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.

Managing Business Costs During Challenging Times

Managing Business Costs During Challenging Times

For many Australian businesses, recent months have been particularly challenging, which has, consequently, placed additional strain on their finances. 

In response to this, many of those doing it tough are now looking for ways to cut back and; thus, preserve the ongoing viability of their company. However, while such action may be tempting, getting swept up in indiscriminately slashing costs can be incredibly harmful to a business’ ongoing prosperity.

Before hastily making decisions under pressure, considering their long-term implications is imperative. There are various ways to cut back on costs; however, some can be a false economy and, over time, may actually leave you worse off. 

By carefully assessing how best to cut costs given your business’ circumstances, you can survive these challenging times, all the while positioning your organisation for future success.

Focus on ‘Right-Sizing’

When navigating the current climate, rather than eliminating expenses left right and centre, consider using a less aggressive approach.

When organisations experience a downturn, one of the first places they often look to cut costs is their workforce. However, once business starts to take back off, those who’ve made a number of staff redundant risk being left without the manpower to regain momentum. Furthermore, down the line, hiring and training new staff can add additional cost barriers for businesses trying to get back on their feet.

With this in mind, instead of ruthlessly reducing workforce costs, you may consider applying a 60/40 approach. This is where current staff completes 60 per cent of work, while an itinerant workforce conducts the remaining 40 per cent. With this model, existing employees focus on the business’ day-to-day operations, with other capable individuals being brought in on an as-needed basis.

Also, if business is relatively quiet, it can be a good time to encourage staff to take some of the leave they’ve accrued. This can, in many circumstances, create a win-win situation, whereby your employees get to enjoy some time off when there’s far less going on than usual.

Beyond this, by staying up-to-date on government initiatives, such as the JobKeeper scheme, you can gain any financial support you’re entitled to.

Asset Management

If you’ve accumulated a large number of assets, some of which aren’t completely necessary, now could be the time to repurpose, sell or retire them.

By assessing whether certain physical assets are helping your business achieve profit and/or achieve your organisational goals, you can eliminate unnecessary additional costs weighing on your already tight finances.

Expense Management

Reconsidering and taking charge of your expenses is another way to manage costs for effectively during tough times. However, when doing this, you want to ensure you’re not cutting back to the point where your company struggle to complete profitable work.

When it comes to insurance, for instance, you don’t want to be cutting corners, especially at such a high-risk time. Alternatively, you want to be making sure you’re getting the most out of your insurance, choosing reputable insurers that you can rely on. This means that, if the unprecedented does occur, your claim will be processed as efficiently as possible, so you can get back to business sooner.

However, in some other areas of business, such as your supply chain, you may be able to negotiate lower prices and the like for a certain period of time. This can help lighten the load in the short-term, giving you the means to bounce back once normal economic conditions return.

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.

What Your Business Needs to Do To Ensure a Safe Workplace for Returning to Work

What Your Business Needs to Do To Ensure a Safe Workplace for Returning to Work

When conducting day-to-day operations in the workplace, everything doesn’t always go to plan. While companies can introduce extensive measures for managing risks, this doesn’t guarantee exemption from accidents, which can still happen along the line.

While it can be good to recognise that ‘accidents happen’, this doesn’t grant you a free pass to be laid back when it comes to workplace safety. Minimising the likelihood of your employees experiencing work-related injury or illness still ought to be of the utmost importance, with accidents of this nature costing the Australian economy some $61.8 billion.

In the midst of the COVID-19 pandemic, risks threatening the wellbeing of employees in the workplace have only been amplified. While it’s still imperative that organisations continue to satisfy their usual safety rules and obligations; as per government legislation, they’re now in the position where more thorough measures likely need to be introduced as well. Thus, seeking out reputable pandemic-specific resources is vital in remaining informed on and in compliance with guidelines.

