Does your business have sufficient cover for flood?

Does your business have sufficient cover for flood?

When La Nina hit in March, thousands of New South Wales and southeast Queensland residents were forced to evacuate their homes and businesses.

While heavy rain was anticipated, the true impact of the flooding that followed had an all too real impact on local communities in Eastern Australia. 

Recovery efforts are underway, but for many getting back to ‘life as normal’ still feels like it won’t be until well into the future – particularly those that don’t have flood cover to fall back on. 

It has been nearly a decade since a standard definition of flood was adopted to assist insurers and consumers in the aftermath of the 2011 Brisbane floods. Yet confusion over the term and what it means for risk protection in the event of a flood continues to flummox the public at large, especially for those who reside in low-lying areas that are most prone to such disasters.

Automatic flood cover is now included in standard home insurance policies unless the customer chooses to opt out. For commercial policies, flood cover is provided only if the insured opts for it.

Cost is usually the reason given by people who choose not to have flood cover. That’s all well and good if the day never comes when they need to make a claim. But the New South Wales/Queensland flood disaster has again demonstrated the risk of going without such protection. 

The cost of reinstating a flood-damaged home or business will far exceed the cumulative cost of annual insurance premiums. And while the affordability of flood insurance is an issue, it should be recognised that the premium reflects the very high costs insurers face in returning a home or business to the state it was in before. 

So what exactly is a flood cover and how does it protect you and your business?

The insurance industry defines flood as the “covering of normally dry land by water that has escaped or been released from the normal confines of any lake, or any river, creek or other natural watercourse, whether or not altered or modified; or any reservoir, canal, or dam”.

Policies can differ in the level of cover that they offer. Even if flood damage is excluded, storm and rainwater damage could be included. These complexities can be confusing to navigate, but it’s important that if you’re paying for cover, you fully understand what’s in your policy.

While you will ideally never be in a situation where you need to make a claim, the day may come, so being prepared is your best option when it comes to protecting your business. The ongoing flood threat is very real, and ignoring it isn’t by any means the solution to ignore this.

For more information, or if this article has brought up any queries about flood risk mitigation cover, please don’t hesitate to get in touch with your insurance adviser. We can work with you to make sure you get the appropriate level of protection.

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.

Keep your business’ income protected as government support ends

Keep your business’ income protected as government support ends

While things are looking up, the fall-out from the COVID-19 pandemic is still being felt by businesses across Australia. For many, the lockdowns and restrictions have had a lasting effect, even months down the line.

The good news is that economic recovery has been better than first thought, according to the Reserve Bank of Australia. This paired with a low unemployment rate has made for improvements Matt Comyn, Chief Executive at Commonwealth Bank, has called “miraculous”.

But the momentum has been fuelled by billions of dollars in state and federal government spending and concerns remain that some parts of the economy may begin to wobble as programs fall away or wind back.

The $90 billion JobKeeper wage subsidy scheme, a critical support measure accessed by many firms to keep staff employed and their businesses ticking over, expired at the end of March. Some temporary insolvency relief measures have also come to an end.

The reduction in assistance has increased the risk that firms previously able to meet financial commitments may no longer be able to do so, and there could be cascading effects on the enterprises with which they engage.

Some analysts say government measures may have kept alive “zombie” firms that otherwise would have ceased trading, and there may in coming months be a surge in companies unable to pay their debts.

Which is where trade credit insurance comes into play. The cover ensures a business can protect itself against the risk of invoices not being paid by those customers facing challenging circumstances and unable to meet obligations.

While often discussed in the global context or for the top end of town, there are a number of trade credit policies designed for smaller firms that include a range of features to mitigate the risk of loss.

Some may provide protection in export or imports contexts, while others deal with local trading. They may require a firm to specify particular debtors, or provide a more general cover. Policies may be triggered by insolvency or a certain period of non-payment.

