Top 10 most searched Cyber Insurance queries
Cyber insurance is a hot topic currently, as you probably know. If you are looking for inspiration on content to write, then read on.
We trawled through the most frequently searched cyber insurance queries in Google so you don’t have to! We chose the most relevant queries to insurance brokers in Australia to help you plan an article to write on this relatively new and hotly searched topic.
1. When do you need cyber insurance
2. What is cyber insurance and why do you need it
3. Where to buy cyber insurance
4. What is cyber liability insurance
5. What cyber insurance doesn’t cover
6. What is cyber insurance Australia
7. Which cyber insurance
8. Who needs cyber insurance
9. Is cyber insurance worth it
10. Why cyber insurance is important
If you’d like to write an article but don’t have the time or copywriting skills, we can help. Advisr has a talented team of specialist copywriters and we welcome fresh new content on the Advisr website, as that’s what our visitors love. Get in touch about how it works.
Also, as a broker, you can view and answer commonly asked and searched insurance questions from the Advisr website.
If you are looking to connect with an insurance broker who specialises in Cyber Insurance, then you can find a cyber insurance broker with Advisr.
Uber’s first steps towards protection for contractors
Traditionally freelancers or independent contractors haven’t had the same protection and benefits as full-time employees.
But Uber has introduced a new injury insurance program for their drivers and delivery riders that paves the way for contractors getting more protections worldwide.
One of the financial benefits of the gig economy for small business owners is you aren’t obliged to offer contractors and freelancers the same protections as you do your full-time or part-time staff. That includes paying for workers’ compensation insurance.
In an unprecedented move, Uber has introduced free accident insurance to its drivers as of November 2018. This offers a workers’ compensation-like insurance, while maintaining a contractual rather than employee relationship with drivers and riders.
How it works
In Australia, the insurance was developed with Chubb Insurance to ensure it meets Australian law. (Likewise Uber found insurers in other regions to help develop the product there.)
UberEats and UberX drivers and delivery partners are covered by the policy once they accept a ride or delivery request via the app and for 15 minutes after the job is over (but not between deliveries or trips).
It covers those driving a car, riding a bike or motorbike or walking and they’re entitled to daily payments of up to $150 a day for 30 days if they’re temporarily (medically) unfit to work, capped at $4500.
If drivers suffer fractured bones caused by an accident during a trip, they may be entitled to a lump sum of up to $2,000, or in the case of disability or death, a payment of up to $400,000.
An income supplement of $1,500 is also available for bodily injury.
What it might mean in the future
The multi-million dollar program is the first step in Uber’s mission to establish employee-style benefits for contractors. In the longer-term, Uber want to work with governments and business to develop a new framework to support people in the booming 21st-century model of independent working.
This new framework is something that has been discussed in Europe, where governments are acknowledging that increasing numbers of contract workers are missing out on social protections such as pregnancy, childcare and housing benefits.
Uber is also pushing to get governments to reform laws that currently force Uber to classify their contractors as employees if they were to give them further benefits.
The Australian Financial Review reported the French government has already passed laws allowing new work platforms like Uber to draft their own social charters, which would mean certain benefits don’t necessarily indicate an “employment” relationship – as long as the platform takes on “social responsibility” which might include contributions to vocational training.
It’s a timely issue given the Fair Work Commission and Australian Tax Office’s recent determination that gig workers at Foodora were not independent contractors but employees. That meant drivers were entitled to protections under the Fair Work Act, which included a $15,000 payout to one driver for unfair dismissal.
So far Uber isn’t covered by the same ruling as Foodora because its contractual arrangements are different.
The future for “giggers”
How long it will take before workers in the gig economy get sick leave, workers comp and holiday pay is unknown. Yet as the gig economy grows, the need for regulation around social protections for “platform” workers will become more pressing.
For now, Australian small business employers are only required to cover people on staff through workers compensation.
For more information on what those requirements are, and how much cover you need, contact one of Advisr’s workers comp insurance specialists.
