27Aug

Infographic: 5 Ways Travel Has Changed

COVID-19 is here to stay and so has the way we will all travel. Aside from the mandates and health documents that vary per country or region, travel behaviour is also expected to undergo several shifts.

This infographic shows 5 ways travel has changed – perhaps permanently.

Need help with travel insurance and other personal policies? We help expats find the best ones in Hong Kong.


Infographic: How Covid 19 has changed travel

8Aug

4 Factors to Consider When Buying Cybersecurity Insurance

Risk awareness is paramount when shopping for the right cybersecurity policy for your business.

As “work-from-anywhere” becomes the norm, insurance providers in Asia have started revisiting current policies and integrating more cover for remote teams and increased digital interactions between team members.

For risk managers, we recommend noting these four considerations when selecting a cover:

1. Identify your business’ specific risks.

Start by making evaluating your weak points online. The nature of these risks will be essential in determining the right type of cover for you. Remember that insurance policies will differ based on your industry.

Unlike other types of insurance, deductibles in a cyber insurance policy are based on a specific timeframe, usually 72 hours, instead of an amount.

Look for an insurance policy that specifically covers potential damages from, say, cloud-based storage of payment information, customer data, or other sensitive information.

How secure are financial transactions such as wire transfers? Check if the policy will cover your risks in case you’re a third-party vendor for payments.

2. Does your business practice BYOD (Bring Your Own Device)?

Again, with more businesses shifting to remote offices or a hybrid work set-up, it’s very likely that employees will be taking company-issued devices with them. In case of loss or theft, will your cyber insurance policy cover the potential cost of, not just the device, but more importantly, the information saved in those devices?

Do you trust your team to manage sensitive data as they would their own? Have they been educated to practice security practices?

3. The value of the insurance and triggers

Do the maths to get the average cost of one stolen record with sensitive or confidential information and multiply that by the number of sensitive records you have in storage plus a projected number of growth in the next two years (at least). That is the amount your cyber insurance should cover.

On top of the value amount, make sure to ask what will trigger the insurance. Will the policy take over only with a deliberate attack, or will any type of breach like an unintentional human error trigger it?

4. Consider buying cyber insurance from a one-stop-shop 

Unless you already have a firm helping you secure your system, might we recommend getting a policy from an insurance provider that can also provide cybersecurity? Partnerships between insurance companies and cybersecurity firms have become more common in the Asian market.

Cybersecurity companies may offer a service that audits a company’s current capabilities so they can make policy applications easier for insurance agents. It is a mutually beneficial partnership that will give all parties involved an advantage and it will make it easier for businesses to cover all their bases in one go.

One-stop shops may also offer custom policies with add-ons that can fit your need. We can help you find the best ones so feel free to inquire here.

Email us or chat with us for more questions about personal and business insurance for expats in Hong Kong.

7Aug

5 Personal Insurance You Need Plus Pro-Tips Before You Buy

It’s impossible to eliminate all risks from a single insurance plan. However, layering your personal finances with a handful of essential covers immensely help with risks.

So what are the important insurance types you need to protect yourself and your family?

  1. HEALTH INSURANCE

There is a multitude of insurance plans to help you with the cost of healthcare. Health insurance takes care of hospital costs when you’re sick or in an accident. Most will acquire this type of insurance through an employer. Self-employed individuals will have to get this from the open market on their own.

Pro-tip on what to consider:

– Cost of premium
– The amount of deductible (out-of-pocket cost before the insurance comes in)
– Co-payment amount (the amount paid for a particular visit)
– Co-insurance (cost divided between you and the provider)
– Cap out-of-pocket cost (maximum cost before the insurance starts)

An important thing to remember when shopping for health insurance is that you should be aware of your anticipated health needs so that you can check if it’s part of the plan. So if you have a history of heart condition in the family or cancer is involved, be sure to find a plan that will assist with the cost of those specific conditions.

  1. LIFE INSURANCE

Life Insurance Tip from Village Insurance: How much life insurance do you need?

There are two main types of Life Insurance: 

(1) Permanent Life Insurance – covers your lifetime
(2) Term Life Insurance – covers a certain period of time (e.g. 30 years)

Pro-tips: Term Life Insurance is generally more cost-effective because it protects you for a period when you’re least likely to die. This is, of course, if you get the plan at an early age.

In terms of the cost (how much you need to have covered), Village Insurance will always advise clients to consider their annual income. So if you need to replace your entire income, then you will need 25x your annual salary which is understandably a substantial amount. A positive outlook while thinking of that amount is that your family can withdraw around 4% from that amount for as long as the insurance is in place. If you want to replace an amount that covers certain things such as the mortgage, then you’ll need less.

  1. DISABILITY INSURANCE

This insurance plan also comes in two variants:

(1) Short term – for medical emergencies that prevent you from working (e.g. having a baby)

(2) Long term – for events that inhibit you from making a living for months or years.

When do you need short term disability Insurance? Blog: Village Insurance Direct

Pro-Tips: Short-term disability becomes quite handy when your employer doesn’t offer paid maternity at work. To determine how much you need, make a budget plan for the amount you’ll need while you’re unable to work.

Also, keep in mind that long-term disability insurance has a 3-4 month waiting period before it begins replacing lost income. On top of running through a budget plan for how much you’ll need, check if your plan is subject to taxes as well as your condition’s impact on your social security disability income.

  1. DENTAL INSURANCE

Health insurance plans do not automatically cover dental. Dental care can be quite expensive especially in Hong Kong. Treatments beyond preventative procedures can cost thousands of dollars. Teeth implants and other restorative treatments are often overlooked but once they’re there, you’ll be glad to have dental insurance when you see the cost per visit.

Pro-tip: Get dental insurance before you actually need it, meaning, get it while you’re young. Premium will cost less. Also, like some insurance covers, there may be a waiting period for expensive treatments so add that into consideration when scheduling your appointment.

  1. HOMEOWNER’S/RENTER’S INSURANCE

How to choose renters insurance and home insurance. Pro tip from Village Insurance Direct

Homeowner’s insurance covers both the house and all its contents. On the other hand, renter’s insurance covers what’s inside the rented space. 

Renter’s Insurance is a must-have in Hong Kong. Some landlords may even ask for additional liability insurance from renters to cover the entire building in case of damage.

Pro-tip: There are plenty of reasonably priced renter’s policies in the market (some as low as $20 monthly). Village Insurance recommends getting this so you won’t have to worry about damages to the apartment that are beyond your control such as a fire. 

For homeowner’s insurance, check your policy if it covers the current value of the property or the replacement value. You may also look for a plan that has add-ons to cover the cost of high-value items inside the house (e.g. jewellery, computer equipment).

Again, layering your finances with different insurance policies to take care of anticipated needs is the best way to protect you and your family from extreme loss of income. 

Get in touch with us if you need help finding specific personal as well as business insurance while you’re staying in Hong Kong.