Citycover Blog

Congratulations Leonie!


L>R: Leonie & Daneille Crawford (Citycover’s Head of Sales & Service)

We would like to say a big thank you to all of our clients who referred a new client to Citycover last month. It is without doubt the most rewarding moment for one of our Insurance Advisers to be valued enough to be referred onto a colleague, family member or a friend.

Our new Referral promotion, is drawn monthly, and the entrants of our referral competition go into the draw to win a $500 gift card.

We wish to congratulate our valued client Leonie on the win of this prize and we cannot thank Leonie enough for passing on our details.

NBN will impact some security systems. Are you ready?

Information shared from Chubb Insurance Australia Limited.

The National Broadband Network (NBN) is currently being rolled out throughout Australia with a progressive implementation planned.

The NBN utilises a range of technologies for broadband communication and for the majority of Australia, a fixed line connection operating over the existing copper network, in conjunction with new fibre optic technology, will be used. NBN is the wholesaler of this new network – once available you have a choice of phone and internet providers known as Retail Service Providers (RSPs) to select a plan that meets your needs.

What changes with the introduction of the NBN?
The NBN changes communications technology to a digital data platform and this will impact upon devices currently used on the copper network, such as telephone landlines, monitored security alarm systems, monitored medical alarms, and lift emergency phones. Changes to the current copper line technology mean such devices may not be compatible with the NBN.

What does this mean for you?
The NBN may have an adverse impact upon existing devices within your home. In particular, devices used for monitoring of security alarms, lifts and medical alarms may require updating to ensure they will function when required in an emergency.

What do you need to do?

For monitored security alarms:

  • Contact your alarm service provider to review the current technology used and update equipment that is not compatible with the NBN;
  • Discuss the type of NBN service plan required to operate with your security alarm system;
  • Consider moving the monitoring of your security alarm system to alternative technology, such as the mobile network (3G/4G, also known as GPRS).

For lift emergency phone lines and monitored medical alarms:

  • Register your lift emergency phone service with the NBN by providing the correct Full National Number (FNN)
  • Register your monitored medical alarm with NBN
  • Contact your service provider to migrate to an NBN-compatible solution.

If you have any questions or concerns, please contact your Citycover Adviser on (07) 3270 1500 for further advice.

Why small business owners are losing sleep.

Information supplied by Vero Insurance.

Citycover’s panel of Insurers from time to time, provide us with fascinating insights for our client base. SME (Small to Medium Enterprise) is a significant segment for our business & we thought the following article may be of interest to you.

The information below is provided by VERO, a major Insurer for Citycover in this SME space. They simply get SME businesses & what an SME does day in & day out. This makes our job at Citycover easier especially when we handle claims for our valued & important SME clients.

“Anyone who runs their own business will be familiar with the disturbing fact that from time to time, your sleep will be interrupted. Staring at the ceiling at 3:00 am is rarely a pleasant experience, especially as the night time darkness always seems to emphasise the severity of our problems while robbing us of possible solutions.

Vero’s research reveals that while a significant percentage of small to medium business owners (SMEs) worry that a catastrophe might interrupt their ability to trade, a much smaller number are covered against such an eventuality. Over 30% of SMEs are concerned about a disaster robbing them of their revenue stream for an extended period while a similar percentage fear equipment failures could negatively impact their business. Yet 80% of these business owners say they are not covered for either of these insurable events. How can so many people rationalise their failure to protect themselves against acknowledged fears?

There are several possible – if not credible – explanations for this. Something inside us tells us that disasters only ever happen to other people. Everyone fears a plane crash, but that doesn’t stop them flying. Others dread visiting the dentist, but a severe tooth ache can rapidly change their minds.
Psychologists have spent some time studying this human ability to separate emotions like fear from the rational response to it. As Harvard University psychology consultant David Ropeik puts it, “the fears don’t match the facts”. He explains that our reactions to risks are instant while it takes more time for us to form our rational responses.

The ‘fight or flight’ centre of the brain – the Amygdala – reacts immediately to a threat. It then sends messages to the pre-frontal cortex where cognitive responses are formed. The reasoning brain can then say ‘now we know what the threat is, let’s work out what we should do about it.’ In other words, our brains are hard wired to fear instantly (causing us to stare at the ceiling in the middle of the night) and think later (motivating us to act).

Unfortunately, there is another cause for failing to cover insurable risks. A perception that the cost of insuring against a business catastrophe can be a prohibitive barrier. Once again, when the logical brain takes over, it will tell you that compared to the ultimate price of going out of business, the premiums seem very reasonable indeed.

A case in point is the subject of a video case study on a fire that severely impacted a workshop in Victoria. The business owner was horrified to discover that the business couldn’t continue to run until a complete rebuild was completed. Please contact your Adviser at Citycover is you would like a copy of the video.
His broker had included Vero business interruption insurance in his package. An immediate payment was made to him and he was trading from rented premises nearby within two weeks. Today, the business is back up and running in its rebuilt premises.

