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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. 

Host Liquor Liability vs. Liquor Liability: What’s the Difference?

Posted on July 24, 2020 | by | Posted in Insurance

Businesses that serve alcohol to visitors face distinct liability threats. In many states, business owners can be held liable for injuries or property damage caused by intoxicated guests and clients. This can even apply to establishments that do not serve or offer alcohol but allow it to be taken inside their facilities. To safeguard business assets from legal enforcement or suits, company owners ought to highly consider liquor liability insurance. Matrix Insurance, one of the nation’s leading providers of specialized insurance coverage items, understands the confusion between host liquor liability and liquor liability and wants to clear things up to help business owners choose the right policies.

Both host liquor liability insurance coverage and liquor liability insurance can cover alcohol-related lawsuits against business owners, but the type of coverage you need depends on the kind of service you provide. Depending on the type of business you operate,, you will need to buy either host liquor liability or liquor liability insurance coverage. Read on to find out the difference and choose which one is the best option for you.

What is host liquor liability insurance?

Plenty of states have social host laws that can hold business owners responsible for damage caused by drunk customers or guests. Companies that do not serve, sell, or manufacture alcohol – but allow it to be taken in on the premises or at an event they host– can protect their business against liquor-related claims with host liquor liability insurance coverage.

This type of insurance provides a wide range of coverage for businesses in the event a customer, worker, or other guest causes residential or commercial property damage after taking in excessive alcohol. Host liquor liability insurance coverage can protect a wide variety of establishments including an accounting firm that allows beer and white wine at a business picnic, a web design firm that permits staff members to bring in booze to share on Friday afternoons, and a restaurant that doesn’t sell alcohol but allows patrons to bring their own.

Host liquor insurance coverage is mostly included in general liability insurance which can cover for expenses resulting from third-party injuries or property damage. For example, if a worker who consumed numerous drinks at a business celebration gets into an accident and damages another person’s car, the host liquor liability element of business’ general liability policy can pay for the injured person’s medical bills, repairs, and any court-related fees should the driver decide to sue the business.

What is liquor liability insurance?

Liquor liability insurance is a type of insurance that protects companies that produce, serve, or offer alcohol. The policy provides coverage for legal charges, settlements, and medical expenses associated with physical injury or property damage caused by an intoxicated individual who was served or offered liquor by the insurance policyholder.

The types of companies that generally require liquor liability insurance coverage include bars, breweries, dining establishments, liquor stores, corner stores, wineries, supermarkets, and the like. Any organisation that sells alcohol, regardless of size, is exposed to liquor liability and may benefit from acquiring insurance coverage. In some states, companies are legally required to obtain this coverage before receiving a commercial lease or a liquor license.

Liability claims made to a bar or restaurant due to property damage injury caused by an intoxicated guest can prove quite costly. A common example of an alcohol-related claim happens when a drunk patron leaves a bar, gets into his car, drives, and commits a vehicular manslaughter act. In this case, the victim’s family might sue the bar for both civil and criminal damages. Another example is at a catered event where a restaurant served alcohol and 2 visitors got into a fight, whereby serious injuries incurred.

These are just two of the many instances that can potentially happen when a company serves alcohol to the general public. This makes liquor liability insurance extremely important as businesses are held accountable for the damages brought about by intoxicated guests from their establishment.

Tips To Reduce Liquor Liability Lawsuits 

While covering your business is vital when allowing or serving alcohol, it’s also a good idea to take proactive steps to lower your risks of getting liquor liability lawsuits and claims. Some recommended tips to keep in mind are:

• Employ security personnel and ensure they’re trained to examine ID’s and de-escalate situations
• Ensure that your staff (i.e. bartenders and servers) are well-trained in safe alcohol service
• Promote safe alcohol consumption
• Do not serve intoxicated persons and escort them outside the establishment if they’ve had too much alcohol
• Do not allow guests to drink and drive and instead call an Uber or cab ride to get customers home safely
• Implement a cut-off policy for over-served patrons
• Refuse service to any guest who cannot prove they’re at a legal drinking age
• Proper staff training in managing and escorting problematic patrons safely

Host liquor liability and liquor liability are important for businesses involved in serving, offering, and allowing alcohol to the public. Simply put, host liquor liability is for establishments that do not serve alcohol, but permit the consumption of the substance while liquor liability insurance is for businesses that manufacture, serve, and offer alcohol to patrons and guests.