Many organisations are supporting their staff members in working remotely, as to reduce and, ultimately, contain, community transmission. As an employer, you’re expected to:

  • Maintain daily communication with workers;
  • Provide employees with reasonable assistance in alleviating risks and setting up their home workplace;
  • Ensure employees have a reliable point of contact for discussing any concerns that arise;
  • Put together a comprehensive plan for managing the current climate, which takes into account:
    • Physical activities
    • Work environment
    • Communication
    • Work practices
    • Mental health

Managing Risks and Making Workplace Safety a Priority

As detailed in government legislation, Australian businesses are not only responsible for preserving the safety of their staff members, but also anyone who visits their workplace. This means that, when minimising hazards, you need to keep the wellbeing of your customers, contractors and the like in mind as well.

In doing this, to get your business on track, there are four key steps you can take:

  1. Identify Hazards: consider which specific aspects of your workplace have the potential to cause harm.
  2. Assess Risks: understand what types of harm your identified risks pose, the seriousness of this harm, how to eliminate these risks and the level of urgency in doing so.
  3. Control Risks: determine processes for minimising or mitigating risks.
  4. Review Control Measures: monitor the effectiveness of your strategies for managing risks and continue to make improvements as required.

In addition to this, by introducing well-developed crisis management and business continuity plans, when unprecedented events do occur, you’ll be better equipped to manage their repercussions.

Reporting an Incident

If an event occurs at your workplace that results in serious injury or illness, this must be immediately reported to your state’s relevant regulator.

In cases where it’s a close call but, at the end of the day, no one was seriously harmed, it’s imperative that the incident is still reported appropriately. While it may be tempting to stay quiet about near misses, this can expose your business to hefty fines and, more importantly, can be detrimental to the safety of your staff members.

By reporting issues as they arise, your organisation can recognise risks that aren’t being addressed sufficiently. Through doing this, you have the opportunity to introduce new, more effective measures for minimising or alleviating risks of this nature in future. 

Making a Claim

Once you’ve reported an issue, depending on your circumstances, you may be in the position to make an insurance claim, such as to assist you in making a compensation payment.

The vast majority of Australian employers are legally obligated to take out workers’ compensation insurance; thus, this is a proactive measure you will need to make a priority. If an incident does occur, worker’s compensation insurance can help your business remain financially viable while you pay the wages or medical bills of an injured or unwell employee.

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.

The Consequences of Policy Cancellation

The Consequences of Policy Cancellation

In past months, the business environment has changed drastically, with the coronavirus pandemic causing widespread stress, devastation and uncertainty.

For many individuals, the unfamiliar events unfolding across the globe have left them wondering whether or not various types of insurance are still worthwhile. Their business’ circumstances are likely far from the reality they once knew, so they may no longer need the same cover they once sought out – right?

Whether it’s Fire and Property insurance, Business Interruption insurance, Public Liability insurance or the like, experts have strongly suggested against discontinuing your cover in the midst of the COVID-19 outbreak.

While policy cancellation may be tempting, it can be incredibly harmful to your business’ ongoing viability, especially when many organisations are already under immense financial pressure.

In the following article, we’ll be breaking down why staying covered is so important, and discussing some of the key types of insurance individuals are questioning as of late.

Fire & Property Insurance

Many workplaces are currently unoccupied, with employees working remotely to aid in the containment of coronavirus in the community.

Your business may be closed, but this doesn’t mean that the risks your premises are subject to vanish. Unprecedented events can still occur, leaving you exposed to significant financial hardship, which may be all the more challenging to deal with in the current climate.

Even if your workplace isn’t as heavily trafficked as usual, fires, burst pipes, storms, burglaries, and the like can all still happen. Before cancelling your insurance policy, it’s important to consider how your business would cope and, ultimately, if you would have the means to survive this crisis, under such additional stress.

Public Liability Insurance

Similarly to the above, there is no saying that just because the environment within which you’re operating now has changed, you will no longer be at risk of being found liable for a certain occurrence.