Summarised list of key Insurance & Insurtech Events in Australia in 2019
We’ve listed all the key Insurance, Insurtech and Fintech events, awards and conferences in Australia in 2019 to help you stay up to speed with industry trends and networking. Be sure to add them to your calendar and sign up.
Date 14 February 2019
Location Ashurst, Level 9, 5 Martin Place, Sydney
Overview A snapshot of important 2018 court decisions and legislation together with commentary on developments affecting the general insurance industry for 2019.
Date 26-27 February 2019
Location Sofitel Sydney Wentworth, Sydney
Overview The ANZIIF (The Australian and New Zealand Institute of Insurance and Finance) Insurtech Conference cultivates true collaboration by providing a platform for the entire insurtech ecosystem to unite and push the boundaries within the insurance industry. The industry is undergoing incredible transformation and this is only the beginning. Over two days, Insurtech Conference 2019 will provide delegates with unparalleled opportunities to transform thinking, influence digital innovation and drive new customer value.
Date 27 February 2019
Location Hilton Sydney
Overview The 2019 Annual Forum will discuss the outcomes of the Hayne Royal Commission into financial services and implications for the general insurance sector. APRA and ASIC will also share their views on the industry. RSVP by 21 February.
Date 28 February 2019
Location The Westin, Sydney
Overview Gain insight into global forces shaping the insurance industry and the state of the Australian insurtech landscape. Explore how to use insurtech to meet changing customer demands and transform the customer experience
Overcome the challenges of integrating insurtech with legacy IT systems and drive cultural change
Understand the skills you need to build in the insurance workforce
Date 07 March, 2019
Location Hilton Sydney
Overview Hear exciting case stories on new possibilities in AI, cloud tech, IoT, blockchain, and Open APIs. Learn how to drive better value for customers via InsurTech partnerships and new digital ecosystem. Share ideas with colleagues on the implications of the Royal Commission for customer-centricity and how to rebuild trust in the era of elevated customer expectations. Hear from international and local industry thought-leaders and digital tech leaders on how they are innovating their digital strategy, learning to embrace disruption and thriving on change.
Date Friday 8 March 2019
Location Hyatt Regency Hotel, Sydney
Overview This breakfast event run by the Underwriting Agencies Council is free to attend for brokers. It will feature guest speaker Andrew Gurney, Head of International Regulatory Affairs at Lloyd’s. Andrew Gurney is responsible for Lloyd’s international trading rights in more than 75 jurisdictions and leads Lloyd’s international and regulatory relationships. He is also responsible for developing and implementing Lloyd’s global regulatory affairs strategy in support of Lloyd’s strategic priorities.
Date 24 – 26 March 2019
Location Gold Coast
Overview This year is the 21st Steadfast Convention. The event brings together the thinkers and leaders of our industry and beyond to educate, inspire and entertain. Join for opportunities to build your network and connect with your peers.
Date 28 March, 2019
Overview The Fintech Business Awards seeks to recognise the leading individuals and organisations who display outstanding innovation and entrepreneurship. As the Australian fintech ecosystem becomes increasingly diverse, the third annual awards program will showcase a broad range of innovative technologies, from mature fintech areas, such as payments and lending, to new areas of fintech innovation, including regtech and insurtech.
Date 3 May
Location The Star, Sydney
Overview The Australian Insurance Business Awards define excellence in the Insurance profession, recognising leading companies and individuals for their outstanding achievements over the past 12 months. Mark your calendars to join over 600 of your industry peers for an evening of celebration when the prestigious event returns in May.
Fintech Australia Finnies Awards
Date June 6
Location Victorian Innovation Hub, Melbourne
Overview Each year, FinTech Australia run the Finnie Awards to bring everyone together and celebrate the success of the industry. Last year’s event had over 350 attendees from startups, corporates and relevant industry partners gather for the awards. This year we will be celebrating our relaunched ethos towards collaboration and again recognising standout businesses.
Date 7 August 2019
Location InterContinental, Sydney
Overview Did you know that companies with the highest representation of women on boards attain significantly higher performance, on average, than those with lower representation of women? Find out how to overcome unconscious bias and attract the best employees. Create a workplace of the future. Explore ways to improve pay equity, and incorporate flexible work practices. Discover the tools and techniques to foster women leaders. Drive workplace innovation.
