If you had a physical business with a shopfront you probably wouldn’t hesitate or think twice about getting insurance to cover your assets and customers. When you have an online business the potential risks that can occur are less obvious compared to that of a physical shop.
So what are some of the insurance risks of an online store?
Product Risk – A customer could be caused harm or even death as a result of using your product.
Privacy/data breach – if the privacy of your customers or website visitors is compromised you could get sued.
Theft or damaged goods – whether the goods are stored from your home business, personal storage or otherwise, you may find yourself at a loss if you don’t insure your products and they get stolen or vandalised.
Natural disasters – could cause damage to your goods or property you operate from.
These are some examples that could happen to an online business if you’re underinsured (or worse don’t have any insurance at all). Now that you know about the ways you be affected without the right insurance in place, there are also very different types of insurance solutions that cover different elements of your online business. Your insurance solution could include product liability insurance, perhaps machinery breakdown or deterioration of stock or, more often a combination of a few different types of online business insurances.
“Online business insurance solutions aren’t just for online shops – it can also relate to online service businesses, such as virtual assistants! For these types of online businesses, solutions like business interruption and professional indemnity might be very important to consider,” said Allsure Insurance Director Melissa Donaldson.
Hopefully this blog has given you a good overview to start to understand online business insurance risks better, but you should speak directly to a professional insurance broker to figure out the best options for your business and your specific risks.
Talking to an insurance broker that specialises in online business insurance solutions will give you peace of mind that you’ve covered your bases, and nothing has gotten missed. Not all online businesses are alike, and neither are their insurance covers – your insurance is specific to what you do and it’s always best to speak to a professional first to get advice before buying your insurance solution.
Call the friendly team at Allsure Insurance today for an obligation-free quote, we’d love to learn more about your business! (03) 5278 6808
Cars that look after themselves. They are not just driverless, they book themselves in for servicing. They know when their best days are behind them, and program a new bundle of automotive joy to be delivered to replace them.
And what does this future technology mean for insurance?
So what does this mean for us? Who is being insured? How are they insured?
Do we need to even have insurance, with autonomous vehicles’ collision avoidance capabilities? Who is responsible if there is an accident? The car…? The manufacturer?
Did you know there are smart buildings?
They do more than just turn light on or the air-conditioning when in use and turn it off when no one is there. They will be able to send reports back on any issues, like leaks, and arrange them to be tended to.
I’d imagine if your building has these features your premiums will be better.
New technology allows business owners to track stock in their building, in their supply chain and even see what sells quickest and then the building/software can order new stock.
Those in insurance that define what kind of ‘risk category’ policy seekers belong in have traditionally used broad actuarial tables. Which means that often it would be about right, but in some cases people would be paying more or less than they necessarily should, based on their actual risk level. However, through using technology and all manners of devices, including GPS tracking of cars to the activity trackers on our wrists, we’ll be able to more accurately delineate groupings of risk, allowing products to be priced more competitively. All because we’ll have a more accurate idea of your actual level of risk!
There’s also interest for things like creating an app for on-demand insurance for one-off instances like borrowing your mate’s car. In today’s sharing economy, there’s been some take up of a peer-to-peer model of insurance to both create customised group coverage and incentivise positive choices through group rebates.
These are examples of just some of the new interesting innovation and use of technology that is becoming available. It will be exciting to see how it will shape insurance for the insurers and clients.
What does the term insurtech mean, anyway?
Insurtech refers to the use of technology innovations designed to squeeze out savings and efficiency from the current insurance industry model. Insurtech is a portmanteau of ‘insurance’ and ‘technology’ that was inspired by the term fintech (financial technology).
Aaron Donaldson, Director of Allsure Insurance (and Melissa Donaldson’s “awesome!” little brother) is a drone techno guru. He loves bringing the understanding of insurance and drone technology together. Coming soon are drones that can carry a person! What sort of insurance will we need then?
Drones are used extensively for insurers now, especially after events such as fires. They send in drones to areas people couldn’t access for days yet, to assess homes decimated in bush fires. Insurers had claims paid out, even before any person could physically assess the homes. It’s become a safer, faster and overall better solution to traditional assessment.
Insurance is all about risk, risk reduction, risk trade off, risk mitigation, risk transference and taking on the risk. Technology can help us do that better, faster and more easily than ever before.
As we say…”having the right insurance is no accident.”
Allsure Insurance’s Melissa Donaldson was pleased to be able to help a new client with insurance for her ‘tricky risk’.
Donaldson says: “The gorgeous Narelle found me in a women in business group that we’re both active in. Narelle’s business is Country Heart, which is actually a caravan, cafe and farm venue! She is super lovely and a joy to work with.”