If an unforeseen event happens, for instance, a pipe bursting and flooding a neighbour’s property or fire damaging the building you rent, this can end up being incredibly costly if you don’t have Public Liability insurance. 

In such cases, you’d need to defend your business, which, in of itself, can be a relatively expensive process. Beyond this, if your defence is unsuccessful and you’re found to be liable for the damages, many businesses would not have the means to recover from such financial strain.

It’s also worth taking into consideration that, in many cases, such as a fire that causes notable damage to property, the repair won’t happen overnight. This means that, if the impacted business is uninsured for such occurrence, they’ll need to cover the cost of repair, while also losing a significant portion of their future profit during the reparation process.

With this in mind, remaining insured in these uncertain times is essential in preserving the long-term viability of your organisation and helping you stay on track for future success in the event of the unexpected.

 

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

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.

The Road out for Businesses: Preparing for a Post-Pandemic World

The Road out for Businesses: Preparing for a Post-Pandemic World

Managing the fallout from COVID-19 has become an incredibly daunting prospect for many Australian businesses, proving to be an undeniably challenging task.

With the economy plummeting, new pressures are emerging, bringing about an array of obstacles organisations must now overcome if they wish to maintain the ongoing viability of their operations. 

Across Australia, unemployment is mounting, with 2.16 million individuals out of work and accumulating less disposable income than they once would. With this in mind, economic recession and uncertainty have seen the collapse of buyer demand. Businesses are also facing: 

  • Significant regulatory modifications
  • Supply chain interruptions
  • Health and safety workplace implications

Implementing improvements and adjustments on an ‘as required’ basis or, in other words, in response to issues as they arise, will not be sufficient for organisations looking to survive the pandemic. By laying the groundwork now, introducing strong policies and procedures for managing the ever-changing business environment, companies can prepare for a prosperous future.

What To Be On The Lookout For

For many, business at the moment is relatively slow – so it’s the perfect time to start planning for the weeks and months to come.

Devising an updated organisational strategy will be crucial as, unsurprisingly; it likely won’t be ‘business as usual’ for some time. However, once restrictions do start being lifted, your business needs to be in the position to quickly, efficiently and effectively implement a clear plan-of-action; otherwise, you risk jeopardising your future success.

So, what should you be on the lookout for when transitioning out of strict COVID-19 restrictions?

When you’re looking ahead and preparing for the road out, taking the following points into consideration is absolutely crucial:

  • Is your business adequately staffed?
  • What will your business’ operations, workforce and the like look like post-pandemic?
  • How will staff members return to the workplace? This process may be staggered, as opposed to bringing back all employees at once. If this is the case, which team members will return, and in what order?
  • Are you prepared for some employees, for instance, those who are immune-compromised, choose to continue working remotely for some time?
  • If your premises have been unoccupied for a prolonged period of time, have they received the appropriate upkeep? Are they in a suitable state for employees to return to the workplace, in that they comply with relevant health and safety regulations?

By tackling challenges head-on and taking sufficient measures to secure the future of your business now, you’ll be giving your company a fighting chance at surviving the COVID-19 pandemic.

 

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

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.

Risk & Liability Post-Pandemic: How Will Employees be Impacted?

Risk & Liability Post-Pandemic: How Will Employees be Impacted?

The rapid spread of COVID-19 across the globe has brought about an array of distinct risks, which, in many cases, individuals haven’t ever had to consider before.

The day-to-day life of Australians has changed drastically in just a matter of weeks, with their professional and personal lives straying far from what they once were. 

Where possible, employees are now working remotely, which has, thus far, helped to contain community transmission of COVID-19. However, in the weeks and months to come, it’s expected that restrictions will slowly start to lift, with many employers welcoming staff’s staged return to the office or worksites.

While we’re undeniably taking commendable steps in the right direction, if individuals fail to manage the risks posed by COVID-19 sufficiently, future outbreaks will become all the more probable. With this in mind, employers inhibit a crucial role in preventing infections, both now and during the integration of their employees back into the workplace. 