Date 22 August
Overview This special event is designed as part of life insurance professionals’ ongoing professional development. Sessions will be provided that are relevant and thought provoking with interactive audience sessions. It’s also an opportunity to catch up with industry colleagues, make new friends and talk with the WA ALUCA committee.
Date 4-5 September
Location Grand Chancellor Hotel, Hobart
Overview Brokers from all areas come together, regardless of cluster group allegiances, brokerage size and reach, and age of delegates. This year the theme is Shaping the Future. As technology infiltrates all aspects of our life, including our profession, it has never been more important for brokers to understand developments, work through challenges, and find the best way to shape their approach to their clients, their business and the community. Whether you’re an account manager, principal or young professional, you’ll have the opportunity to listen, learn, share and discuss, celebrate and (at night) relax with your industry colleagues and our key partners and supporters.
Date 12 September
Location The Sheraton, Sydney
Overview Incorporated as an association in 1995, the purpose of the Australian Professional Indemnity Group Inc. is to provide educational and networking opportunities for insurance professionals and others involved in the professional and financial risks insurance market in Australia. This popular full-day event is designed to bring together key industry participants to educate, debate, network and explore new ideas and emerging risks.
Date 14-15 October
Location The Star, Gold Coast
Overview This annual event offers brokers a chance to network with colleagues from across the nation, and develop relationships with insurers, underwriters and exhibitors.
Date 22 November 2019
Location RACV Club, 501 Bourke St, Melbourne
Overview Celebrate Christmas and enjoy some lunchtime festivities with your colleagues at the Melbourne Marine Insurance Forum Inc Christmas Luncheon.
Date 28 November 2019
Overview Don’t miss out on this special end of year event designed exclusively for life insurance professionals. Organised by the Australasian Life Underwriting and Claims Association Incorporated. This is a great opportunity to connect and catch-up with industry colleagues, talk to the ALUCA committee and share what you would like to see in Perth in 2020.
Date 5 December 2019
Location Level 1, Crown Towers, 8 Whiteman St, Southbank, Melbourne
Overview The Australasian Institute of Chartered Loss Adjusters annual event will acknowledge the Victorian Loss Adjuster of the Year, Trainee Loss Adjuster of the Year, Claims Support Person of the Year, Builder of the Year and Service Provider of the Year.
Advisr profiles with customer reviews get 25x more views than those without
Choosing an insurance broker is all about trust. That’s why Advisr profiles with reviews get the most views and leads. Think about when you’re looking for a service – would you go for the one with customer reviews, or without?
Below are a few pointers to help you get more customer reviews on your Advisr profile.
- Ask existing customers who have reviewed you elsewhere
If you already have reviews or recommendations on other sites such a LinkedIn or White Pages, ask those same customer if they mind posting the same on your Advisr profile, too. It can be a great excuse to offer to take them for a coffee.
- Ask your best clients
Do you have any clients who have thanked you or given you great verbal feedback recently? Why not ask them to put it into writing so you can add it to your website?
- Balance good with bad
If you get a less than glowing review, don’t worry – it shows your profile is real and makes the good reviews believable. Most people understand that not every customer will be a raving fan, and mistakes happen. Just be sure to prompt your best customers to give you positive reviews to balance off the negative. One lower star rating with three high four or five star ratings shows an overall great service.
- Timing is important
It sounds obvious, but consider when you ask, as well as how. Ask the clients who have been most happy with you recently, or the ones you’ve gone the extra mile for who have got a great outcome from your services recently.
- Provide an outline
When you ask for a written review, give an outline with some points about what you’d like them to include. This means they don’t have to think so much about what to say. For example, ask the client how they found your communication, advice and knowledge, and what they were most satisfied with. Including an example of a review you’ve already received can be a great way to prompt action, as it will give them an idea of the length and content to include.
