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© 2019 ARTHUR J. GALLAGHER & CO (AUS) LIMITED. | AJG.COM.AU
Risk Management –
General InsuranceKylie Dennis & Tony Hefferan
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• Insurance Overview
• Critical & Emerging risks
• How can a broker support you
Agenda
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Insurance Overview
© 2019 ARTHUR J. GALLAGHER & CO (AUS) LIMITED. | AJG.COM.AU
Critical & Emerging risks• Business Interruption
• Management Liability
• Cyber Insurance
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Business Interruption
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• Many business that do not take out business
interruption insurance struggle to stay in
business
• Covers loss of profit following an insured
event under the policy
• Additional Increased Costs of Working
• Claims Preparation Costs
Business Interruption
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Management Liability
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Major Issues Facing SME’s
• Failure to provide a safe work place
• Adequate training/inductions
• Not following correct processes (EPL)
• Fair Work Act
• Tax Audit – ATO, SRO/Risk Reviews
• Big Claims for Small Companies
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Management liability insurance protects companies and their directors and officers against claims arising from the management of the company.
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• Directors and Officers Liability
• Employment Practices Liability
• Statutory Liability
• Crime Insurance
• Tax Audit Insurance
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© 2019 ARTHUR J. GALLAGHER & CO (AUS) LIMITED. | AJG.COM.AU
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© 2019 ARTHUR J. GALLAGHER & CO (AUS) LIMITED. | AJG.COM.AU
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© 2019 ARTHUR J. GALLAGHER & CO (AUS) LIMITED. | AJG.COM.AU
© 2019 ARTHUR J. GALLAGHER & CO (AUS) LIMITED. | AJG.COM.AU
Cyber Security
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© 2019 ARTHUR J. GALLAGHER & CO (AUS) LIMITED. | AJG.COM.AU
What is Cyber Risk?Unauthorised access to a computer system leading to
a breach of privacy
How Does it Happen?• Ransomware
• Phishing
• Distributed Denial of Service (DDoS)
• Lost Phone, USB, Theft
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Cyber Crime Insurance
Will not stop breaches from happening but can cover costs arising from that breach
Every business should consider this as an option
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What's Covered
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▪ Privacy protection is important to an organisation's reputation, and must be designed into processes and systems
▪ Criminals can breach your system by technical weakness, human weakness or brute force
▪ Cyber security is a corporate governance issue, not just an IT issue – appropriate risk management, understanding of regulatory obligations, stress testing
▪ Cyber intrusions can create liabilities, imposing first party costs, and even stop your business dead in it’s tracks!
Key messages
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How can a broker
support you?
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• An insurance broker is a professional adviser who is an expert in insurance
and risk management.
• Brokers work on behalf of their clients, not for insurance companies, and
can be relied on to provide professional advice in your best interest.
• A broker will help you identify your individual and/or business risks to help
you decide the risks you will insure, and those you can manage in other
ways. They specialise in one specific type of insurance or industry, or they
may deal with many different types.
How can a Broker Support you?
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• Brokers are aware of the terms and conditions, benefits and exclusions and
costs of a wide range of competing insurance policies, so they are able to
help you find the most appropriate cover for your own circumstances.
• As well as arranging and placing cover with the chosen insurer on behalf of
their clients, brokers also act on behalf of their clients in the event of a claim
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Questions
© 2019 ARTHUR J. GALLAGHER & CO (AUS) LIMITED. | AJG.COM.AU
Kylie Dennis & Tony Hefferan