28Nov

Five Tips for Making A Business Preparedness Plan

After a calamity, maintaining your business requires more than good fortune and hope for the best. When the unexpected occurs, a solid business preparedness plan may help you keep your doors open and resume regular operations.

Although nobody can anticipate whether or when a disaster will occur, it is preferable to take preventative measures to safeguard your business. Consider these five stages when building a business preparedness strategy and plan ahead:

1. Establish program management

Everyone on the premises, including people with disabilities, must have their physical safety considered part of your preparedness strategy. You’ll also want to create instructions for continuing business with minimal disruptions.

– Create a department or group that will be responsible for creating and updating your business continuity strategy.
– Set aside money for any backup plans the group comes up with. (This may involve discussing with your agent whether your small business insurance coverage meets your needs.)
– Determine any laws or corporate rules that might impact your plans.

2. Gather information about hazards and assess risks.

This should involve figuring out which events are more likely to happen in your areas, such as whether your company is situated in a flood or typhoon-prone area.

Do a business impact analysis to ascertain the likely effects of a business disruption. Then, examine and take into account strategies for risk reduction and loss mitigation.

3. Determine resources and train staff on how to implement those plans.

Make a plan to help ensure your business has all the resources it needs on hand by evaluating what resources you might need in the event of a disaster, from personnel to communications equipment to other needs.

In the event of an emergency, be prepared to communicate critical information to your staff, clients, and other stakeholders. Make a plan for how you’ll access your electronic data and information technology systems in the event of an emergency.

4. Conduct a test run.

To assess how well-versed and effective your employees are in the plan, conduct a variety of exercises. The evaluation of the established plans and procedures and the personnel training on their responsibilities may benefit from this phase.

5. Update and improve your plan based on the test run.

Review your plan bi-annually or once a year. Then, ensure your employees are reoriented with any changes in your plan. Keep in mind that any significant adjustments to the business or its personnel may necessitate a review of the emergency plan.

If you need additional coverage for disasters, taking note from the COVID years, we recommend getting in touch with us so we can help you find a plan that fits your evolving business needs in Hong Kong.

20Nov

Infographics: The State of AI in Business

The possibilities for how businesses communicate with their customers in real-time, manage their operations, and maintain business continuity during the pandemic are expanding thanks to AI capabilities. Companies are figuring out new ways to innovate and grow as technology develops.

Here are statistics on AI in terms of its use and value in business.

The state of AI in business infographicsWith the inevitability of AI growth and use in a business’ day-to-day transactions, it also asks whether enterprises are taking enough measures to protect themselves from liability while using AI.

If your need help finding liability insurance for your business in Hong Kong, connect with us today.

4Nov

Is there insurance for pilots who lose their license?

If a person finds themselves unable to work, they may be able to rely on income protection insurance for many various industries and forms of employment.

It’s not nearly that easy for pilots. You work in a dangerous sector as a pilot, facing several strains and difficulties that the general public is not exposed to. Your ability to perform your job depends on your mental and physical health. Ordinary protective items frequently don’t meet the special needs of pilots, calling for a higher level of protection.

Fortunately, there is an insurance policy that can cover pilots who lose their license to fly in Hong Kong.

Pilot’s Loss of License insurance is designed specifically to meet the needs of pilots and aircrew, eliminating many of the usual problems that pilots run into with more conventional forms of insurance, such as Disability Income Protection or Critical Illness coverage.

These plans are available for individuals or employers needing cover for their entire team. There are other insurance options that can be used to “top up” any existing Loss of License insurance you may already have.

Specific plans can cover the following:

– Commercial Pilots
– Airlines and Pilot Unions
– Student Aviators and Instructors

Plans for pilots who lose their licenses in Hong Kong can be tailored to your unique needs. A pilot’s loss of license insurance coverage may provide the following benefits:

– Monthly Expense for Temporary Loss of License
– Lump Sum Payment for Permanent Loss of License
– Mental Wellness Cover
– Drug and Alcohol Illness Cover
– Worldwide cover

Annual premiums for a Pilot’s Loss of License Insurance can range from US$2500 to US$6300, depending on certain factors and add-ons.

