Tag Archives: Professional Insurance Advice

  • 1 in 5 businesses get hacked every year. Cyber Insurance can protect you.

    Posted on 12 June, 2015


    Digital technology has changed the way most companies do business but their insurance cover has not always kept pace. Cyber attacks and other cyber events are now some of the most common forms of losses faced by businesses. As this risk is moderately new and has grown rapidly many businesses are not adequately covered by their existing business insurance.

    Most businesses have insurance cover for fire. A cyber attack or event is akin to a digital fire and can have a similar impact to the operations of your business.

    Cyber attacks and data breaches are growing fast and increasing in severity.
    It doesn’t matter what the size of your business is. If you handle customer or transaction data, you run the risk that a data breach could lead to significant costs due to business interruption or others making claims against your business.

    Cyber cover can PROTECT YOU in 4 ways:

    • Losses to your business
    • Loss to others
    • Cyber event response costs
    • Contingent business interruption

    Cyber insurance can COVER YOU for the following events:

    • Point of Sale intrusions
    • Web app attacks
    • Insider and privilege misuse
    • Physical theft and loss
    • Payment card skimmers
    • Crimeware
    • Denial of service
    • Cyber espionage
    • Miscellaneous errors – Human error
    • Cyber extortion

    When you are hit with a cyber attack you need immediate expert support to help you assess, manage and respond to the threats to your business, customers and other other parties. Cyber cover can give you this support and protection.

    Where are the gaps in your traditional insurance policy?

    Traditional insurance Potential shortfall
    General liability covers Unlikely that policies will provide cover for data breaches
    Property Covers Typically require physical loss or damage and may specifically exclude electronic data
    Directors and officers/management liability Would usually only respond to actions brought against D&O’s for wrongful act
    Professional indemnity/Errors & Omissions Cover is not usually afforded for information/data breaches (unless part of professional services
    Cyber Extensions Most cyber extensions are only as effective as the underlying policy cover.


    To find out more about the market leading and competitively priced Cyber event cover for SME businesses call one of Donnellys Business insurance broking consultants on (08) 8236 7777

  • Guide to choosing the right Home Insurance

    Posted on 27 March, 2013

    Many home purchasers are encouraged to arrange home and contents insurance through the financial institution providing their mortgage finance. Finance institutions act as authorised representatives of a nominated insurance company and earn a commission for the sale of insurance products. These Institutions cannot legally provide advice about the most suitable policy for their borrower as they are not licensed insurance brokers. So it might be convenient to arrange cover through the financier but at what cost if a major claim is excluded because they have the wrong policy!

    Direct insurers advertise strongly in the media promoting cheap Home Insurance products online or through call centres relying on the ignorance of consumers about the complexity of insurance contracts to sell them products which offer cut down coverage to reduce the premium cost of policies. For example, Temporary Accommodation Costs cover following major damage to a home building can vary from No cover to usually 10% of Contents sum insured. Good policies provide up to 20% of Contents cover. Jewellery cover at home is often limited to $1,000 or $2,000 whereas good policies cover unspecified items of jewellery up to $5,000 each. Money cover is often limited to $200 to $500 but good policies cover money up to $1,000 at home.

    There are two types of home and contents insurance policies available – the standard Defined Events cover which only insures the events listed in the policy and excludes everything else and the Accidental Damage policy which covers all accidental loss, damage or theft incidents unless specifically excluded in the policy. Direct insurers, if they offer an Accidental Damage policy at all, usually limit the coverage provided to the home premises whereas good policies provide worldwide coverage for all contents temporarily removed from home – subject to some cover limitations.

    Before you change to a new insurer offering premium savings, make sure you check their Product Disclosure Statement to ensure it provides the same coverage as your current policy. Also you would be wise to check with your current insurer whether they have alternative products available which might suit you better.

    Unlike most insurance brokers, Donnellys welcome enquiries about home and contents insurance and provide free professional advice about our exclusive policies underwritten by a range of major insurers which provide over 30 additional coverage benefits.

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