The lessons from this sobering tale could help all SMEs sleep better at night.”

Thank you to VERO for this content, a great insight & hopefully it will help others sleep better at night.

If our Insurance Advisers can assist you with additional insurance coverage, or should you just want to ensure cover is in place, please do not hesitate to contact us on
(07) 3270-1500.

Fake Trader Website Scams

Information supplied by myPolice Brisbane and Scamwatch.

It’s without a doubt, scams, hacks and cyber attacks are more common now than household robberies – Why? Because online thieves can steal more from you than you actually realise, and the best part? They can do it from their own home.

The latest scam involves Fake Trader websites, commonly found through Social Media. In 2016 more people than ever reported to the ACCC that they lost money to scams through social networking sites, with more than $9.5 million dollars reported lost.

Scammers advertise their fake websites and products on social media, and these just look like normal businesses, using ads or posts. These products will always be discounted, attractive offers. The ads will direct you to a website where you can make the purchase, but nothing turns up or a fake product arrives at your doorstep.

The main problem is it can be hard to tell the difference between genuine profiles or ads on social media, and the fake profiles or fake traders you may encounter. The only way you find out, is when its too late, and unfortunately its near on impossible to get your money back.

myPolice Brisbane suggest you notify the Australian Cybercrime Online Reporting Network (ACORN), as the Police work with hosting agencies to take down the websites. However if we don’t report them, they don’t know about it which means the scammers take down more and more victims.

It’s about staying vigilant when shopping online, and remember if it’s too good to be true then it probably is. By shopping online at sites that you know are trusted and using established payment systems that offer buyer protection, you can protect yourself from falling victim to these scams.

Online Shopping Tips:

  • Check reviews before buying online: Try to find how reputable a seller is by searching for reviews.
  • If the product doesn’t arrive: Contact your bank or financial institution as soon as possible.
  • Check the website URL: E.g. (www.example.com.au), that you are redirected to is the genuine website of the trader.
  • If you have been scammed online: Take steps to secure your account and be sure to report the conduct to ACORN.

Fake Trader websites are only one type of scam in today’s world. If you want to speak to your Insurance Adviser about Cyber insurance and how this type of insurance responds in the event of a hack or cyber attack, call (07) 3270 1500 to speak with us today.

Congratulations Michael!


L>R: Michael & Jacqui Sandow (Citycover’s Marketing Manager)

We would like to say a big thank you to all of our clients who referred a new client to Citycover last month. It is without doubt the most rewarding moment for one of our Insurance Advisers to be valued enough to be referred onto a colleague, family member or a friend.

Our new Referral promotion, is drawn monthly, and the entrants of our referral competition go into the draw to win a $500 gift card.

We wish to congratulate our valued client Michael on the win of this prize and we cannot thank Michael enough for passing on Citycover details.

A fire sparks discussion!

David Kimber – Citycover Insurance Adviser

A recent fire at Inala Shopping Centre has sparked another conversation about Business Interruption Insurance. Over 50 firefighters were needed to bring this large blaze under control in Brisbane’s south-west on August 26th 2017.

The centre housed restaurants, a chemist, and a medical centre, which were all alight when fire crews arrived at the scene at 1.30am. Up to 15 businesses were directly destroyed, or damaged by the fire, and the power was shut down to the complex affecting other businesses in the area.

Many companies had to cease trading, and the entire street was sealed off due to the extreme fire damage, with the roof collapsing, smoke and soot damage.

A devastating event such as this one, reminds us of the importance to consider Business Interruption insurance.

You could be covered if your business suffered fire damage, but you might not have cover if it’s a business nearby that goes up around you, and then impacts your ability to continue to trade.

This could impact you for days, weeks, or months, as it takes time for buildings to be cleaned, rebuilt and restored.

Another example of an event that caused a number of businesses to cease trading, was the contamination of Town Water supply in Roma back in 2012.

An outbreak of Salmonella contaminated Roma’s water system of 14 deep bores, six reservoirs and three underground storage tanks, which were interconnected via the reticulation system.

This affected a number of local businesses, and those which heavily relied on water to operate (i.e. Dentists), were unable to trade at the same capacity for some time. This caused a downturn in many business operations, and the loss of income for those businesses, would have been able to be claimed for under a Business Interruption insurance policy.

Events such as the Inala Shopping Centre fire and Roma’s contaminated water supply can immediately have the following effects on your business:

  • Production is disrupted
  • Income falls drastically
  • Redundancy and other payments may have to be made to employees who lose their jobs
  • Emergency measures, like hire of other premises and plant, must be paid for
  • Delays in rebuilding and replacement of plant can drain capital
  • Lost orders and a subsequent loss of customers may never be recouped
  • Recruiting and training new staff can delay recovery
  • Net profit can become a net loss

Risk Management plans should consider the loss of cash flow, as well as the provision of material damage cover for buildings, plant and stock.

