Tag Archives: Income Protection Sunshine Coast
Disaster Management
Posted on by Trent
Disaster Management
A disaster management plan is a key element of any business plan and is often missing in plans we review for clients
A little over 12 months ago we sat in our Toowoomba office and watched dumbfounded as heavy rains, became floods and then became life threatening -
Our office in the CBD, lost power, internet and sewerage and was not usable for a period of 2 weeks
Fortunately we were able to enact our emergency plan and relocate the office to our home kitchen table. Our VOIP phone system only needed internet access and offsite data storage of client files (in Melbourne) meant we were functioning normally from a client perspective the very next morning.
From there we ran our business watching the news, seeing clients and most importantly ringing them and ensuring they were ok and not in need of any distress related help.
How would you disaster proof your business?
What could happen – A tradesman could have all of their tools stolen.What is the recovery plan? Do you have a list of all the critical items for business functionality say for the event of a fire and is it stored off site? Could it be stored on a smart phone?
A major insurance broker in the Brisbane CBD had client records and servers located in the basement. While this seemed secure, the floods of last year meant clients records were unable to be referred to for a period of over one month – How would your clients handle that ??
Risk disaster management plans like any business plans need to be structured and the best ones are simple.
Who? What? Where? When? Why?
The classic questions that give the answers to just about anything
Analyse your risks in a systematic manner, create solutions and prepare for the worse.
Insurance alone is not always the answer – for example while an insurance company may offer replacement of a broken item, coverage for the 8 week delay for the part coming from Europe is often overlooked –
Can you afford to not produce your products for an extended time?
If it’s critical and could happen and you cant afford to be without… Insure it!
http://www.webinsure.com.au/insurance/business-insurance/
Posted in Uncategorized
Life Insurance – Is it enough ?
Posted on by Site Admin
Life Insurance – Is it enough ?
When Considering the needs of a partnership or family for life insurance there are many ways to obtain a value for the sum insured – But is Life Insurance alone enough or does the insured require even more ? –
Both partners in a relationship should be consulted in the reckoning for levels of insurance – often the silent partner has a serious concern over a condition known to exist in the family and would prefer to see this covered better by the insurance company
Life Insurance alone is usually not enough to cover the major trauma’s
What are Typical Traumas ?
- Stress Disorders
- Heart Disease
- Cancer
- Brain disorders
- Accidents
- Paraplegia and quadriplegia
- degenerative diseases
While most of these are life threatening; in many cases they are not life ending and as such in the early stages will not trigger a claim under Life Insurance alone
When speaking to your life insurance professional – remember to ask about different scenario’s and how one obtains insurance for them – Diabetes for example mainly will not trigger a claim under a Life Insurance or a Trauma insurance policy but may trigger a claim under income protection
What is the optimum Life Insurance package ?
The best combination seems to be to have Life Cover, with Total and Permanent Disability and Trauma Insurance – backed up with Income Protection
Income Protection ensures that the most critical item – your ability to put food on the table is maintained – Of course there are offsets against proceeds but in the main these policies ensure quality of life in the event of an illness or accident
Cover vs Price
There is an adage that the cost of an insurance policy is never remembered at claim time – Cheap insurance usually means cheap cover – ask your advisor for a comparison of the product against the market and why it is being recommended before commencing with a plan to protect you and your loved ones
WebInsure Life Insurance
Posted in Financial Planning, Insurance, Life Insurance, Newcastle, Uncategorized, Webinsure