How Will The Workplace Be Different?

Just as prior to COVID-19, employers have a legal obligation to adequately manage health and safety risks on their premises. However, the guidelines and regulations with which they must comply have changed and, in many cases, it’s to be expected that workplace processes will become far stricter, if they haven’t already.

It’s well known that coronavirus is highly infectious; thus, there are numerous, reasonably practical steps employers ought to be taking to keep their staff members safe. Beyond this, considerations also need to be made for dealing with third parties, such as customers and bystanders, who may be interacting with staff or attending worksites, offices and the like.

As an employee, contractor or volunteer, your work life will inevitably change upon your return to the workplace, with employers introducing systems for:

  • Ensuring staff members maintain the appropriate levels of hygiene;
  • Ensuring all staff abide by physical distancing requirements;
  • Managing and responding to infections or suspected cases appropriately.

While these new processes may seem rigorous and inconvenient, such action is absolutely paramount in keeping employees, as well as the greater community, safe during these uncertain times.

 

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

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.

Your Guide to Cyber Security During the COVID-19 Pandemic

Your Guide to Cyber Security During the COVID-19 Pandemic

In the midst of the coronavirus pandemic, 88% of Australian businesses have now either encouraged or required their staff members to work remotely.

While this is, of course, an essential measure to take in containing the spread of COVID-19, such arrangements can have numerous concerning security implications for organisations. 

In many cases, individual’s devices aren’t equipped with the appropriate technology to keep data safe for the duration of these current flexible working arrangements. This has, inevitably, left staff members particularly exposed to the threat of security breaches, with cybercriminals attempting to take advantage of these compromised situations.

Malware infections, unauthorised access, insecure devices and failed data security systems can be incredibly damaging to a business’ ongoing feasibility and, ultimately, their longevity. The confidential information of your employees, customers and business may be at risk, so it’s important to take swift action now as to avoid otherwise preventable breaches in the weeks and months to come.

Don’t leave your business susceptible to cyber attacks. There are various practical steps that can be taken to help keep remote access to your business’ networks secure.

 

Keeping Your Business’ Information Safe

In an effort to keep Australian businesses protected in the current climate, the Australian Government have shared a number of actionable, proactive tactics for enforcing reliable cyber security practices.

In summary, these include:

  • Reviewing and refining your business’ existing continuity plans and procedures.
  • Making sure that your security systems have been updated as required.
  • Preparing for the higher demand on remote access technologies by increasing your cyber security measures. Before rolling out any changes, make sure to conduct any appropriate tests.
  • Ensuring that, if you use a remote desktop client, it’s secure.
  • Checking that the laptops, phones and other work devices your staff members will be using are secure.
  • For access to systems, such as cloud services, introducing multi-factor authentication processes.
  • Providing staff and stakeholders with any relevant information and/or training to ensure they’re well equipped to follow the expected cyber security practices.
  • Considering other ways to minimise the risk of data breaches, such as ensuring staff have effective physical security measures in place, especially if they’re working with particularly sensitive information.

 

For any insurance queries this article may have raised, please do not hesitate to get in touch with your insurance advisor or broker.

 

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.

Managing the Temporary Closure of Your Business

Managing the Temporary Closure of Your Business

With two thirds of Australian companies taking a hit to revenue as a direct result of COVID-19, many business owners are now making the tough decision to temporarily close their doors.

A growing number of organisations are finding that, due to coronavirus restrictions, they have no choice but to rethink the way they conduct their day-to-day operations for the time being. Whether this means bringing business matters to a complete halt, or organising for staff to work from home, your premises may be left unattended for an extended period of time.

These are unusual circumstances and, because of this, it’s important to understand what action you can and, ultimately, should be taking to protect your workplace while it’s left unattended. 

As there’s no saying when Government restrictions will officially end, your organisation needs to be both alert and adaptable in the weeks and months to come. The business landscape is ever-changing, even more so given the existing climate; so building a strong approach to risk management is crucial.

