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On Tuesday 25th February 2020  a group of business owners are meeting over dinner with an expert panel comprising a business insurance advisor, a commercial lawyer, an IT security specialist and a debtor management specialist to discuss the myriad of risks keeping business owners awake at night and what to do about them. The format for the dinner includes a panel Q&A followed by a round table discussion where attendees have the opportunity to review business best practice risk management checklists and to speak in depth with each of the panelists to identify how the items in the checklists related to their specific businesses. All attendees will have the opportunity to develop a comprehensive best practice risk management action plans designed to help minimise risks in their businesses.

Meet the panel

Tim Allan: Insurance Advisernet

Business insurance specialist

Interesting facts from Tim’s perspective

  • Past and recent bushfires have revealed the majority of Australian businesses do not have Business Interruption insurance.
  • Underinsurance is also a major problem for both personal and business clients.
  • An annual review of your business insurances should be a priority.
  • Cyber Risks continues to be the #1 risk facing Australian businesses.

What Tim’s clients say about him

“Tim and Linda are fantastic! They respond quickly to our requests and changes in our needs when renewing policies. I am confident that they provide the best option and I trust Tim’s advice. They also chase us up if we have missed a an email as they understand that we are very busy and travel extensively. We have and will continue to tell colleagues in the industry about Tim.”

One of my goals in business life is to ensure our clients have the right insurances that will protect their Assets and Liabilities.
Tim Allan

, Insurance Advisernet

Harvey Bowlt: Bowlt Commercial Lawyers

Commercial law specialist

Interesting facts from Harvey’s perspective

A business risk is a future possibility that may prevent you from achieving a business goal. Most businesses would be surprised to know that at least 20 different types of risk have been identified in relation to running businesses of all sizes, ranging from the more obvious ones such as economic, cyber and legal risk to more subtle types of risk such as strategy, country or innovation risk. Larger businesses will be aware of most of the types of risk involved in running a large corporation, but smaller businesses often don’t have the resources to adequately identify and manage their risk. For example, many smaller businesses would not have considered the political risk relating to the federal election last year. Without doubt, the uncertainty surrounding any federal election makes consumers more cautious, but once the result was known, most businesses showed renewed activity, because there was some certainty in the political sphere, notwithstanding the looming possibility of a worldwide recession.

What Harvey’s clients say about him

Harvey helped me do a risk assessment for my company, as Spicy Web has grown so much so quickly. It was comforting having Harvey go over everything. He was precise and covered all aspects of the company. He made the process simple enough that as a busy business owner I didn’t feel overwhelmed.
The end result was a list of detailed recommendations that we are able to implement. Harvey has a wealth of experience and he also has an amazing way of making all our conversations enjoyable even though we are talking about legal services. Thanks Harvey- it’s always a pleasure working with you.
Tony Sambell – Spicy Web

Most businesses are “ too busy” to manage legal risk properly and then risk manage by crisis. Structured risk management is the key to success.
Harvey Bowlt

, Bowlt Commercial Lawyers

Jeanine Purdie: Business Credit Solutions

Credit management specialist

Interesting facts from Jeanine’s perspective

• 2018 v 2019 29% increase in defaults over this period
• Q4 2018 v Q4 2019 there was a 15% increase in defaults
• The industries recording the largest number of defaults 2018 v 2019 were:
– Transport (64%)
– Heath care (79%)
– Real Estate Services (61%)
• Payment Terms – the slowest payers are (on average):
– IT, media & telco (62 days)
– Financial Services (63 days)
– Construction (64 days)
• In relation to Court Actions, Victoria was the lowest with only a 4% increase on 2018 whilst NSW (39%), WA (33%) and SA (57%) were the worst. Australia had a yearly increase of 9% in Court Actions
• The total number of insolvencies 2018 v 2019 showed a decrease of 14%-year v year.
• The industry with the largest percentage of defaults for the year was Mining (74%) increase
• The number of bankruptcies over the same period showed a decrease of 19%
– This is a 25 year low for bankruptcies
– 25% of all bankruptcies are business related
– Natural disasters often lead to a spike in bankruptcies. Expect a rise in the coming 6 to 12 months due to the fires.
Source Creditor Watch, January 2020

What Jeanine’s clients say

Business Credit Solutions put in every effort to recover a debit owing to us. They kept us informed at every step and were friendly and helpful to liaise with.

“Words have power, use them wisely. It is not how you speak to a debtor; it’s how you make them feel.”  Ingrid Ozols AM
Jeanine Purdie

, Business Credit Solutions

Damien Battersby: Proactive IT Solutions

IT support and security specialist

Interesting facts from Damien’s perspective

I spend a great deal of time consulting on IT security and the biggest threat I’m seeing to business at the moment is the rise of social engineering. Two years ago, ransomware was running rampant; now it’s phishing.

Cyber criminals are adapting to our increasing security consciousness. If they can’t find a way in to their primary target, they now look to compromise a secondary one and move laterally through the network to meet their objective. Your network may no longer be the only one at risk, as this lateral movement opens us all up to compromise.

What Damien’s clients say

I would rate [Proactive IT] a ten for their knowledge and expertise …. They’re always keeping us posted on what’s on the horizon and what to look out for as well. – Sue Langley, Acacia Group Pty Ltd

The key to cyber safety for your business is twofold: close all known network vulnerabilities, then train your people to recognise and avoid cyber threats.
Damien Battersby

, Proactive IT Solutions

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