Tag: advice (page 1 of 2)

Make a date to stay up-to-date

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It’s no surprise how quickly life can change – the only thing you can be sure of is that occasionally, the unexpected will happen. Whether it’s in your business or your personal life, there’s always something new just around the corner.

With this in mind, it’s important all your insurance needs are being met. Just like an outdated fashion trend, an insurance policy you purchased but have never reviewed is unlikely to still be a good fit. A “set and forget” approach is one that can lead to unpleasant surprises down the track, but thankfully can be easily prevented by regularly reviewing your level of coverage as your circumstances change.

Getting married, having children, a promotion at work, major purchases or downsizing – these are all major life events that mean your insurance needs will change accordingly.

Don’t forget your business insurance either – just as personal circumstances change, businesses change over time too. You might be offering different products or services, your team may grow or shrink, and new opportunities can see your business evolve in directions you never expected. That’s why it’s so important to keep your insurance policies current and relevant to your business activities.

Just like a regular check-up with your doctor is essential for your personal health, a periodic check-up with your insurance broker is absolutely necessary to ensure you have the best level of coverage for your circumstances.

Adroit’s personalised approach ensures you have everything you need (and nothing you don’t) giving you peace of mind that in the event of the unexpected, you’re fully covered.

You should always consult your qualified insurance broker for advice on the best policies available to suit your needs.

KEEPING UP WITH THE WORKPLACE REVOLUTION

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New Liabilities for Virtual Assistants

Have you noticed the significant shift in the workplace lately, as managers begin to appreciate the value of offsite services from Virtual Assistants?

The benefits of being a Virtual Assistant include greater flexibility, spending less time and money commuting, a happier, more productive day and a chance to be your own boss.

For business, the cost of technology and telecommunication services to allow for remote work has also never been cheaper. This allows for greater flexibility in workforce management and reduced overheads such as office rental, equipment, superannuation and human resource management to name just a few. The business can now select the best-skilled worker for the job, no matter where they live.

An added benefit for the business is it can limit liability by contracting out the work to a Virtual Assistant. By taking on the work, a VA owes a “duty of care” to the business in the performance of the services. Any negligence, mistake or error in the services provided could result in a claim against the Virtual Assistant. For this reason, a Virtual Assistant should consider these insurance policies to protect themselves properly:

Professional Indemnity Insurance

This is likely to be the greatest risk for Virtual Assistants who provide professional services. The policy will cover legal costs to defend against allegations of a mistake in the advice provided and any resulting damages award or settlement amounts agreed to.

Here is a typical claim example:

A Virtual Assistant provides website management and social media updates on behalf of a business. A third party alleges the content of the post is misleading and deceptive and the third party sues the business. The business, in turn, joins the Virtual Assistant as a defendant to the action or the business may seek to redeem all associated costs and expenses from the Virtual Assistant after the claim is finalised.

Cyber Liability Insurance

Cyber liability is the fastest growing insurance risk in Australia. The policy will cover claims where a loss of personal data results in a breach of privacy or a hacker attacks the Virtual Assistant system.

Here is a typical claim example:

A Virtual Assistant provides bookkeeping services on behalf of a business. The Virtual Assistant’s system is hacked by a cyber criminal and the personal records of the business’s clients are stolen. The hacker also inserts malware to encrypt the system and a virus, which is passed back to the business and infects their system also. A cyber policy will cover the cost of a ransom payment, the costs to restore and recollect any lost data, the costs to remove malware and fix your system and any business your system infected and the loss of income during the downtime, as a result of the hack.

Public Liability Insurance

Public liability insurance covers the Virtual Assistant if they cause bodily injury or property damage to a third party. However, most Virtual Assistants wouldn’t usually be that hands-on nor have foot traffic. This presents a significantly lower exposure and would result in greatly reduced insurance costs. It’s important to remember that many domestic home insurance policies will specifically exclude any claims resulting from business-related services.

Here is a typical claim example:

A work-related delivery is sent to your home, it could be documents, products, samples etc. The delivery person falls and suffers a serious back injury as the handrail on the stairs to the front door gives way. The delivery person sues the Virtual Assistant for bodily injury claiming negligence for a poorly maintained and unsafe handrail. The policy would cover legal costs and damages award against the Virtual Assistant

Some businesses will require the Virtual Assistant to maintain a minimum level of insurance cover before they can even commence working. We expect this mandatory requirement to keep growing, as the use of Virtual Assistants continues to grow with it.

Each individual Virtual Assistant’s insurance needs will be unique and we’ll work with you to find the best possible protection.

For a FREE ‘’no obligation’’ discussion about your insurance needs, get in touch with Amy O’Sullivan from Adroit Insurance Group on amyo@adroitig.com.au or call 03 5331 8317.

Review Before You Renew

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We all have things we subscribe to that end up not fitting our needs down the road. Maybe it’s that magazine you subscribed to back in 1992, or the gym membership that you haven’t used since you finally started fitting back into those jeans. Your insurance policy shouldn’t get lumped in with these things.

It’s one of those things that’s misunderstood; your policy is not something that you just set and leave as it is. It’s something that you should always be reviewing, in conjunction with your broker. – Damon Edwards, Branch Manager.

 

Insurance policies renew automatically, but you’ll be notified by your insurance broker or financial adviser before that happens to see if anything has changed. This is the perfect opportunity to review your insurance policies and ensure your coverage still suits the needs of your business.

Here are a few examples of changes that could affect your insurance cover:

  • A significant increase (or decrease) in revenue
  • A significant increase or decrease in stock
  • A purchase of a new asset like a property or piece of machinery
  • A change in business activity
  • A change in market conditions

These business milestones, like growing your staff, opening a new store or upgrading to the latest equipment, are exciting. They can change your life and improve the profitability of your business. As much as they change the way your business operates, they also change the requirements of your insurance policy – and sure, that takes some of the romanticism out of it, but these are the assets you’re working so hard to protect.

Life grows along with you, so make sure you enable your insurance policies to do the same. Your Adroit Insurance Broker or Financial Adviser will get in touch with you to review your insurances, so take that opportunity to update them on any changes in your life or your business. If your broker or adviser doesn’t do this, talk to one of our trusted Adroit Brokers for a free no obligation insurance review.

An insurance broker works for you

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Insurance claims are naturally made at a stressful time in your life. Whether it’s a minor fender-bender or something more serious it’s not a time when you want to be put on hold or waiting days to hear a response to your claim.

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Don’t Be Wrong-footed By HR Slip-ups

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HR slip-ups are costly. No matter how stringent the HR processes you can never completely avoid the risk of claims against your company by employees.

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