The difficulty with difficult to place insurance risk
Narelle was having trouble with a reception venue that was being partially pedantic on their insurance cover for her coffee caravan, Frankie, that was to be in use for a wedding at the reception venue. Some businesses like food trucks and coffee caravans can pose a unique risk compared to the traditional bricks and mortar restaurants and cafes, due to their mobility and the risks that each changing location could serve up.
We looked after her cafe insurance and luckily, due to our network and our insurer partner relationships, we were able to offer an insurance solution for her caravan.
About Country Heart
Narelle’s parents own the biggest Brussels sprout farm in Victoria, which also has a huge spare hanger that Narelle set up as a wedding venue (here is a beautiful real life wedding that was held at the venue). She runs approximately 10 weddings a year, and is fully booked for the next wedding season. We’ve sorted her insurance for this venture too!
With our advice, support and insurance solutions, Narelle now has the peace of mind and ability to grow her business. Which she’s done! From one cafe, to the caravan, and now a wedding venue.
Are you having trouble getting insurance for your business or personal asset? Or perhaps you have insurance but it seems too expensive or doesn’t cover all your needs and leaves you exposed… Either way, why not get a free, no obligation quotation from Allsure Insurance? You’ve got nothing to lose but some risk, and you can gain cover and maybe even some $ savings!
Do you find travel insurance confusing and a bit of a hassle? Good news, there’s a new option on the market, TravelCard which is a real-time travel insurance just launched in Australia. AND, Allsure can help provide you with a TravelCard insurance solution – just ask!
About TravelCard Travel Insurance
How it works: you can purchase a TravelCard insurance solution, then you receive a card in the mail. Then, if anything goes wrong while you’re away, funds can be instantly transferred to your card. This means there’s no out-of-pocket expenses, no mountain of paperwork, and no waiting period.
To better understand how it works, here’s a story about the recent Lombok earthquakes and TravelCard’s response.
Allsure Insurance Director Aaron Donaldson was recently featured in Insurance Adviser magazine for his involvement with the Tour de Cure.
There’s a personal satisfaction that comes with getting involved in a cause and giving back to your community – as Allsure Insurance’s Aaron Donaldson found out firsthand.
The insurance industry, especially insurance broking, has some of the most generous and community-involved people in the world. Perhaps it’s because brokers see the worst when it comes to claims – catastrophes, accidents, disasters, interruptions and illnesses – that they feel so strongly about getting involved in their local communities, about giving something back. Insurance Adviser recently had the pleasure of meeting with one such individual, Aaron Donaldson of Allsure Insurance.
Co-run by Aaron and his sister Melissa, Allsure was started in Geelong, Victoria, from the ground up in 1986 by their parents, Ian and Christine. The siblings bought the business in 2007 and transitioned from a multi-endorse authorised representative to an authorised broker, as part of the Community Broker Network (CBN). Currently the business has four staff and has recently expanded its presence into Hobart, Tasmania.
Aaron began his insurance career in 1993. He’s married to his beautiful wife Sarah, with two gorgeous step-kids Lola, 11, and Eddie, 9. He’s also a part-time employee of Telstra Broadcast Services, taking part in live sports broadcasts as an engineer/operator for the Big Bash Cricket, Tour Down Under, NRL, Marathons and Melbourne Cup. He also started up his own drone and videography business (onairmedia.com.au), which has given him the opportunity to present at NIBA events and the CBN conference on drones and insurance.
GETTING INVOLVED IN THE TOUR DE CURE
Aaron initially found out about the Tour de Cure directly from one of its founders, Gary Bertwhistle, who poke at a CGU AR Conference in Queensland. He also worked with Mark Beretta, a regular V8 Supercars commentator for Channel Seven, when Beretta was pit reporting and Aaron was handling the on-board cameras. “I went to school with Mark’s little brother Paul,” explains Aaron. “At the time, Paul owned a bike shop in Geelong and would go on the Tour as a mechanic. I’d helped Paul’s fundraising efforts in past years, and when my dad passed away from brain cancer in 2014, I signed up to help out.
“Dad’s mum died from breast cancer, my dad from brain cancer, my aunty from breast cancer, my uncle from prostate cancer and too many other people to mention. I just had to do something.”
Since 2014, Aaron has personally raised more than $30,000.
“I first applied as a volunteer, and listed my skills and abilities, and that I had a homemade drone to bring along to help with the filming,” says Aaron.
“Now every year I do drone footage for the Tour documentary and help out with video production and other digital media requirements. It’s added a new perspective and dimension to the documentary, which hopefully increases the reach and appeal of the messages, to enhance the fundraising and awareness of Tour de Cure.”
ABOUT THE TOUR DE CURE
The Tour de Cure’s vision is a world without cancer. Its purpose is to raise vital funds to support the doctors and scientists who have dedicated their lives to uncovering a cure. Since 2007, the Tour de Cure has had more than 6,000 participants, raised over $35 million and funded 306 projects (with 22 scientific cancer breakthroughs!). Additionally, more than 100,000 kids have been reached through the ‘Be Fit! Be Healthy! Be Happy!’ program, helping to demystify cancer and encourage kids to make healthy lifestyle choices for their future.