- Draft something for them
If you’re very familiar with the client, make it as easy as possible for them. If you simply ask for a review, they’ll likely add it to their to-do list. Write something specific and make it easy for them, for example: ‘Hi Sarah, I was wondering if you’d be so kind as to write a review for me on Advisr. (include the direct link to your profile) Something that describes how I’ve helped you, for example ‘John has helped me to navigate the different levels of cover for my business and focus on what’s most important to protect myself without breaking the bank’”
- Prompt reviews via your website or email signature
Add a line to your website and email signature saying if people have had positive experience please share it by giving a review on Advisr. Offer freebies such as tickets to events, or lunch, to people who take the time to give you a review. Reviews take time and offering an incentive shows you value the reviewers time.
- Offer to return the favour
Tell your client you’re happy to return the favour on a site of their choosing, for example by on their Google of Facebook business page.
Start the year as you intend to finish
If you’ve spent the latter end of 2018 putting out fires and trying to keep the business running, then maintaining a positive corporate culture probably hasn’t been top of mind.
These 5 tips will help you refocus and reset your vision for the culture you want in place for 2019.
As we know, building a team and setting the right culture are essential in a successful business, helping attract and retain valuable employees and reinforcing your brand and company identity. In fact, your increasingly millennial workforce will likely expect a strong, positive work culture.
But all of that might sound like a distant dream at the end of the calendar year when you’re tired and worn down by the grind of decision making and staying profitable.
With a fresh year in your sights, it’s a good time to set aside some planning hours, rally the troops and inspire a commitment that has your people working enthusiastically toward business growth, not just doing as they’re told.
Here are five starting points for getting culture back on the agenda.
1. Get everyone together for an audit
Most businesses like to celebrate with a Christmas soiree, but what you might also consider is a ‘culture audit’ early in the new year, when staff are back from leave.
Whether it’s a day out of the office or a series of coffee-and-cake sessions, it’s an opportunity to re-visit your company culture – the shared assumptions, values, and beliefs that govern how your people are to behave – and see if they’re still relevant.
You can ask how employees are feeling about the business, get feedback on systems and processes, start to rough out ideas for 2019 and engage everyone in road-mapping.
2. Refresh leadership skills and/or develop new ones
Organisational culture usually starts with your founders’ or senior managers’ leadership style. And good leaders are constantly learning and reinventing themselves.
Turn your focus on yourself and seek feedback from people you trust. Work out where you’re excelling, where the gaps are in your leadership abilities and seek expert advice on how to plug them.
Ultimately you need to develop a leadership style that aligns with your workplace culture and inspires others.
3. Amp up your appreciation and recognition
Never assume your people know how valued they are.
Now might be the time to instigate a new system for recognising and communicating the talent, dedication and positive attitude of staff members.
That might include face-to-face thank yous from the CEO for a job well done, emails highlighting special achievements, or regular prize giving – even the smallest pats on the back can have untold feel-good power.
4. Create a feedback loop
Giving staff the ability to give feedback on their managers and the business not only makes for more engaged employees and better staff retention, but also makes for more profitable business units, according to Gallup research.
You’ll only know if your culture is healthy if your staff back it up; and your staff need to know they’re being heard and valued.
And rather than doing one annual employee satisfaction survey, the idea of a feedback loop has become more popular in recent years.
5. Consistently reinforce important ideas
It’s not enough to have a few meetings, agree on your values and then ignore them for 12 months.
You need to be reinforcing the culture year-round. One way is through traditions you set up – regular celebrations, a weekly morning tea, a daily huddle, maybe even a channel set up for sharing successes so people have concrete examples to aspire to.
A strong corporate culture needs to be nurtured by a management team that’s involved, that commits the requisite time, and that leads by example, all year round.
As you refocus and reset your culture for the year, make sure you also have the right insurances in place to protect your business as it evolves. For a broker that specialises in the needs of small businesses, visit Advisr.
Loop-de-loop with Australia’s aerobatic champs
Whether you’re doing barrel rolls or wingovers, aerobatics is a challenging sport that requires intense mental preparation and puts competitors through some gruelling physical hoops. And while that may sound treacherous, it’s safer than you think – particularly when you have the right cover in place.
Competitor, instructor and former president of the Australian Aerobatics Club (AAC) Grant Piper tells how aerobatics competitions work, and how rigorous training helps minimise the risk of accidents.
