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GSK reaches 40-year milestone (Source: businessnews.com.au)

As GSK Insurance Brokers celebrates its 40th anniversary, founder and managing director Graham Knight says a strong client-first focus has been key to sustainable success.

With 15 years of experience in the insurance industry under his belt, in 1981 Graham Knight began GSK Insurance Brokers from humble beginnings, driven by a passion for people and a strong entrepreneurial spirit.

Today, the proudly Western Australian company is comprised of fifty-odd loyal employees and retains a mix of its first clients among many more, which have steadily grown in tandem with GSK along the road.

Across 40 years of providing insurance, risk management, claims advocacy and workers’ compensation related advice to businesses and individuals across Australia, GSK’s core values have remained the same.

Mr Knight puts the growth and sustained success of GSK primarily down to a client-first focus, strong relationships and a solid workplace culture.

“I’ve always been passionate about insurance as it’s a great industry for a lot of people and one that helps a lot of people,” Mr Knight said.

“The culture that I’ve aimed to develop at GSK, and believe has been developed, is one where nothing is too difficult when it comes to helping our clients.

“As our local and global operating environments continue to change, so do our clients’ risk profiles, and our focus will be on ensuring we adapt to the needs of our clients during these challenging times.

“However, our core principles of personalised service and professionalism will remain firm,” Mr Knight said.

  The changing landscape

With the rise of digital tools and systems, it’s easy to forgo the face-to-face contact and connection that were the original foundations of the industry. But Mr Knight says GSK remains true to this approach and his team never hesitate to make physical contact with its clients to gain a better understanding of their needs.

“Digital progression is certainly a vital part of our operations at GSK, however the change I have seen with digital advancement over the years is less willingness to go and see people,” Mr Knight said.

“People do still want to build a relationship, which is a big part of what this business is all about.

“With a focus on people, our growth has been purely organic, without the need to actively seek out or undertake strategic business acquisitions,” he said.

Mr Knight said ultimately a combination of digital tools and in-person interaction would deliver the greatest value for their clients.

  Overcoming market challenges

The landscape of insurance broking in Australia is a dynamic one; consistently fluctuating based on the capacity and appetite of the major insurers.

The navigation of which is heavily dependent on a strong history and deep understanding of the industry, combined with long-standing relationships with local and global business partners.

Mr Knight notes one of the biggest challenges encountered in his business is communicating with clients the messages from insurers and the realities of the market when times get tough.

“At the moment we’re in a very hard market and we’re seeing property insurance as very difficult for some clients depending on the necessary risk, and that relates back to capacity for insurers and their appetite,” Mr Knight said.

“When you know the markets and do all the things required from a good business perspective and combine that with the ability to build relationships, that’s the key to retaining long-term clients.”

  A culture built on teamwork

In his forty years of operating GSK, Mr Knight said the culture of the company is his greatest achievement.

He notes one of his proudest moments with the company was announcing 176 years of combined service across his team at their 25th anniversary. Today the figure would surpass that, reflecting the strong sense of satisfaction and loyalty among the staff.

“We’ve been extremely fortunate to always have good people on board,” Mr Knight said.

“At GSK we don’t refer to clients as ‘owned’ by individuals but instead consider clients a team responsibility and their progress a team achievement.

“The company works together to attract, retain and help grow each client and I believe that approach is fundamental to a culture founded on teamwork.

While Mr Knight looks to take a step back and reduce his workload after 55 years in the industry, he says he’s currently still as hands on as ever and hasn’t lost the passion for working with people.

“I’m looking forward to seeing GSK continue to grow by maintaining our levels of service and continuing to secure quality people,” Mr Knight said.

  A message from GSK

As they celebrate 40 years of being a proudly West Australian owned and operated business, GSK would like to take the opportunity to thank their loyal clients, hardworking staff and business partners, as they look to continue delivering innovative insurance solutions and unmatched levels of service.

  Article Source: https://www.businessnews.com.au/article/GSK-reaches-40-year-milestone

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from Dilate Manager https://bit.ly/3iioep8 via GSK Insurance Brokers

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GSK celebrates 40 years in the industry (Source: Insurance Business Australia)

GSK Insurance Brokers (GSK) is now officially celebrating its 40th anniversary of providing insurance, risk management, claims advocacy, and workers’ compensation advice to individuals and businesses in Australia.

Established in 1981 in Perth, the West Australian owned and operated business has come a long way in four decades, but its core values have remained the same – focusing on specialist insurance knowledge, tailored advice, clients’ best interest, and high-quality customer service.

“GSK is built on our strong client-first focus,” said GSK founder and managing director Graham Knight, who added that the brokerage has grown primarily through referrals from satisfied clients rather than acquisitions.

“As our local and global operating environments continue to change, so do our clients’ risk profiles, and our focus will be on ensuring we adapt to the needs of our clients during these challenging times. However, our core principles of personalised service and professionalism will remain firm.”

Knight thanked GSK’s loyal clients, staff, and business partners for their support as the company continues to deliver insurance solutions and high-quality customer service.

  Article Source: https://www.insurancebusinessmag.com/au/news/breaking-news/gsk-celebrates-40-years-in-the-industry-256661.aspx

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from Graham Knight https://bit.ly/3vVAkZa via GSK Insurance Brokers

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GSK Insurance Brokers celebrates 40-year milestone (insuranceNEWS.com.au)

WA’s GSK Insurance Brokers is celebrating 40 years of providing advice on insurance, risk management, claims advocacy and workers’ compensation to businesses and individuals across Australia.

Established in 1981 in Perth, GSK says it combines specialist insurance knowledge, tailored advice and exceptional customer service.

Founder and MD Graham Knight’s energy, enthusiasm passion and drive are the same now as four decades ago, it says.

“GSK is built on our strong client-first focus,” Mr Knight said, adding that the business has grown successfully “purely on referrals from happy clients” and GSK’s core principles of personalised service and professionalism remain firm.

“As our local and global operating environments continue to change, so do our clients’ risk profiles, and our focus will be on ensuring we adapt to the needs of our clients during these challenging times,” he said.

GSK took the opportunity at its special anniversary to thank loyal clients, hardworking staff and business partners for their support as it looks ahead to “continue delivering innovative insurance solutions and unmatched levels of service”.

Article Source: https://www.insurancenews.com.au/the-professional/gsk-insurance-brokers-celebrates-40-year-milestone

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from Graham Knight https://bit.ly/3g4orcO via GSK Insurance Brokers

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GSK Insurance Brokers Celebrates its 40th Anniversary

A proudly West Australian owned and operated business GSK Insurance Brokers are celebrating its 40th anniversary of providing insurance, risk management, claims advocacy and workers’ compensation related advice to businesses and individuals across Australia.

  Established in 1981 in Perth, Western Australia, GSK Insurance Brokers have come a long way since their humble beginnings, however the core values of the business have remained the same. GSK is built on a combination of specialist insurance knowledge, clients’ best interest, tailored advice and exceptional levels of customer service. 

  A large part of GSK’s success must be attributed to the passion and drive of Founder and Managing Director, Graham Knight. Graham is committed to the investment in his people and providing the highest levels of service to his clients, and his energy and enthusiasm are the same now as they were 40 years ago. 

  Knight recently commented on the achievement of 40 years in business, “GSK is built on our strong client first focus. Our growth has been achieved without acquisition and based purely on referrals from happy clients. As our local and global operating environments continue to change, so do our clients risk profiles, and our focus will be on ensuring we adapt to the needs of our clients during these challenging times. However, our core principles of personalised service and professionalism will remain firm.” 

