Veracity May 2020 edition

By  Vero Insurance

Message from Anthony and Sam

Welcome to the latest edition of Veracity. For Australians, the end of the COVID-19 lockdown is in sight. As our focus begins to shift, bringing back the economy will take centre stage.

We wanted to take a moment to update you on some of the things that we’re doing at Vero to help our broker partners and customers.

SME Index COVID-19 Pulse Check

This week, we’re holding the Vero SME Index COVID-19 Pulse Check webinar. In March, we launched the ninth Vero SME Insurance Index report. In the same week the COVID-19 virus was declared a global pandemic and business as we know it changed. Many SMEs have adapted and changed to get through these difficult times. But not all businesses have been equally affected, and it’s important to understand the impacts and behaviours of SMEs in the wake of COVID-19. As a result, we have commissioned a new piece of research in the current climate: SME Index COVID-19 Pulse Check. If you haven’t registered or would to find out more, read on below.

We’re also looking beyond COVID-19, with restrictions easing Australia-wide, businesses are preparing to re-open, or continue with a changed operational profile. Make sure you watch our upcoming webinar “Beyond COVID-19: The road to recovery” as we explore risk mitigation strategies for managing recovery and change.

End of financial year preparations

With the June renewal season now upon us, we’re ready to provide you with the extra support you may need during this busy time.

Whether your risk is SME Packages, Commercial Mid-Market, complex Corporate programs or Workers Compensation insurance, our dedicated team of underwriters working closely with our local BDMs, are ready to provide you with the expertise and strategies to best protect your client’s assets, livelihoods and people.

So, whether we Skype, Zoom, FaceTime, email, ring or even meet up face to face (in a socially distant state approved, permissible venue of course 😊), we just want you to know that we are committed to making this June a success.

We’re here to help

Please reach out to your dedicated BDM or relationship manager should you need any assistance. They’re here to help you - no matter how small or how complex your enquiry.

Wishing you all the best with your end of financial year preparations and thank you for your continued support.

Stay safe.         

Anthony Pagano
Head of Commercial Intermediaries

Sam Sanfilippo
Head of International Intermediaries


Don’t forget to register for the Vero SME Insurance Index COVID-19 Pulse Check webinar

There are only two days to go until the SME Insurance Index COVID-19 Pulse Check webinar, your exclusive opportunity to understand the impacts on SMEs in the wake of COVID-19 with our new research commissioned during the pandemic.

Join us tomorrow Thursday, 28 May at 3pm AEST and be one of the first brokers in Australia to benefit from the insights gathered from over 500 SMEs nationally.

Discover the impacts of COVID-19 on:

  • Business revenue and operations
  • Insurance changes
  • The role of the broker
  • The implications for brokers

You’ll also earn 1 CPD point by attending and completing the webinar.

Register now

SAVE THE DATE: Beyond COVID-19 - The Road to Recovery webinar – Thursday, 16 July

As a consequence of COVID-19, businesses have had to adapt and start operating differently or temporarily closing their premises. With restrictions easing Australia-wide, businesses are preparing to re-open, or continue with a changed operational profile.

It’s not as simple as returning to site and turning the machinery, gas, electricity and water services back on, and for those that have changed their business, it’s important that they recognise the risk as well as the opportunities that change brings.

Join our “Beyond COVID-19: The road to recovery” webinar to explore risk mitigation strategies for managing change and business resumption.

Don’t miss out!

Keep an eye out for your invitation in early July to register your spot in this exclusive webinar.


Lessons learnt from 2019 Warren Tickle Award Winner

Being acknowledged as a Young Professional Broker of the Year at a regional level was just the start of the experience for Caitlin Carson, who was humbled to be awarded the Warren Tickle Memorial Award last October.

As the recipient of the award, Caitlin was able to take advantage of a development trip to the destination of her choice thanks to Vero. She harnessed this opportunity, travelling to the Yale School of Management’s Women Leadership Program in New Haven, Connecticut (USA).

To read more about Caitlin’s experience, click here.


New series of tailored learning pathways designed to help you build resilience in time of rapid change

Did you know the Suncorp Learning Campus have developed a series of tailored CPD accredited learning pathways, designed to help you adapt swiftly to new working arrangements and policies minimising any disruption to your business?

Resilience matters

In an ever changing world we require greater focus and ability to adapt, build resilience and increase our emotional understanding and intelligence. Short courses in this pathway are designed to help you feel more prepared with strategies and tactics to establish yourself with strength and resilience during times of transition and change.

Here are some other topics that may be of interest to you

To access the pathways, log into the Suncorp Learning Campus and select the Learning Pathways icon from the dashboard. Not a member yet? You can trial the platform for free for 30-days.

Register now to start your free 30-day trial


Correction to NSW Emergency Services Levy (ESL) Communication issued Friday, 15 May 2020

We advised via News in Brief on Friday, 15 May 2020 of recent and upcoming changes to the NSW ESL. We wish to make a correction and advise that Non-Fleet Motor rates are not changing.

Why is this happening?

The NSW government have given guidance that the Emergency Services Levy (ESL) Contribution Target for 2020-21 will increase by approximately 24% from the current year.

These changes are reflected in the table below.

Product Class

Rate Effective 1 May 2020

New Rate

Commercial Property &
Commercial Strata

25%

30%
Effective 15 May 2020

Construction

25%

30%
Effective 15 May 2020

Private Motor

0%

2%
Effective 31 May 2020*

Private Home

14.5%

18.5%
Effective 24 June 2020*

SME Property

25%

30%
Effective 1 July 2020

*Differing effective dates are due to system constraints.

Any renewal or new business terms received for Construction and Commercial Property products with the existing 25% ESL rate, will be honoured by Vero.

Fleet and Non-Fleet ESL rates will remain unchanged.

For more information, contact your local Vero representative.


Why the insurance jargon bust is a must

Customers may be feeling unsure and confused as the current business landscape rapidly evolves in the wake of COVID-19. It is widely recognised that language around insurance concepts can be quite technical, so now more than ever, it’s important to help clients effectively understand what their coverage means both now and into the future.

To read more about how to build trust by ensuring your customers understand the details of a policy in clear language, click here.


Australia’s premier risk management awards have been postponed until 2021

We appreciate our customers, broker partners and our industry as a whole are going through uncertain times at present. Recognising this, we have made the difficult decision to postpone the RM Advancer Awards until 2021.

We know many businesses have adapted and changed to get through these difficult times, and we look forward to showcasing some of their inspiring risk stories at next year’s 15th annual awards.

You can contact the Vero Risk engineering Team with any questions, or visit the Risk management website.


RM Insights: Machinery shutdown and Managing change

Workers working for machinery.

This RM Insight article on shutting down machinery provides valuable risk mitigation strategies for the preservation of machinery during premises closure and in turn preparing for future recovery.

The RM Insight article on Managing Change focuses on strategies to minimise risks to businesses that can be implemented during the pandemic as well as post lockdown recovery.


Workers Compensation and the JobKeeper subsidy

On 30 March 2020, the Australian Government announced the JobKeeper subsidy to help employers retain employees during the downturn from the COVID-19 pandemic.

We have worked closely with the Insurance Council of Australia (ICA), and Regulators in the Underwritten jurisdictions (WA, ACT, TAS and NT) to prepare an agreed industry position for application of the JobKeeper scheme to Workers Insurance premium and claims. We have updated our FAQ guide to keep you informed on how the Federal Government JobKeeper subsidy affects your eligible customers.

Vero can offer Workers Compensation Insurance for businesses in WA, NT, ACT and TAS through GIO. 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.