HOPPING IN THE SADDLE
Last year, Aaron decided to truly put his money where his mouth is and participate in an actual Tour de Cure ride himself. He began his training, and immediately found that trying to find the extra eight to 10 hours a week to ride meant getting up “stupid early” at least three days a week.
“It was a great journey,” he says. “I felt better health wise and improved my level of fitness with no impact to my joints. At one point on a training ride, I was unsure if I could tackle the 60km I needed to do that morning, as I hadn’t ever gone that far before. After I’d done the hardest part of that ride, I was on my way home, with the sun shining and the wind blowing at my back, I just started flat-out crying. I would have looked a right sight to the commuters on the way to work that morning!”
All the hard work paid off, and Aaron rode in the Tour de Cure Peter Mac Hospital 3-day Victorian ride, completing over 100km a day around Victoria and the top of Tassie.
FAMOUS FACES ALONG THE WAY
Over the years, Aaron has met a number of actors, entertainers and even other insurance industry colleagues. His celebrity list includes Sunrise’s Mark Berretta, Eric Bana of Chopper and Black Hawk Down fame, Jens Voigt – a German ex pro cyclist and Tour de France stage winner – another Tour de France stage winner in Robbie McEwan, Aussie pro cyclists Sarah Roy and Mark Renshaw, rowers Drew Ginn and Nick Green of the Olympic Gold Medal-winning Oarsome Foursome, TV presenter James Tobin and the inimitable Paul “Hoges” Hogan – to name just a few.
While Aaron says he will be back volunteering at the Signature Tour, which will go from Mackay to Cape Tribulation at the end of April, his riding days aren’t done either.
“Now that I’ve been bitten by the riding bug, I’ll have to do the three days again for Peter Mac,” he says. “The whole family gets involved now – my stepdaughter Lola is just itching to come along and help out. My mum has always been a huge supporter and has hosted functions in the past for Tour de Cure, as well as sharing the story via social media.”
“I really want to add that I couldn’t do this stuff without the support from my sister, Melissa, and the Allsure staff while I’m away from the office.”
HOW TO GIVE BACK… AND WHY
While Aaron would preface any business development comments strongly by saying it wasn’t and should never be the intent of a business or person to make money through giving back, he does acknowledge that “doing good is good business”.
It makes sense, if you think about it – if you had to choose between two similar service providers and one went above and beyond to give back to the community, which one would you choose?
Likely the one that isn’t purely about their own profits! Some insurance brokers shy away from promoting their community service or fundraising efforts, but these days clients want the option of making a choice between a business that does good for the community and one that doesn’t.
It’s also an amazing way to connect more closely with clients – it’s a personal story, and they can be part of it if they want. Aaron says, “It helps to retain clients, especially those that were close with my dad. I’ve had good donations from clients that have known him for 30 years or more and they felt great that we were doing something to help out.”
“Oh, and I reckon that cycling is the new golf in the corporate world. It’s a great social activity, easy to chat to the rider beside you while you roll along, or hang out at a coffee shop after the ride. I’ve found that it’s a great place to network and meet new clients and cement relationships with old ones.”
TOP 4 REASONS TO FIND YOUR OWN CAUSE AND GET INVOLVED
Businesses need to work to create their networks, their connection to communities. Doing something or the greater good brings together like-minded people and has quite naturally led to some good business introductions and winning new business with highly sticky clients. “Several times now, we’ve also donated our broker fee for all new business during the Tour,” notes Aaron. “It gives the clients a bit of a kick knowing it’s going there.”
Having a cause that your business genuinely cares about is also great to build your online presence. You can share the story of what you’re doing and why through your social media channels and it helps drive strong engagement. “The first time I did the ride,” says Aaron, “we posted about it with a photo and a few links, and before you knew it, our organic reach was in the thousands. That one post helped raise hundreds of dollars in donations.”
Learn and grow with connections outside your immediate industry. “Being a small business owner, I feel there is a need for mentors outside the industry,” says Aaron. “With my connections thanks to being involved in the Tour de Cure, I get to chat with large company execs – CEOs, CFOs, CTOs, – and other small business owners and bring back the knowledge and experience to apply it to our business.”
Increase your opportunity to diversify or specialise. “On tour, I’m known as the drone guy, and when people find out it’s not my full-time job, they’re surprised I’ve joined three different styles of business together. My varied experience means a wider knowledge base for the insurance side of things. I can specialise in media-type insurances, drone insurances, event insurances as well as all types of business.”
Read the full PDF article from NIBA‘s Insurance Adviser here.