Interruption to trading may last for a few months, a year or even longer. There is also the immediate extra expenses to get your business going again, as quickly as possible, so that you don’t ultimately loose your customers as well.

To discuss Business Interruption insurance in more detail and how this cover will respond in the event of a catastrophe, call your Insurance Adviser on (07) 3270 1500.

Workers Compensation offer!

As a valued client of Citycover Insurance Brokers, we are able to offer you the benefit of monthly instalments for your workers compensation premiums with our business partner, Hunter Premium Funding. Hunter Premium Funding pays the Workers Compensation insurance premium on your behalf and you then repay Hunter in monthly instalments.

For your Workers Compensation requirements in Queensland (i.e. WorkCover Queensland Premium Notice 2017), to receive a 5% discount on your annual premium you must secure premium funding prior to 12th September 2017.

For your Workers Compensation requirements in other states we will require your WC Premium Notice as follows;

  • NSW to receive a 3% discount on your annual premium, your premium must be secured prior to 30 days after the WC Premium Invoice Date.
  • Victoria to receive a 5% discount on your annual premium, your premium needed to be secured prior to 4th of August 2017. Alternatively a 3% discount is available prior to 1st October 2017.

Benefits of Premium Funding include:

    • Free up cash flow: By paying in monthly instalments you can free up your cash flow to use elsewhere in your business.
    • Tax deductibility: The interest payable on your funding may be tax deductible.
    • No additional security: The insurance policy acts as loan security. No need to provide Directors guarantees.
    • Competitive Pricing: Interest rates are fixed for the term of the loan and highly competitive, helping you to avoid market fluctuations and bank fees.
    • If you miss a monthly payment to your Underwriter/Workers Comp: The balance of your annual premium will be payable immediately in full. Premium Funding ensures your premiums are paid on time offering you greater payment flexibility.

To arrange a quote or to learn more about Premium Funding, please email your Workers Compensation Premium Notice 2017 to your Citycover Insurance Adviser at info@citycover.com.au or call them directly on (07) 3270 1500 to discuss/arrange.

Congratulations Hennie!


L>R: Stewart Harker (Citycover’s Director) & Hennie

We would like to say a big thank you to all of our clients who referred a new client to Citycover this financial year. It is without doubt the most rewarding moment for one of our Insurance Advisers to be valued enough to be referred onto a colleague, family member or a friend.

Our Referral promotion ended on the 30th June 2017, and was drawn at our offsite conference on the 14th of July. The entrants of our referral competition went into the draw to win a $5,000 Travel Voucher, and we wish to congratulate our valued client Hennie on the win of this prize and we wish him all the best for his upcoming travels.

We have a new Referral program and draw this Financial year, with monthly prizes, as the Citycover team wish to reward those clients who do give this business an opportunity to grow through referrals.

To find out how you can win, call your Citycover Adviser for further details on (07) 3270 1500.

Are you a Business Owner? Tell us what motivates you.

In order to help us understand our small business owners better, we have developed a short 1 minute survey that will help us identify your goals, aspirations and concerns.

Your responses will be completely anonymous and will be combined with those of other business owners to give us an insight into the current climate for SMEs and how we can better meet your needs.

It’s very quick and easy to take part – simply click here.

 

We thank you in advance and appreciate your feedback!

Product Recall: Eaton Industries Pty Ltd

Citycover has recently been made aware of a product recall issued by electrical product manufacturer, Eaton Industries Pty Ltd.

The recall relates to one of the most popular components used in light commercial switchboards across Australia. The recalled product is the Eaton Quicklag ELQ Earth Leakage Circuit Breaker, manufactured between 1 April 2004 and 15 December 2016. Each product has a serial number on the side, from which the date of manufacture can be determined.

There are potentially millions of these in use across Australia from schools through to offices and retail establishments. The recall notice suggests a non-compliant material has been used in the manufacture of a component, and when operating under short circuit conditions, the product may express ionised gases through the exhaust port which may result in conditions creating a fire risk.

What you Need to Do:

Building owners, managers and electrical contractors should check switchboards or load centres for potentially affected RCBO’s. The affected models can be identified by the presence of a green test button. Products without a test button or with a white or an orange test button are not impacted by this recall.

If you identify a recalled product, you can fill in an online form on the Eaton website. Following registration and confirmation of the recalled product, Eaton will arrange for a qualified electrician to attend the client’s site and replace the recalled product with the compliant product at no charge.

Click here to view the product recall notice issued by Eaton. You can find further information on the Eaton website, by contacting Eaton on 1800 870 851 between 9am to 5pm AEST or by visiting the Queensland Workcover website. Alternatively, you can contact your Account Executive at Citycover on (07) 3270 1500.