New Generation Insurance Solutions Pty Ltd

18/07/2024

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06/02/2023

Your home insurance policy may not cover working or running a business from home - find out what you need to know to avoid costly surprises.
Many homeowners assume that their standard home insurance policy will also cover them for any business activities that take place at their residence. Unfortunately, this isn't always the case. Let’s discuss what you need to know to ensure that your business activities are covered and help you avoid costly surprises down the road.

Home businesses are growing - but your home insurance policy may not cover it
As more people transition to working from or running their business from home, it’s important to understand the different types of insurance you need in order to protect yourself, your home and your business.

Home and contents insurance is great for general protection, but this doesn’t necessarily cover business activities that may be conducted on the premises. If you’re running a business from home, it’s essential to ensure you have correct coverage and this usually means taking out business insurance.

Home insurance policies are designed to protect residential property from unexpected loss or damage due to fire, theft, vandalism, accidents, etc. These policies do not usually cover running a business from home.

It’s important to note that some claims may not be covered if full disclosure to the insurer has not happened. This means if you are conducting business activities at your residence, you need to make sure your home insurer is aware of the activities in order to maintain – or obtain - the correct coverage.

Business insurance is designed specifically to protect business owners from financial loss resulting from lawsuits, accidents, and other unforeseen events that can occur while running a business. It provides cover for a range of business activities such as public & products liability, professional indemnity, and commercial property coverage. Business insurance also provides additional protection for individuals who run businesses from their homes, as it can include cover for lost income, office equipment and more.

By taking out the appropriate home and business insurance policies, you can rest assured that your investments and business activities will be properly protected.

Let’s take an example:
Waterfall Plumbers have two Directors, David and Louise Waters. They employee 4 plumbers.
David is on the tools, along with the 4 employees, all out on the road.
Louise manages the administration side of the business, working from a dedicated office in their home.
They also hold monthly Toolbox meetings in their home office space for all employees and Directors.

In their 4 car garage, they store materials required for onsite jobs.

Whilst their Home and Contents policy would likely cover the ‘home office’ aspect for items such as desks and chairs, what would NOT be covered is the ‘contents / stock’ stored in the garage related to the business. This would need to be covered under a Business policy.
Additionally, whilst a computer in the office would likely be covered, if David takes his mobile phone and laptop / tablet out on jobs, these items would not be covered under the household policy.

Liability is also an important issue. If any of the employees, when in the office, fell and an injury occurred, then this would generally not be covered under the household policy

What is disclosure and why is it important?
When taking out a home insurance policy, it is important to disclose all pertinent information to your insurer. This includes any business activities that you may be engaging in from the home. Without full disclosure of the activities taking place within the home, there is a risk that any resulting claims may not be covered under the policy. Additionally, the insurer may also deem the entire policy void due to non disclosure.

It is essential to provide accurate details about any businesses that are run from the home when taking out a home insurance policy, as the insurer will base your policy on the information provided. This allows them to understand the risks associated with working from home and also let you know what is covered – and not covered - under the policy.

What are the risks of not disclosing a home business to your insurer?
If you don't disclose this to your insurer, they may deem your policy invalid and refuse to pay out any claims. This means you being left with a large bill for any damages or losses that occur.

The first step is to declare all relevant information about your home business to your insurer. Even if you think that the details are not important, it is still important to make sure that everything is declared. This includes any business activities and tools or stock that you have at home.

By making sure that your home business is correctly covered by the right insurance policy, you can avoid costly surprises and ensure peace of mind when running your business from home.

Engaging an Insurance Broker takes the worry and workload out of arranging your insurance. We review the risk information provided by you and we then recommend and educate you on which products we believe would ensure your risks are covered. Understanding the risks involved and how they line up with the insurances is an important part of the process.

We are always only a phone call or an email away.

[email protected]
0412066834

29/03/2022

You've got your house protected, your car, even your health protected by insurance.

What about Cyber?

Cyber Insurance isn't just for businesses.

