add excitement to every working day

credit flying high

Let’s be honest, there are times in business when it’s all a bit of a grind; when every day feels like ground hog day. Add a crazy workload into the equation and life quickly becomes a blur. I would like to suggest a way to change this once and for all, and it’s kind of cool.

reframing is to change the way we look at things to find the positive to drive us forward.

I suggest that you come up with a theme for every day – as in a theme for Monday, a theme for Tuesday and so on. You put this theme in your calendar and then you make it happen. This doesn’t mean your whole day is spent working on these themes. It simply means you are mindful of them and act accordingly in amongst your regular daily tasks.

What kind of themes I hear you ask? Well, they need to be positive themes. They need to be themes that get you excited and looking at your calendar with a smile rather than trepidation. As an example, this is how my 2017 days are going to look:

"As much as possible I’m only going to schedule the projects I like, the clients I like and the meetings I like on Mondays "

Just the jobs I love Mondays

As much as possible I’m only going to schedule the projects I like, the clients I like and the meetings I like on Mondays so I really look forward to the day when I look at my list of commitments on the calendar in the morning.

 this page https://goo.gl/du7Ut9

Change the world Tuesdays

For me Tuesdays will be the day where I give back to others, acknowledge people who are making a difference, do my “give back” work, pay particular attention to making every interaction with other people meaningful and do everything I can to make the world a better place.

These are also the days where I will go out of my way to thank people and be appreciative and grateful for everything I have in my life.

Build my business Wednesdays

This is the day where I will be proactive about growing my business.

This means having more sales conversations, planning my products and services, talking to my existing customers about what they need and how I can better serve them – things like that.

Treat my body like a temple Thursdays

These are my health and vitality days where I will spend time really nurturing my body, eating well, exercising more than usual, doing some Yoga every hour and generally ending the day feeling fabulous and looking great!

Learn, grow and celebrate Fridays

Who doesn’t love Friday? When I make the time to learn new things, become better as a person, celebrate my successes over the past week and generally feel like I’m making progress – Fridays will become even more awesome.

see more: specs / videos and cart for Team Co Watch

The interesting thing about having theme days like this is that they soon become a habit, and you automatically start doing all of these things on a regular basis, not just on the assigned day. Then you can set new themes and they then become a habit after time, which of course means that we are constantly getting better, staying positive, growing and feeling like we moving forward.

Sometimes the simplest ideas can have the most profound effects.


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We have been Steadfast shareholder member broker from the earliest days, now the organisation has evolved to be Australasia’s largest general insurance broker network .  The features for clients ARE Substantial, the benefits for employees ARE Significant and for the Industry it's Stability, an absolute Steadfast winner and we're on board!



Founding Director Phill Smith - Linkedin
Central Insurance Brokers, West Australia



Central Insurance Brokers
is a WA Biz Achiever Est: 1980 and

Steadfast shareholder member  

Protect your Assets with L.I.F.E. Managers at Central 

L.I.F.E.  Leadership, Integrity, Flexibility, Efficiency and without Flexibility, it's a L.I.E.

Small Business urged to take action on cyber cover

 It is time for action on cyber insurance, one expert has said, as risks continue to mount.

A recent global survey conducted by Zurich found that Australian SMEs are more aware than ever of the threat of cyber breach and Callum McMillan, national commercial manager for Financial Lines for Zurich in Australia, said small businesses can no longer afford to bury their heads in the sand.

“For SMEs, the time for thinking about cyber insurance protection is over, and it’s now time for action to be taken,” McMillan told Insurance Business.
“No longer can cyber risk be a business issue considered to be the responsibility of IT managers alone. The damage to reputation and the costs associated with the disruption to business are only increasing year on year.

“A number of global surveys have revealed that around 50-60% of companies, who lose data, will cease trading within six months.

“This is an incredibly scary statistic, and one that highlights the severity of a cyber loss for any SME.”

Survey data revealed that, in Australia, the greatest concern related to cyber crime that can be mitigated was damage to reputation (31.5%). Theft of customer data or money came in second and third at 26.5% and 15% respectively, with business disruption ranked fourth having been mentioned by 14.5% of respondents.

McMillan noted that while the cyber insurance market in Australia is “still very much in its infancy” brokers will play a key role in developing the market with the all-important SME client base.

“SMEs are an easy target for hackers, which is why we have seen a significant increase in the frequency of attacks against SME businesses,” McMillan continued.

 “As an insured’s trusted risk advisor, brokers play a critical role in raising awareness and prompting SMEs to take action in order to protect themselves.”

With SMEs making up approximately 97% of all businesses in Australia, according to Government statistics, McMillan noted that it is not only businesses which could be impacted by an attack.

“Many SMEs are financed through their owner’s equity which could mean funding from their family home or potentially funding from friends and family,” McMillan said.

“Therefore, there is a high probability that the owner of an SME business that does lose data could potentially lose both their livelihood and their home too.”

We have been Steadfast shareholder member broker from the earliest days, now the organisation has evolved to be Australasia’s largest general insurance broker network .  The features for clients ARE Substantial, the benefits for employees ARE Significant and for the Industry it's Stability, an absolute Steadfast winner and we're on board!



