News Matrix Insurance Group

Month: August 2020


Managing the Risks Associated With the Motor Trade Industry
Managing the Risks Associated With the Motor Trade Industry

Posted on August 28, 2020 | by | Posted in Insurance

It’s no secret that the motor trade industry carries plenty of risks. From employer safety to cybersecurity and vehicle management, it’s important to know how to manage such risks and secure proper cover for your business. In this article, we’ll be taking a look at the most common risks associated with the motor trade industry insurance and help you determine which type of cover you should purchase.

Health and safety risks

Motor trade organisations pose a wide range of health and safety risks for both the staff and the general public. Here is how you can minimise these risks and ensure the safety of everyone in the organisation.

  • Machinery handling – Vehicle maintenance and repair often require the use of mechanical equipment. To protect employees from machinery hazards, it’s crucial to implement personal protective equipment (PPE) such as safety goggles and ear defenders. Conducting routine maintenance and prohibiting machines from being left unattended will go a long way towards reducing workplace hazards.
  • Falling objects – Car lift failure is very dangerous and employees could suffer from serious injuries from falling vehicle parts. Limit the risk of falling objects by inspecting car lifts and jacks on a regular basis and ensuring the equipment does not exceed safe working loads.
  • Hazardous substances – Engine oil, toxic exhaust fumes, and cleaning chemicals can pose a serious threat to one’s health. Avoid health concerns by wearing the appropriate PPE like gloves, goggles, and masks when dealing with hazardous substances.
  • Electrical/fire hazards – Faulty electrical wiring, overcharged batteries, and contact with petrol can potentially cause electrical/fire hazards. It’s crucial to conduct a fire risk assessment of your building to mitigate any fire risks along with proper staff training on using electrical devices safely.
  • Public access –  When working in the garage or workshop, it’s best to limit public access as much as possible. Encourage the staff and your customers to refrain from entering the garage or workshop without proper permission as these areas possess health and safety risks for the general public.

Vehicle management

A successful motor trade business is about maintaining your most important assets and those are your vehicles. The goal is to keep your vehicles safe and secure whether they’re in the workshop, garage, or in the forecourt. 

  • Staff selection – Proper staff selection is one of the best ways to keep your vehicles secure. Implement a strict employee vetting system and training program to ensure your staff members are trustworthy, reliable, and honest.
  • Vehicle theft – Vehicle theft is commonplace in the motor trade industry and it can negatively impact your organisation in many ways. Employing security guards, installing a comprehensive security system, and safe storage of vehicle keys are effective at reducing vehicle theft within the site.
  • Test drives – Most customers request for a test drive prior to purchasing a vehicle. Before allowing vehicle access, make sure your staff reviews the customer’s credentials first. Ensure that the customer’s driver’s license is authentic and conduct a background check if necessary to limit the risk of vehicle theft.
  • Vehicle technology – In a world where vehicle technology is constantly evolving, motor vehicles continue to be outfitted with the latest features and advancements. Keeping up to date on these technologies is crucial to prevent misuse, vehicle breakdowns, or advanced methods of theft. Only allow well-knowledged staff to handle new technology like hybrid vehicles and electric cars.

Cyber-security

As organisations across the motor trade industry go digital, having top cyber-security features is a must for any business. Protecting sensitive data such as customer information, commercial online banking systems and employee records are more important than ever.

  • Make sure your organisation implements top cyber-security measures such using data encryption, strong passwords, antivirus and malware protection, and updating software frequently.
  • Train your staff on how to detect phishing scams and reporting a breach. Only allow tech-focused employees access to sensitive data.
  • Enforce specific cyber-security policies, such as a BYOD policy, safe internet/email usage policy and a data breach response policy.

Securing the right cover

Apart from top risk management practices, ensure ultimate peace of mind for your motor trade organisation by purchasing motor trade insurance. Motor Trade Insurance policies are designed to cover organisations whose staff earns their living by buying, selling, repairing, and working with vehicles of all shapes and sizes.  Motor trade insurance provides cover for small, big or even part-time motor traders. There are many different kinds of motor trade insurance policies that differ in premiums, features, and the extent of coverage. A motor trader should choose an insurance policy that not only fits within their budget, but also their needs and requirements as well.

Apart from motor trade insurance, you need additional coverage to ensure your organisation is protected from unforeseen financial incidents. 

  • Building and contents insurance
  • Public and products liability insurance
  • Crime insurance
  • Employer’s liability insurance
  • Tools and equipment insurance
  • Directors’ and officers’ insurance
  • Professional indemnity insurance
  • Road risk insurance

To better understand which types of insurance is right for you, it’s worth contacting a reputable group of insurance brokers that will give you sound advice on the best insurance solutions for your business. For more information about motor trade insurance and which cover you should purchase, contact Matrix Insurance today and we’ll gladly attend to your needs.

Insurance for the post-Covid world
Insurance for the post-Covid world

Posted on August 11, 2020 | by | Posted in Insurance

Most businesses across Australia have taken steps to re-open following the Covid outbreak, though it’s still cautious times with plenty of fear and uncertainty around. Many businesses are finding the way they operate post-Covid is different than they did prior, and the reality is that things may never go back to the way they were.

Has the way you run your business changed since Covid? 

Small businesses are facing a drastic shift in consumer behaviour due to Covid-19, and are making necessary adjustments in what they are able to offer. Many changes are for the better, and in fact will streamline business practises for a safer future. 

Some of the changes or issues businesses are experiencing include:

• Extra cleaning – All premises are now expected to be cleaner and more hygienic than ever before; particularly for businesses that attract a flow of customers. 

• Working from home – Lockdowns due to the pandemic meant businesses allowed staff to work from home. Many are finding that the working from home options has actually been a positive practise for their business, and will continue this into the future. 

• Online streaming – Quite simply, people have turned to the internet for everything during the pandemic. Entertainment, shopping, communication, ordering food has all been via a smartphone or computer. This trend is likely to continue at least in the short term until consumers are comfortable resuming their normal activities, and businesses are adapting to this. 

• Physical distancing – Restrictions are still in place in most states, and venues must comply to physical distancing guidelines. This means many venues are unable to fill to capacity, which unfortunately can mean loss of revenue. 

• Cashless society – Covid-19 has seen many people rely more on “tap and go” purchasing, and a cashless society has emerged. This is a trend that will likely continue into the future. 

• Staffing issues – Borders being closed has caused grief among many businesses who rely on travellers for staffing. 

How does the post-Covid society affect your insurance? 

Insurance for small business has never been more important. A good Business Insurance policy will give you peace of mind during these uncertain times, particularly if it includes a Business Interruption policy which can assist in covering loss of income and some expenses if your business is unable to operate as normal. It’s also a good time now to check on your coverage for instances like staff taking computers and equipment from the office so they can work from home. With staff working from home, you will want to ensure your Cyber Liability Insurance is up to date – you can’t guarantee all networks are secure and the risk of a cyber attack is very real and can be extremely damaging to your business. 

Time for an insurance check-up? 

For peace of mind, contact Matrix Insurance and have a chat about your business insurance requirements. 

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