Whether you have insurance or not, it’s of course important to take appropriate precautions to keep your business protected against risks. But unfortunately, sometimes the unexpected does still happen, so it’s a good idea to have cover that gives you peace of mind for the future.

While challenges inevitably lie ahead, now that some normality has returned, many businesses are starting to feel hopeful for what’s to come. There is still plenty of value in getting suitable cover though, and a broker can help you do just that.

For more information, or if this article has brought up any queries, please don’t hesitate to get in touch with your insurance adviser.

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.

More businesses turning to brokers in troubling times

More businesses turning to brokers in troubling times

An unsettling year has left many businesses concerned about what the future holds. After seeing firsthand how difficult economic conditions can leave a lasting impact on firms, an increasing number of SME owners are looking to insurance brokers.

This year, Vero’s SME Insurance Index marked its 10th anniversary. The new report revealed that 40% of respondents used a broker for their last insurance purchase, up from 35% last year.

While 34% of direct customers were thinking about making the move to a broker in 2018, this number has since risen to 54%.

Vero believes the trend is partly to do with the uncertain world we now find ourselves in thanks to the COVID-19 pandemic.

Many small businesses are worried about the future, with one in five saying they don’t feel confident about their business prospects for the year ahead, and an economic downturn topping their concerns.

This could be sparking SME owners to search for additional support for their insurance needs.

But what the index also shows, is that seeking out a broker could be the best decision a small business ever made.

Brokers can help steer clients through the complex process of arranging the best insurance cover for a range of risks, giving peace of mind during difficult times. 

What’s more, we can keep you abreast of key industry and regulatory developments, and we’re there to help come claims time should the worst happen.

This year’s index shows the vast majority of broker clients are satisfied with their broker, with just 8% dissatisfied.

Satisfied clients like their brokers to carry out tasks such as providing in-depth analysis on their insurance options, checking up on business changes, giving information on changing requirements, and advocating on a client’s behalf with insurance cover and claims.

Claims are an area where the broker’s expertise and negotiating ability are particularly valued by clients. The index shows broker clients who’ve made a claim are much more satisfied with the claims process than their direct counterparts. This year 72% of broker clients were satisfied, compared with only 37% of direct customers.

Importantly, the most satisfied clients have collaborative relationships with their brokers.

Some 51% of SMEs that have a collaborative relationship are highly satisfied with their broker, marking them and 8 or 9 out of 10. But the corresponding figure for those with minimal interaction is just 24%.

That’s why it’s so important for us to keep in touch, and maintain two-way communication with you. You need to know about the latest industry trends and regulatory requirements, and we need to know what’s happening within your business. Only then will we be able to get you the very best cover, at the very best price.

Your business’ circumstances can change drastically over time, so it’s paramount that you update your insurance to reflect this. When you’re allocating money to getting covered, you want to make sure it’s sufficient and is actually providing you with the insurance you need.

For more information, or if this article has brought up any queries, please don’t hesitate to get in touch with your insurance adviser.

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.

Insurance broker or go it alone, what’s best for your SME?

As a small to medium-sized business, you may be tossing up whether you need an insurance broker to help keep your company protected.

Large companies are often expected to be more inclined to seek out assistance from an insurance broker, while SMEs take care of their cover needs themselves. Recently though, Deloitte Access Economics prepared a report that details the risks of going it alone.

The findings

This research was commissioned by the National Insurance Brokers Association, with one key finding being that around 40% of SME clients were under-insured or not insured at all. Before enlisting advice from a broker, about 33% were paying more on their insurance. It was also found that 41% of SME clients agreed their claims process would have been “much harder” without their broker’s support.

One business owner who is quoted in the report says she made the right move to seek advice from a broker. “People don’t understand the risks of going to the standard, cheapest policy. They might have saved, but they didn’t know what they were covered for.”