Founding Director Phill Smith - Linkedin
Central Insurance Brokers, West Australia



Central Insurance Brokers
is a WA Biz Achiever Est: 1980 and

Steadfast shareholder member  

Protect your Assets with L.I.F.E. Managers at Central 

L.I.F.E.  Leadership, Integrity, Flexibility, Efficiency and without Flexibility, it's a L.I.E.

A big jump for saving lives at Sea

A big jump for saving lives! 
 
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We love good ideas and the crew at Central Insurance Brokers and pleased to share with our clients and friends www.centralins.com.au

Perth Insurance Broker Permantly banned missappropriation 250,000

ASIC has announced that a former insurance broker has been permanently banned from the financial services industry.

Sergio Amaranti, formerly of Phoenix Insurance Brokers, has been banned following an ASIC investigation which found he had directed more than $250,000 worth of client refunds to accounts held in his name.

 Extract ASIC Nov 2016

Perth-based Amaranti was employed as a director of Phoenix Insurance Brokers from January 2002 to February 2005, having worked as a senior insurance broker with the firm from 2000 to November 2015.

The investigation found that Amaranti had engaged in “misleading and deceptive conduct and dishonest conduct in relation to client funds” as he was the signatory of the trust account held by Phoenix and held an individual code and password to finalise transactions including client refunds.

Amaranti spread funds owed to clients as a result of refunds from policy cancellations, adjustments or negotiated discounts totalling approximately $254,000 between various personal accounts held in his name.

Amaranti has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC's decision
 
 

Why It Matters If Your Customer Has Business Interruption Insurance

As credit managers, we often get mired into performing the same daily activities. For example, if a new customer requires more than $5,000 in credit, we might only need a credit report. If the credit required increases to $20,000 then confirmation of several trade references might be in order. If this customer requires more than $100,000 then we might look at financial statements or obtain a personal guarantee. We all understand that as the credit limit required increases, the more the customer’s credit worthiness needs to be confirmed.

There comes a point when some customers may become so much a part of our own growth that if the customer ever has a sudden calamity which brings their operation to a complete halt, it could have a devastating impact on our own business. Knowing that our major customer has a Business Interruption Insurance policy as an integral part of their total risk management system, may be a valuable part of our own credit evaluation process.

Events that cause a business to temporarily stop operating entirely seem to have increased in number and variety, as well as severity. In the past few years alone, we’ve seen crazy natural disasters that have included the tsunami that devastated Fukushima, Japan, Hurricane Sandy, tornadoes across the Midwest and even as recently, the storms devastating South Carolina, to mention just a few.

Although I don’t claim to be an expert in the General Property & Casualty insurance products arena, I view some of the P&C products as effective direct extensions of what we do, which is to mitigate trade credit risks, protect cash flow, and preserve the equity that businesses work so hard to accumulate.

Business Interruption Insurance is generally designed to cover the income a company loses when it has temporarily stopped doing all business because of events beyond its control. It can also cover major expenses needed to get back into business and is an extra layer of protection that goes beyond more common insurance policies.

For example, if a factory burns down, Property Insurance can be used to cover the damages to a large extent but it won’t cover the potential income lost by what the factory manufactured and sold, or all of the expenses that might be necessary to continue operations. A typical Business Interruption Insurance policy will provide coverage for several major items:

• The profits on sales the company would have earned if the loss had not occurred.
• Normal operating expenses, even though the business is temporarily closed. This includes employees’ wages to keep them on staff rather than laying them off for an extended period of time.
• The expense of moving the company to a temporary location and the cost to rent a new facility, or to build a new facility, whichever may be deemed more expedient and cost effective, as well as the costs of restarting up the business.

The payout amounts that a policyholder usually receives from Business Interruption Insurance are based on historic records of income and expenses. Historical financial statements and related documents (payroll records, accounts payable journals) need to be submitted to the carrier before any claim can be paid. As part of the policy processing, all copies of the necessary records should be held in possession by the carrier and agent with annual updates. This helps facilitate the claim process.

In most cases, Business Interruption Insurance providers include clear clauses in the policy concerning what will trigger a loss. In general, coverage will start a few days after the incident and reasonably last until the business is up and running again at their existing or new location.

Unfortunately, what Business Interruption Insurance doesn’t cover sufficiently are your payment obligations to commercial vendors who have already sold you their materials and other products or goods that were previously used in your manufacturing process. When the Business Interruption Insurance carrier looks to make vendor payments, they will examine the previous one or two years of invoices and compute an average, which may work in favor of the vendor or significantly shortchange them. Or, more likely, it will be up to you to make all payments to vendors for past invoices out of the insurance proceeds. The problem with this is that insurance payments for lost income are initially applied to the basics of recovery and not necessarily on what was owed at the time.

As credit managers, Business Interruption Insurance can be your good customer’s recovery safety net until they have indeed recovered. But don’t forsake Credit Insurance. Business Interruption ONLY responds in case of a covered physical loss at covered locations. Conversely, Credit Insurance widely extends your safety net from being highly impacted by your customer’s unexpected inability to pay you.

Article Extracted from Coface 2015.10.26