Veracity - December 2019 edition

By  Vero Insurance

Message from Anthony and Sam

The end of the year is fast-approaching and it’s timely to reflect on what’s happened in 2019. It’s been a huge year for Vero – we would like to thank you for recognising us as the 2019 NIBA Large General Insurer of the Year. Thank you not only for those who voted, but for the invaluable feedback that you continue to provide. It’s only through working in partnership that we’ve been able to reach a deeper understanding of your needs, and to improve our products and services. 

We’re continuing to deliver new learning and development initiatives, designed to reinforce our commitment to make sure you have the right tools, resources and skills to lead the competition.

  • We’ve enhanced the Vero Risk Profiler tool following insights from the SME Insurance Index which identified SME owners seek brokers who provide risk profiling and management services. We hope this tool helps to bridge the gap by providing advice on key insurance risks relevant to your clients industry.
  • We launched the Young Broker Alumni Program in conjunction with the NIBA Young Professional Broker of the Year and Warren Tickle Memorial Award, to connect previous award winners and this year’s finalists for ongoing training and development. The alumni’s inaugural kick-off event was a four-day leadership and mentorship experience with Vero senior executives in the Australian outback, dubbed the Red Centre Experience.
  • And we have upgraded the Suncorp Learning Campus, transforming our broker education program into a new subscription-style learning platform giving brokers access to over 1,000 CPD accredited training courses.

It has been an exceptional year and we remain committed to your success. Please enjoy the end of year break, recharge your batteries ready to return for an even bigger year in 2020.


Five common risks where SMEs are underprepared

Veracity December Claims

Many SMEs get their basic insurance in order – such as accident and fire – but then underprepare in other critical areas.

This can lull owners and managers into a false sense of security and jeopardise the future of the business if disaster strikes or a serious accident or disruption occurs.

Read more about key areas of insurance SMEs should look to address.


Introduce your clients to customised protection, faster quotes and easier claims

Veracity December Claims

SMEs come in all shapes and sizes with their own set of risks. That’s why we’ve packaged our business insurance products to meet more of their needs.

We have a broad range of SME product options that cover over 1,000 occupations to make sure we have the right solution for your clients. 

Our specialised packages cover across our online platforms include:

  • Business Insurance
  • Mobile Business Insurance
  • Motor Trade Insurance
  • Professional Services Insurance
  • Retail Services Insurance
  • Tax Probe Plus Insurance
  • Not for Profit Organisation Insurance
  • Commercial Motor Insurance
  • Management Liability Insurance
  • Underwritten Workers Compensation (WA, NT, ACT & TAS)

A new easy-to-navigate long form guide explains this proposition and includes policy benefits and risk appetite for each packages product to help inform you on which occupations we insure with the fewest referrals.

To learn more about Vero SME Packages, download the long form guide or visit the Broker Hub.


Protect your clients’ business against the costs of unforeseen equipment and machinery breakdowns

Vero Equipment Breakdown Insurance can protect your clients’ business against the costs of unforeseen breakdowns, as well as income protection for today’s equipment-intensive manufacturing operation.

In this short video, we look at the importance of having adequate Equipment Breakdown cover and how it helped Signature Orthopaedic recover after a power surge stopped it from being operational for nine months.

Practical tools make it easier to sell

We have developed a new suite of loss bulletins to help you in client discussions and further educate on the risks they face without Equipment Breakdown cover.

To find out more, visit the Vero Equipment Breakdown Insurance website or contact your local Vero representative.


Weather event preparation for the holiday season

Veracity December Claims

At Vero, our thoughts are with those impacted by the devastating bushfires and hailstorms.

This update is to make sure you have all the help you need for your clients SME and commercial property claims as we head into the holiday season.

Support materials:

  • Vero's claims event response brochure - detailing risk mitigation and lodgement details can be viewed here
  • Commercial property notification form can be downloaded here.

Soon, you will be able to lodge a property claim (due to a weather event) via our new Digital Claims Portal. For more information, please visit the Vero event homepage.

Useful links:

Need to make a claim?

Please lodge your claims by email lodgeclaims@vero.com.au or call the Claims Service Team on 1300 888 073.

Rest assured our teams are here to help you and your clients at claims time with a fair, consistent and responsive service.


Tap into your potential with the Suncorp Learning Campus

The business world is changing fast and we understand the importance of enhancing your soft skills to give you the edge in this competitive environment. However, a busy schedule during the year often means learning and personal development becomes less of a priority. The new year is a great time to upskill and gain CPD points before your schedule starts to pick up. 