If you want to learn more about which insurance is right for you, feel free to contact Matrix Insurance who are liquor insurance specialists today and we will help navigate you throughout the entire process.

Everything You Need to Know About Luxury Car Insurance

Posted on July 24, 2020 | by | Posted in Insurance

When we hear the words luxury car, we often think of a vehicle that’s superior in terms of comfort, style, and performance. For some, a luxury car is a status symbol while for others it’s a relentlessly pursued dream. Whatever the case may be, a luxury car is about the hefty price tag and these vehicles are quite expensive to maintain. Even the slightest of damage can result in a massive repair bill which is why having luxury car insurance is an absolute must if you own a high-end vehicle. Read on to discover what luxury car insurance is all about.

Why you should insure your luxury car

As the name suggests, luxury cars come with expensive components that are more intricate to work with than a standard vehicle. Therefore, damage to such components means that you’ll be reaching deep into your pockets if you want to maintain the look and performance of your machine. With luxury car insurance, you don’t have to worry about the damages to your vehicle since the insurance company will take care of it under the agreed terms and conditions.

Most people don’t know the difference between luxury car insurance and standard car insurance. The price of a typical car insurance policy is heavily based on its Insured Declared Value (IDV) which is often referred to as the market price of the vehicle. In simple terms, IDV is the maximum limit of the amount the insurance company will provide the policyholder in the event of a total loss. Since a luxury car’s IDV is on the higher end, its insurance premium is also higher compared to the insurance policy of standard cars.

How much does luxury car insurance cost?

There are a number of factors that determine the exact price of a luxury car insurance policy and these are:

• Car manufacturer
• Vehicle model
• Vehicle age
• The location at which the car was purchased
• Claim history
• No claim bonus (if applicable)

Aside from the aforementioned factors, the cost will also be affected by the kind of policy you choose and the insurer from whom you’ve purchased it. There are plenty of car insurance premium calculators online which can help you check the rates of luxury car insurance and obtain quotes. Simply fill up the information page regarding your vehicle and the calculator will show an approximate premium cost of your car’s insurance policy.

Things to consider before buying luxury car insurance

Luxury car insurance isn’t cheap. Therefore, you have to have a good understanding of your car insurance requirements so you don’t end up paying for insurance policies you don’t need. Here are a couple of things to keep in mind before buying luxury car insurance:

1. Choose the right add-ons

Add-ons are for when you need extended coverage for your luxury car. They usually cover situations that are called ‘exceptions’ such as engine protection, roadside assistance, zero depreciation, and more. Identify your add-on requirements and choose only the appropriate add-ons for your luxury car.

2. Compare car insurance prices online

The internet has made it easy for luxury car owners to compare car insurance prices online. Different insurers will provide different quotes for your luxury car’s policy so it’s worth comparing the prices so you can get the best deals. Do look out for cheaper policies with reduced coverage and avoid them at all costs.

3. Protect your luxury car

Luxury cars are a prime target for thieves and criminals. This makes it extremely important that you protect your luxury car as much as possible. Installing anti-theft devices and alarm monitoring systems can go a long way towards reducing your insurance premiums by a significant margin. 

4. Engine protection cover

Engine protection is a must-have add-on when it comes to your luxury car. High performance vehicles use expensive components on their engines which can prove costly to repair in case they get damaged. Such costs can be mitigated when you have engine protection cover in place.

5. Roadside assistance

In the unfortunate scenario that your car breaks down, a roadside assistance add-on is a major lifesaver. With this add-on, the insurance company will send help and provide you with the necessary assistance to get your luxury car up and running again. If this is not possible, then your vehicle will be towed to the garage.