  GSK would like to take the opportunity to thank their loyal clients, hardworking staff and business partners for their wonderful support as they look to continue delivering innovative insurance solutions and unmatched levels of service.

  For further information on GSK Insurance Brokers visit: www.gskinsurance.com.au and keep up to date with the latest insurance insights on LinkedIn: @GSKInsuranceBrokers

  Boilerplate: GSK Insurance Brokers, established in 1981, are one of Australia’s leading providers of risk management, insurance, claims advocacy and workers’ compensation related advice. Their client proposition is built upon deep specialist knowledge, client’s best interest, tailored advice and service excellence.

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from Graham Knight https://bit.ly/3fWArgl via GSK Insurance Brokers

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Risk management tips for child-care centre owners

As with any business, when you are running a child-care centre it’s vital to have a careful risk management plan in place to cover yourself, your business and your assets. It can be confusing to make sense of the different kinds of insurance and what they all mean, and to understand what you need to do as the owner of a day-care centre in terms of liability, risk management and insurance policies. Speak to your GSK Insurance broker about the things to consider when outlining your risk management protocols. Here are some tips to get you started. 

Be Aware of Licences/Permits

Legal requirements around necessary licences and permits for child-care centres can differ from state to state, so it’s important you research those specific to your area. Different licences may be required to care for children of specific ages, so make sure you obtain the necessary ones for your business model. These licences and permits often need to be updated or re-licenced every few years, so make sure you keep on top of this.

  Staffing Considerations

While not all staff have to have specific qualifications, there are guidelines that must be adhered to in regards to the ratio of qualified and unqualified staff working at any one time. In addition, there are strict rules about how many children can be placed under the care of the staff before more staff need to be added. Staffing guidelines are one of the aspects examined by an insurance company when writing a policy. For the safety of the children, with the benefit of lowering premiums, make sure your staff rostering and training is at 100% compliance. 

Safety 

In addition to staffing considerations, an insurance provider writing a policy for a child-care centre will look at the safety of the building, interiors, exteriors, and safety protocols. State guidelines determine specific rules for buildings of child-care centres (and it’s important to adhere to them), but beyond that it’s also vital to ensure the buildings are safe for the age groups you will be hosting. Age-specific furniture – like small chairs for young kids – will help reduce the risk of injury, and will be taken into consideration by your insurance provider. 

Crisis Management

Safety is of the utmost importance in any business model to mitigate the risks of injury and losses to your business. As listed above, having good safety protocols in place will help reduce this risk. However, accidents can happen, and therefore it’s essential to have a sound crisis management plan in place. This plan will outline the course of action in the event of an accident, injury or other incident. Educate staff so that everyone knows what the crisis management plan is for each scenario, and will be able to act swiftly. Consider other events which are largely out of your control but which may impact your business – like floods, other extreme weather events, power failure or fire. Establishing a plan and ensuring each staff member can follow it will minimise the effect these incidents would otherwise have on your business. This quick, effective management of a crisis will help ensure your reputation stands up after the event, too. 

Health and Sickness Policies

Young kids are often sick, and in many cases it is seen as an unavoidable aspect of attending child-care. However, it’s essential you have in place a clear health and sickness policy, so that both the staff and parents of the children know when to remain home, or keep their child at home. This is particularly crucial now, in the face of the global COVID-19 pandemic. The state and federal governments are already imploring people to remain at home if they are sick – make sure your health and sickness policies mirror those set by the governing bodies in your region. Having a solid policy in place is important – as well as ensuring each party involved in your child-care centre is aware of the policy, and follows it. 

General Liability Insurance

General Liability Insurance covers common risks, such as injury to a child, and damage to the property of a child. This type of insurance is great for peace of mind – it will protect you from the high cost of lawsuits, and will help you qualify for leases and contracts. Because of the general nature of this insurance, and because it covers against injury to customers (in this case, the children in the centre), many small businesses purchase this insurance from the beginning. 

Property Insurance

Property Insurance will cover you for broken, lost, or stolen business property and equipment. This includes losses as a result of a break-in, natural events such as a flood, a fire, or many other events where your company suffers property loss. As with General Liability Insurance, oftentimes you will need this level of insurance if you are renting or leasing the space for your child-care centre. Many insurance providers will offer bundles on insurance, and you may be able to bundle your Property Insurance with your General Liability Insurance policy to reduce premiums and get all the coverage you need. 

Management Liability Insurance

This insurance will protect you personally, and therefore protect your business and your assets. It covers a manner of things such as misconduct, breach of duty and misleading statements. Management Liability Insurance will cover you for investigative costs as well as necessary legal fees. This insurance largely relies on close examination on a case by case basis, so check with your policy to see what is covered. 

  While running any business, a sound risk management plan and solid insurance coverage is crucial – but it can seem especially so when little people are involved! To run a successful child-care centre, parents need to feel safe and secure in leaving their children with you. These risk management steps are necessary not only so you can run a successful, secure business, but also so that you can offer the parents peace of mind that their child is being looked after in a safe environment, with careful protocols in place should they be necessary. 

  Not sure how your risk management plan stands up? Contact your GSK Insurance broker today. 

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from Graham Knight https://bit.ly/3xKP1zx via GSK Insurance Brokers

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Construction Insurance Market Update 2021

The construction insurance market in Australia is changing in 2021, with some insurers leaving the market, resulting in an increase in pricing, rising excess levels, and more restrictions placed on policies and claims. In addition, COVID-19 has had an impact on the construction industry and related losses. New and changing reforms around Mandatory Insurance for those in the construction industry are worth noting, and may affect the market even further. Global and local market losses have been observed by insurers that provide cover to the construction industry, and in some cases these large-scale project failures are leading insurance providers to question their long-term suitability to serve insurance to the industry. Likewise, an increase in natural disasters and related losses has seen the premiums of insurance increase. In order to combat the changes to the construction insurance market in Australia, it’s important to understand the shifts in the industry, and work closely with your GSK Insurance broker to find the correct level, and provider, of construction insurance for you.

  Global losses and project failures

2018 and 2019 saw market-defining losses in the construction sector and, combined with a large number of natural catastrophes which impacted projects, more and more insurance providers are exiting the construction insurance market. Flash floods, typhoons, hurricanes and project failures in high-profile oil, gas and hydroelectric fields globally have drawn attention to this layer of risk for insurers and insureds. Identifying the possible deterioration of profitability in this sector, insurance providers are opting out of offering insurance in the construction market. In addition, there has been a step away from long-term contract periods, with a heavier reliance on short-term risk management, further impacting how insurance is offered in construction.  

  Increased pricing

2020 saw the increase of contract works insurance premiums by around 30-35% in the Pacific. Similarly, the dynamics of the insurance market has shifted as more insurance providers have exited the construction market, leaving fewer competitors. With fewer insurance providers offering insurance in this sector, and with high associated risks of natural disasters and project failures, insurance premiums have risen. It is as important as ever to compare policies and providers to ensure the best deal is received. 

Update to excess levels 

As we have seen with premiums, excess levels have grown as a result of higher losses and fewer insurers providing insurance in the construction industry. In 2020, the cost of excesses increased 15-30%, making claims potentially quite costly for the insured party. 

  Change to more restrictive coverage

In order to mitigate the higher risks of natural disasters, project failures and losses, insurance companies still providing to the construction sector are, in some cases, restricting coverage. Projects involving airport loss exposure, marine works, COVID-19, and other associated risks are being subjected to greater scrutiny by insurance providers, likely leading to restrictive coverage if any cover will be provided at all. This shift means insurance policies providing construction coverage may be less comprehensive. The insurance providers are mitigating their losses by not providing coverage for these high-risk threats. 