The business owner has a farming property, which was severely damaged in the 2019 Townsville floods. The claims process was unfamiliar, but with a broker by her side every step of the way advocating in her best interest, she secured an additional $10,000 on top of what was originally suggested by the insurer. Her broker also got repairs underway, appointing a project manager to lead this process.

“You could talk to them about what you’re going through; they understand and they are emotionally involved,” she says. “Without their support it would have been a totally different journey.”

Getting an insurance broker in your corner

Often, the true value insurance brokers bring to the table in the event of a crisis is misconstrued. The responsibilities of a broker go far beyond arranging a suitable insurance solution for your business. In the event of the unexpected, they take a level of stress off your hands – negotiating with insurers and representing your best interests throughout.

This is not only a professional obligation for brokers, but also a legal one. Your broker works with your business to pinpoint risks and, based on this, provides tailored solutions.

Brokers bring expertise that is backed by both highly specific qualifications and accreditations and prior industry experience. By leveraging this knowledge, they can go above and beyond to protect your company against possible threats – so you can continue doing what you do best, even in the face of crisis.

For more information, or if this article has brought up any queries, please don’t hesitate to get in touch with your insurance advisor.

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.

Does your business need interruption insurance post-pandemic?

Shutting down indefinitely is a financial nightmare for business owners.

Last year, in a bid to control the spread of coronavirus, governments introduced trading restrictions. This severely impacted many business owners, which in turn ignited a lengthy legal battle over business interruption insurance.

This court battle is ongoing and is expected to remain unsettled for some time. At the forefront of this dispute is the question of whether small business owners can claim for losses caused by the pandemic.

While the responsibility of resolving this matter lies with the courts, if you are looking for guidance, an insurance broker may have some helpful advice. They can keep you informed on potential risks and the types of insurance solutions that are available to you – including business interruption.

If you have been keeping up-to-date on the court proceedings, you may be put off business interruption insurance – but this could be a costly mistake. Business interruption covers you for loss of income, so if the unexpected does happen and triggers a claim that is within the policy terms and conditions, your company has a safety net to help you make it out the other side.

The importance of business interruption insurance

Even if your business is forced to close indefinitely, you will have ongoing fixed costs that need to be paid. This includes everything from rent and wages to loan repayments, all of which can add further pressure when a business’ revenue stream has been disrupted.

In one instance, a client’s property had to undergo repairs for water damage. During this time, his business interruption insurance provided him with rental income payments, alleviating stress in what was already a challenging time.

If the client did not have cover for temporary income loss, he would have had to increase the loan value of his mortgaged property.

When it comes to deciding on a policy, considering your options and ensuring you fully understand what they cover is crucial – as there will be exclusions.

When COVID-19 led to the Wimbledon tennis championship being cancelled last year, the organiser experienced the benefits of insurance first-hand. They had taken out an insurance policy for pandemic risk prior to this and, as a result of this, received a payout of almost $200 million.

If you want to protect your business against the wide range of risks that could threaten your ongoing viability, business interruption insurance is essential.

For more information on business interruption insurance, or if this article has brought up any queries, please don’t hesitate to get in touch with your insurance advisor.

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.

Virus challenges carry into the New Year

During the recent summer holidays, many people across Australia enjoyed living under lightened restrictions after a tumultuous year. That said, this time brought more than just good news – the challenges of COVID-19 are not over just yet.

At a time when much of the country have travel plans, the New Year proved to be an exercise in dodging border closures and virus hotspots. The situation can get out of hand all too quickly, even after just one case is identified. 

Functioning in such a volatile and albeit unpredictable environment cannot only prove challenging for holidaymakers, but also the businesses at which they are employed. Workplaces need to closely monitor the ever-changing situation, even more so as employees continue their assimilation back into offices.

While risks may seem low, employers need to remain diligent, taking proactive measures to keep their staff and customers safe as the pandemic ensues.

The rollout of vaccines is seemingly fast approaching, with some already hitting Australian shores and groups at the greatest risk being at the head of the queue. While vaccines are giving individuals across the globe a sigh of relief, even after having it administered, people are urged to continue taking suitable precautions.

