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Our Managing Director, Lisa Carter, recently sat down with Femmeconomy to chat about pandemic challenges, business risks and advice for female leaders. Read the full interview below.

Lisa Carter Managing Director Clear Insurance and her team deal daily in risk management, so it is unsurprising that Lisa’s business experienced a relatively seamless transition during COVID-19. Clear Insurance‘s own business continuity enabled them to support clients across the various industries they service, including clubs & hospitality, manufacturing, construction, medical and professional services, to respond rapidly with risk identification and mitigation strategies to continue trading.

Lisa’s most recent industry recognition has included being awarded 2019 QBE Stephen Ball Memorial NIBA Award Winner, 2019 NIBA QLD Broker of the Year Winner, 2019 Australian Insurance Business AR of the year and 2019 Advisr Broker of the Year.

WHAT ARE THE TOP 5 RISKS FACING BUSINESS OWNERS AND HOW CAN THEY MITIGATE THEM?

1. Instability caused by government shut-downs and disruptions to trade.

2. Cyber risk – hacks, social engineering fraud and storage.

3. Skills shortage – lack of experienced staff.

4. Supply chain disruption – materials and stock less accessible due to COVID-19.

5. Legislative compliance – ongoing and increased compliance required across many facets of business.

Business owners can mitigate these risks by diversifying their business operations and growing alternative income streams, managing their cyber risk by engaging IT consultants and cyber security experts, invest in training and upskilling of existing staff members. Also, take advice from legal, HR and safety consultants to ensure your business is compliant with the appropriate legislation relevant to your industry.

HOW DID YOU MANAGE YOUR TEAM AND BUSINESS REMOTELY DURING COVID-19?

We simply picked up our laptops and worked from home. It was a very easy transition for us as we enjoyed fully flexible working conditions ordinarily pre-COVID. Twice weekly zoom catch ups worked well for us all to keep in touch as a team.

WHAT WERE SOME OF THE UNEXPECTED BENEFITS YOUR BUSINESS EXPERIENCED DURING COVID-19?

Business owners have become decidedly more risk aware. We have found conversations around managing and mitigating business risk far easier and more easily received with both existing and new clients alike. We have also found people more willing to interact electronically and had more online meetings during the shut down periods than ever before.

Cyber Liability Insurance

Cyber Liability Insurance is designed to help protect you from claims and support your profitability in the event of a cyber breach or attack.

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Public Liability Insurance

Public Liability insurance is there to provide protection if someone makes a claim against the insured, the business or its employees.

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Professional Indemnity Insurance

Professional Indemnity insurance is designed for professionals who provide a specialist service or advice, providing protection for financial loss and legal costs of a claim.

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WHY SHOULD BUSINESSES CONSIDER UNDERTAKING AN INDEPENDENT RISK REVIEW OF THEIR CURRENT RISKS AND INSURANCE PROFILE?

Whilst insurance is very much a relationship business and business owners may have great relationships with their insurance advisors, it is sensible governance for business owners to undertake an independent risk review at a minimum of every three years to ensure that the risk advice that they are receiving is accurate and sound.

Femeconomy proudly educate consumers, budget owners and business owners on how purchasing decisions can create gender equality. Femeconomy certified businesses have at least 30% of women on the Board of Directors or are 50% female owned. For more information on the fabulous work head to Femeconomy

For more information on insuring your business or if you have more questions you’d like answered, contact us today for a chat about your insurance needs and goals.

General Advice Warning: This advice is general and does not take into account your objectives, financial situation or needs. You should consider whether the advice is appropriate for you and your personal circumstances. Before you make any decision about whether to acquire a certain product, you should obtain and read the relevant product disclosure statement.

Clear Insurance Pty Ltd. ABN. 41 601 916 689. AFSL No. 548953.

insurance risk covid-19 Corona virus risk management

General Advice Warning: This advice is general and does not take into account your objectives, financial situation or needs. You should consider whether the advice is appropriate for you and your personal circumstances. Before you make any decision about whether to acquire a certain product, you should obtain and read the relevant product disclosure statement.

All information above has been provided by the author.

Lisa Carter, Clear Insurance, AFSL 548953

This article originally appeared on Clear Insurance In The News and has been published here with permission.