It’s not your garden-variety sport – first, you need a pilot’s licence and then you need to hire a specific aerobatic-capable plane, or buy one, which can cost up to $600,000.
Then, as Grant Piper explains, competitors need to invest in hours of training at an aerobatics school to work their way up through five grades.
Passing each step of training and assessment means you can fly lower and lower to the ground. Entry-level competitors aren’t allowed below 3,000 feet; at the next level, you can come down to 1,500 feet. That continues until you’re at the highest level – ‘unlimited’, where you can fly as low as 100 feet above the ground.
As Piper says, “it takes people years to progress”.
But the thrill of executing these often complicated manoeuvres – and the challenge of designing your own sequences based on compulsory “figures”, has attracted pilots from all over the world and all manner of backgrounds – from airlines and the military, to builders, plumbers, tilers, doctors, lawyers and farmers.
What they all have in common is passion for a sport that has you nose diving and climbing vertically at breakneck speeds. You’re flying precisely-angled lines, loops and figure eights, doing stall turns, hanging upside down and performing 360-degree rolls and spins in all manner of hectic-looking, yet highly-disciplined combinations. Manoeuvres include the “shark’s tooth”, “humpty bump”, “full positive flick” and “P loop”.
What you’re up against
Judging in aerobatics is similar to ice skating, gymnastics or diving Piper says. “You perform in front of a panel of judges who each score you out of 10 for each figure, then those scores are averaged to come up with a final tally.”
When competitors get up to the higher levels, they’re undergoing quite a bit of physical and mental stress. “It’s hot, it’s noisy, the aircraft is going between 100 and 300 kilometres per hour,” says Piper.
There’s also g-force to contend with. The only way to build your tolerance is through training regimes. “It’s all just conditioning in the aeroplane – match fitness,” Piper says.
For added pressure, you have to fly your sequence of manoeuvres in an “aerobatic box” which is a defined kilometre square of air space. Within that box, you might have strong winds that you have to counter to stay in front of the judges.
“It’s like ice skating but the ice is moving down the river and you have to keep skating upriver to stay in front of the judges; every flight is different so it becomes a real mental test,” he says.
Safety and risk minimisation for competitors
Because all pilots have to go through training to pass every grade, there’s an automatic level of supervision and monitoring as trainers watch every flight, continuously assessing the pilot’s physical and mental capabilities. Coaches critique pilots as they fly via radio, with peers also watching and having input. Dangerous flying can lead to instant disqualification.
As a result, accidents are rare. Piper says there have never been any fatalities in Australian aerobatics competition, nor is he aware of any accidents.
This is in contrast to the low-height stunt flying seen in airshows which carries far more risk.
Insurance for aerobatics
Aviation insurance attaches to the aircraft rather than the pilot. Piper says that to be covered in your general aviation insurance policy, aerobatics has to be listed as an approved activity. If you compete, you have to pay a little bit more on top of that.
Airshow is a separate listing and will normally attract a higher premium again, he says.
One day Piper would like to see a policy that better reflects the safe history of aerobatics competitions and varies according to the amount of hours the plane is in use, like some modern car insurance policies.
While barrel rolls may not be your thing, aviation insurance goes well beyond covering competitive pilots to even protect aircrafts for farming purposes.
Aviation insurance policies can cover all kinds of aircraft from gliders and helicopters to turbine engine aircraft. They also cover a variety of uses, from private/pleasure and business, to rental or charter (ferrying cargo or customers) and if you include them specifically in your policy, uses such as mustering, agricultural spraying, powerline inspection or firefighting.
To get advice about coverage under aviation insurance policies, it’s best to speak to a broker with experience in the field.
3 fabulous new restaurant fit outs worth protecting
In some restaurants, the design of the space is as big a drawcard as the food and the service. We look at three unique and Insta-worthy fitouts that add another level of flavour to the dining experience.
