27 March 2020

As the pandemic we now know as COVID-19 progresses through to a critical stage here in Australia, it’s timely that we stop and think of not only our personal protection, but also that of our business assets.

COVID-19 has dictated a huge change in the way we work. To protect ourselves, our colleagues and families, most workplaces are now in lockdown and staff are working from home. This presents you with some very important considerations regarding your insurance.

Working from home

Changes in the way you run your operation may require alterations or amendments to your current insurance program.

Most professional practices will have an ‘Office Pack’ policy however in light of the changes to your working structure you should review or consider the ‘General Property’ section of your Office Pack policy. General Property provides cover for portable or valuable items that employees usually carry around with them in the course of their business, anywhere in the world, and can be covered under the policy as unspecified or specified items dependant on their value.

General Property cover also includes some key additional benefits (subject to terms and conditions) such as accidental loss, or damage or theft of other equipment not belonging to you but in your physical control for the purposes of doing business.

Another relatively new insurance that professionals may want to consider is:

Cyber Insurance

Working from home may assist in protecting you and your community from COVID-19 however you  also need to protect your devices and data from opportunistic cyber criminals looking for opportunities to ‘hack’ compromised systems. In the current environment businesses and insurers have experienced a substantial ‘spike’ in cyber-crime. Flexible work arrangements present opportunities for hackers to gain unauthorised access, breach data security, and infect devices.

Cyber Protection insurance is designed to protect your business from financial losses in the event of computer hacking or data breach.  A comprehensive Cyber policy will cover both first party and third party losses.  Cyber Protection policies vary in the benefits they provide but typically may cover:

  • Access to 24/7 Cyber breach support team
  • Electronic data replacement – costs of recovering your records and data
  • Business interruption – covers financial losses as a result of a cyber attack
  • Cyber extortion – covers costs such as hiring negotiation experts and payment of extortion demands
  • Security and privacy – damages to your reputation following a breach of third party data on your system
  • Defence costs- legal costs of defending claims

Need more protection?

Planned Cover acknowledge that every business is unique and so are the business circumstances. We are in unprecedented times with substantial uncertainty.  Insurance is designed to reduce or eliminate risk and assist with the protection of your assets.

Please call or email our experienced State/Account Managers to review or discuss your insurance requirements:

State Manager VIC
(03) 8508 5400

Simon Gray
State Manager NSW/ACT
(02) 9957 5700

Erica Callaghan
Account Manager QLD/NT
(07) 3017 1522

Cos Cirocco
State Manager SA/TAS & National Business Manager
(08) 8363 7366

Kylie McGrath
State Manager WA
(08) 9261 1200