 

Measures for Risk Management

Before leaving your workplace, there are various measures you can take to help keep your business’ premises safe and secure for the foreseeable future.

Steps for improved risk management include the following:

  • Waste: Before closing, remove any external waste, pallets or empty skips.
  • Waste Bins: Empty and relocate waste bins, ensuring they’re kept at least 10 metres from the building if possible. If waste bins can only be stored closer to the premises, lockable lids are suggested.
  • Fire Systems: Check the functionality of any fire and/or sprinkler systems.
  • Fire Doors: Make sure that all internal fire doors are closed and secure.
  • Building Utilities: Non-essential electrical devices and building utilities ought to be shutdown. In addition to this, non-essential service, gas valves and the like will need to be isolated.
  • Inspections: Conduct periodic internal and external inspections of the premises when possible. It is, of course, essential that you take any relevant Government restrictions into account before and during your inspections.
  • Physical Security: Ensure that fences, window, shutters, gates and other physical security measures are set-up as required.
  • Intruder Alarm: Make sure your premises are equipped with the appropriate intruder alarm system and remote signalling capabilities. By having multiple key holders nearby, your business will have the means to respond to alarm activation quickly.
  • Maintenance: Essential maintenance will need to continue, so long as this is reasonably practical given the circumstances. This may involve keeping gutters and drains clear of debris, as well as ensuring remote alerts from Building Management Systems (BMS) receive the appropriate response.
  • Dangerous Goods: Make sure any dangerous goods on your premises are stored as usual and that, in keeping them there, they will remain secure.

 

It’s also worth noting that, if staff members are taking on additional tasks or responsibilities due to a limited employee presence, they must not complete work for which they’re not qualified or trained. This includes tasks that involve operating certain machinery, and working at height.

For any insurance queries this article may have raised, please do not hesitate to get in touch with your insurance advisor or broker.

 

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 Your Broker Can Help During These Uncertain Times

How Your Broker Can Help During These Uncertain Times

Recent events have seen the COVID-19 pandemic sweep across the globe, dramatically changing life as we know it.

As a community, we’re continuing to take measures to lessen the impact of coronavirus in Australia, such as working remotely and practising social distancing. As these uncertain times play out, it’s normal to feel uneasy and, if you do, you’re certainly not alone.

Given the existing climate, your broker can no longer meet with you in person. However, they remain committed to providing you with insurance advice and support when you need it most. As a valued client, you can rely on your broker to continue delivering the quality service you’ve grown to expect. 

There are various alternative contact options now in place.  Your broker is now accessible through a range of digital communications, including phone and email, and they can set up a video meeting with your for more in-depth matters. This allows you to stay well informed on insurance matters as the coronavirus pandemic unfolds, while also helping to keep everyone safe. 

In the weeks and months to come, there are numerous ways your broker may be of assistance.

 

Share Valuable Industry Knowledge

The insurance sector is inherently complicated and, in the midst of the coronavirus pandemic, this has only been further amplified.

The current landscape is changing rapidly and, when it comes to insurance, staying up-to-date on the latest matters that will impact you may prove to be difficult. As an expert in the field, your broker understands the intricacies of insurance and can ensure you’re well informed as events progress. 

Your broker is just a phone call or email away, giving you the invaluable peace of mind that, if you need clarification, advice or support, it will be well within your reach. In what’s already a particularly distressing time for many individuals, this can help alleviate unnecessary additional stress.

While the circumstances under which your broker provides their service have changed, they’re still just as committed to delivering relevant, technical industry expertise you can rely on.

 

Provide Information From Insurers

Your broker partners with you and, in doing this, takes the hard work out of staying up-to-date on the latest news and updates from relevant insurers.

Having already established a strong relationship with your insurer, a broker can advise you of any policy changes that may impact you. This means that, if you need to make a claim, you’ll be well informed as to whether the given circumstances will be covered under your policy.