6. Comprehensive coverage

You should always include comprehensive coverage as part of your luxury car’s insurance since it provides all-around insurance coverage. While the premiums will be more expensive compared to a liability-only policy, the extended coverage is great for peace of mind and will prove beneficial to your luxury car over the long term.

Luxury car insurance is a must-have for car owners with expensive tastes. Not only does it cover you from eye-popping maintenance costs, but it also limits your exposure to legal risks and hefty fines. All registered cars must have Compulsory Third Party Insurance (CTP) as the bare minimum, but this usually isn’t enough for luxury car owners. By understanding what luxury car insurance is about, you can buy the best insurance possible for your prized possession. 

What You Need to Know About Cabinet Maker Insurance

Posted on May 14, 2020 | by | Posted in Insurance

Having an eye for detail is important if you wish to create masterful woodwork. Along with proper skills and training, it takes years of experience to become a professional cabinet maker. But even the greatest cabinet-makers are prone to experiencing a few hiccups here and there and the risks that come from this type of work can spell disaster if not managed properly. From damaging a client’s property to having your tools nicked or stolen, a lot can go wrong when you’re in the cabinet-making industry.

This is where cabinet maker insurance comes into play. By obtaining the right type of insurance, you can protect yourself from financial losses that come from sudden mishaps or unfortunate events. This article will cover everything you need to know about cabinet maker insurance to help secure your business from financial hardships.

Why you need cabinet maker insurance

Being in the cabinet-making business is very challenging. You help customers select the right hardware, talk to suppliers in sourcing the best base materials, and even create custom cabinet designs on your own. Working as a cabinet maker can be very rewarding, but only if you have the right insurance in place. If you don’t have the right type of insurance, you can potentially face financial difficulties down the road.

For example, if a customer accidentally slips while inside your business premises or your sign gets damaged by a rough storm, you’ll have to reach for your pockets and pay for any expenses as a result (i.e. medical bills or repairs). But if you have the appropriate types and amounts of insurance, you don’t have to worry about paying for anything as the insurance will cover it for you. Here are several types of insurance that cabinet makers may need:

General liability insurance

General liability insurance protects cabinet makers from common pitfalls and hazards. Say a customer walks into the cabinet making area and they get injured accidentally. As a business owner, it is your legal responsibility to maintain a safe environment for your customers and if you fail in that responsibility, you can be held financially liable. General liability coverage safeguards you from such instances and absorbs any expenses or claims by customers who get injured while at the business site. Liability will also cover ant damage/ or injury caused at your clients premises

Worker’s compensation insurance

If you employ staff as cabinet makers, you are required to provide worker’s compensation insurance. This type of insurance covers any medical costs for employees who get injured on the job. Not only does it take off the financial burden of rehabilitation to your shoulders, but it also ensures that your employees receive proper, timely medical services to continue providing for their families. The coverage can also be arranged in a way that covers travelling employees on behalf of your business.

Business Insurance

A business insurance provides the same protection as general liability insurance, but with the added benefit of protecting your physical assets. 

Designed to cover repairs and/or replacements for property damage resulting in storms, floods, or other natural disasters. You can also configure this policy to safeguard you from financial losses brought about by theft or lost items. Business insurance is crucial to your business as any significant damage to buildings, structures, and property can cause business interruption and loss of profit. 

Motor Vehicle insurance

Having your business motor vehicle’s insured can protect both you, your  employees and the other parties involved in a accident – you can choose from comprehensive, third party fire and theft and third party only

How Foodservice Businesses Can Mitigate the Effects of the Coronavirus Pandemic

Posted on May 05, 2020 | by | Posted in Insurance

With the coronavirus pandemic affecting the foodservice industry across the world, many Australian hospitality owners are facing unique challenges they’ve never seen before. Businesses owners in this industry are advised to monitor their last income statement to determine which areas felt the most impact. If the sales drop, how will that trickle down to the expenses? While labour and food costs can be adjusted, rent and insurance cannot.

