The risks of not having the right insurance for your business were highlighted at our latest in-person dinners at Kadina and Port Pirie.
It was exciting to once again be holding in-person events after the network switched to virtual events in March due to COVID-19 shutdowns.
Clearly everyone had missed networking opportunities as Kadina had its biggest ever attendance of 17, including several new residents of the region.
At Port Pirie the venue was changed to the Comfort Inn on Flinders in support of a local woman in business.
Although there was much talk of progress and some of the challenges of COVID-19, network founder Carolyn Jeffrey said the main focus of the events was the importance of having the right insurance for your business.
Member Di Brennan from DCB Insurance Services in Port Pirie discussed the types of insurance businesses should hold, and emphasised, in particular, the need for those who work from home, or use their own cars, to ensure insurers are aware of their business use.
Di explained the differences between public liability and professional indemnity insurance, and reminded everyone to ensure their insurance was updated at least annually, including any new purchases or the sale of equipment.
We were encouraged to consider income protection insurance since many business owners aren’t entitled to workers compensation or sick leave.
The increasing online risks, particularly since COVID-19, were also highlighted and Di said many businesses didn’t realise their insurance may not cover them in the event of a cyber attack.
The presentation also highlighted the advantages of using an insurance broker, rather than going directly to one insurance company. Brokers have access to a wide range of underwriters to give not only the right protection, but also often the best prices. Brokers are not employed by the insurance companies themselves, so advocate for the business that’s insured in the event of a claim.
As well as business insurances, Di also handles personal insurance policies including home, contents and motor vehicle.
The network will be returning for dinners at Kadina (September 7) and Port Pirie (September 8).