home from underinsurance, head here.

The post The real risks of underinsuring your business appeared first on Trident Insurance.

This is where renovator’s home and contents insurance comes into the picture. Here’s what you need to know about it.

What is renovator’s home and contents insurance?

Renovator’s home and contents insurance (also known as Construction Insurance) is a relatively new insurance product designed to protect home renovators who engage a registered builder to extend or renovate their property.

How does it work?

There are 3 core parts to most renovator’s home and contents insurance policies. These include:

1. Builders Construction and Liability Insurance – offers basic cover for your renovation or extension. This includes fire, theft, storm, water, malicious damage and also Public Liability cover.

2. Renovations that cost over a specific amount (for example $20,000 to $50,000) – applies to existing homes, which are now techinically considered to be building sites and beyond the scope of normal home and contents insurance cover.This is because a building site is at greater risk of dangers such as theft. Renovator’s home and contents insurance will cover the home until it is no longer deemed to be a building site

3. Contents Cover – this cover is optional, and can only be taken out if the renovation or extension is covered by renovator’s home and contents insurance. Contents Cover is for the full duration of the policy, for the full sum insured. The sum must be for the full replacement value of the contents covered.

To qualify for Contents Cover, the property must have: 

• Secure deadbolts on all external doors; and

• Secure window locks on all windows; or

• Window security screens on all windows; or

• Security mesh or bars on all windows.

In all of the cases listed above, locks must be properly locked and keys must be removed from the locking devices.

To be covered by Contents Cover, the property must also be:

• Occupied by the home owner while the contract works are being performed; and
• Not left unoccupied for any more than 72 consecutive hours prior to any theft or ‘event’ that calls the policy into action.

Need to know more?

The information we have provided in this blog is not exhaustive. So if you would like to know more about Renovator’s Home and Contents Insurance, please contact our insurance brokers. We can walk you through all of the details of your cover, and provide a competitive quote.

Contact us to get started.

The post What is renovator’s home and contents insurance? appeared first on Trident Insurance.