Restaurant and cafe owners usually focus on pushing out food and beverages and what menu works best for their customers. But now is the time for owners to make crucial adjustments and become ‘numbers people’ in hopes of riding out the storm. Thankfully, this unprecedented downturn in business can be minimized by practising a few practical tips which we’ll discuss down below.

Approaching your staff

• Before you let go of your staff, you have to establish a solid plan. Who will be the first to let go? And what will you owe them afterwards? Letting go of permanent staff members means there’s a possibility for redundancy payments. We suggest doing your own research to help manage your expectations when letting staff go.
  
• Communicate with your staff in an open manner. With all of the attention-grabbing headlines today, being the bearer of bad news can be a tough pill to swallow. Despite this, your staff is expecting you to be fair before they get shown the door. Create an internal communication system like a WhatsApp or a Facebook chat group to discuss things openly with your staff.
  
• Be prompt with the statements needed to give your staff the benefits that will help them support themselves without work. It’s important to have a good understanding of how this works as Newstart Allowance has been replaced with Jobseeker Payment as the main income support payment for individuals between ages 22 and pension age.
  
• Not all staff have a clear understanding of the financial workings of the business. As a business owner, you owe them transparency by explaining to them your income statement. It won’t be pretty, but at least they get to view things from your perspective.
  
• Insist on unwell staff to stay at home. Some staff may want to work while sick, but that is not okay given the current circumstances. Many will be casual which equates to no work, no pay.

Improving customer service

• Take advantage of home delivery options whether it be food pickup thru your online ordering page or by using third-party systems (if the margins permit such costs). Adding a takeaway option is critical to keep your business afloat during this pandemic.
  
• Consider upgrading your delivery platform. Customers are seeking ‘no contact’ payments like hygienic packaging and touch payments. Observe how big operators like McDonald’s make adjustments to their pickup and delivery space and try to emulate their practices as best as you can.
  
• Maintain the highest level of food safety and hygiene throughout the entire kitchen. Assure your customers on your hygiene efforts to maintain their trust in your services.
  
• Invest in better staff training. Improved cleaning, hygiene, and customer services translate into long-term benefits that go well beyond the pandemic.

• Place a concerted effort to your admin and office systems. You can’t afford to waste time and efficiency at a time of crisis. Think about moving tasks online that still require paper and conduct payrolls, orders, and social media activities remotely.
  
• Improve communication with your customers. Take advantage of various social media channels like Facebook, Instagram, Twitter, and Snapchat to build interest and let everyone know about your offerings. An interesting newsletter each week is a welcome addition considering that most people look towards cafes and restaurants for food comfort.

• Maintain a warm and friendly service. Positive interactions establish deeper connections with customers, especially during a pandemic where people are surrounded by attention-grabbing headlines.

Other factors worth considering

• Discuss the delivery and food availability with your suppliers. Chances are they’re having their own staffing issues to deal with, meaning your orders will be down and the entire supply chain may be affected as well.
• Ask your accountant on how they can negotiate tax and bills payments with the Australian Taxation Office.
• Have your lawyer talk to your landlord about rent payments. Paying full rent at a loss of revenue can hurt your business. Try to share your figures and seek what arrangements you can come to terms with to help soften the blow of the pandemic.
• Learn about government support payments. These funds are being announced regularly which makes it crucial to know which ones relate to your business.
• Talk to your creditors. They most likely have their own problems as well, but that doesn’t mean they’re unwilling to negotiate. Find out which of your creditors are tolerant and which ones you can negotiate with.
• Check for cancellation terms on your function booking agreements. Evaluate the strictness of these agreements, see what you can possibly enforce, and make adjustments when necessary.

With the coronavirus pandemic threatening hospitality businesses, taking swift action is critical to reducing its impact. These practical tips can help you make better decisions on how to handle your staff, provide efficient customer service, and deal with other aspects of your business to help keep the operations running. Should you have any additional issues relating to insurance it is always advisable to speak directly with a hospitality insurance expert in Australia.