If you’d like to know more about this type of insurance, get in touch with us at Village Insurance Direct. We find the best personal and business insurance for expats in Hong Kong.

22Oct

5 Ways to Protect High-Value Items at Home

You might believe that your possessions are adequately covered by your home’s insurance policy, but in some cases, such as when pricey goods are damaged or stolen, coverage may be limited or nonexistent.

For instance, many homeowners’ policies often have a $1,000 or $1,500 coverage threshold for jewelry if the loss results from theft. These restrictions are in place to keep homeowners insurance costs down. However, if your home is broken into and $2,000 worth of jewelry is taken, and your policy only covers $1,000, your insurer will only pay you $1,000 to replace the lost things.

When that happens, an insurance endorsement (also known as a rider) may be able to give your possessions further protection. This coverage can help shield you from losing expensive goods, including jewelry, furs, antiques, artwork, and collectibles, for an additional fee.

Here are five recommendations to help protect high-value items at home:

1. Go over your insurance policy.

A contract between you and your carrier governs your insurance policy. This document specifies the maximum amount for which you may be reimbursed if certain expensive products are lost or damaged. Be aware that some things cannot be covered, so carefully study your policy to see if your insurance matches your needs. Contact your insurance representative if you have any queries.

2. Have Your Items Valuated


You might own things that are more valuable than you realize. It might be beneficial to have them valued to aid in your decision regarding whether you require additional coverage. Given that some items may not be covered by your homeowner’s insurance policy, an appraisal can assist you in determining if your home is fully insured.

Without expert advice, estimating the worth of some goods, such as jewels or collectibles, may be challenging. It can be required to frequently have your possessions reevaluated. If their worth rises, you might need to buy more insurance.

3. Make an inventory of your home.

Until you completely understand your possessions, you might not be able to decide whether to purchase more coverage. Making an inventory of your possessions may be a good idea. Don’t forget to search your attic, cellar, and garage for items like coin collections and antiques that may be housed there.

List all valuable objects and, if available, attach copies of the invoices or the appraisals. This might be helpful if you ever need to submit a claim to your insurance company.

4. Check the Crime Rate in Your Area

You could need more extra coverage to secure your possessions if you reside in a neighborhood with a high crime rate. Police agencies may keep track of crime data and disseminate it to the general public. You can think about inquiring with the authorities about local home invasion patterns. Installing a security alarm system is another option. You may be eligible for a homeowners insurance discount if you have an alarm system.

5. Make a list of your electronic devices.

People use their electronic devices to carry out work and maintain social relationships in our increasingly high-tech society. Numerous new tools and equipment have been created in recent years that could improve our lives. Make sure your homeowner’s coverage will cover their loss if you keep expensive equipment and laptops in your home.

Need help finding homeowner’s insurance in Hong Kong? Get in touch with us.

3Oct

What are 5 tips for saving money on health insurance?

Hong Kong was recognized as the nation having the world’s most effective healthcare system in 2019. Both the public and private sectors have access to top-notch hospitals, cutting-edge technology, and highly skilled medical professionals. Hong Kong currently boasts the second-most expensive healthcare system in the world, only after the United States, thus this excellent quality of care also comes at a hefty cost. How can you reduce these costs, then?

Here are 5 tips to make sure you’re only spending what you need on health insurance.

1. Shop around for health insurance quotes. There are many different health insurance providers available, and the prices can vary greatly. Compare quotes from different providers to find the best deal.

Signs to look for when it comes to a good health insurance cover include:

-A provider with a good reputation.
-A provider with a wide range of cover options.
-A provider with good financial stability.
-A provider with a low premium price.

