Insurance and risk on agenda at Victor Harbor

Insurance and the wide range of risks faced by business were in focus at the latest Women in Business Regional Network lunch in Victor Harbor on June 12 at the Hotel Crown.

The guest speaker was Graeme Jameson of Fleurieu and Hills Insurance who has more than 40 years’ experience in insurance, and who specialises in business insurance.

It was an eye-opening presentation for many in the room who hadn’t considered they could be held liable in the event of a cyber issue, weren’t sure if their insurance had taken the risks of their premises into account and who may have private coverage for risk, but may not be covered if an incident occurs at home and it’s business related.

Graeme emphasised during his presentation the need for everyone to do a thorough assessment of their insurance coverage because it’s too late to discover you weren’t covered when a problem occurs and you go to make a claim.

Attendees were clearly shocked to learn the level of detail that is required for a proper assessment of a business’s insurance risk, with some saying their insurer asked few questions or simply renewed annually without asking any questions.

Graeme urged everyone to ensure their insurance covered their business and said every insurer should at least find out:

  • What you do
  • Where you do it
  • How much you turnover
  • Who and how you employ/contract people
  • Whether you have signed agreements and what they say

He said some of the main areas he looked at when ensuring businesses get the right insurance included:

  • Physical – premises construction, security, electrical setup, fire protection, trip hazards and housekeeping such as waste removal and smoking areas;
  • Location – what surrounded the premises, how far they were away, lighting, high or low traffic area and whether the insured was of good character;
  • Operational – OH & S, staff inductions, staff authority levels, fire training and lock-up procedures;
  • Legal – leasing arrangements, the ability to easily relocate in a crisis, existence of Hold Harmless agreements, franchise or other agreements, supply and equipment agreements;
  • Technology – security, backups, anti-virus software, how technology is accessed, password security and wi-fi rules;
  • Occupational – who owns the equipment, do you hire, do you design or give advice, do you sub-contract or act as a sub-contractor?
  • Motor vehicle – is it insured for business use, is signwriting covered and are there drivers under 25?

The next dinner will be on Thursday, June 27 at the Hotel Crown when network founder Carolyn Jeffrey will give a presentation on how to get noticed in Google searches, even if you don’t have a website.

The next lunch on Monday, July 22 at the Hotel Crown will see discussion on work/life balance.

• Graeme Jameson from Fleurieu & Hills Insurance can be contacted by phone on 0429 817 524 or email graeme@fleurieuinsurance.com.au.