  COVID-19

The global COVID-19 pandemic has had more repercussions than could have been predicted – and these repercussions will no doubt continue to be felt for some time. As a result, many insurance providers are now making allowances – or restrictions – for COVID-19 and what will or will not be covered as a result of related losses. As with every industry, COVID-19 had an impact on the construction insurance market and will continue to do so, and is another risk and potential loss responsible for driving up insurance premiums in the current market. COVID-19 related losses are sometimes covered under specific insurance policies, so it is worth investigating if it may affect your business.

  Mandatory Insurance reforms

Reforms are being made in various states of Australia in regards to mandatory insurance in the construction industry. Some practitioners are required to be ‘adequately insured’ in their industry, including registered professional engineers, registered building practitioners, and registered design practitioners. It’s vital to understand these reforms and maintain the necessary level of insurance as stipulated in each state. 

  How these changes might affect you

With fewer insurance companies providing construction cover, businesses should invest time in working with their brokers to generate the best insurance outcome for them. Businesses can better their chance of a favourable insurance policy by actively reducing risks, demonstrating these reductions in risks, minimising claims, and building a sound relationship with insurers. These steps will assist businesses in finding the most comprehensive level of cover for the best price tag. Navigating the changes to the construction insurance market is the best way to limit increases to cost, while maintaining a broad level of cover. It’s worthwhile comparing insurance providers, their policies and related costs to get the best level of cover for your business. Get in touch with your GSK Insurance broker to see how your construction policy stands up in the current market, or if it is lacking the peace of mind you require.

The post Construction Insurance Market Update 2021 appeared first on GSK Insurance.

from Graham Knight https://bit.ly/2RcbbtA via GSK Insurance Brokers

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What does the Travel Insurance Market look like in 2021?

The year 2020 was one of unprecedented circumstances in every aspect of life around the globe, and one that forced each industry to adapt. As we continue to move forward in the COVID-19 world, as restrictions and border closures are eased and then reinforced, the importance and role of travel insurance is ever-evolving. After a massive decline in growth in 2020, the travel insurance market is adapting to the requirements of consumers in the current COVID-19 climate. Travel insurance providers are leaning towards a previously unheard of level of transparency in regards to what their policies cover, as well as providing extra flexibility and extra cover against cancellations. As we move forward in 2021 and indeed as the world tries to recover from COVID-19 and international travel picks up again in 2022 and onwards, the travel insurance market will likely continue to adapt and provide peace of mind for consumers against COVID-19 related claims and cancellations. 

  COVID-19 coverage

Prior to the COVID-19 pandemic, largely insurance policies did not provide cover against a pandemic or related travel restrictions and cancellations. It’s important to note that insurance policies can’t and don’t cover against every eventuality or potential loss. However, it’s true that travel insurance policies prior to the COVID-19 outbreak were not equipped for a global pandemic. Cancel For Any Reason (CFAR) cover has seen a huge increase since the beginning of the pandemic, and will likely continue to grow. It is a more costly addition, but consumers and travellers are increasingly looking for the peace of mind such a policy offers. CFAR insurance will reimburse you for a stipulated percentage (such as 75%) of prepaid, non-refundable trips – regardless of why you are cancelling. As travel slowly picks up, so will travel insurance. 

Ensure your policy has the cover you need

It is important to scrutinise each travel insurance policy to understand what is covered. Many travel insurance policies won’t cover COVID-19 related medical expenses, or they may cover medical expenses but not cover for cancellations if the insured party contracts COVID-19. Until COVID-19 is properly left behind us, it is important to ensure you are covered against any related travel losses or cancellations as a result of the pandemic. 

  Cover flexibility and cancellations

Cover flexibility is now more important than ever before, in the current uncertain travel market. Many insurance providers will now accommodate travel date changes, in case the trip needs to be rescheduled. In this case, the traveller can postpone the trip and insurance policy without needing to cancel and re-book. Where the option for cancellations was a popular aspect of many travel insurance policies pre-COVID, the rate of cancellation coverage has gone up to 95% of travel insurance policies since COVID-19. 

Bundling insurance 

With the need for flexibility and peace of mind around insurance, many providers are now bundling travel insurance with other policies to ensure each traveller has the cover they need. For example, some travel insurance policies bundled with medical insurance will cover health care access, at-home COVID-19 testing and wellness programs. 

Transparency

Insurance providers are becoming more transparent in terms of their inclusions. When COVID-19 first hit, many travellers weren’t sure exactly what their travel insurance, if anything, would cover them against. Prior to COVID-19, insurance providers were sometimes known for tiptoeing around their exclusions. But the pandemic has at least had the positive impact of leading to more transparency from insurance providers around their inclusions and exclusions. If a policy or provider does not protect against COVID-19 related claims, they will make this known. It is impossible for an insurance policy to protect against every possible outcome – and indeed insurance companies would not have survived the first wave of the pandemic if they did. Insurance policies are becoming increasingly transparent, so that the travellers know prior to purchasing exactly what it will cover them for. Many insurance providers are also working on streamlining the claiming process to make it easier for both parties, and to ensure a backlog of claims is avoided. 

Selecting the right cover for you

The COVID-19 pandemic, and all those that lost out on their travel plans and finances as a result of having to cancel or reschedule travel without the support of appropriate travel insurance, will likely serve as a reminder for a long time about the importance of a sound travel insurance policy. It’s going to be a long road to recovery for the travel industry, and indeed until we can safely travel internationally on any sort of regular basis. As we all try to adapt to this new COVID-19 climate, and begin to travel again, it’s vital to ensure you are protected against any related losses and cancellations to your travel plans. As we’ve seen in recent months with sudden border closures and lockdowns, travel plans can change in the blink of an eye – and this is likely to remain the case for a long while yet. Speak to your GSK Insurance broker to determine which is the best travel insurance policy for you – and consider bundling insurance policies for the best protection and peace of mind. 

The post What does the Travel Insurance Market look like in 2021? appeared first on GSK Insurance.

from Graham Knight https://bit.ly/3tJVN68 via GSK Insurance Brokers

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The state of the Cyber Insurance market in Australia

As the world continues to become more digitalised, with remote working becoming a new norm, and the cyber market ever-evolving, the threat of cyber attacks continues to rise. As a business or organisation, a cyber attack can have massive ramifications, both financially and otherwise. Disruption to business, loss of customers, tarnishing of reputation, and the large amount of time and resources to recover can effectively ruin a business. The cyber insurance market in Australia continues to grow, and many businesses are understanding just how vital a cyber insurance policy is in their risk management planning. While many organisations still rely on ‘silent cyber’ coverage, as the cyber market continues to evolve the need for a specifically tailored cyber insurance policy grows. 

‘Silent cyber’

‘Silent cyber’ coverage refers to cover against cyber threats that may fall under a different insurance policy, such as a liability or property insurance policy, where the policy does not specifically exclude cyber claims. However, as the threat of cyber attacks continues to rise, some organisations find their insurance policies lacked the response they required in regards to a cyber threat. Many organisations and businesses are now seeking affirmative cover against cyber threats. A cyber insurance policy offers affirmative and proactive coverage for claims regarding cyber threats and attacks – and it has never been more vital to have a specific cyber insurance policy in place. 