Personal Cyber Protection Insurance responds to a wide range of cyber threats such as:
– Crimeware
– Cyberbullying
– Cyberstalking
– Cyber extortion
– Identity theft
– Cyber harassment
– Harmful publication
– Hacking

A few real examples show how valuable this protection can be.

12/11/2020

Home Offices have become a common occurrence surrounding business during the COVID-19 pandemic. It all seems above board and normal; we can operate from our kitchen table or designated office within the home and all is great.

But what about insurance? Many people or businesses would not have thought about this and may assume that the household insurance would provide cover.

Do you know if your household insurance provides cover for business equipment, claims arising from this business equipment or the operation of this business or business liability?
Most Household policies will have an element of cover on business type office equipment, however, they will not provide cover arising out of you operating a business from home.

And what about if you are not operating your OWN business, but you are working from home on behalf of another business and the equipment does not belong to you?

If there was damage to the equipment there is a possibility that you may not have cover under your Household Policy for the equipment as it does not belong to you. In a claim situation, the insurer may ask you to prove ownership of the item, before they pay out on a claim. This could pose a problem if your employer owns the equipment that you are utilising at home.

Does your employer provide insurance cover for the items you are required to use in your home and do they provide cover for the operation of their business at your home? For example, What if a computer was to overheat, catch fire and cause fire damage to your home, but the computer does not belong to you, would you have insurance cover for this or would your employer have cover for this? This is a question that needs to be answered in order to ensure that you actually do have cover somewhere.

We have raised these questions to get you thinking about whether or not you are insured for running any business at home. It is definitely worth asking the questions of your insurer, broker or employer, just to ensure you have the right cover in for the right risk.

If you have any questions or would like more information relating to these types of risk, please contact us as below:

Samantha Yates
0412 066 834
[email protected]

Maureen Watts
0423 947 255
[email protected]

21/06/2020

The past 6 months have seen a rapidly changing work landscape. We are working in different environments and, for many of us, we have had to change the way we run our business.

Perhaps you are delivering training online, or you have moved your face to face sales to online selling.

The COVID-19 pandemic has provided fertile ground for hackers, with many of us not having sufficient security in place. There has been a significant increase in the incidence of phishing, fake websites, cloning identity theft and malware. Malicious cyber activity is increasing in frequency, scale, and sophistication.

With cyber-attacks, the offenders are usually after one or both of two things: financial and data. They are after a financial gain by infiltrating with ransomware, whereby you would have to pay a hefty fee to have your data released, or they obtain banking data and clean out all funds.
Or, as we have seen with the very recent large attempted breach, they are seeking to obtain data… this could be as large as government intelligence, right down to the most common with small to medium sized businesses, being access to banking and personal details of you and your clients.

A cyber-attack still remains one of the most costly incidents for a business overall. Cyber-attacks can cost businesses more than just response costs (investigation, notification and clean-up) – they also account for loss of revenue, legal liabilities, reputational damage and ransom demands. The costs are significant.


Understanding Cyber Risk is an important part of your business. It should be part of your best practice process. With good practices and security, the likelihood of a hacking would be greatly decreased and in turn reducing your risk.

In among all of this, there is a light… Cyber Insurance. A good cyber insurance policy will respond to many of these elevated threats now arising.

Just as you protect your professional advice with Professional Indemnity Insurance, or your work vehicle with a Commercial Vehicle policy, it's important that you are protecting yourself, your business and your clients with a Cyber Protection policy.

Please bear in mind that like any insurance, Cyber insurance can vary greatly and it is ever important to explore this with an insurance broker specialising in these type of risks.


If you have any questions or would like more information relating to these types of risk, please contact us as below:



Samantha Yates 0412 066 834
[email protected]

Maureen Watts 0423 947 255
[email protected]

22/03/2020

COVID-19 AND BUSINESS INTERRUPTION

COVID-19 - it’s a dirty word causing much illness, many deaths and the closures of multiple schools & businesses, leaving a hole in the economy and devastating effects on businesses and families.

At this point most will be trying to keep themselves and their families safe. But those who own businesses are also severely impacted with the lack of trade and in many cases having to shut the doors to trade completely.