During these uncertain times, a broker can help bring some clarity to the insurance matters affecting you.

 

Making a Claim

With shocking events unfolding worldwide, we’re living in incredibly volatile times. This, of course, gives rise to the very real threat of unforeseen events transpiring, some of which may have been all but inconceivable just a few months ago.

Your broker has a deep understanding of your insurance policy and, because of this, can promptly address any queries you have as they come up.

If, at any stage you do need to make a claim, your broker will be there to guide you every step of the way. They can assist you with everything from investigating and actioning your claim to liaising with relevant insurance providers – taking the hard work out of this process.

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

 

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.

What you should do in the Event of an Insurance Claim

With an insurance broker in your corner, you’ll be well equipped to overcome setbacks and get back to business in the event of a claim.

In business, small setbacks all too often develop into significant, costly long-term burdens. Beyond impacting revenue, such downfalls can hinder a company’s professional reputation and threaten the livelihoods of existing employees.

By arming yourself with a suitable insurance policy, if the unexpected does happen, you’ll have the means to get back on your feet sooner.

If you find yourself in a position where you need to make a claim, there are various key steps you’ll need to take.

1. Get Advice & Get Insured

In the event of an insurance claim, you’ll be glad you invested time into finding a broker who understands your distinct business context and who, consequently, has paired you with an appropriate cover solution.

‘Insurance speak’ can be confusing to the average person; however, with a strong understanding of such jargon, your insurance professional will ensure you fully understand the implications of your policy.

By taking precautions before committing to a policy, you can rest at ease knowing that, if you do need to make a claim, the process of doing so will be relatively straightforward.

2. Manage the Event

Before lodging an insurance claim, you’ll need to manage the event at hand to prevent further damage or loss. Taking any necessary action such as evacuating the premises and assessing the causes of the issue is crucial, so long as this doesn’t jeopardise the safety of involved individuals.

3. Contact Your Insurance Professional

You’ll then need to notify your insurance broker of your circumstances and inform them that, to the best of your knowledge, such loss or damage will be covered under your policy.

Working on your behalf, your insurance professional will start taking the required measures to formally investigate and action your claim. With a strong understanding of the technicalities surrounding various policies, such as their terms and conditions or exclusions, an insurance broker can be an incredibly valuable resource for those in this position.

Those who haven’t established a relationship with an insurance broker will likely find themselves in a far more difficult situation. This is because, even if they have no prior knowledge of insurance, they will need to review their Product Disclosure Statement and assess the validity of their claim/s themselves. After doing so, if an individual believes they’re eligible, they will need to contact their insurance provider directly to pursue their claim.

4. Gather Relevant Documentation

In terms of preparing and collating relevant paperwork, your insurance broker will be invaluable.

Ensuring you have collectively completed all required paperwork to get your claim in motion, an insurance broker can speed up the overall process. They understand which information is crucial to include in an insurance claim and, because of this, can help ensure that any key details aren’t overlooked.

5. Get Your Clean-Up in Motion

If your insurance provider is locally based, they may have existing relationships with service providers who can assist you in getting back on your feet.

Whether you need help cleaning up your premises, natural disaster assistance or the like, it’s definitely worth asking your insurance broker if there’s anyone they would recommend.

6. Overcoming Financial Pressure

While your business may not be in full swing, it’s likely that numerous employees will still require wages in the weeks or months following an event. In addition to this, ongoing costs, such as bills, may place further strain on your business’ finances.

However, in some instances, your insurance broker will be in the position to organise progress payments with the insurer. This can help your business address any ongoing financial demands while your claim is being processed. Thus, it’s suggested that you confirm the conditions of your policy with your insurance broker.

7. Your Claim Has Been Processed: What Now?

Once your business is back up and running, it’s a great time to review your existing policies with your insurance broker.

If you have to make a claim, or have any queries regarding the topics discussed in this article, please 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.