social media and employees

Anti-Social Media and your employees

Employers are to expect the very best from their employees but what if employees don’t act on good faith, trust and fidelity and don’t have the best interests of their employer at heart? The number of unfair dismissal claims has increased due to employers not having appropriate policies in place to set the boundaries for employees when it comes to appropriate use of social media.

Examples range from employee rants on social media, approaching public forums to voice unfavourable information and even speaking out to journalists about their work.

Technology and access to many media forms, especially social media sites, is easily available. Employers need to protect their business against negative publicity. This can be achieved by;

  • Having clear employee contracts;
  • Media policies which prohibit employees from making public comments, or leaking information to the media;
  • Social media policies in place which clarify disciplinary action for sharing harmful information or identifying employer or company name;
  • Internal channels available for employees to voice complaints

These procedures protect employers from being ridiculed in the media and help avoid unfair dismissal claims.

When it comes to social media let’s remember that employees have a right to ‘social justice’ but is it not appropriate for an employee to engage in conduct that damages the reputation of an employer. All employees must have a fair and acceptable social presence online and in the office.

We have access to employment specialists, Employsure, who can review your workplace policies and provide advice and assistance on a range of employment policies and procedures. Contact us if you would like Employsure to help protect your business.

Disclaimer

Conditions apply for each policy and the information expected from you for a policy to trigger. Coverage may differ based on specific clauses in individual policies. Please ask your broker to explain the additional benefits and exclusions pertaining to your policy.

The information provided is general advice only and does not take account of your personal circumstances or needs. Please refer to our financial services guide which contains details of our services and how we are remunerated.

 

business interruption insurance

Why business interruption insurance matters

The majority of Australian small businesses choose to go without Business Interruption insurance – but that’s often because they don’t realise the implications and the risk they’re taking on.

While small business owners are aware of the need to insure their property, equipment and stock, most do not protect themselves from the potentially crippling impact of being temporarily out of action.

If something happens that triggers your insurance policy such as a fire or malicious damage, there is a high likelihood that your business operation will be ‘interrupted’ and this will cut your profitability – often drastically.

What is Business Interruption insurance?

In simple terms, Business Interruption covers you for loss of profits. While your income may stop after an accident, storm, fire or other ‘event’, many business expenses will continue.

A small amount of property damage will often cause a significant disruption, turning your profitable business into one that’s operating in the red. What’s more, it can be many months before you’re profitable again.

It’s not uncommon for the Business Interruption component of an insurance claim to be greater than the cost of repairing the physical damage. Many small business owners do not appreciate just how expensive it can be to have their trading interrupted – even for a short period. By the time they realise, it’s too late.

What does Business Interruption insurance cover?

Apart from lost income, Business Interruption can also cover the increased cost of working that is normally incurred as a result of the accident or event that has impacted your business.

This could be the cost of relocating to a temporary property while repairs are done, paying overtime, hiring equipment and additional temporary staff costs as you try to make up for lost time. It can also pay for advertising to tell your customers that you have just moved around the corner or that you are now ‘back in business’.

In other words, it covers costs you would not normally incur and that are necessary in order to get your business back to where it was before the event.

Indirect impact

Business Interruption not only covers interruption from events that impact your business directly, it also includes events that have an indirect impact.

A common example is if you operate in a shopping centre and there’s a fire in another part of the centre and that means customers cannot access your shop. Although your shop didn’t have the fire, your Business Interruption cover can be triggered and protect your profit.

While Business Interruption is almost universal for larger companies, the majority of small businesses in Australia elect not to take out Business Interruption insurance. Operating without Business Interruption insurance is a serious risk.

Your best business decision was to go into business. Having Business Interruption insurance is an investment worth considering as it can help put you back in business if things go wrong.

Disclaimer

Conditions apply for each policy and the information expected from you for a policy to trigger. Coverage may differ based on specific clauses in individual policies. Please ask your broker to explain the additional benefits and exclusions pertaining to your policy.

The information provided is general advice only and does not take account of your personal circumstances or needs. Please refer to our financial services guide which contains details of our services and how we are remunerated.

rockpool insurance claim

Lightning-quick recovery turns celebrity chef to broker fan

It’s long been a darling of the Sydney food scene but chef Neil Perry’s acclaimed Rockpool Bar & Grill was the centre of attention for all the wrong reasons in April this year.