So where does this leave the business owner who is not earning an income and who still has the ongoing expenses such as rent, electricity, water, wages etc but has no income due forced shutdowns? It leaves them in a massive financial hole! In some cases, this will force some small businesses to close down.

For those businesses that have Business Interruption cover, there could be potential for a claim if your policy has an extension for Diseases or Infectious Diseases then you may have some sort of cover.
In saying that, you must read the extensions in combination with all terms and conditions of the policy as there may be an exclusion to rule out the COVID-19. An example is that many policies have a total Quarantinable Diseases Exclusion, therefore if this was the case then the policy more than likely would not respond to any claims for COVID-19.

Some policies may respond whilst others will not.

It is really a matter of looking at your Policy Schedule, Policy Wording or speaking to your Insurance Provider to see if any cover is available.

If you need assistance understanding this, we are here to help. You can contact us on 0412 066 834 or by email at [email protected]

22/03/2020

In our current climate, it's timely to have great advice about changing circumstances.

This article from Emergence Insurance provides sound advice.

On 11 March 2020, the World Health Organisation declared the outbreak of COVID-19 a pandemic, and the emergency has continued to escalate.

Businesses around Australia are seeking ways to protect their staff from COVID-19.

Working from home

Instructing staff to work remotely may be one way of minimising the spread of the virus. However, remote work arrangements can have security implications and cybercriminals may attempt to take advantage of that. We are already seeing COVID-19 scams being transmitted via text messages.

The cyber risks of flexible work arrangements could include malware infection, unauthorised access, data security, and insecure devices used by staff.

It’s important that businesses and their staff ensure remote access to business networks is secure, so they aren’t vulnerable and business information isn’t exposed.

How do I stay safe?

Ensuring good cyber security measures now is the best way to address the cyber threat.

Consider implementing these proactive strategies:

• Review your business continuity plans and procedures
• Ensure your systems, including virtual private networks and firewalls, are up to date with the most recent security patches
• Implement multi-factor authentication for remote access systems and resources (including cloud services)
• Ensure your staff and stakeholders are informed and educated in safe cyber security practices, such as identifying socially engineered emails and messages
• Ensure your data is backed up daily and automatically
• Increase your cyber security measures in anticipation of the higher demand on remote access technologies by your staff, and test them ahead of time
• If you use a remote desktop solution, ensure it is secure
• Ensure staff working from home have physical security measures in place. That minimises the risk of information being accessed, used, modified or removed from the premises without authorisation
• Ensure your work devices, such as laptops and mobile phones, are secure
• Ensure you are protected against Denial of Service threats.

Need more help?

The Australian Signals Directorate’s Australian Cyber Security Centre has produced some excellent advice to help businesses stay secure from cyber threats while managing remote workforces. Click here for more information or go to:
www.cyber.gov.au/news/cyber-security-essential-when-preparing-covid-19.

Coverage under Emergence’s cyber policy

The Emergence cyber policy was designed with working remotely in mind. The policy covers IT infrastructure owned, leased, rented or licensed (for example, cloud or SaaS solutions) by the insured and used in conducting the insured’s business.

That means if a cyber event emanates from a computer or laptop or other device being used by the insured’s employees at home, the policy will respond to cover the cyber event for response costs, loss of profits and any potential litigation that may arise.

Questions?

If you have questions about coverage provided under cyber policies and what it means for your business, please contact us at: [email protected] or call 0412 066 834

**Credit to Emergence Insurance for the article above**

07/01/2020

CLAIMS BATTLES - WE'RE HERE TO HELP

Claims! Who wants them? Who needs them? Who wants to deal with them?
Brokers do …. This is what we are amazing at!

It is one of those things that we do not want to think about, however, it is reality. You only have to look at our country, burning at a rate of knots. It is sad, emotional, tiring and to say the least a massive disaster. And this is why it is ever important to have the right insurance in place with the right people to handle this for you. Claims can be one of those issues in life that put an extreme amount of pressure on you and having someone by your side to help you though, to listen to you, to offer assistance and support, can make all the difference.
This is where an insurance broker comes in. A broker will remove the stress and pain of having to fight the insurer through a difficult and emotional claim. A broker will ease the burden for you, they will fight your battle to the very end, they will get you the very best result for your claim. They will be there for you.