Make the most of your downtime with our broker education program and choose your own learning experience with access to over 1,000 CPD accredited online courses with a range of topics such as:

  • Building client relationships
  • Tools of influence
  • Sales and compliance
  • Effective communication
  • Customer service

Don’t have an account yet? 

All you need to do is register your details to gain access to market-leading education resources. 

Register now to start your free 30-day trial!

Risk management insights from the 2019 RM Advancer Awards finalists

RM Advancer Awards 2019

Our 2019 RM Advancer Awards finalists impressed judges with their outstanding risk management achievements. Putting effective risk management practices in place not only helps prevent serious accidents and injuries, it also improves business performance.

This month’s RM Insight article captures some of their ideas and insights to help you and your clients with risk management planning in 2020.


Managing workplace risks within the holiday season

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End of year can be a high-risk period across all industries and business sectors for workplace injuries. While a number of factors could contribute to an incident, one common theme in many end-of-year incidents is the rush to complete work tasks prior to workers going on leave (i). Increased pressure to complete work quickly can result in employees being more likely to take risks in their workplace.

Workers who are required to work through the holiday season may be susceptible to additional stressors caused by separation from their friends and family (ii). Additionally, increased work demands in industries such as hospitality and retail often result in a higher concentration of young casual staff who may be entering the workforce for the first time. Typically, relief staff are not highly experienced in their roles, making them more vulnerable to occupational risks that may be present (iii). Higher likelihood of serious workplace accidents occurring during the holiday season is shown in Worksafe Victoria statistics: during the last 10 years, 22% of all Victorian workplace fatalities have occurred in November and December (iv).

The above is a timely reminder for employers to not lose sight of workplace safety during the festive season and consult with their workers in their obligations. Some suggestions for employers to help manage their staffing arrangements leading into the festive season:

  • Allocate the time to hold regular safety discussions
    Consultation can occur in a variety of ways such as regular staff meetings, toolbox talks, and pre-start meetings. Ensure you take the time and make agenda items to remind workers of the importance of following safe work practices, as well as reporting of hazards and injuries, should they occur.
  • Ensure all staff receive a proper safety induction
    Whether they are full-time or casual staff, it is important they know your operation and the risks that are present. For existing workers, it may a good time to provide safety refreshers or reminders regarding safe work practices.  
  • Watch out for phychosocial hazard and risk factors
    Lack of concentration can occur when trying to balance work demands and personal commitments, adding pressure to complete jobs quickly. Make sure to establish achievable workloads, rotate jobs for repetitive or highly demanding tasks and provide access to peer-support programs and staff engagement activities for those who may be working remotely over the festive season.  
  • Ensure end of year events are properly managed
    Employers organising end of year celebrations for their workers are recommended to ensure workers are aware of appropriate workplace behaviour. Event management plans which include responsible service of alcohol and safe travel arrangements to and from the function are recommended as well.

Vero can offer Workers Compensation Insurance for businesses in WA, NT, ACT and TAS through GIO. Our risk team can provide support and guidance for workplaces with exposure to RCS. For more information please speak to your local Vero representative or email the Workers Compensation Risk Team at riskservices@gio.com.au.

Disclaimer: This newsletter is for information purposes only and is not legal or financial advice. The information is intended to be of a general nature only. We do not accept any legal responsibility for any loss incurred as a result of reliance upon it – please make your own inquiries. This newsletter has been prepared by AAI Limited ABN 48 005 297 807 trading as Vero Insurance.

References:

i) SafeWork SA: Construction risks during the festive season. 2018. Retrieved from https://www.safework.sa.gov.au/news/construction-risks-during-festive-season#

ii) WorkCover Queensland: Dealing with stress as festive season nears. 2019. Retrieved from https://www.worksafe.qld.gov.au/news/2017/dealing-with-stress-as-festive-season-nears

iii) SafeWork NSW: Make it an injury-free Christmas, urges SafeWork. Retrieved from https://www.safework.nsw.gov.au/news/pre-27-sept-2018-media-releases/Make-it-an-injury-free-Christmas,-urges-SafeWork

iv) WorkSafe Victoria: The holiday season can be the most dangerous time of year. 2019. Retrieved from https://www.worksafe.vic.gov.au/workplace-holiday-safety