2. Consider using a health insurance discount. There are many health insurance discounts available, and finding one that is suitable for you can save you money.

Some common health insurance discounts include:

-Special discounts for members of particular health insurance schemes.
-Discounts for people who have a certain level of health insurance coverage.
-Discounts for people who live in a certain area.
-Discounts for people who are aged over a certain age.

3. Review your health insurance policy regularly. Regularly reviewing your policy will help you to identify any changes or updates that may need to be made, and will also help to ensure that you are fully covered.

Some things to look out for when reviewing your health insurance policy include

-The cover that is available to you.
-The exclusions that are included in the policy.
-Any changes to the premium price.
-Any changes to the cover that is available.
-Any changes to the conditions that are included in

4. You might think about choosing a co-insurance or annual deductible if you want to save money on your health insurance plan without sacrificing complete coverage. Your annual premium will drop dramatically if you choose one of these options.

The amount you must pay out-of-pocket before your insurance plan will begin to cover medical costs is known as a deductible. For instance, you have to pay the first $1,500 of your insurance’s coverage out of your own pocket before it starts to pay for your medical costs. Once you have paid the annual deductible, which is typically per year, any medical expenses that are covered by your plan will be fully reimbursed. If your work currently offers medical insurance but you would like to supplement your coverage and raise your level of benefits, taking on a deductible can be very appealing.

Choosing a co-insurance percentage is another way to pay a lesser premium. For instance, if you select a 20% co-insurance percentage, you will be responsible for 20% of all out-of-pocket medical expenses while your insurance will pay the remaining 80% in full.

5. Most health insurance providers give their customers the option of having private rooms available to them if they are hospitalized. Even while some extra comfort and privacy are necessary if you have to spend the night away from home, opting for a semi-private room would ultimately result in lower hospital and surgical costs.

The cost of a hospital stay will be reduced if you choose a semi-private room or a ward (which you may share with three people or more) if you don’t have access to private medical insurance or if your coverage for hospitalization and surgery has a low cap.

For example, a private room costs HK$3,300 per night at the Matilda Hospital, a well-liked private hospital among expats, whereas a night in a ward only costs HK$900.

In addition, hospital expenses and doctor fees are assessed independently in Hong Kong. This implies that the physician’s costs will be more expensive the higher the room standard. By selecting a shared room, you can reduce your costs while still receiving the same level of services.

In summary, you can save money on health insurance by researching different providers, reviewing your policy regularly, and choosing a co-insurance or deductible. By taking these simple steps, you can save money on your health insurance premiums.

17Sep

2022 Stats on Cybercrime and Cyber Security

Today’s internet users and businesses need to have cybersecurity. Consider it to be your home’s equivalent of an alarm or automated lock system. Your home door shouldn’t be left unlocked for criminals, and the same goes for your computer. The dark web is absolutely not where you want any of your confidential information, especially those of your customers, to end up.

Reduce liability by increasing cyber security. This year, concerns about malware and phishing have increased because there are significantly more online transactions for businesses.

Here are stats to keep in mind:

2022 Cybercrime stats infographicsNeed help finding cyber insurance and liability cover for your business? We can help.

4Sep

4 Ways to Know If You Have Enough Life Insurance

Thinking about death and what happens to the family we will leave behind is not really an experience we want to go through. However, practicality encourages us to do so, specifically if we’re talking about the financial aspect of it.

Most of us are not prepared for death. Besides not having our will ready, we also don‘t have enough insurance coverage to take care of our loved ones in case of our untimely death.

Some of us think that life insurance is enough to take care of the expenses that our family may incur after our death. But is that really enough?

Life insurance is important, but it will never be enough to fully cover the financial needs of our family. There are a lot of factors that come into play when we die. And this includes:

the funeral and burial expenses
debts and other financial responsibilities
and even the lifestyle that our loved ones will have to adjust to

Funeral and burial expenses are one of the major expenses that a family will have to shoulder after the death of a family member. In Europe, the average funeral cost is around5,000. So, how much life insurance is enough?

