Follow Andrew in the SA Variety Bash Adelaide to Sydney

follow Andrew in the SA Variety Bash Adelaide to Sydney

Andrew Benda, director of City Rural Insurance Brokers is joining in the 2014 National Bash to Sydney kicking off on Saturday 9th August.

Follow Andrew’s progress as the team makes its way to Sydney over the 8 day event. Andrew will be posting updates and photos to the City Rural Facebook page. Show your support for this great event with comments and Likes on the page.

SA’s most successful fundraising event raised $1.75 Million for South Australian Children in need in 2013. Over 25 years this event has raised an incredible total of over $30 million.

What is the Bash?

The Bash was created in 1985 by adventurer Dick Smith, when he took a group of friends for a drive he called “The Bourke to Burketown Bash”.

The Bash is generally an eight day drive in the country with your mates. It is NOT a race or rally, it is a madcap event designed to put the fun into fundraising. Vehicles must be in standard condition and shall be models constructed prior to December 1980 with run on models to 1987 but excluding fuel injected vehicles (refer to the Events Manager and Bash Chairman). The drivers and crews, however, are anything but standard issue with most Bashers taking the one major rule (don’t take it seriously) seriously.

The Bash is the entrants’ reward for a year spent fundraising for the children of SA who really need it.

Bashing today has not changed from its original concept. It began in SA in 1989 and has seen Bashers travel through much of our beautiful country during this time.

When? 9 – 17 August 2014

Where? National Bash to Sydney!

 

Business Insurance - City Rural Insurance Brokers

The Benefits of Premium Funding

Pay business insurance by the month

Cash flow is the key to business survival. Without sufficient cash flow it becomes very difficult for even the most profitable business to avoid financial disaster, or at the very least achieve its true potential.

When economic times are challenging, business owners should be seeking ways to improve their cash flow and preserve their working capital at every opportunity. One of the easiest ways to do this is by paying your business insurance by the month.

Most forms of insurance can be paid via a monthly payment plan either direct with the insurer (if available) or a premium funding facility arranged by your insurance broker.

Paying direct with an insurer that offers monthly payments at ‘no cost’ may seem like the easiest option, however if you have multiple policies with different insurers, this can be cumbersome with multiple debits each month. The cover offered through an insurer’s pay-by-the-month facility may also vary. Your broker can help you ensure you understand the right option for your business.

Premium funding companies lend you the amount required to pay your insurance premium and pay it on your behalf. You can even combine multiple premiums into the one loan. You then repay the premium funding company in monthly instalments over a period of typically 10 months.

The premium funding company charges a flat interest rate on the amount of the premium that is fixed for the term of the loan. The interest charge may be tax deductible as a business expense, however you should discuss this with your accountant.

When obtaining quotes it is important for you to ask your broker about any additional service fees that may apply. Some companies will charge an application fee in return for a lower rate over the term of the loan. To ensure you are getting the best deal always compare the bottom line.

Finally, because the loan is secured by the insurance policy in most cases, no security is required. This ensures that applications are simple and processed quickly – usually within 24 hours.

Preserve your business cash flow. Talk to City Rural Insurance Brokers about the benefits of premium funding for your business.

 

Specialty Insurance - City Rural Insurance Brokers

Employee Fraud

Fraud…an inside job

When people have access to other people’s money there is an inherent fraud risk and sooner or later, history says that someone will take advantage of an opportunity.

There has been a fundamental shift in recent times; where previously fraud was generally committed by an individual and often for small amounts, dishonest employees are increasingly colluding with external accomplices to defraud their employers.

The schemes these fraudsters concoct are becoming more sophisticated and difficult to identify. Research shows that it’s taking more than two years to identify many instances of criminal activity.

Not even large insurance underwriters, with all of their formal compliance programs, are immune. A case in recent headlines told of a senior claims officer who set up a law firm and through it invoiced her employer company for $17M of bogus legal work. It was reported that “discrepancies” had been identified when the person was on maternity leave. A devastated company spokesperson said, “This person worked for us for many years…she was a trusted employee…I could not believe the betrayal by a loyal employee”. Fortunately, the employer firm had insurance protection and the money was recovered.

A recent survey identified that less than 5% of businesses have insurance against criminal activity. However, the reality is that very few businesses can confidently say they are immune to internal fraud.

Smaller businesses are considered more vulnerable, mainly due to the lack of resources to adequately and regularly check all operations and the common practice of using one or two people to be responsible for all accounting issues.

Often, when a minor fraud or theft goes unnoticed, the perpetrator feels more confident and the incidents and amounts involved start to escalate.

Business operators can take steps to minimise the chance of these incidents:

  • Ensure there is definite segregation of duties so that no one employee handles all points of a transaction.
  • Investigate anything and everything that appears unusual or suspicious.
  • Screen all new employees for prior history before hiring them.

Estimates suggest that fraud accounts for 40% of all identified crime…or to put it in dollar terms, it amounts to $8.5billion p.a.

You can have a policy that protects your business from internal fraud. Contact City Rural Insurance Brokers for more information.

Business Insurance - City Rural Insurance Brokers

Cyber-crime…the growing scourge of business

Computer security is becoming a high priority for businesses around the globe as cyber criminals sharpen and broaden their nefarious skills.

Every day, virtually all companies in Australia handle electronic data containing sensitive information about their clients as well as corporate information about their own company. All are faced with real liabilities if data falls into the wrong hands or enters the public domain accidently or fraudulently.

Cyber crime has many faces and is the growing scourge of commerce worldwide. From hackers who seize and hold your data for ransom to denial of service attacks; inadvertent or negligent breaches of client data; websites not being accessible, leading to loss of reputation… the outcomes of a cyber security incident can have a significant impact on the finances and reputation of a business.

In the USA some of the largest companies in the world have lost millions of dollars as the result of cyber crime. In recent months, threats to Australian businesses have come from many directions with hackers shutting down computers and blackmailing companies for the safe return of their data. The Australian Institute of Criminology (AIC) reports Australian businesses are feeling the pain of cybercrime. The estimated cost to businesses per annum is more than $600million and rising.

No company is immune to Cyber Risks! 

Even more concerning is the report highlight that these cyber attacks are not restricted to any industry or size of enterprise. All companies, large or small are targets for cyber criminals.

Using the Internet, email and any business network system exposes you to hacking, fraud, viruses and information misuse. Expensive lawsuits, lost business opportunities and damage to your network and reputation can cost you more than you think.

The reality is that the World Wide Web has no boundaries and as business models evolve through the use of new technologies, so must traditional insurance programs and risk management practices.

Many businesses operate under the belief that their existing insurance policies are enough to cover their data security and privacy exposures. This is not the case.

Fortunately, Australian insurance companies are at the forefront of making good the damage of cyber threats.  And although stopping the hackers and other criminals in their tracks is not within their capability, they are able to provide the next best thing… picking up the financial pieces of damaged businesses following a cyber attack event.

Cyber attack insurance. What can be covered? 

Cyber Risk cover can protect you for claims arising from your use of the Internet, email, intranet, extranet or your website. Cover includes but is not limited to:

  • Breach of privacy
  • Damage to your network or website
  • Transmission of a virus
  • Third Party Liability
  • Cyber Extortion

City Rural Insurance Brokers can provide all the information you need and help you implement the right Cyber Risk protection strategy for your business.