Effect on premiums 

Cyber insurance markets are increasing throughout the globe, but Australia’s own cyber insurance market is increasing at a more rapid rate. Premiums for cyber insurance have continued to grow exponentially over the last five years, both in Australia and globally. The cyber insurance market in Australia may remain smaller than other leading developed countries, such as the US, but the rate of growth in the Australian market is increasing at a faster rate than that of the US. As more companies opt for specific cyber policies, rather than relying on ‘silent cyber’, the cost of cyber insurance will continue to grow. 

What cyber insurance covers

As with any class of insurance, each individual cyber insurance policy needs to be scrutinised to determine what it covers. However, generally, a cyber insurance policy will cover cyber terrorism (including ransomware), reputational harm, some fines and penalties, and interruptions to business. As always, it is important to do your research and determine what your organisation needs to be covered against in regards to cyber safety. Speak to your GSK Insurance broker for more information on what cyber insurance can look like for you and your business.

Data breaches

Under a new scheme introduced in 2018, it has become mandatory for various organisations in Australia to notify individuals and the General Data Protection Regulation (GDPR) after a data breach that has the potential to cause serious harm. Within 72 hours of the breach, GDPR must be notified. Human error remains a large factor in data breaches, but even more so data breaches are due to malicious or criminal intent. Fines of up to $2.1 million for organisations may apply for failure to report an eligible breach. The organisation suffering the breach will also face the related business interruptions and tarnishing of reputation, so it is paramount to remain vigilant in regards to reporting data breaches. Ongoing staff training and quality maintenance is also vital, to reduce the risk of human error resulting in a data breach. 

Preparing for a cyber attack

In recent times we have seen huge, multinational companies facing massive fines as a result of customer data breaches – such as the data breaches at both Marriott and British Airways. Many businesses in the process of establishing their risk management protocols prefer to think of it as ‘when’ rather than ‘if’ in regards to a potential cyber attack, and are prepared for this outcome. In Australia, the biggest concern around cyber threats is the speed of which a threat can occur, and the related disruption of business. Coupled with large financial losses and loss of reputation, cyber attacks can be ruinous for a business or organisation. A solid risk management plan is vital, with particular focus placed on defence against a cyber attack, as well as the means to quickly recover from a potential attack. Preparing for a worst-case situation will enable your business to defend against, and recover from, cyber attacks. A sound, specific cyber insurance policy will offer peace of mind and support for overcoming and recovering from a cyber threat. Speak to your GSK Insurance broker to find out more about the importance of a cyber threat contingency plan and insurance policy, and to check that you and your organisation are covered.

The post The state of the Cyber Insurance market in Australia appeared first on GSK Insurance.

from Graham Knight https://bit.ly/3sBbBqu via GSK Insurance Brokers

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Which region in Australia has the highest insurance premiums?

Home, contents and strata insurance premiums differ from property to property, and between different insurance providers. But which region in Australia largely has the most expensive insurance premiums? An inquiry performed by the Australian Competition and Consumer Commission (ACCC) revealed that northern Australia, on average, has the most costly insurance policies. This region includes north Western Australia, the Northern Territory, and northern Queensland – all vital parts of our nation. The inquiry showed that in the last decade the cost of insurance in northern parts of Australia has increased at a more rapid rate than in any other region of the nation. There are reasons for this – as we will explore – but there may also be hope on the horizon, too. 

Why is insurance more expensive in northern Australia?

The ACCC acknowledged that there are legitimate reasons for insurance providers charging higher premiums in northern Australia. Severe weather events are more likely to occur in the northern part of the nation, which can be costly for insurance companies to cover. Likewise, in some cases insurance isn’t as readily available in northern Australia as other regions, meaning there may not be the possibility of comparing various insurance policies for the best deal as is often the case in other parts of the country. Insurance coverage for remote areas is more costly to the insurance provider, hence their higher premiums. 

Potential ACCC solutions

The rise in insurance premiums in northern Australia has seen an increase in uninsured homes. The ACCC, as a result of their inquiry, suggested there be subsidies and solutions put into place for consumers and insurance providers in this region to increase affordability. In addition, the ACCC has made recommendations after their inquiry that could lead to more availability of insurance in these regions. They are looking at solutions for the short- and long-term for consumers and insurance providers alike, and acknowledge that it is unlikely that anything will change without the introduction of some form of subsidy from the government. The ACCC has also recommended providing immediate relief for consumers that may be suffering due to the unaffordability of some insurance policies in these regions. Another call to action has been made around stamp duty on insurance, with the ACCC recommending it is either abolished, or changed to reflect the sum insured. Another recommendation will see insurance providers working more closely with consumers struggling financially, with deferring payments or offering various payment plan options. 

Risk management 

As we know, having an insurance policy in place is vital to the livelihood of consumers, and despite the high cost of insurance policies in northern Australia, the necessity of insurance does not lessen. By ensuring you have an appropriate level of cover in place, you will have peace of mind knowing you are protected against any risks to your home and/or contents. While these findings by the ACCC will hopefully bring about positive change in relation to insurance premiums in parts of the nation that on average have higher costs, it may be worth looking at your situation in the meantime to see if any improvements can be made to your insurance policy, or if a different provider may be better suited to your needs.

Reducing the risk of damage or loss

Another step that the ACCC has recommended is further work around building regulations that will aim to reduce the risk of damage and loss in areas of high risk, such as northern Australia. This would include regulations for building new, resilient buildings as well as retrofitting existing buildings for stability, and would encourage consumers to mitigate risks around preparing their homes for potential weather events such as flooding or cyclones.

Finding your best deal and checking your cover

In particular in northern Australia, but generally around the nation as well, the ACCC revealed that insurance premiums from different providers can vary a great deal for the same property. It is possible that some consumers may benefit or save from swapping providers, but shopping around for a better deal can be a challenge – particularly if you are in a remote or ‘high risk’ area, such as somewhere that is more likely to see severe weather events. Get in touch with your GSK Insurance broker, who will be more than happy to assist you in ensuring you have the best insurance policy in place for your circumstances and your region. 

The post Which region in Australia has the highest insurance premiums? appeared first on GSK Insurance.

from Graham Knight https://bit.ly/2RrXl6K via GSK Insurance Brokers

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Who is responsible for damages to goods in transit?

Even before there were business contracts as we know them now, the question of ‘who is responsible for the damage?’ regarding goods in transit was a well contested one. There are various factors that determine where liability falls in the event of damage or loss of goods in transit. Contractual obligations, determining when the goods officially change possession between buyer and seller (and private carrier, if required), as well as possible negligence and the understanding of common law are all factors to consider. In order to mitigate potential losses from damage of goods during transit, it is important to ensure you have a comprehensive transport insurance policy in place, and all involved parties are aware of their responsibilities during the transit of the goods. 

Change of ownership

It is paramount for all parties involved to know when it is that the goods change ownership – whether it is when the goods are delivered, when they are first sent out for delivery, or some time in between. Determining this will help ascertain who is responsible for loss or damages along the track. Whichever party is responsible for the goods at any given time also carries the risk associated with damage or loss. When ownership of the goods is officially transferred from seller to buyer, so is the liability – but this doesn’t necessarily occur when the goods are delivered. The parties to the sale can nominate when the ownership passes from seller to buyer – and it is in the best interest of all parties that this is made clear in the contract.

Private carriers 

A third party private carrier may be employed to deliver goods from the seller to the buyer, or for part of the transit journey. Though the private carrier will not be transferred ownership of the goods, there is still a risk to them should damage or loss occur when they have possession of the goods. As a private carrier, it is important to determine what you may be liable for while the goods are under your care. The rules of the common law principle known as laws of bailment apply here, as do any terms outlined in the contractual agreement between the private carrier and the other parties. The laws of bailment mean that in the event that there are no contractual terms that say otherwise, the private carrier will be liable for any damages to the goods while they are in their possession in some situations – that is, damage due to a lack of reasonable care, or of a deliberate act leading to damage. It is particularly important as a private carrier that you have a clear understanding with the buyer/seller around your responsibility to the goods – as insurance may not cover losses if it is determined the private carrier doesn’t have an insurable interest in the goods. 