Here are ways to calculate it:

METHOD 1: 6x to 10x annual earnings

A suitable sum for life insurance, according to the majority of insurance firms, is six to 10 times the yearly earnings. If you multiply your annual earnings by ten, you would choose coverage of $500,000 if it were $50,000. Some suggest increasing the coverage over the 10x threshold by an additional $100,000 per child.

METHOD 2: Years before retirement

Multiplying your yearly income by the number of years until retirement is another method for determining the required amount of life insurance. For instance, a 40-year-old would require $500,000 in life insurance (25 years x $20,000) if their current annual income is $20,000.

METHOD 3: Standard of living

The standard-of-living approach is based on how much money surviving family members would require to maintain their quality of living in the event that the insured party passed away. That sum should be multiplied by 20. The idea is that survivors can invest the death benefit capital and earn 5% or more while taking a 5% annual withdrawal from the death benefit, which is equal to the standard-of-living amount. The term “human life value (HLV) approach” is occasionally used to describe this kind of calculation.

METHOD 4: DIME

The DIME method is an additional approach (debt, income, mortgage, education). This is designed to provide just enough insurance to pay for the family’s costs in the case of an untimely death. Using the DIME method, you should have enough coverage to pay off all of your debts, including your mortgage, cover the cost of your children’s schooling, and replace your income for however many years it takes for your children to reach the age of 18.

It is crucial to understand how much and what kind of life insurance you require if you do. For the majority of people, renewable term insurance is enough, but you must consider your unique circumstances. To prevent being stuck with insufficient coverage or paying for pricey coverage that you don’t need, decide on what you’ll need in advance if you decide to purchase insurance from an agent.

Do your study to make sure you buy the greatest life insurance you can since knowledge is key to making the right decision in both investing and life insurance. Find and contrast life insurance quotes to see which one would best meet your specific requirements.

9Jul

Tips for Businesses: Adapting to a Hybrid Way of Working

A lot of businesses have shifted to hybrid work with part of the week spent in the office and the other days spent with employees working remotely. It can be tough to keep everyone on the same page and to keep company processes streamlined.

Here are a few tips on how businesses can adapt to a hybrid working environment:

 

1. Schedule regular check-ins: Have weekly or biweekly check-ins with employees, either individually or in small groups. This is a time to touch base and see how everyone is doing both professionally and personally.

2. Set clear expectations: When it comes to hybrid work, it’s important to set clear expectations from the start. Employees should know when they are expected to be in the office and when they are expected to work from home.

3. Encourage communication: In a hybrid work environment, there will inevitably be more communication via email, chat, and video conferencing. Encourage employees to over-communicate, rather than under-communicate. Create a hybrid work policy: A hybrid work policy should spell out the dos and don’ts of hybrid work. This will help to set clear expectations and avoid any confusion down the road. Invest in the right technology: In order for hybrid work to be successful, businesses need to

4. Be flexible: One of the benefits of hybrid work is that it allows for more flexibility. Employees may need to take a break in the middle of the day to pick up their kids from school or take a walk to clear their heads. As long as they are getting their work done, be flexible with their schedule.

5. Set clear expectations and then let them work independently: Trust is key for this type of arrangement to be successful. If there are any misunderstandings, they can quickly snowball into big problems. If you micromanage them, it will only lead to frustration on both sides. If productivity has not dwindled, then you have nothing to worry about.

6. Invest in the right technology: In order for hybrid work to be successful, businesses need to invest in the right technology. This includes video conferencing software, project management software, and file-sharing platforms.

With technology, comes liabilities

Once your company has invested in the right technology, cybersecurity needs to be part of the package. Securing sensitive data, especially if you’re handling 3rd-party information needs to be a priority.

This can include investing in a good VPN, data encryption, and 2-factor authentication.

