Cover for how we work today

The New Year provides us with a fresh opportunity to consider how a business has changed and grown. Amongst the celebrations, it's important also to consider your insurance needs. The way many businesses work has changed. From remote offices, to working from home, to the increased reliance on a 'gig economy', we know most businesses probably have unique needs to support their working environments with the right insurance. To kick off the New Year well, we've created a perfect list of questions to discuss with your Austbrokers Canberra representative.

1. Expansion to satellite offices

If your business has grown, or is about to grow to include remote or satellite offices, it's important to discuss this with your broker. Key questions to ask include:

• We are ready to expand. What insurance options do we need to consider before we open an additional location?
• Do I require multiple contents policies to cover all my sites?
• My fleet travels in-between two separate sites. Do I need a separate policy to cover any vehicles potentially spending extended time at separate locations?
• How do I protect my digital assets, shared between multiple sites via an intranet portal, or cloud-based service?

2. Global sales

• If your business makes sales into international markets, or has holdings in multiple currencies, it's important to consider where your assets are insured. Ask your broker:
  We are expanding our products to ship overseas. What insurance do we need to consider?
• We are an online business with an international clientele. How do we insure ourselves for an international market?
• Our business deals in multiple currencies. Do I require multiple insurance policies for these liquid assets?

3. Work from home

• If you currently have staff working from home, or are looking to create a more flexible working environment for your employees, considering how they are insured when working from home is essential. You should discuss with your broker questions such as:
  Do I require special insurance to allow my employees to work from home?
• How do I ensure health and safety requirements are met for my staff when working from home, and how does this affect my insurance risk?
• We are looking to create a more flexible working environment for our employees. What is the most affordable way to insure ourselves to support this?

4. Data and technology dependence

• It would be rare to find a business that does not in some way rely on a computer, digital storage or web-based facilities. While these tools provide enormous convenience to everyday business, they also pose a significant risk to data protection, and cyber attack. If you have not considered your insurance options for your digital needs, the time to get in touch is now. Your conversation with your broker should include the following kinds of questions:
  What happens if my website gets hacked?
• My business takes online payments. How is this insured?
• Our business uses cloud storage to maintain our customer database. Do I require insurance in case of a data breach, or is this covered by the company supplying the service?
• My company is considering moving to an online portal for data sharing. How do I ensure this is protected?
• My business requires Personally Identifiable Information to be stored. What are the risks I need to consider, and how do I minimise my expenses?

5. Gig economy

• There's no denying that in the past few years we have begun to rely more and more on itinerant services. This so-called 'gig economy' has provided flexible working arrangements for many, but has posed a significant challenge to the former landscape of insurance products. It may surprise you the way in which this new style of working has an impact on your business. If any of the following apply to you, you should discuss them with your insurance broker as soon as possible.
  My staff find it easier to travel by ride-sharing services, than by taxi when moving between sites. Who insures their travel?
• My business requires itinerant staff from time to time. How can I take advantage of apps for short-term labour hire, and ensure everyone on my site is covered by an insurance policy?
• My business is considering using a car-sharing service for short trips, rather than expanding our fleet. Is it possible to insure our staff, if this is their method of travel?

We hope this list of suggested questions to discuss with your broker has been helpful. We wish you and your businesses a Happy New Year, full of prosperity and growth. Don't forget, we're here to help.