Negligence and reasonable care

As mentioned, private carriers have a responsibility to take reasonable care of the goods while they are in transit under their possession. This means any loss or damage to the goods deemed to be from negligence or misconduct will be seen as the responsibility of the private carrier – and in these cases, it is unlikely that the loss will be covered by insurance. Similarly, in the case of theft by an employee of the private carrier, the private carrier will be found responsible – and unlikely to be covered under their insurance policy. If damage occurs while the goods are in the possession of the private carrier but it is not due to misconduct or negligence, it may be covered under the insurance policy. 

Contractual terms

As with any aspect of business agreements, it is important to have a comprehensive contract in place when transporting goods between the buyer and seller, with or without the use of a third party private carrier. Ensuring each party understands their responsibility, and outlining these agreements in the contract, will make the settling of potential disputes straight-forward and hopefully unnecessary. Barring contract terms that are seen as breaking contracting law – such as unfair contract terms – contractual stipulations prevail over the terms of the common laws of bailment. 

Reducing risks – buyers and sellers 

It is the responsibility of both the buyer and the seller involved to outline and understand the contract terms, and to understand when ownership of the goods is transferred to them. Ensure a sound contract is in place, outlining liability at each given stage of the transport process, and make sure all involved parties understand and acknowledge these terms. Both parties should have appropriate and comprehensive insurance policies to mitigate any potential damages or losses that may occur. 

Reducing risks – private carriers

The contract between the buyer and seller may not apply to private carriers. It is the obligation of the private carrier to take reasonable care in the transport of the goods, and in the delivery of the goods to their destination. This includes taking responsibility for deliberate misconduct or negligence that occurs as a result of their employees. Private carriers should also have appropriate and comprehensive insurance policies to mitigate any potential damages or losses that may occur. 

Transfer of goods via sea or air

In general, the terms outlined here refer to transfer of goods via road. For goods in transit via sea or air, for example the transport of goods internationally, different rules and liabilities may apply. 

Check your contracts and insurance policy

Clarity of contractual terms, as well as defining transference of ownership, are paramount to each party taking responsibility for any damages that may occur when they are liable for the goods in transit. Each party should be prepared to fulfil their obligations, and should have the appropriate insurance cover and risk management in place to deal with any losses to goods in transit. If you have concerns about what your insurance policy covers, check with your GSK Insurance broker today. 

The post Who is responsible for damages to goods in transit? appeared first on GSK Insurance.

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How Cyber Insurance will help protect your business against ransomware

The prevalence of cyber attacks against businesses is only growing, and with it, the importance of cyber insurance is increasing. A cyber threat to a business can not only halt operations, lead to a loss of revenue and cost the company a large sum of money to get back up and running, but it can tarnish the reputation of the business and break the trust between business and consumer. But there has been a new discussion gaining traction recently – that cyber insurance actually encourages ransomware and other cyber attacks. The arguments to this view point are flawed – as we will see – and here at GSK Insurance we aim to show you the importance and value in cyber insurance in today’s digital age. 

Is ransomware targeted? 

An important thing to note in the discussion about the importance of cyber insurance is that ransomware attacks are not ‘targeted’. To target one company or network is time consuming and costly, and doesn’t have a guaranteed success rate for the hackers. Instead, an attack will be launched against a specific – but widespread – vulnerability. In this way, the ransomware is distributed widely in the hopes that someone will take the bait, rather than targeted to one specific potential victim and have a higher chance of failure. Rather than targeting one company at a time, the attackers distribute widespread chaos and hope that something sticks. 

Incentives to pay the ransom

The consequences of ransomware or any form of cyber attack can be huge. A company can face massive losses financially and otherwise if ransomware halts operations or leads to loss of business or customers, and it can cause issues for days, weeks or even months. Oftentimes the loss the business faces from the halting of operations is even larger than the ransom itself. Insurance is vital to absorb these costs, whether to cover the losses as a result of the cyber attack, or to pay the ransom and gain back full business operations. 

It’s your call

Ultimately, it’s up to the insured party to decide to pay the ransom or not – not the insurer. The insurance company will be able to assist with bringing in the right team of experts to assess the situation, recommend a timely response, and begin to recover from the attack. But if the insured party decides against paying the ransom, the insurance company will support this and cover will still stand. 

Education and prevention

Far from just responding after an attack has occurred, cyber insurance also works with the insured party to prevent cyber attacks. During the insurance underwriting process, the insurance company will educate the insured party on the threat of cyber attacks and how to prevent them, as well as raising awareness and identifying how the company should be responding to potential threats. A large number of cyber attacks are through phishing, and insurance companies will look into how the insured party is combating these potential threats. 

Cyber insurance and other risk management

A cyber insurance policy, while vital, should not be your only defence against ransomware and other cyber threats. It’s important to put in place other risk management solutions, to protect your business from cyber threats. These steps include the adequate training of staff to recognise threats, limiting user access, and having sound cyber safety. Your cyber insurance provider will be able to assist you with mitigating and reducing the risk of a cyber attack. 

Cyber insurance claims

Cyber insurance reliably pays claims relating to cyber attacks related to ransomware, disruptions to the network, data breaches, and other cyber threats. If the insured party chooses not to pay the ransom, the insurance provider will pay the related costs in recovering from the attack, and reimburse the business for the income lost as a result of the attack. While we understand nobody wishes to pay the hackers, sometimes the company under attack will make the decision to pay the ransom in order to minimise disruption to their operations and network. Cyber insurance policies will cover these costs, as well as the cost of experts required to negotiate with the hackers. 

Check your policy

Ransomware threats are widespread and target vulnerabilities among many different networks at once. Having in place a sound cyber insurance policy can offer peace of mind against cyber threats – knowing you will be covered against loss of income due to a cyber attack, and will also be able to get back into control much faster. Ultimately, the decision is left up to the insured party as to whether to pay the ransom or not – and your insurance policy will cover you either way. In the digital age in which we live, the threat of cyber attacks is ever-evolving and increasing, and a cyber insurance policy is one of the best ways to combat against hackers, ransomware and other cyber attacks. For more information on finding the best cyber insurance policy for you, get in touch with your GSK Insurance broker today.

The post How Cyber Insurance will help protect your business against ransomware appeared first on GSK Insurance.

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Risks in the Road Freight and Transport Industry due to COVID-19

The year 2020 brought many changes to the way businesses operate, both in Australia and internationally. With lockdowns, border closures, shortages of goods, and supply chain issues, each industry has found ways to work under the ‘new normal’. Road and marine freight transport have evolved – and therefore so have the risks associated with these industries. Here at GSK Insurance we believe it is vital to understand the new risks that are a result of the COVID-19 global pandemic in order to mitigate any additional hazards, and to understand what is covered by your transport insurance policy.

Disruptions to supply chain, warehousing and distribution

Especially at the beginning of the COVID-19 pandemic, we saw a huge shortage of key products, as well as demand issues related to receiving international goods, or due to lockdowns resulting in reduced capacity at warehouses and distribution centres. As the situation continues to change, it’s likely we will continue to see rushes and quiet periods as the industry copes with the high demand and catches up on the backlog. A spike in demand can lead to an upturn for your business – but it’s important that the warehouse and supply chain is equipped to deal with the increase in turnover. 