Create a remote work policy:

Much like your company’s regular attendance policy, hybrid work needs its own set of guidelines. This can help to prevent any misunderstandings about what is expected from employees. The policy should cover topics such as personal usage of devices, productivity trackers, etc.

Training employees about cybersecurity is also encouraged because your IT department is only as good as employees who understand the value of security protocols.

Regularly Back Up Data:

Backing up data is an essential part of any business’ cybersecurity strategy, but it’s even more important for hybrid businesses. This is because hybrid businesses often have employees working from different locations, which makes it more difficult to physically secure data.

Get Liability Insurance That Covers Cyber Security Breaches

This is one of the most important steps a company can take to protect itself against hybrid work-related risks. Cyber insurance can help cover the costs of data breaches, cyber extortion, and other risks that come with hybrid working.

Hybrid work can be a great way for businesses to adapt to the changing world. By being flexible with employees, investing in the right technology, and setting clear expectations, businesses can make hybrid work a success.

3Jul

Life Insurance in Your 30s and the Pandemic

If you’re like most people, you probably don’t think about life insurance very often. It’s one of those things that’s easy to put off until later. But if you’re in your 30s, it’s actually a good time to start thinking about life insurance.

How much insurance do you need for 30 year old?

2 Types of Life Insurance

There are two main types of life insurance:

1. Term life insurance and whole life insurance – life insurance is for a specific period of time, usually 10-20 years.

2. Whole life insurance is for your entire life.

Most life insurance experts recommend buying term life insurance in your 30s. Term life insurance is more affordable than whole life insurance, and it gives you the flexibility to change policies as your needs change over time.

When you’re in your 30s, you’re likely to have more financial responsibilities than you did in your 20s. You may have a mortgage, car loans, student loans, and credit card debt. You may also have a family – which means you need to think about how they would cope financially if something happened to you.

Life insurance can give you peace of mind knowing that your loved ones will be taken care of financially if something happens to you.

3 How Much Life Insurance Do You Need?

 

How much life insurance you need depends on your individual circumstances.

Some factors to consider include:

– Your current income and whether or not you have dependents
– Your debts and other financial obligations
– The cost of living

The Cost of Life Insurance in Hong Kong

Life insurance premiums in Hong Kong are determined by a number of factors, including your age, gender, health, lifestyle and the type and amount of cover you choose.

For example, life insurance for smokers will generally be more expensive than for non-smokers.

The best way to find out how much life insurance you need is to speak to a life insurance advisor.

According to the Life Underwriters Association of Hong Kong, the average cost of life insurance for a 30-year-old man is HK$2,700 per year, and for a 30-year-old woman, it is HK$2,040 per year.

However, life insurance premiums can vary widely depending on your individual circumstances.

The best way to find out how much life insurance you need is to speak to a life insurance advisor. They will be able to assess your individual needs and recommend the best policy for you.

Life Insurance with Pandemic Protection

In these uncertain times, it’s more important than ever to make sure you and your loved ones are protected. Life insurance can give you peace of mind that if the worst happens, your loved ones will be taken care of financially.

Many life insurance policies now come with pandemic protection, which means that if you die as a result of infectious disease, your family will still receive a pay-out. This can provide vital financial security at a time when it is needed most.

COVID-19’s long-term consequences are yet unknown, but we can’t overlook its financial and economic impact. Your money has now become your most valuable asset. Consider if you had to deal with the loss of your job or a medical catastrophe suddenly.

Working through the tough times is only half the battle. The other half concerns life insurance, which protects your savings as you work on paying for these unanticipated expenses. It also ensures that your finances will not be ruined by a single calamity.

The cost of added pandemic protection can range from a 5% to 35% increase depending on your current health status.

So, if you’re thinking about taking out life insurance, or if you’re not sure if you have enough cover, now is the time to speak to a life insurance advisor. They will be able to assess your individual needs and recommend the