Transform Masters: Sharon Fox-Slater talks to the 2017 Transform Masters about the types of insurance that can be implemented in your business e.g. professional indemnity, cyber crime, landlord/pets and business continuity, and the importance of performing regular audit checks on your internal and external procedures and policies.
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Introduction to insurance and partaking in a risk assessment i.e. insurance broker looks at your business overall to determine what needs to be insured – 01:35
While professional indemnity is important to have in your business, don’t neglect newer and developing risks such as cyber crime. Undergo audit checks to identify what data needs protection – 02:54
Employees stealing data is a potential risk which you can insure your business for; this is identified as criminial crime instead of cyber crime, so different insurance terms may apply – 05:39
Business interruptions e.g. floods, fires, etc that disrupts the day-to-day operation of a business can also be insured; a reliable policy will continue cashflow despite any unexpected incidents – 06:47
Don’t search out cheap insurance policies because they are cheap; insurance brokers are important in explaining what you need covered without the bias of insurance companies (they advise independently) – 07:53
Pets in properties (inc. changes in Victoria) and what to consider regarding landlords and policies if requiring pet cover in your properties – 08:50
“Having really good systems and procedures, documenting your processes, and really clear note-taking or recording of conversation” are important, particularly if cases are taken to a court of law – 10:48
Internal checks and audits should be done regularly to see if staff are adhering to your procedures and policies – 12:16
‘Key man insurance’ i.e key individuals who run the business can be insured for in case anything happens to them – 13:55