Policies that cover COVID-19 related claims

Under certain environmental insurance policies, there may be coverage for COVID-19 related expenses such as extra sanitation and cleaning. However, as always, each policy must be individually scrutinised to determine if it covers this specific event. It is best to check your policy to see if any costs will be covered before taking measures for additional services as a result of the pandemic. 

Making a claim due to COVID-19

If you need to lodge a claim related to COVID-19, it is best to get started recording specific information such as relevant dates, losses and damages as soon as possible. Check with your insurance policy what documentation you will require for the claiming process. It’s equally important to check your policy for clauses related to vacancy and similar, with so many commercial business spaces being left vacant while remote working is taking place. In order to mitigate losses, it’s recommended you regularly check up on your vacant business premises, and ensure that they are adequately secured. 

Employee risks

With the move to remote working, as well as evolving work requirements and the financial stress of the COVID-19 global pandemic, there is a higher risk of fraudulent or dishonest behaviour from employees. This brings with it an increased risk of financial loss, loss of resources or a tarnishing of reputation if these situations are not handled carefully. Review HR policies and undertake careful background checks for potential new hires. Offences as a result of misconduct or dishonesty may remove cover from claims, so it is paramount that any issues stemming from employee misconduct are avoided. 

Border controls/lockdowns

For interstate transport, be aware of the requirements in each state for entering and bringing in goods, as they are often changing. Border controls can lead to delays in delivery of goods, so ensure you are prepared for this in your business structure. Keep up to date with current border closures or local guidelines to ensure there are no further delays due to incomplete paperwork or failure to understand the requirements for moving goods between states. 

Mitigate any WHS risks

Social distancing guidelines are likely to remain for quite some time, and this may lead to reduced operations to ensure that social distancing can be maintained at all times. With reduced staff can come other risks in a Work Health and Safety capacity, so it is as important as ever to maintain excellent WHS standards. The COVID-19 guidelines set by each state government are constantly changing, and it is important you understand the current WHS guidelines, and that they are enforced in each sector of the road freight and transport industry. 

COVID-19 specific WHS guidelines

Extra sanitation is a necessity, in warehouses and distribution centres as well as all vehicles. Employees must adhere to strict hand sanitation and hand-washing guidelines as per local government mandates. Some extra sanitation and deep cleaning may be covered by your insurance policy, so it may be worth looking into. For example, this may be the case under a Public Liability insurance policy where business premises are potentially exposed to COVID-19 contamination – in this scenario, your policy may cover you for sanitation from an accredited provider. As stated, it is best that before hiring a third party to undertake a deep clean, you check with your policy to see if it is covered. 

Stay up to date 

The local situation is constantly evolving, and it can change from one day to the next – as we’ve seen in recent times with the Victorian and Western Australian lockdowns. Subscribe to Government alerts to keep on top of the ever-changing guidelines, and what it means specifically to the road, marine freight and transport industries. 

Review your current policy

An up-to-date insurance policy created specifically to your needs is vital to the ongoing protection of your business, particularly during the uncertainty of this global pandemic. Ensure you understand what your policy currently covers, whether it covers any COVID-19 related events or losses, or if you need to make amendments to your policy. If you are not sure how best to mitigate the new risks to the road freight and transport industry, reach out to your GSK Insurance broker.

The post Risks in the Road Freight and Transport Industry due to COVID-19 appeared first on GSK Insurance.

from Graham Knight https://bit.ly/2NMaiqy via GSK Insurance Brokers

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What the Workplace Health and Safety Insurance Amendments means for you, your business and your insurance

Following on from the changes to NSW Work Health and Safety Act in June 2020, Western Australia has followed suit. After receiving royal assent on 10th November 2020, a new Work Health and Safety Act (2019) has been passed in Western Australia, due to come into effect in 2021. Replacing the previous Work Health and Safety Act, the change in legislation could have ramifications for your business and insurance policy. Here at GSK Insurance Brokers, we aim to ensure you understand the amendments to the Act, how it may affect your business and business insurance, and what you need to do to ensure you are covered. 

Due Diligence Duty

It’s paramount that the officers of your business (this includes directors and any key decision makers) be aware of these changes, and act in line with the amendments. Due diligence duty applies to the senior members and ensures that everyone under the umbrella of the business – including contractors and subcontractors – meets and upholds the safety guidelines, and adheres to WHS rules. The senior management and key officers of an organisation are expected to be proactive in regards to safety, not simply reactive. 

General changes and how they affect you

Generally, insurance already does not indemnify a person from liability if the offence is committed with ill intent. The amendments to the Act will mean that insurance cannot cover fines and penalties that are the result of an offence against Work Health and Safety. These changes may have different ramifications for different classes of insurance.

‘Workers’ rather than ‘employees’

Under the broader term of ‘workers’ rather than ‘employees’, the new Act makes it clear that contractors, subcontractors, apprentices and similar are all included. This means that no matter how the work is structured, there is no doubt that the business has a duty towards all of those that fall under the ‘worker’ category. It is in the best interest of the business or organisation that each ‘worker’ is familiar with and competent in correct Work Health and Safety practices.

Increase in penalties

Failing to understand and implement the changes to the Act could lead to harsh penalties for your business or organisation. In addition, penalties for misconduct are expected to increase. For example, the maximum penalty for a serious offence that results in serious injury or death is increased to $3.5 million. These penalties cannot be covered by your insurance policy, so it is important that each member of the business (including contractors and subcontractors) be aware of possible misconducts, and actively avoid breaking WHS guidelines. 

Directors’ and Officers’ Liability Insurance

Previously, Directors’ and Officers’ Liability insurance may have covered some penalties that arose under breaking WHS guidelines in relation to a breach of statute. Under the changes to the WA Act, the policy will no longer cover fines and penalties that result as an offence against the new Act. Ensure each member insured by your policy understands and upholds safety guidelines in relation to WHS standards. 

Profession Indemnity Insurance 

Generally, cover provided from Profession Indemnity Insurance should remain the same under the new changes to the WA Act. The changes to the WA Act may mean that some civil penalties are no longer covered by the PI insurance policy. It’s important to note the individual wording of your policy, as it may limit the cover of civil penalties. In the event that there are no specifications in the PI policy, the Act is likely to prevent cover of civil penalties. Ensure you understand the implications of these changes on your specific Profession Indemnity policy. 

Crime Insurance, Cyber Insurance and other 

The nature of Crime Insurance generally does not cover fines and penalties – usually this will be expressly outlined in your policy. Therefore, the changes to the WA Act are unlikely to change this. Likewise, the WA Act is unlikely to cover a fine or penalty as a result of a WHS offense under a Cyber Insurance policy. Each case will be individually scrutinised under Employment Practices Liability (EPL) Insurance as to whether fines and penalties as a result of an offence will be covered. 

What does this amendment mean for your policy?

As with any amendments to legislation, it is of the utmost importance to understand the changes and how they may affect you and your business. The changes to the WA Act will have various ramifications for different classes of insurance, so it is important to understand these changes before they come into effect. If you are not sure how the new changes to the WA Work Health and Safety Act affects your business and your insurance policy, or if you need to make amendments to your policy, reach out to your GSK Insurance Broker. 

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from Graham Knight https://bit.ly/3rQ1kXE via GSK Insurance Brokers

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How Workers Compensation Insurance Could SAVE Your Small Business

As a small business owner, you have a responsibility to provide a safe working environment for your employees and this is achieved through robust risk management and occupational health and safety procedures. Of course, even the most diligent workplace can’t plan for everything and you may be faced with an employee injury. For this reason, it’s essential that you have workers compensation insurance in place. This form of insurance cover is designed to protect both employees and employers financially in the event of work related injury or illness.

