Lockbourne Insurance

Check out the table "Time it takes a hacker to guess your password".....maybe it's time for an update?

Benefits of Changing Your Password Regularly For proper internet security, it is important to change your password regularly.

https://www.abc.net.au/news/2022-10-18/what-are-some-of-the-common-scams-going-around-the-moment-/101518706?utm_campaign=abc_news_web&utm_content=link&utm_medium=content_shared&utm_source=abc_news_web

Here's some commons scams to look out for.....

Phantom tractors, imposter bonds and scams about scams — here's what you should be watching out for Scams and identity theft were big problems in Australia long before the Optus data breach put many of us on alert. Here are some of the common scams going around right now.

Burglaries peak during the holiday season. This is how thieves pick which house to rob — ABC News The lead-up to the holiday period is often referred to as the silly season — but it is when offenders get serious; burglary ratestend to increase during the festive season. Why? Homes around this time of year are often full of Christmas presents, so there is a lot of new merchandise to attract bur...

https://www.abc.net.au/news/2022-12-18/ato-tax-hacked-via-mygov-services-australia-exploit/101781656

When Sue's accountant congratulated her on selling a home she'd never owned, a horrifying realisation set in A routine meeting with her accountant turned into a nightmare for Sue. The retiree is a model citizen for digital security hygiene, but her caution wasn't enough to protect her identity from hackers exploiting this loophole.

https://www.insurancenews.com.au/daily/quake-claims-hit-1700-but-only-handful-significant?utm_medium=email&utm_campaign=Daily%20insuranceNEWScomau&utm_content=Daily%20insuranceNEWScomau+CID_f629bd1670aa699df8561afc72e5387b&utm_source=EmailCampaign&utm_term=Quake%20claims%20hit%201700%20but%20only%20handful%20significant

Quake claims hit 1700, but only 'handful' significant - Daily - Insurance News - insuranceNEWS.com.au Insurers have received 1700 claims from multiple states a day after Victoria’s largest earthquake on record, but only a handful of significant structural claims have been lodged so far, the Insurance Council of Australia (ICA) says, and insurers do not expect to incur major costs.

https://www.abc.net.au/news/2021-09-02/shipping-container-scam-hits-bendigo-business/100428840

Businessman's warning over shipping container scam Bendigo small business owner James Boyd bought a shipping container for $5,500 but it never arrived. Now he's warning other businesses not to fall for the scam.

Here's a story well worth reading.....has your business got Cyber Insurance?

An email from Simon to Jane took 14 hours to arrive. It cost them $51,000 There's no way Jane Fleming could have known an emailed invoice was fake. It came from the right email address and all the business's details were correct — except the bank account number.

The Importance of Management Liability

The number of workers raising issues with unfair dismissals is surging in the wake of shutdowns due to coronavirus. It’s never been more important for businesses to have management liability insurance. April this year saw a 65 per cent increase in cases brought to the national industrial tribunal than the same month in 2019.

As the owner and operator of a small business, a lot of responsibilities are on your shoulders. Not only do you have employees, suppliers and clients relying on the success of your business, but you may also be held personally liable for allegations of mismanagement, wrongful dismissal, employee fraud, non-compliance with workplace health and safety (WH&S) requirements, and even the costs of a tax audit.

Why is management liability insurance important?

Management liability insurance is your best protection against mismanagement allegations made against you as the owner and operator of your small business. Importantly, it will help keep your personal assets safe from any claims against you.

Without management liability insurance in place, any claims of mismanagement successfully upheld against you could not only cost you your business, but also put your personal assets under threat.

What does management liability insurance cover?

While management liability policies differ slightly between insurance providers, they generally cover the legal costs associated with defending yourself against allegations of mismanagement of your company, harassment, wrongful dismissal and fraud.

The four areas usually covered by management liability insurance are:

• Directors and Officers Liability - Cover for loss in respect of any claim for an error, act, omission or negligence committed by your Directors & Officers

•Employment Practices Liability - Cover for employment related wrongful act

•Statutory Liability - Cover for formal or official investigations by regulatory, governmental or authorised institutions

•Company Liability - Cover for loss to the company for claims due to an error, act, omission or negligence by the company

What are the most common types of claims?

Again, depending on the specifics of your management liability policy, you may be protected against losses from claims associated with actual or alleged mismanagement of the company whilst performing your duties for the business.

A management liability policy may also protect you against the costs associated with employee allegations of bullying and harassment, unfair and wrongful dismissal, and discrimination.

Many management liability policies also provide financial protection against employee theft, fines and penalties related to OHS, defamation allegations, and costs associated with regulator investigations and tax audits.

How is management liability cover different to professional indemnity?

It’s important not to confuse management liability cover with professional indemnity insurance – they are two different types of insurance and play different roles.

Management liability essentially covers you against allegations of mismanagement, while professional indemnity insurance covers against damages arising from professional services or advice you have provided.

Think of it like this: professional indemnity insurance covers the services and advice provided by your company, while management liability insurance covers you in running your business.

I’m a straight shooter. Why do I need management liability cover?

The vast majority of small business owners and directors run their companies with the noblest of intentions and would never knowingly engage in fraud, harassment, discrimination or any other dishonest management practices.

However, even an allegation of mismanagement could come with a heavy legal defence bill – and unfortunately your innocence doesn’t necessarily excuse you from those costs. It’s possible that in the instance of court proceedings a judge could order your false accuser to cover your legal costs, but that’s far from guaranteed – and may not apply to matters that don’t make it into a court of law. In reality, the best protection is a good management liability insurance policy.

Beware criminals exploiting opportunities from COVID-19

https://www.europol.europa.eu/newsroom/news/how-criminals-profit-covid-19-pandemic

How criminals profit from the COVID-19 pandemic

How to attract and keep customers in your laundromat - Aqualogic A look at the best ways to approach gaining new customers and getting current customers to return to your laundromat, providing a return on your investment.

Always second guess on the roads...

The 'golden rule' driver broke before terrifying crash Assuming the movements of other drivers on the road can often prove costly.

Cyber criminals monitoring email accounts for gain is becoming commonplace. Where insurance protection exists however is changing as insurers amend covers due to the frequency of claims. Contact Lockbourne Insurance to discuss Cyber Insurance to protect your business.

Invoice scam: tradie loses thousands of bucks after email hack Account details changed on intercepted email.