Steps to avoid becoming complacent

Shortly after welcoming in the New Year, the Queensland Government locked down an area of Brisbane, as a highly contagious strain of COVID-19 was detected. It was found to have originated from an overseas arrival quarantine hotel, and its detection led many states to swiftly shut their borders.

In the workplace, it is important employers and employees alike avoid becoming complacent as the pandemic continues to pose a risk in the months ahead. In particular, workers’ compensation authorities have again stressed the need to keep work environments safe and clean.

There are simple yet effective changes businesses can make, such as facilitating social distancing by restricting the number of people in offices at one time and reducing potential congestion in areas like lunchrooms. 

Supporting good hygiene practices, such as through making disinfection supplies readily available to staff in the office, is also essential. Make sure to check in with employees and their well being as well amid the ongoing challenges.

State laws may require registers of every person who attends a workplace, including employees, clients and visitors, while firms should be aware of their responsibilities if a staff member contracts the virus.

Now is the time to consider both how your business will manage any virus-associated disruptions and how your insurance can support you during this.

For more information, or if this article has brought up any queries, please don’t hesitate to get in touch with your insurance advisor.

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.

UK Ruling On Business Interruption (BI): Will Australian Businesses Be Impacted?

The fallout from the UK’s High Court business interruption (BI) ruling has been felt across the country – and now Australian insurers are wondering what this could mean for them.

The Financial Conduct Authority’s (UK regulator financial conduct)  ruling has seen a largely favourable outcome for UK businesses that took out BI policies and experienced losses due to the pandemic. If a similar outcome is reached in Australia and local companies start challenging their BI policies, it could cost the insurance sector as much as $1 billion

 

The Current Outlook For Australian Businesses

The Australian Financial Complaints Authority (AFCA) and the Insurance Council of Australia (ICA) recently launched a test case, which was focused on Hollard Insurance and has been used to assess different exclusions. The case is seen as urgent in nature and; thus, was pushed forwards to be held by the NSW Supreme Court on 2 October.

The pandemic has significantly impacted those in Australia and beyond. With this in mind, the CEO of Insurance Council of Australia, Andrew Hall, has said he’s glad the test case hearing is progressing as quickly as possible. Recognising the importance of this judgement, involved parties are working to bring a ruling sooner rather than later, giving customers, insurers and regulators greater clarity around pandemic-related claims.

Alex Haslam, principal of the law firm Gilchrist Connell, believes the UK ruling will have very little impact on the outcome reached on Australian shores. The Australian test case is far from that conducted overseas. While it’s concerned with a specific form of infectious disease exclusion, which is included in property insurance policies, the British test case considered the wording in a broader range of policies 

However, not all Australian brokers are concerned about the flow-on impact of the UK’s business interruption ruling. Karen Hardy, principal broker at ACME Insurance Brokers, believes that clients understand general exclusions relating to infectious diseases aren’t specific to a certain disease and, rather, are intended to be all-encompassing blanket exclusions. She hasn’t had any clients pursue claims and doesn’t expect this to change anytime soon.

Business interruption insurance has been largely debated since the beginning of the pandemic. In the months and years ahead, it would be realistic to expect adjustments to BI and other insurance policy wordings in many Australian insurance firms.

For more information, or if this article has brought up any queries, please don’t hesitate to get in touch with your insurance advisor.

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.

How To Target New Markets In A Recession As A Small Business

For many small businesses, it has undeniably been a testing year. With the coronavirus pandemic sweeping across the globe and disrupting typical operations, SMEs have had to overcome a plethora of new challenges. This considered, there are still opportunities for businesses to maintain their viability and plan for future success.

By developing an enhanced understanding of any problems with their business’ product or service, owners can refine their offering/s and target audience to improve the appeal of their offering. This is central in effectively marketing to prospects, as you can pinpoint certain pain points and, respectively, create targeted campaigns that convincingly show how you can solve them. 