What is workers compensation insurance?

Workers compensation provides financial protection if an employee suffers an injury or illness in the course of their duties. Should an employee be successful with a workers compensation claim, the employer will be reimbursed for the costs associated with the claim. This could include ongoing wages, medical bills, specialised equipment and rehabilitation costs. Workers compensation insurance means that employers aren’t out of pocket when it comes to a successful workers compensation claim and employees are able to receive an income and receive the medical treatment they require.

The cost of workers compensation insurance will depend on a number of factors such as  the size of your business, the type of work you do, the number of employees that you have and the location of your work. If your business hires contractors rather than keeping employees on staff, it’s important to remember that some contractors are considered to be employees from a legal perspective which means they will need to be covered under the workers compensation insurance of the business. This will depend on factors such as the wording of an individual’s contract and it is best to seek clarification to ensure you provide cover where appropriate.

What is the history of workers compensation insurance?

The concept of workers compensation insurance is not a recent development. In fact, it’s been around for centuries. While the roots of workers compensation insurance date back to ancient Sumeria and continue into the medieval period, Prussian Chancellor Otto von Bismarck is credited with putting the first workers compensation insurance system in place with the Sickness and Accident Laws in 1881. This formed the basis of workers compensation insurance which would spread throughout Europe and the United States.

In Australia, workers compensation was introduced early in its history due to the increased demand for industrial reform with the labour movement in the 1890s. As workers compensation evolved, it overlooked female workers in the early years and women were only included in the terminology in the 1970s. Today, workers compensation insurance is compulsory across Australia.

How does workers compensation insurance work in Australia?

While workers compensation insurance is an essential form of cover for businesses from a financial perspective, it’s also compulsory by law to have this policy in place in every state and territory in Australia. Each state and territory operates their workers compensation scheme differently. In Western Australia, Tasmania, Northern Territory and the ACT, insurers underwrite the scheme privately. In South Australia, NSW and Victoria, insurance underwriters act on behalf of the state government. In Queensland, the scheme is run solely through the state government. To find out more about your workers compensation requirements, speak with your insurance broker for personalised advice.

When it comes to making a workers compensation insurance claim, employees should report the injury or illness to their employer in the first instance. It’s important to note that the injury or illness must be reported during the specified time period and this time frame will differ depending on where you live. Once medical documentation is provided by the employee to back up their claim, a formal claim can be lodged with the relevant paperwork and supporting documentation. The insurer will review the claim and, depending on the success of the claim, payments can commence. If a workers compensation claim isn’t successful, employees can take action depending on the state or territory in which they live. This could include asking for a review, seeking assistance from an independent body or taking the matter to Court.

Protecting your risk exposures

GSK Insurance Brokers understand the risks facing Australian businesses and our brokers have significant experience in working with clients of all sizes, from small businesses to large government organisations. With 40 years of experience, our focus is risk mitigation to ensure ongoing peace of mind. We provide a personalised approach with tailored insurance solutions so your business and associated assets are well protected.

For more information about workers compensation insurance, contact GSK Insurance Brokers today.

The post How Workers Compensation Insurance Could SAVE Your Small Business appeared first on GSK Insurance.

from Graham Knight https://bit.ly/2N4QgH0 via GSK Insurance Brokers

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The Market Has Shifted for Cyber Security Insurance – What the Forecast Means for You

In an increasingly digital age, it should come as no surprise that cyber insurance has become an important consideration for the business community. This is particularly relevant in the current business climate with the increased cyber risks which have come from Covid-19 as the global pandemic has seen an increase in people working from home, a reliance on cloud based software and a surge in online retail practices. These new challenges have left businesses exposed to cyber-attack which has the potential to have a significant financial impact on businesses of all sizes. With this in mind, it’s become increasingly important for organisations to consider having separate cyber insurance cover for ongoing peace of mind.

What is cyber insurance?

Cyber insurance is designed to protect businesses and individuals from financial losses related to internet based risks related to information technology activities and infrastructure. This could include losses to your business, your customers or other third parties. This type of insurance cover is typically not included in standard business insurance packages and requires specialist cover. With the threat of cyber-crime being a reality for Australian businesses of all sizes, many organisations have fallen victim to criminal activity such as computer hacking, ransomware and data theft. 

What does cyber insurance cover?

Cyber insurance can help cover financial loss associated with:

Loss of revenue due to interrupted business;

Crisis management and monitoring;

Theft, hacking and denial of service attacks;

Failure to safeguard data;

Defence of legal claims;

Misuse of intellectual property online;

Liability following loss of third party data;

Hiring investigators;

Copyright infringement;

Recovering or replacing records or data;

Public relations costs.

The cover you require will depend on the needs of your business and your broker will be able to arrange specific cover for your unique cyber risk exposures.

The cyber insurance market

While cyber insurance has not been adopted as widely as other insurance policies such as life insurance or motor vehicle insurance, there are a number of reasons why this form of cover is becoming increasingly profitable across the insurance sector. One of the main reasons why the cyber insurance market is becoming more popular across business is that there is an increased awareness regarding the cost of cyber-crime. For example, a 2013 report indicated that the global cost of cyber-crime was approximately USD $445 billion each year. With these costs only expected to risk, particularly in the wake of Covid-19, and greater insight into the financial implications of a data breach, the high cost of cyber-attack is having industry wide implications. 

Given its niche application, it is considered that cyber insurance will grow at higher rates in comparison to other insurance products as a diverse range of industries adopt this form of cover. When considering the growth of cyber insurance, it’s important to remember that cyber-crime does not just apply to developed countries. Developing countries are also targets for cyber criminals which means that cyber insurance has applications on a global scale. 

The future of cyber insurance

As cyber criminals evolve and use increasingly sophisticated methods to exploit cyber vulnerabilities, so too will cyber insurance evolve to protect against these exposures. One of the biggest challenges facing the cyber insurance industry is how to measure the cost of cyber risks. With a vast range of potential risk exposures, it can be difficult to predict, track, measure and prevent cyber risks. This will be an ongoing challenge for the industry and will involve insurers having good knowledge of the individual businesses they provide with cyber insurance to ensure that their needs are met. 

When it comes to potential data breaches and other risk exposures, the focus will need to continue to be on businesses taking preventative measures to ensure that cyber risks are reduced. When a cyber-attack does occur, increasingly targeted cyber insurance coverage will be in place to minimise potential financial loss. Insurers will continue to balance the cost of premiums with emerging cyber risks to ensure the longevity of the cyber insurance market. 

Safeguard your business against cyber risks

At GSK Insurance, we understand the risks Australian businesses face when it comes to cyber-crime and have seen the impact this has had during Covid-19. Our experienced brokers will get to know your business and provide tailored insurance solutions to ensure that your cyber risk exposures are covered. No matter the size of your business, GSK Insurance Brokers can help. 

For more information about how we can help protect your business against cyber risks, speak with GSK Insurance Brokers today.

