In today’s world, companies are increasingly bringing more aspects of their business online. While this brings with it the efficiency of a digital workflow, it also opens up your business to cyber theft and hacking of critical data.
The prevalence of Cyber attacks and data breaches in Australia is rising fast. Even with military grade security in place your data is still vulnerable to human error as identified as the culprit in the majority of reported cases.
To better understand cyber data breaches, and how it’s only getting worse, feel free to watch the video below.
We help our customers safeguard against data breaches, computer hacking, employee error, and more with end-to-end risk management solutions to stay ahead of the cyber security risk. This market leading coverage was developed using extensive knowledge and expertise in cyber risk, built in close partnerships with global cyber experts.
To learn more about how you can protect your business from cyber attacks today click here, please email us using the contact details below or give us a call on (03) 8841 3300.
Sole trader or a company? That question is frequently asked by business owners when their business is growing. So, how do you know if your business structure should remain as a sole trader or change to a company, and what does this mean for your legal requirements? It can be difficult to decide between the two various structures, and it’s important to understand the difference in order to discover which suits your business.
For example, with the two different structures, there are differing regulations around taxation, liability, your responsibility and how your assets are protected in the event something should go wrong. Understanding the differences between the two and structuring your business correctly is important, so how can make the correct decision?
Sole Trader/Company Resources & Checklist
The Australian Taxation Office (ATO) provides free resources below which can be helpful in discovering which business structure is right for your requirements.
The Sole Trader/Company Checklist provided by the ATO & Business.gov could prove useful in deciding whether to setup your business structure as a sole trader or a company, if however you are still unsure, please seek independent professional advice.
In early December 2016, we undertook our first ever customer satisfaction survey and we chose to survey our entire client base via the Net Promoter Score (NPS).
It was a confronting challenge and we would like to share the results with you (unedited), and thank the 172 clients who responded. The survey, the results and graphs are supplied by independent parties (Glow and Steadfast), and we were delighted to be literally rated off their scale.
We are also delighted to have sent the Challenge Foundation “supporting kids with cancer” a cheque for $500 in appreciation of your time in completing the survey.
How NPS score works:
9 or 10 out of 10 = 1 point
7 or 8 out of 10 = 0 points
1 to 6 out of 10 = (-1) point
How We Scored:
50.6 % of respondents scored us 9 or 10 out of 10
39.5 % of respondents scored us 7 or 8 out of 10
9.9 % of respondents scored us 0 to 6 out of 10
Therefore, 90.1 % of respondent clients rated their insurance service experience with PSB as 7 or above out of 10.
Thank you. We are humbled by your words of support and amazing testimonials!
We are blown away by the incredibly positive responses and generous comments. Our business is built on referrals and doing the right thing by those who refer that business to us. We have your reputation in mind when we deal with your referral.
Finally, we would like to take this opportunity to thank you for allowing us to work with you to develop your risk management strategy, and look forward to our continued relationship. Referrals are important to our business. If you have a family member, work colleague or friend who would benefit from a PSB team insurance review, we would welcome an introduction.
PSB clients are in receipt of claims settlements of approximately $4,000,000 in 2016-17 financial year alone.
We are proud and delighted to have played our role in helping you to protect your family assets and contribute to your family’s future financial well being.
Thanks for trusting us with this important role.
Regards from the team at PSB,
Rob, Deb, Ben, Janine, Karl, Kayla, Nathan & Geoff.
“Excellent knowledge of the Insurance in the Aviation Industry”
“At CWF we regularly recommend PSB and we pass on the contact persons details to make it easy for them to follow-through. Why? Because PSB ticks all the boxes on the service that we need as a flying school – they know the Aviation business – they have great service and support and follow-up – competitive pricing – and find us the covers we need, without trying to upsize us to something we don’t need.”
“I have fully insured 2 aircraft with PSB and experienced strong customer service, excellent claims management and just really pleasant people to talk with.”
“PSB Insurance Brokers look after everything insurance. Their knowledge and professionalism is second to none; the support is always there and nothing is too much trouble. We wouldn’t use anybody else.”
“PSB are skilled brokers who take the extra time to cater to the unique needs of our business. They are efficient, approachable, reliable and competitive. We have been clients for over 20 years, and never has PSB become complacent or taken our custom for granted.”
“PSB have provided a very supportive, efficient and friendly service to our NFP for 25 years, we have no hesitation in recommending them.”
When hiring workers, how do you know if they are an employee or contractor, and what if they have an ABN? Sometimes it can be difficult to discern between the two, and there are some commonly held myths regarding this. For example, even if your worker holds an ABN, this has no impact on whether you should regard them as an employee or contractor. The conditions of the working arrangement between you and the worker, in regards to tax and super, will affect whether or not they should be regarded as an employee or contractor. Understanding the differences between the two and classifying your worker into the correct category for tax and super purposes is important, so how can make the correct decision?
Employee or Contractor Decision Tool
The Australian Taxation Office (ATO) provides a free tool below which can be used to discover if your worker should be treated as an employee or as a contractor for tax/super requirements. It must be noted the tool is for use by businesses that engage and pay a worker and not to be used in regard to labour hire firms or individual workers.
Click the button below to access the Employee or Contractor Decision Tool.
The Employee or Contractor Decision Tool provided by the ATO can be helpful in discerning whether to treat your worker as an employee or contractor, if however you are still unsure, please seek independent professional advice.