 

Pursuing A Growth Strategy As A Small Business

Barker St., an online coffee marketplace and subscription service, is one small business that has managed to thrive in the midst of the global pandemic. This is largely because of their initial response. Rather than panicking when lockdown was becoming increasingly probable, they developed a strategic plan.

First and foremost, they invested in marketing, which drove brilliant digital results for their business. During the pandemic, 65 per cent of their revenue came from organic Google searches, while the remaining 35 per cent was from targeted paid online efforts, including Google ads and Facebook and Instagram retargeting campaigns.

Retargeting campaigns were a crucial component of their strategy. Whenever a user visited the Barker St. website or searched for similar products, they would start seeing targeted ads from the small business. This was used to capture their initial interest and, ultimately, to drive more conversions from promising leads.

When it came to their Google ads, Barker St. split their budget between promoting their marketplace and subscription service. In doing this, they could test which campaigns were more successful and; thus, which specific areas to invest in more than others.

Barker St. also diversified their offering, helping them appeal to a broader audience. Rather than purely selling coffee beans as they had in the past, they launched a new range of capsules and drip bags. Moreover, they welcomed customer feedback and, because of this, increased their number of roasters.

When pursuing a growth strategy, small businesses need to carefully consider whether their insurance policies are still sufficient. If you’re expanding your business, speak with your insurance advisor to ensure any new initiatives are covered under liability and other business insurance.

 

The importance of conducting research

In a rapidly evolving market, completing sufficient research to becoming familiar with changing conditions is imperative for businesses. It can help them understand different customer preferences and, respectively, cater to their audience’s expectations and needs.

When it comes to market research, there are various routes small businesses can take, including:

  • Appointing a market research company;
  • Getting feedback directly from members of the target market, such as on social media or with competitions or polls;
  • Asking existing clients you know and trust for honest feedback;
  • Looking at research completed by others, such as census data and industry trend reports;
  • Requesting benchmarking industry reports from your accountant.

By leveraging this data, your small business can work to identify and capitalise on growth opportunities and/or ways to further refine your offering. Regardless of your circumstances, it can be well worth investing in pursuing ongoing learning and development. 

In challenging circumstances, many small businesses find it beneficial to concentrate on what they can do better than their competitors, pushing this area of their business. By doing this, they can often drive growth – even when the market is far from ideal.

For more information, or if this article has brought up any queries, please don’t hesitate to get in touch with your insurance advisor.

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.

How Increased Natural Hazard Risk Is Impacting Insurance

Across Australia, the frequency and severity of natural hazards has continued to escalate in recent times. As this risk escalates, much of the nation is beginning to question how prepared we are to effectively manage the fallout of such disasters.

A Royal Commission hearing in September brought about suggestions that, when it comes to making natural hazard policy changes, now is the time to act. While the need for climate action has been brewing for some years, it’s now apparent that we have all but surpassed the tipping point.

The completed report from the royal commission is due to be released in late October. It’s expected to detail recommendations relating to numerous key factors involved in improving the nation’s current anticipatory capacity and recovery framework, including decision-making and accountability.

 

Natural Hazard Key Areas Of Concern

A key focus of this hearing, which was spread over four months, was reviewing public policy regarding resilience. In particular, this is an issue when it comes to emergency management, with Mark Crosweller, former head of the National Resilience Taskforce, stating that there does need to be some structural amendments to existing policies.

Improving the current knowledge base and data capabilities for managing natural hazard information is critical in making such findings more accessible and informing decisions and future planning. However, doing this will involve an enormous amount of time and work. This is largely because the data needs to be contemporary and, in many instances, recent and accurate data isn’t readily available. Further, certain information is yet to even exist, such as a national bushfire risk map, making its creation all the more difficult.

