BCIB GENERAL Newsletter March 2019
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BCIB GENERAL Newsletter March 2019 Before you sign that contract or Why Cyber agreement…Do not sign your Risk is no rights away! different to Fire Risk Are you signing a document where you agree to “hold harmless” or “indemnify” another party While the for damages or loss? vast majority of businesses Contractual Liability is a standard exclusion under insure their many insurance policies. This means an insurer physical will not pay claims where you agree to accept property assets risk under a contract without their approval. You against a raft of can restrict or void entirely the way a policy can risks, including fire, many don’t recognise the respond and defend you, exposing your club value of insuring their digital assets. In many to a loss that may not be insured due to these cases, these are more valuable to a business. types of policy conditions. Businesses need a portfolio of coverage to Prior to entering any contract and signing on protect tangible and intangible assets. A the bottom line, we recommend you seek physical fire can destroy your premises. A independent legal advice. You should also digital fire to your intangible assets can destroy provide a copy of the contract prior to signing it to the business. If your building burns down, BCiB to review and advise of property insurance will cover the rebuild any insurance implications. and getting the business back to its pre-loss Please contact your BCiB status. Cyber insurance works the same way. Account Manager or our If your IT system is hacked or suffers a major office to discuss BEFORE data breach, a comprehensive cyber policy you sign ANY contract. It will cover IT forensics and restoration costs, could only take a phone call lost revenue, and assist in repairing reputation to obtain the right advice. damage caused by the cyber event. uPAGE 2 visit us online WWW.BCIB.COM.AU SUITE 8/12-14 GEORGE STREET • WARILLA NSW 2528 NSW PO BOX 500 WARILLA NSW 2528 QLD PO BOX 392 WEST BURLEIGH QLD 4219 VIC PO BOX 497 ALTONA VIC 3018 t Some clients insist they’re safe because New Account they have the latest anti-virus software and Manager for put too much trust in IT consultants. But this Southern Region is not always the case. Businesses install fire extinguishers, alarms and have fire-retardant We are pleased doors and floors as risk mitigation measures, to announce that but you still buy property insurance. All those Rhea Tan is our new things help mitigate the risk but don’t stop Account Manager it happening. It’s the same with cyber – you for Victoria, Tasmania can have back-ups, anti-virus software and IT and South Australia. geniuses, but things can still go wrong. Rhea is a highly experienced insurance professional with over 20 years working BCIB Jackaroos Asia Pacific Squad as a broker. She will be based in Melton, Announcement Victoria and commences in her role in April Congratulations to the ten BCIB Jackaroos with contact details to be distributed to selected to represent Australia at the Asia our clients in due course. In the meantime Pacific Championships in June. please continue to direct any queries to Women: Kelsey Cottrell (28, St Johns Park, Brett Duprez on 0427 344 920 or brett@ NSW), Lynsey Clarke (35, Club Helensvale, bcib.com.au. QLD), Carla Krizanic (28, Sunbury, VIC), Rebecca Van Asch (30, Invermay, TAS), Natasha Scott Mount Waverley Bowls Club “Steve (28, Raymond Terrace, NSW) Glasson Fours” Men: Ray Pease (34, Cabramatta, NSW), Nathan Rice (39, Club Helensvale, QLD), Another successful “Steve Glasson Fours” Barrie Lester (37, Melbourne, VIC), Aaron Teys tournament was held in February at Mt (25, Warilla, NSW), Aron Sherriff (33, Club Waverley Bowls Club in Victoria, the 13th Helensvale, QLD) year BCIB has been the major sponsor. This very popular event had 30 clubs In the meantime the Australian Sides represented and Mt Waverley has to be championships will take place in April on the congratulated on organising this fantastic Central Coast NSW with Ettalong Bowling tournament. Club playing host. Best of luck to all the State and Territory teams. Car Airbag Safety Recall No doubt you have all heard about the Takata airbag safety recall affecting millions of vehicles in Australia (and around the world). The faulty airbags can eject shards of metal when activated, causing serious injury or death. Check if your car is affected by the recall: www.ismyairbagsafe.com.au Financial Insurance Market Gets Tougher Services Two hail storms in Sydney and floods in Industry Royal Townsville have provided more reasons for Commission insurers to increase premiums and restrict In February, cover. It’s probably a little unfair to put all Commissioner the blame on local insurers – it’s the global Hayne handed reinsurers who see Australia as a country down his of adverse weather conditions. A reinsurer findings and is like an insurer to insurance companies – recommendations an Australian based insurer such as IAG or after an exhaustive inquiry into the conduct Suncorp will budget to pay out a certain of financial service providers, including banks amount of claims per year and then take and insurance companies. The Commissioner out reinsurance to cover claims that exceed was scathing of the culture in many that amount. The more natural disasters we organisations of putting profit before people have, the more expensive the reinsurance is and his report contains directives to address becoming, with that being reflected in higher these issues. insurance costs to you. There were no reports of misconduct raised At a recent insurance brokers convention we in regards to the insurance broker industry were warned to expect further increases in and this is supported by the very low number property insurance premiums over at least of complaints made about brokers to the the next 12 months. This is not good news Australian Financial Complaints Authority for clubs, especially those in drought affected (AFCA). However, BCIB and the broader regional areas who are already struggling to insurance broker community are not about pay the bills. As your broker we will source as to rest on our laurels. Many of Commissioner many options as are available to us to ensure Hayne’s recommendations, whilst not the best possible outcome for you. This will be directed at insurance brokers specifically, in terms of cost, cover and insurer reputation. will be endorsed and implemented by the National Insurance Brokers Association (NIBA) Sinking Fund to ensure ongoing delivery of fair and honest Some good advice recently from advice. As a member of NIBA, we support this Community Clubs Victoria (CCV) in regards action as it can only enhance the trust and to putting money aside to pay for long- confidence you place in us. term replacement of plant and equipment. Assigning money to a “sinking fund” each AHGE 2019 year enables you to spread out the expense over a period of time. Some items that BCIB recently exhibited at the Australasian will eventually need Hospitality and Gaming Expo in Brisbane replacing include: and our Account Managers caught up beer systems, with a number of current clients and some kitchen equipment, (hopefully) future new ones. As a specialist synthetic playing insurance adviser to clubs – and especially to surfaces, bowling bowling clubs – our support of these industry green maintenance events helps us to gain further insight in to equipment, air your operations. conditioners. Workers Compensation Our specialist division, Work Health Options provides an easy solution for you Working with WHO, we can now offer ... Broking Services Claims, • Premium forecasting Return to Work & • Policy & premium management • Reviewing classifications Injury Management • Minimising premiums • Strategic claims reviews • Advising of liability exposures • Efficiently manage claim costs • Structure & grouping advice • Negotiating claim strategies • Claims impact • Return to Work advice • Negotiating rates (risk states) • Focusing on durable outcomes • Managing National programmes • Adhoc advice • Adhoc advice Health & Wellbeing Tailoring • 24/7 Paramedical support Risk Solutions in: • Injury hotline • Work Health & Safety • National GP Network • Return to Work Co-ordinator • Priority imaging • Pre-employments, drug & alcohol • Preferred Allied Health providers • Employee Assistance Programme • Self insurance domina.com.au workhealthoptions.com.au.