A fire broke out in the kitchen during the dinner service, forcing the evacuation of more than 200 diners and staff.

Six fire crews were brought in to fight the blaze, which threatened to spread into the ducting and engulf the entire Hunter Street building. Huge volumes of water were dumped into the restaurant, causing extensive damage to its ceilings, as well as its marble-clad dining room.

“We appointed an insurance broker who identified several underinsurance concerns and gaps in coverage which were rectified immediately.”

Perry says when he first heard about the fire, it was not whether he was adequately covered that he was worried about – it was how long before he could reopen.

“For us to be closed for any length of time is difficult because it’s hard to restart the business. This is a restaurant that has 2000 bookings a week and we were actively cancelling people,” he says.

“That’s a freaky thing to do when your whole life is trying to get people to book. And it’s difficult not knowing when we could actively start rebooking people again and start saying that we were open.”

But Perry says he was overwhelmed by the attitudes of everyone involved in the rebuilding.

 

“Some of the things weren’t even quotable but they just said ‘Get the guys working on it 24 hours a day until it’s finished.’ What was also terrific was the focus on getting us in the same shape as we were before we closed.”

“Of greatest concern to client in this case was day to-day loss of business, particularly across the approaching holiday period of Easter, a highly profitable time for a restaurant.”.

Less than four weeks after the fire started, Rockpool reopened, as good as ever.

Perry says the experience upended his expectations about the insurance industry and particularly the important role an insurance specialist plays in making sure businesses have the cover they need when disaster strikes.

“You hear a lot of horror stories (but) the exact opposite of whatever I thought about the insurance industry happened to us,” he says.

Disclaimer

Conditions apply for each policy and the information expected from you for a policy to trigger. Coverage may differ based on specific clauses in individual policies. Please ask your broker to explain the additional benefits and exclusions pertaining to your policy.

The information provided is general advice only and does not take account of your personal circumstances or needs. Please refer to our financial services guide which contains details of our services and how we are remunerated.

cyber insurance

Online scam attacks becoming daily occurrences

Nearly one in every five Australian businesses are targeted by online fraudsters each day and large businesses are now taking prevention methods more seriously than just 12 months ago, according to new research.

Jeff Price, Managing Director of Experian Decision Analytics APAC, says the unprecedented levels of fraud attacks on Australian businesses is only set to increase.

“Fraud is a serious and growing issue for Australian business. Similar to other markets around the world, we can expect to see a rise in the level of fraud attacks and an expansion in the types of fraud perpetrated on Australian businesses and their customers in the coming year,” he says.

“For example, in global markets, we are seeing the growth of emerging trends like corporate account takeover fraud, which is when an organisation’s business bank accounts are exposed to a fraudster and can lead to massive losses.

“This is an issue we expect to see emerge in Australia in the near future and businesses need to be prepared to withstand these emerging and persistent threats.”

Brand reputation and revenue of businesses are also taking a hit from fraud attacks due to transactions becoming blocked due to additional confirmations for legitimate online transactions, which can result in consumers becoming frustrated and damaging customer loyalty.

“It’s critical for organisations to have the right systems and technology in place to withstand the increasing frequency and type of attacks, yet doing so can’t limit their ability to accept legitimate transactions,” Price says.

“We know that Australian businesses looking to expand into new markets can be challenged by verifying the identity and legitimacy of offshore customers and this can place pressure on their growth.”

We specialise in Cyber Liability insurance. We have access to a suite of specialist insurance policies to cover you and your business against cyber crime and the new data privacy legislation.

Through our underwriting partners, we have arranged specialist insurance policies designed to address the exposures you face from relying on the internet, email, websites, or computer programs, data and from storing private information about your clients. Contact us for more information.

Disclaimer

Conditions apply for each policy and the information expected from you for a policy to trigger. Coverage may differ based on specific clauses in individual policies. Please ask your broker to explain the additional benefits and exclusions pertaining to your policy.

The information provided is general advice only and does not take account of your personal circumstances or needs. Please refer to our financial services guide which contains details of our services and how we are remunerated.