The frequency and extremity of many natural disasters is rapidly increasing. Over the last 20 years, parts of Sydney and areas north of Newcastle and near Wollongong have seen more large and giant hailstorms than previously anticipated. Such giant hail events have been so significant that they destroyed motor vehicles in affected locations, causing many to be written off.

IAG has also identified “connected extremes” and, this summer, some experts expect that, in addition to the ongoing pandemic, Australians will need to grapple with a major tropical cyclone. 

 

The Impact On Insurance

With the intensity and risk of natural disasters continues to rise across the country, the number of claims is increasing, and insurance prices are getting higher. As more relevant data becomes available to insurers, areas of high risk can be identified, and they can continue to provide premiums suitable for varying environments and circumstances.

For more information, or if this article has brought up any queries, please don’t hesitate to get in touch with your insurance advisor.

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.

Insurance Cover & Working from Home

Insurance Cover & Working from Home

In the midst of these uncertain times, flexibility in business has become all the more important, with many employees now working remotely. Even before COVID-19, many individuals were seeking more flexible working options, given technological advances and a desire for a greater work-life balance. 

As a business owner, you’ve likely noticed this progression and; thus, may have already started looking into ways you can integrate improved remote working capabilities in the long-term. However, while such practice can be incredibly beneficial, understanding the risks that can be inherent of flexible working conditions is also imperative. 

This means being aware of and prepared to manage the potential challenges of different work arrangements, doing your best to ensure:

  • Employees are both physically and emotionally healthy;
  • Staff members who work from who are in a role where it’s appropriate and feasible for them to do so;
  • You understand how various flexible work options may impact your existing insurance cover.

If you’re still becoming familiar with the concept of flexible working and considering whether or not this approach is for your organisation – this article is for you.

The Reasons Why Employers Opt For Flexible Working Arrangements

First and foremost, in Australia, unless an employer has reasonable grounds to deny their request, there are certain people who have the right to seek out flexible work options. 

To satisfy the requirements; under fair work arrangements, an employee must have been working with the same company for 12 months, while also satisfying any of the following:

  • They are a carer;
  • They are 55 or older;
  • They have a disability;
  • They are a parent or are responsible for the care of a child of a certain age range;
  • They are a victim of or caring for an immediate family member who is a victim of domestic or family violence.

However, even if your business isn’t legally obligated to allow certain employees to work flexibly, you may still benefit from introducing such initiatives. While, at first, this may feel counter-intuitive, in that you’re essentially giving staff members the freedom to work unsupervised, this approach can achieve exceptional results for not only the employee but also the employer. Generally speaking, staff who work from home are more productive and, beyond this, the flexibility of their role can help boost morale, making them less likely to quit.

Through offering your employees the option to work flexibly, you can actively demonstrate your confidence in them and their capabilities. This, in conjunction with your receptiveness to their ever-changing needs, can help you establish strong professional relationships built on trust and, with more satisfied staff members, comes greater loyalty.

While there are some scenarios that may make flexible working difficult for certain employees, there may be the option to strike a happy medium. For instance, if a staff member’s role relies heavily on teamwork and; thus, will be made unnecessarily difficult if they’re not in the office, working from home on a full-time basis simply won’t be feasible. However, in catering to your employee’s needs; without introducing an approach that isn’t viable for your business in the long-term, you could consider giving them the option to work from home one or more days a week instead.

Insurance Considerations

If any of your employees work remotely, there are numerous insurance considerations you will need to take into account, including:

  • Injury to an employee: even if employees aren’t working on your premises, your business is still responsible for providing them with a safe work environment. Thus, you need to ensure that staff members are covered under your workers’ compensation insurance if they sustain a physical or psychological injury while working from home.
  • Injury to a customer: if your employees who work from home come in contact with customers, it’s important to make sure your public liability insurance accounts for this and that; thus, you have the appropriate level of cover.
  • Safety of property and equipment

For more information, or if this article has brought up any queries, please don’t hesitate to get in touch with your insurance advisor.

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.