Autumn News

It´s easier to do business with Vero

At Vero, we´re always looking for ways to make it easier to do business. We´re investing in new technology to save you time and help you deliver exceptional service to your clients. Our systems are purpose built for your needs and are all backed by our trained and dedicated support team. At www.vero.com.au you will find everything you need to know about Vero, and gain access to VeroCentral - our secure web portal for broker applications with the convenience of a single login. And if you´re after any Vero brochures, forms, PDSs or policy wordings you can find what you need quickly and easily in our new online document library.



Six ways to help your clients reduce their Workers Compensation costs

Most organisations view workers compensation premiums as an uncontrollable cost, so here are a few simple ways your clients can take ownership of their workers compensation expenses.

  1. Make senior management accountable. Set realistic and achievable safety and injury targets, and communicate them throughout the organisation.
  2. Make safety and proactive injury management the “way they do business”.
  3. Accidents do happen, but focusing on reducing the severity of them and getting staff back to work quickly can help employers reduce premium costs and the impact to their business´ productivity.
  4. Create an action plan. A clear set of policies, procedures and expectations will keep injured staff connected, supported and motivated to return to work. Most importantly – make sure your client stays in continuous contact with the injured worker through out the recovery process.
  5. Partner with the insurer. They have expertise in the relevant laws and bring a diverse array of claims related services and access to experienced professionals. Insurers also need your clients help with the human resources of getting injured workers back to work quickly.
  6. Make sure your client has a defined and communicated safety and injury plan so each person in their organisation knows and understands their responsibilities and will ensure proper action is taken should an injury occur.

By following these simple tips your clients can not only reduce their workers compensation costs, but also improve morale and increase productivity.
You and your clients can learn more by attending one of our GIO Workers Compensation Training Courses. Click here to see the training programmes available in your state.



Getting over underinsurance

We often hear that underinsurance is a major issue for Australian businesses. In fact, the Insurance Council of Australia has reported that less than two thirds of all small to medium businesses have adequate insurance, and alarmingly, 26 per cent don´t have any form of general insurance at all.*

There are several theories as to why small businesses underinsure, the most common being the cost of insurance premiums. Working with clients to point out what their insurance costs represent in terms of their total operating expenses could help to combat this perception. Small businesses also need to understand what is truly at stake in the event of a major loss and consider whether it is worth the risk to their business, and often, their livelihood.

Other factors that may also influence underinsurance levels are that small business owners don´t realise that they aren´t adequately covered if their business grows, or don´t fully understand the policy details.

Research reveals that many small business owners buy the same amount of insurance they bought the previous year, without considering all the changes that have occurred to their business and in the market throughout the year. **

Some key reasons to revisit insurance coverage with your clients include:

  1. Changes in stock values, operating costs or sales income
  2. New equipment purchases
  3. Increase in staff numbers
  4. New premises

By helping your clients to explore all risk areas and obtain adequate insurance, you can help make sure there aren´t any nasty surprises should they ever have to make a claim.

 

* Insurance Council of Australia, ‘Non-insurance in the small to medium enterprise sector´. December 2008.
** Cameron Research Group ‘The Australian Small Business Market for Financial Services 2008: Insurance and the Small Business Market´ June 2008.

This document has been prepared without taking into account an individual´s particular objectives, financial situation or needs. Before deciding to act on this information, an individual should consider the appropriateness of the advice and if relevant obtain a Product Disclosure Statement from Vero before making any decision whether to acquire a product.