  The following sources were used in the preparation of this content:

https://thedailychronicle.in/news/2180495/covid-19-impact-on-cyber-insurance-market-forecast-showing-35-0-cagr-to-2025/

https://www.mordorintelligence.com/industry-reports/australia-cyber-liability-insurance-market

https://www.tripwire.com/state-of-security/security-awareness/future-cybersecurity-insurance/

The post The Market Has Shifted for Cyber Security Insurance – What the Forecast Means for You appeared first on GSK Insurance.

from Graham Knight https://bit.ly/3oTRXUO via GSK Insurance Brokers

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What Covid-19 Has Meant For the Cyber Security Landscape (And What You Need to Do About It)

Covid-19 has had a significant impact on the business landscape and there have been ongoing implications regarding the emerging need to create working from home capabilities. Across business, the priority must be for businesses to take appropriate measures to ensure a secure environment. While Covid-19 has opened up new opportunities for businesses to become creative with working arrangements, it’s also meant more cyber risks as criminals find vulnerabilities which can be exploited.

While cyber-crime was on the rise in the pre-Covid-19 world due to an increasingly digital age, there is now an added layer of complexity in managing this risk due to the increase in employees working from the home environment. While there has been no evidence to suggest major system outages or data breaches have occurred as a result of Covid-19, there is the potential for cyber criminals to find weak entry points to computing systems.

These new dynamics have meant that the business community needs to be aware of potential risk exposures during the era of Covid 19 and put appropriate measures in place to mitigate these risks. Additionally, insurers need to identify these new risks and ensure that businesses are able to protect their cyber risks with the appropriate insurance cover.

Emerging risk scenarios

The global pandemic of Covid-19 has seen a rapid increase in cyber risks as new, rapidly occurring dynamics developed in the face of issues such as working from home, the increase of cloud based computing systems and a further increase in the demand for online retail. It should come as no surprise that cyber-crime in Australia has been on the rise in the face of Covid-19  and many Australians were victims of cyber-crime, particularly in the early months of lockdown. This is in large part due to the sudden reliance that businesses and individuals alike had on technology with significant changes in online behaviour. Issues such as people connecting to an unsecured network, downloading content which was not secure or engaging with unfamiliar websites have also been on the rise. Another reason for this increase in cyber-crime is that individuals who were not engaged in cyber-crime prior to lockdown have now adopted this behaviour due to limitations on their regular avenues of criminal activity

While the vulnerabilities in cloud computing systems would have become more apparent over time, the rapid and sudden reliance on these systems due to hasty working from home arrangements has meant that these issues have become apparent more quickly. In terms of working from home arrangements, which are now increasingly common, there are a number of issues that cyber criminals can take advantage of including poor cyber security and low security passwords.

The increased awareness of the new cyber threats has meant that security measures will increase and businesses will become more savvy when it comes to cyber risk exposures. The new risk management approaches that are developing are not short term measures but will continue to evolve over time as new business practices emerge during Covid-19 and beyond.

Impact for the business world

Given that working from home arrangements had to be developed hastily in the early stages of the pandemic, it stands to reason that security vulnerabilities were not adequately considered in many instances. However, organisations are now catching up with this shortfall and developed new systems in relation to IT usage, security and employee expectations. Now is the time for businesses to consolidate what has been learned from the early months of Covid-19 and develop new ways to mitigate the risks of cyber-attack.

Although the threat of cyber-crime has been a concern, working from home arrangements have not been as detrimental to many businesses as it was initially feared. Many organisations are finding that productivity is on the rise and best practices are emerging around coping with the changing landscape. Even after the pandemic, it is projected that business will increasingly be adopting more working from home arrangement for employees.

In terms of protecting against the risks associated with cyber-crime, businesses must also consider cyber insurance to protect against the financial implications of cyber attack.

Protecting your cyber risk exposures

At GSK Insurance Brokers, we understand the consideration impact that Covid-19 has had on Australian businesses. We provide cyber insurance which can help cover financial losses to your business, your customers and other parties following a cyber security breach. This could include scenarios such as loss of income due to business interruption, liability following third party loss, defence of legal claims, the cost of covering or replacing records or data, and crisis management and monitoring. Cyber insurance can be included in your cyber insurance package depending on the needs of your business.

For further information regarding cyber insurance, speak with GSK Insurance Brokers today.

The post What Covid-19 Has Meant For the Cyber Security Landscape (And What You Need to Do About It) appeared first on GSK Insurance.

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How to Stay Covered and Reduce Your Risk as a Courier

Couriers provide delivery services to a range of clients including individuals, businesses and government agencies. The dynamic and fast-paced nature of your work means that you’re exposed to a number of risks while you’re out on the road. So, what kind of insurance cover do courier drivers need to consider to ensure that your risks are covered? Let’s take a closer look at the insurance policies which should be considered by courier drivers along with additional risk reduction strategies.

Insurance for courier drivers

Motor vehicle insurance

Motor vehicle insurance is one of the most obvious forms of cover that should be in place for courier drivers. The fact that you spend a lot of time in your vehicle each day means that there is a higher risk of something going wrong. The level of motor vehicle insurance that you require will depend on your specific circumstances but it’s important to remember that third party insurance is compulsory in Australia, which covers you for personal injury you may cause another person in a car accident. Given that you rely on your vehicle for your livelihood, an accident on the road could set you back many thousands of dollars without the correct insurance cover in place. If you’re not sure what level of vehicle insurance you require, simply speak to your broker and they can give you personalised advice. 

Public liability insurance

Public liability insurance provides financial protection if you cause damage to property or injury to a third party as a result of your actions at work. As a courier, all it would take is for a third party to trip over one of your parcels or for you to accidentally damage property while carrying out a delivery to find yourself involved in an expensive claim. Liability. Insurance is an essential form of cover for most businesses as it covers you for unforeseen accidents.

Good in transit insurance

Goods in transit insurance covers you if items that you’re transporting from one location to another are lost, damaged or stolen. For courier drivers who are operating their own business, it’s important to keep your costs to a minimum and the last thing you want to contend with is being responsible for the costs associated with something happening to the items you’re delivering. Good in transit insurance provides peace of mind for couriers that these costs would be covered.

Personal accident and illness insurance

Courier drivers rely on being mobile to allow you to carry out your work and finding yourself suddenly unable to work due to injury or illness can mean you have no way of earning an income. Personal accident and illness insurance means that you’ll continue to receive a portion of your income if an injury or illness means that you’re unable to work. This means you can recover while also keeping up with expenses such as bills and daily living costs. For courier drivers who are often self-employed, personal accident and illness insurance is a particularly  important consideration.

Risk reduction tips for courier drivers

Courier drivers face a wide range of risks and it’s important that both you and your employees are aware of the best working practices to ensure you stay safe. Just some of the risk reduction strategies you should consider include:

Keep a detailed list of deliveries, including times and addresses, so your business knows where employees are at all times.

Avoid carrying cash and other valuable items in the vehicle. 

Have a mobile telephone with you at all times and consider investing in in-car surveillance to monitor activity. 

Bring a torch with you at night to ensure you can navigate dark locations and try to arrange deliveries where possible for daylight hours.

Avoid parking in poorly lit or isolated areas and park as close to the delivery site as possible. 

Ensure you have a system in place where you communicate to colleagues when you arrive and leave a destination.

Always deliver to the front entrance of a building and avoid going into back entrances or side doors.

Have a first aid kit available in every vehicle in the case of injury. 

Provide training to employees to ensure that they’re aware of all safety precautions they should take when out on a job.

Here at GSK Insurance Brokers, we offer personalised insurance solutions for your courier insurance business so you can be confident that you’re  protected financially. We understand that you face a unique set of risks and our brokers have the knowledge and experience to offer customised insurance packages to meet the needs of your growing business.

For more information about courier driver’s insurance, contact GSK Insurance Brokers today.

The post How to Stay Covered and Reduce Your Risk as a Courier appeared first on GSK Insurance.

from Graham Knight https://bit.ly/36d6O6s via GSK Insurance Brokers