- Ishizuka, Melbourne
Named for Japanese chef Tomotaka Ishizuka, this exclusive 16-seater is located in a basement on Melbourne’s Bourke Street. Its menu features seasonally-driven, “Kaiseki” haute cuisine served as a 10 to 12-course degustation, priced at $215 per person. With complex, subtle dishes made of luxe ingredients (e.g., Beluga caviar topped with tofu) and served with great ceremony, Good Food calls it an “adventure in Japanese tastes”.
Fitout-wise it’s an adventure too. The first thing reviewers note is what an ordeal it is to even find the place. Fortunately, when you do actually get through the door you enter a stunning, sparse cave with roughly-textured concrete columns sculpted to look like trees, foliage overhead casting magical shadows and a huge floor-to-ceiling fabric lantern/room divider. It’s an experience that one reviewer likened to entering “the lair of the world’s most stylish troll”.
Architects Russell & George have captured the other-worldly feel of the food in their interior, describing it as “bold, unusual, controversial, thought-provoking yet in complete balance – just like Kaiseki.”
- Fonda Bondi, Bondi Beach
People go to Fonda Bondi for tacos, colourful salads, poke bowls and tostadas washed down with a range of signature cocktails. They also go for the whole dialled-down Mexicana experience of the space, a “narrative” that starts in the bustling bar at the front, continues through the intimate booth seating in the middle out to the banquette seating in the rear “sanctuary”.
Interior designers Studio Esteta have used a mix of colours inside to create a humble, at-home feel that echoes the brand’s motto “mi casa, su casa”. Powder blue paint and terrazzo reflect Bondi Beach; earthy shades of terrazzo, leather and wood give the Mexican feels; topped off with shades of green through the potted cacti, and yet more (green) terrazzo.
Custom rattan screens, pendant lights, sconces and tables set against textured walls reinforce the fun, fresh, youthfulness of the brand, its casual service model and its hip location. In fact, the designers talk of how their terrazzo resembles “aerial views of Bondi beach with people scattered along the shores”.
- Ban Ban, Adelaide
Bringing crunchy Korean fried chicken and beer to Adelaide since July 2018 is Ban Ban, which means “half-half” – confusing, since a serving in their restaurant is actually a whole chicken in 14 pieces. The idea is that you can order half with one sauce and/or seasoning, and the other half with a different combination to try a variety of tastes. The chicken is dipped in Ban Ban’s house-made batter, made from more than 15 ingredients.
The K-Pop inspired interior is the work of Adelaide-based Genesin Studio and it’s all about the tiling: handmade tiles from the Netherlands on the benches, table tops and room dividers.
Diners sit shoulder to shoulder on communal bench seats. Baby blue tiling sits with the mint green of the stools and the pastel pink shades of the tableware. Lighting is a mixture of downlights and playful neons.
Principal of Genesin, Studio Ryan Genesin says, “The food’s quite fun and colourful, and I think that’s the joy of it, is that the food sings, and we’re kind of platforming the food and creating a space to display it.”
Whether it’s handmade tiles, bespoke furniture or a shiny new kitchen, these kinds of fitouts are a sizeable investment that as a restaurant-owner you need to protect – whether from fire, storm damage, theft or any number of other risks. For advice on getting the right cover for a hospitality business, contact a restaurant insurance specialist through Advisr.
Why LinkedIn isn’t just a professional network to post jobs
More than just an HR landing page, LinkedIn is a way for your small-to-medium business (SMB) to drive business results, increase brand awareness and educate potential customers about your products and services; all on a platform SMBs trust more than any other social media.
It’s a big number: 500 million professionals on LinkedIn globally.
More importantly, recent insights published by LinkedIn show it’s the most-used social platform for Australian SMBs when they’re looking to grow, find business partners and drive leads. In fact, LinkedIn says it’s the number one social network for lead generation. That’s on top of its capacity for connecting with and recruiting new talent.
Where LinkedIn really comes into its own is as a targeted, accessible, high-touch marketing tool.
Filter by job function, seniority, company name, geography, industry and more. Or by interest – through a member’s LinkedIn groups, fields of study or skills they self identify. Or you can reach people by segment, whether that’s “opinion leaders” or “business travelers”. For that reason, LinkedIn is also an obvious platform for launching account-based marketing campaigns.