As you know PSB Insurance Brokers are here to help you Protect Your Assets. This cannot always be achieved through the purchase of insurance policies alone.
Insurance is only a part of your risk management solution. If you don’t register appropriate assets on the Personal Property Securities Register (PPSR), you may have them legally confiscated. No insurance covers this. Careful planning of legal structures is also a critical component to asset protection.
Through our professional relationship with RNG Lawyers we would like to offer you some information to consider, which may help you better Protect Your Assets.
The Personal Property Securities Register (PPSR) is the single, national online database of security interests in personal property in Australia. Personal property generally includes all form of property other than land, buildings and fixtures. Buyers can check the PPSR to see if the valuable second-hand goods they want to buy are debt-free and safe from repossession. Businesses selling on terms, such as retention of title or consignment, or leasing, renting or hiring out valuable goods can register their security interest on the PPSR.
An informative PPSR Business guide is available on the Personal Property Securities Register Website www.ppsr.gov.au.
If you have any questions or require further information, we recommend that you contact your legal adviser. If you do not have a lawyer or legal adviser,the team at RNG Lawyers will be pleased to assist you in this area on 03 9739 7377.
PSB Insurance Brokers Pty Ltd – Risk Management Solutions to Protect Your Assets
Phone 03 8841 3300
Note: The image above is sourced from the Personal Property Securities Register Website www.ppsr.gov.au.
Have You Tried Our Online Services?
While our focus will always continue to be personalized service for our clients. We understand that in some areas we can utilize the efficiencies of online documents to provide a more convenient option for you.
Apart from the traditional provision of claim forms and proposals available for you to download whenever the need arises, we also have some unique online services available to you. Go to www.psbgroup.com.au and have a look.
How We Can Help You
Our professional and experienced team can offer advice, assistance and service in respect to a vast spectrum of Insurance products designed to “Protect your Assets”
Over several years we created our user friendly online Aviation System. It allows you to obtain a quote, accept, arrange cover, make payment & obtain a certificate of currency. The insurers are two leaders in the Australian Aviation Insurance Market.
To provide a convenient, flexible service to you, we provide a direct link to AIG Travel, which helps you when you need it most. Cover for both single or multiple trips is able to be arranged directly with the insurer.
New Electronic Disclosure Rules
ASIC recently revised guidance regarding electronic disclosures. As a result, brokers no longer have to obtain clients’ consent to send disclosure documents by email if the client has provided their email address as a contact address. The broker can provide disclosures by any other electronic medium, eg on a website or within an app, provided they notify the client how they propose to provide the disclosure and give you 7 days to opt out of receiving it that way.
We will continue to offer you options with regards to your preferred method of receiving documentation. Please let us know if you do not wish to receive email communications from us. Our FSG and compliance documents can all be located for your convenience and reference at www.psbgroup.com.au.
Last year we proudly past a milestone not all small to medium sized businesses are able to reach. 25 years of service to our clients. Providing friendly, professional advice for a diverse range of businesses and their particular requirements relating to insurance. We continue to be trusted brokers for sole traders through to ASX listed internationals.
Though we have reached this milestone, we continue to challenge ourselves with development of knowledge, experience and identification of emerging areas of risk and the insurance products that may help our clients in the future.
We would like to thank you for your continued custom and to take this opportunity to share some information on some traditional and emerging policies which can reduce your exposure against the damage or loss of assets and income.
Our business has grown by word of mouth and referrals. We would love to hear from you if you, or a friend require any assistance arranging any type of insurance.
As part of the Steadfast Group, we are very happy to now have access to a new suite of products for your Home, Contents and Motor Vehicle insurance. Steadfast have introduced Berkshire Hathaway Insurance (BHI) to this area and from Mid July 2015, we are able to offer competitive coverage & premiums for these lines of insurance.
– 3 Levels of Home Cover
– 2 Levels of Motor Cover
Is flood covered in the Home Policies?
Yes, flood is covered in all three of BHI policies but the premium will reflect the flood risk for the particular location of the home.
Who are Berkshire Hathaway Insurance?
Does Warren Buffet ring any Bells? Berkshire Hathaway Insurance Australia, is a division of the Berkshire Hathaway Group of Insurance Companies.
Berkshire Hathaway are APRA Approved and hold financial strength ratings of A++ from AM Best and AA+ from Standard and Poor’s. The common stock of Berkshire Hathaway Inc. is listed on the New York Stock Exchange under the trading symbols BRK.A and BRK.B.
Tax Audit/Investigation Cover
Did you know you can protect yourself from the costs incurred from a Taxation Review or Audit by any Commonwealth, State or Territory Dept., Body or Agency?
These type of policies can cover you, your business & directors, or self-managed superannuation funds for what could be significant professional fees incurred as a result of an external audit.
The Forgotten Saviour
Did you know that in the event of a major property damage claim, a lot of small to medium sized businesses fold due to the loss of income, or revenue, whilst reinstatement of the property occurs? This is because they have not got Business Interruption Insurance.
Business Interruption Insurance helps to sustain the cash flow, allowing you to pay ongoing expenses such as wages, rent, supplier costs & potential temporary relocation.
It’s Spring Time!
Our PSB Team loves the Spring and Summer. We have passionate boat owners, aviators and regular campers who can help you insure you boat, aircraft or caravan with the market leading insurers in Australia. We will be happy to help with information and quotes for any of the above. Call Us!