Business Policies are nothing like Domestic

When you purchase a Domestic policy such as a Home policy it already includes most sections, such as:- Fire & Perils, Burglary, Glass breakage, Fusion, Liability, Money, Spoilage etc.,



BUT when your shopping for a Commercial or Business policy you must purchase each section required. This means you need to know your stuff, you have to be attentive or else!
 The following are CRITICAL POLICY ISSUES:-

 LEGAL ENTITY
The correct LEGAL entity is vital otherwise you may have exposures under the policy divisions.

USE/OPERATIONS
The insurer offers cover based on the "Common Knowledge" of the risk. If there non standard hazard/s not disclosed it can affect claims.

POLICY DIVISIONS
We define this into 2 areas. Part a] = Your Property  Part b] = Your Liability to others.

LEVEL OF COVER
Can be broken into 3 levels of cover:-  GOLD, SILVER and BRONZE.

In many cases you can select the level of cover for a] Your Property and b] Your Liability to others.

SECTIONS OF COVER

Wow!  so many (we provided an example below).

ITEM INSURED
Clarify the item to be insured falls within the correct section of cover. DO NOT ASSUME extras or accessories are covered.

CLAIMS
It must be sudden & unforeseen.  Once the "cause" not the damage has been determined we can establish what section of the policy is applicable.  

INDEMNITY TYPE
This means the "Basis of Settlement".  Market, Agreed and Replacement.

"Market Value" is the most common. It is also known as "current value" which is the principle of "Indemnity".

.... Good, Bad, Right or Wrong ....
.... these are the rules which you need to be aware of otherwise you will suffer undue losses.

RISK MANAGEMENT 4 points

1.IDENTIFY KEY ASSETS TO PROTECT

q  Static Assets; items, people & activities

q  Mobile Assets; items, people & activities

q  Consequential Loss of Income/Costs

q  Liabilities from the above Assets

2. IDENTIFY

q  What do you do (anything out of the Normal)

q  What can go wrong – whilst allowing for present and future exposures

q  What is it going to cost – Insurance

versus

q  What can you do about it.

3. Cross reference these issues against your current covers

4. Now talk to us, Your Professional Broker

article presented by 

Anastasia Stevenson

anastasia@centralins.com.au 

Account Executive  - Green Team

Central Insurance Brokers http://www.centralins.com.au/

Ph: 93688-901  Mob: 0419 958 508

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Cyber attacks are costing Aussie Business millions

The Cyber attacks are costing Australian companies an average of $2.6 million according to new research from the Ponemon Institute.

The 2014 Cost of Data Breach Study: Australia, sponsored by IBM, details the affects of data breach on Australian firms and, for the first time, aims to predict the likelihood of a company suffering a breach in the next two years.

Results are taken from costs incurred by 22 Australian companies across 11 different sectors following more than 10 months of work and 170 individual interviews with company members.

The cost of the data breaches continues to rise as the report found that for the fifth consecutive year, the cost per lost or stolen record increased by $4 – from $141 per record to $145 – which led to an increase in average cost from $2.72 million in 2013 to $2.8 million.

The report noted the likelihood of each industry suffering a data breach and found that retail and financial services companies are most at-risk.

“Specifically Australian companies in retail and financial services are far more likely to have a breach. In contrast, energy and transportation are least likely to have a breach. In all cases, it is more likely a company will have a breach involving 10,000 or fewer records than a mega breach involving more than 100,000 records.”

Consumers will be abandoning companies following a data breach in record levels with average churn rates increased by 5%.

“Certain industries, such as financial and service companies are more susceptible to high customer churn, which causes their data breach costs to be higher than other industries. Taking steps to keep customers loyal and repair any damage to reputation and brand can help reduce the cost of a data breach,” the report said.

This led to a new high in terms of lost business costs per breach as they rose from $740,000 to $880,000 in 2014. These costs come from customer turn-over, reputational losses and diminished goodwill.

The report highlights the need for effective planning for cyber crime attacks as it notes that organisational factors such as a strong security posture, an incident response plan and business continuity management can have a marked effect on costs incurred by the company.

The insurance Industry has produced a specific policy to help manage and protect assets. One of the Insurance Broker officers in Perth that can assist is the team at Central Insurance Brokers, 

Find out more about Account Managers at Central 

Best reasons Business needs a Facebook Fanpage

 With over 450,000 new users joining each day – it is the fastest growing social networking site on the web. There are many reasons why your business might want to consider creating a Facebook fan page. 

We outline three of them here.

1. Everybody is on Facebook.

Well almost everyone !. But there are over 180 million people using Facebook. If it were a country, it would be the sixth most populated country in the world. Your business has the potential to reach this audience – for free.  The best way to have a business presence online is to set up a Facebook fan page. You can do this for free here.

Someone at your company will need to create a personal profile in order to do this. Most likely someone at your businesses or organization already has a Facebook account for personal use. Don’t worry – the personal account is only used to set up the business page. None of your personal information will be shared on the business page.

2. Facebook is a great place to distribute your company information.

Facebook fan pages allow businesses and organizations a place to create event listings, post their business hours and contact information, and even display photos, text, and online articles. These tools are great to display information. Your business most likely has a website already – but do you have the potential to reach over 175 million people with that site?

3. Facebook allows a two-way conversation with your customers and clients.

It works as a great feedback loop. Because a discussion feature comes pre-built into the page you can carry on discussions with your customers, take surveys, and gather feedback. Plus – you create “buy-in” when a client or customer becomes a fan of your page. They are basically raising their hand to say “Yes I want to continue a relationship with your business.”

To sum it up – Facebook is a great place to start if you are new to all this social media stuff. Because changes are coming for how you will do business. These changes are at the very foundation of how people communicate and interact online and off. 

Taking some examples of success stories 

Insurance Broker in Perth W.A. have have their bases covered, Central Insurance Brokers facebook fanpage, with more than 30,000 fans...  They're doing it well and worth following, like they say, if you want success then get a pen and paper and listen to the experts; experts means those that have a proven record.

top of website look for social media links Central Ins Brokers (Est: 1980)