Your business can use LinkedIn in a number of ways. After setting up a Company page, you can create LinkedIn Groups, publish articles or updates, do business development, promote your brand, products or blog, and grow traffic to your website.
LinkedIn is more trusted than other social networks
It’s not just the data, the networking and the free real estate that make LinkedIn attractive.
Findings from the Business Insider Intelligence Digital Trust report 2018 reveal that LinkedIn is the most trusted platform (for the second year in a row), based on how users’ information is protected and how safe the environment feels for users to create and engage with content.
LinkedIn users were seen to be well behaved, more selective and mindful about engagement, with content on LinkedIn viewed as being of a higher quality compared to other platforms.
A lot of that comes from the simple fact that people go on LinkedIn for business purposes, unlike many users of say, Facebook.
It works the other way too
1.5 million Australian LinkedIn members are employed by SMBs and 520,000 of those are classed as “decision makers”. So LinkedIn is a good way to market to the decision makers in your SMB.
LinkedIn insights show that 46% of those SMBs surveyed believed professional social networks such as LinkedIn influenced their awareness and selection of products/services for their company, second only to word of mouth at 68%.
When it comes to providing content through LinkedIn, Entrepreneurship, leadership, productivity and technology are the four content areas that SMBs are engaging with most frequently.
Social media just gets stronger
There’s no sign that our love of social media is in decline.
Hootsuite and We Are Social’s 2018 Global Digital Report showed there are 17 million active social media users in Australia, up 6% since January 2017.
Across the spectrum of social sites, LinkedIn’s insights report that 78% of people created and shared content through social media to enhance company reputation, and 70% did it to generate leads. 58% used social media to distribute product or service information.
Social media is now a must-have communication tool for a majority of businesses. For small business targeting other businesses, LinkedIn is a no-brainer – if you’re prepared to build connections and work those connections like a pro.
For more insights to help grow and protect your business, visit our blog.
The 5G network offers many opportunities for small businesses, but be sure to consider the steps to take to manage the risks
The 5th generation of wireless broadband is set to beam directly into the palms of our hands over the next two years, and with it comes both new opportunities and risks for small businesses.
Just a few decades ago it was perfectly acceptable to drive while using a mobile phone.
In fact, that was how Australia’s very first mobile phone call was made on the ‘007’ network in 1981 – a game-changer for businesses around the nation.
What we didn’t know back then, however, was that using a mobile phone while driving increases the risk of crashing by 400%.
So if new technologies bring both new opportunities and new risks, what should we be on the lookout for ahead of next year’s 5G network rollout?
What is 5G?
The 5G network is the fifth generation of cellular mobile communications, following 4G (LTE/WiMax), 3G (UMTS), 2G (GSM) and 1G (analog).
One Australian telecommunications company tips the 5G network will be 20x faster than 4G, and will also be able to handle many more connected devices.
It’s coming soon, too. Both Telstra and Optus are both planning to commence 5G services in 2019.
In the meantime, here are some of the benefits businesses can look forward to.
Crystal clear communications: The faster network will allow businesses to communicate with customers, fellow colleagues and recruitment candidates over high-resolution video with potentially an unnoticeable 1 millisecond lag, compared to 30-40 milliseconds on 4G.
Bulk files on-the-go: Businesses that regularly send and receive large files will now be able to access them anywhere – not just at the office or home where there’s an NBN connection.
The sky’s the limit: While the shift to the cloud is already underway, 5G technology will accelerate it. With data able to flow back and forth over the internet more quickly, expect even more business data to be stored on remote servers.
Rise of the IoT: With 5G, the Internet of Things (IoT) is predicted to explode. Worldwide the number of devices connected to the internet is expected to grow from 11 billion to 20.5 billion, or even 50 billion. Either way, more of your business will be interconnected via the internet than ever before.
Improved analytics: IoT devices will access and provide real-time analytics data anywhere within mobile tower range. For example, a winery might have an IoT device that measures soil moisture. This could then be relayed to an irrigation IoT device that automatically activates once certain parameters are met.