And we are here for you. We will be your support. Let us help, we will manage your claim from start to finish.

For example, we can confirm that insurers have already set up emergency dedicated phone lines for claims support and have already paid out emergency costs to some clients.

Did you know that many Household policies have Emergency Accommodation and other costs built into the policies. It is worth a call.

At New Generation, we are thinking of you all. Our hearts go out to all those who have lost their lives, the families who have lost their homes, those that have spent an endless amount of time fighting the fires and anyone else affected by the fires, not to mention the thousands of defenceless animals that too have lost their lives or been injured.

We would like to offer for our assistance FREE OF CHARGE, if you need any help with your claims. We are here to help you.

Samantha Yates
Ph. 08 8270 3576
Mb 0412 066 834
Em. [email protected]
Em. [email protected]

16/12/2019

Happy Holidays

Happy Festive Season Everyone
Wow, who can believe that it is almost Christmas, with only 21 days until the big day.
And yes our thoughts will be on all the events we must attend, the gifts we need to purchase and the spoiling of the littlies that love Christmas all so much.
It is such a fun and busy time.
But with the holiday season, comes another very important factor that you should all think about both at home and at work.
Security and safety! Who of you out there has left your premises without locking a window or inadvertently forgetting to put on the alarm. Whilst these seem like simple things that often get forgotten, these little issues in some cases can be the difference between you being able to submit a Theft Claim after a burglary. Or if you were to think on a worse case scenario, it could be a malicious damage claim or even a fire claim. Imagine the thoughts running through your head if someone was to enter your premises through a window you left open and they stole your prize possessions or even if they were to damage or set fire to the premises, it would be devastating.

So this holiday season, it is our recommendation that when leaving any premises, take a little bit of extra time to double check that your premises are safe and secure to ensure that your well earned assets are safe from intruders.

At New Generation it is as much about insurance as it is risk prevention and risk management.

If you would like any further information, please do not hesitate to call.

Sam Yates 0412 066 834
Maureen Watts 0423 947 255

30/10/2019

CYBER THREATS - IT'S REALITY

Ever thought that you were exempt of this type of threat? Well if this is the case, read on.

Everyone is at risk of being hacked. Anyone that owns a laptop, IPad, Smart TV's, you are a risk of being hacked. And you think how can this affect you. What if the hacking leaked private information or revealed private video footage or alternatively wiped out all of your accounts or even being held to ransom ... this is a CYBER THREAT ... we can help you with Cyber Insurance. Give it a thought .... it is too late once it has occurred. Think smart - a quote does not cost, but a Cyber attack will.

Call us if you require any further information.

Samantha Yates - New Generation Insurance Solutions Pty Ltd - 0412 066 834 / 08 8270 3576

Entrepreneur Chelsea Shiels had been painstakingly building up her Instagram-based business for six years.

29/10/2019

Tax Time – It Can Be Taxing!

Who of you out there actually loves tax time….. not me and I am sure that there are many of you in the same boat.

So on that note I thought it would be pertinent to speak about Tax Audit Insurance.

Who of you have actually been audited by the Tax Office? It is daunting and the cost of not only Tax Fines and Accountant Fees can add up quite quickly. Who needs that, sudden and unforeseen costs of a tax audit?

Let’s face it, this is one of those risks that most people don’t think about until they have been audited and then it’s too late. This doesn’t have to be the case.

Tax Audit Insurance provides cover for the costs involved with an ATO Tax Audit. It can provide cover for both the Company and Directors and spread over a year can be as affordable as $2.50 per day / $75 per month.

This type of insurance is often overlooked, however, an audit could cost anywhere up to $10,000 should the ATO apply fines and penalties not to mention your accountants fees.

I would like you to think about how you could afford an ATO Audit where fines and penalties are payable almost immediately. How would this impact your business or you personally?

This is something you should think about further.

If you would like further information, please find below contact details below:

Samantha Yates 0412 066 834
Maureen Watts 0423 947 255