Protect Your Assets Over the Summer Holidays

Protect Your Assets Over the Summer Holidays

Some insurance tips ahead of the fast approaching December summer holidays to keep in mind for your home, office or commercial property.

Fire

Unfortunately there is no way to know when a fire in a commercial building will break out. The best we can do is to take preventative measures as good business practice. We have seen a number of fires this year in Sydney alone, with the latest one engulfing the General Pants warehouse in Alexandria, not to mention the devastating bushfires currently happening in NSW, QLD and W.A. Make your fire prevention strategy a weekly habit and check for frayed wires, de-clutter waste, and store flammable materials in proper containers including chemicals. Employer training in fire hazard safety is another way to ensure your good housekeeping practices are regularly kept up to date, including understanding evacuation procedures.

Water damage

Protect your Sydney home from water damage. The four leading causes of water damage are burst flexi hoses, water damage from appliances, blocked gutters and blocked drains. A recent report by Chubb found that water damage claims from Australian home-owners has risen by 72% over the past five years. Storm and water damage impacts both residential and business owners, therefore keeping a plan in place to help protect your assets over the summer break is essential. Eleven months after the Sydney hailstorm, we are still processing claims, particularly from leaking roofs. It's a good idea to inspect your roof periodically, especially after a storm. To reduce the impact of water damage, store anything of value off the ground, including electrical wires. Check drains weekly in order to maintain clear passage for water, and clear any debris or leaves regularly. Consider shutting off the water supply if you are away from home over the summer break, and check flexi hoses on appliances such as icemakers, washing machines and dishwashers. These should be replaced every ten years.

Cyber security

Protecting yourself or your business from a cyber attack is not just a summer break issue - in fact, cyber hacks and breaches are up 700% from last year according to research firm Security In Depth. Employee training in identifying when a cyber breach has taken place is the first step to ensuring your business is better protected from a cyber attack. Ensure that emails from trusted parties asking for redirect payments, or letting you know their bank account details have changed, are followed up with your contact who is asking for the change. Two of our clients have been caught out by these types of scams, and the financial impact was sizeable. Watch out for phishing emails asking you to click a link or update your password, especially from so-called banks. Your financial institution would never send you an email asking you to click on a link to change your financial details. Always check the URL to see where it is coming from before opening a link or clicking a button. Dr Allan Manning of LMI Group suggests not to click on links, attachments or emails from people you don't know, and get a password management system as changing passwords regularly is good cyber practice. For advice on your specific risks and situation get in touch.

General Advice Warning: This advice is general and does not take into account your objectives, financial situation or needs. You should consider whether the advice is appropriate for you and your personal circumstances. Before you make any decision about whether to acquire a certain product, you should obtain and read the relevant product disclosure statement.

Macquarie Insurance Brokers Australia ABN: 16000580585, AFSL: 250825

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