NBN backup: With many pockets of the NBN still unreliable – or not even connected – many small businesses will now have a reliable back-up internet option to ensure their operations don’t crash if there’s an outage.
Here’s a worrying stat: 70% of the most commonly used IoT devices contain vulnerabilities, according to Hewlett-Packard.
As such, Ernst & Young (EY) says businesses will need to undertake a comprehensive strategic approach to cybersecurity in the years ahead.
“The IoT will increasingly rely on cloud computing, and smart devices with sensors built in, along with thousands (if not millions) of applications to support them,” an EY report says.
“The problem is that the truly integrated environments needed to support this connected technology do not exist, and cloud computing is in need of serious improvement, especially in terms of security.”
On top of more access points for cyber criminals to hack, EY says other major risks include a blurring of organisational IT boundaries and responsibilities, and an increased risk that employees connect mobile apps with malware to the business network.
Keep your eyes on the road ahead
The cybersecurity risks facing small businesses are not only real – they’re about to become a whole lot more complicated.
To ensure your business is protected against the changing online landscape that the impending 5G mobile network and IoT boom will herald, team up with a professional insurance broker to help protect against your cyber exposures with an appropriate Cyber Insurance product.
After all, you don’t want to spend years building your business around technology, only for it to be crippled by the pace of technological change itself.
Find a broker to suit your needs here.
The insurance market can at times, be a tough nut to crack, especially when it fluctuates from a soft insurance market to a hard one. When the hard market drops, we see insurers tighten underwriting criteria, coverages become more difficult to secure, premiums aren’t as easy to negotiate on and coverage when it isn’t expensive, can become completely unavailable.
Preparation is the key to success, and while you can prepare yourself for some rate increases in the next few years, it’s often better to take a more proactive approach.
The following three steps will help you minimize the impact of those stringent insurance rating criteria.
1 – Understand the Importance of an Insurance Broker during a hard market
Following advice will only get you so far if you don’t understand why you’re doing what you’re doing. Insurance brokers during a hard market will become your saving grace. Their role is to fight your battles and continuously source competitive services to suit your needs.
In a hard market, it can feel like an insurer is attempting to block your every step with their stringent standards, so having an insurance broker that understands the changes and is prepared to seek out the best result for your business, can ensure your policy will be tailored to your needs and remove the burden from your own shoulders.
This not only makes the process smoother but allows you to focus on your business and do the job you know how to do best, saving you time and frustration.
2 – Develop a good relationship with your insurance broker
Teamwork makes the dream work and a great relationship with your insurance broker will only result in the best outcomes for your business. An insurance broker can only work to the best of their ability if they understand what you want and are hoping to achieve. If either you or your broker aren’t on the same page, it might be best to try another book.
Make sure that your insurance broker understands the impact of the hard market on your business and that they understand your actual business, the industry and its potential risks. A hard insurance market brings new clients to brokers, so take advantage of the competitive arena and make sure your broker has proven their capability to you, above all the rest.
With the right broker and a trustworthy partnership, you will be guaranteed to receive the best price, coverage and policy to secure your business’ future.
3 – Prepare the business for increased insurance costs
“By failing to prepare, you are preparing to fail.” ― Benjamin Franklin
Being aware of the potential for increased insurance costs isn’t the same as actually preparing for the occasion. Insurers need to be proactive and commence their renewal process early to ensure the best outcomes. Present risks in the best light and allow adequate time to address any surprises or consider strategies which may mitigate premium increases, such as increased deductibles.
It can often become a shock when the market turns and many find themselves mentally unprepared for the sudden shift. Pre-emptive action is better than reaction, so prepare your business early.
It’s understandable to start sweating at the mention of insurance premiums on the rise, but there’s plenty to start considering, planning and actioning now to prepare your business for the worst. Taking an active and strategic approach to managing your company’s risks and insurance claims will minimize the impact of a hard insurance market, so it’s best to start sooner rather than later.
I offer a 30-minute business review session. During that session I provide my advice on if and how I can help you minimize the impact of a hard insurance market. To find out more email me at firstname.lastname@example.org or phone 0401 109 324.