Brokerwise


Brokerwise Edition 2, 2016
Cyber Crime and avoiding the burn from a Digital Fire

Digital Fire…is it coming for your business?

As technology continues to evolve, so are the skills of criminals. As more businesses make the switch to a paperless office, it’s quite unusual for a break and enter to occur with the intent to steal important documents.

The bigger risk for businesses today is cyber crime, where with a few clicks, your entire business is at risk of a ‘Digital Fire’

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Digital Fire…is it coming for your business?

As technology continues to evolve, so are the skills of criminals. As more businesses make the switch to a paperless office, it’s quite unusual for a break and enter to occur with the intent to steal important documents.

The bigger risk for businesses today is cyber crime, where with a few clicks, your entire business is at risk of a ‘Digital Fire’.

The Australian Federal Police classifies cyber crime as ‘crimes committed directly against computer and computer systems. The use of technology to commit or facilitate the commission of traditional crimes.’

Many small businesses fall into the trap of believing cyber crime won’t happen to them, yet they are the ones targeted the most. Many multi-million dollar conglomerates have sophisticated IT Departments, while small businesses have no such infrastructure to protect them from cyber criminals holding their files ransom, asking for thousands of dollars or their entire digital business is at risk to be deleted.

It’s rare for small businesses to have the funds to back up their data off site, so a cyber-attack can be crippling. Most businesses cannot survive a cyber-attack, particularly if every file they have is deleted and destroyed. Any company that handles data, either personal or corporate information is at risk of cyber crime.

Cyber Insurance will cover personal data, corporate data, data security and defence costs. 

Even if a business has an external IT Company, there is no guarantee their data and files are not at risk of a cyber-attack, so Cyber Insurance is recommended.

Over the past three years, Cyber Insurance has become more and more common with an increase in cyber-attacks.

Please contact us to discuss as this is an insurance your business can’t afford not to consider.

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Landlord Insurance at a glance
A simple explanation of Landlords Policy
 
 
The question of whether a landlord policy is necessary or needed is one that is often asked, with many questioning why a normal home and contents policy is not suitable for their rental property. 
 
The answer is home and contents polices are not designed to protect you for the extra risks in having someone else living in your property.
 
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A simple explanation of Landlords Policy
 
 
The question of whether a landlord policy is necessary or needed is one that is often asked, with many questioning why a normal home and contents policy is not suitable for their rental property. 
 
The answer is home and contents polices are not designed to protect you for the extra risks in having someone else living in your property.
 
What are Extra Risks?
 
You can never expect a tenant to look after your property as you would. And even if a good tenant holds a simple party, this can easily get out of control with guests causing damage such as spillage and staining of furniture, curtains and floor coverings, damage to plaster walls etc. Some of these simple incidents may cost you thousands to repair the damage and a bond will be quickly consumed. 
 
Also, some policies titled landlords may not secure you a policy that will adequately protect your valuable property, especially in respect to tenancy related damage. 
While most landlord policies cover for the majority of the usual basic exposures such as fire and storm etc. polices differ in coverages, sums insured, and periods of cover for loss of rent.
 
Some considerations prior to insuring:
Prior to insuring, consider having your building and contents insured with the same insurer.
Malicious and accidental damage by tenants are two different types of loss so it’s a good idea for your policy to cover both.
Do you have a Rental Agreement? Most policies will require one to claim some of the additional benefits.   
 
Optional extensions to consider:
 
Loss of rent due to an insured risk - the most important financial factor for a landlord is rental income. The loss of income during repair time can be crippling financially. 
 
Rent default - what happens if a tenant breaches your rental agreement leaving before the end of the agreement or just stops paying you rent? 
You have invested in an asset and it is important to protect your asset and transfer the above risks to an Insurer.  
Please contact us to discuss your landlords policy options.  In most cases this premium is tax deductible.
 
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