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Protect Your Tools

Five smart new ways to prevent your tools from being stolen.

One of the most common insurance claims we are seeing are stolen tools from either job-sites, back of utes, or even being mistakenly taken by another contractor. Not only is having your tools stolen a considerable inconvenience, there is a financial impact on both replacing the tools and also the difficulty for you to complete current jobs whilst replacing your old tools. If your business relies on tools of your financial impact on both replacing the tools and also the difficulty for you to complete current jobs whilst replacing your old tools. If your business relies on tools of your trade, we have five ways to protect your tools from being stolen, help you recover them, and potentially reduce your insurance premium.

We also recommend keeping an up-to-date inventory of all your hand-tools and power-tools, it may well be a case of ‘you don’t know what you’ve got ’til it’s gone’.

Smart Padlocks

If you don’t want to carry another key on your already full key-rings and get sick of remembering your padlock code, there are several Bluetooth enabled padlock providers now, including MasterLock, Nokē, Dog&Bone and AirBolt.

You simply attach them like a traditional padlock and then use your mobile device to lock, unlock, and track your property.

Microscopic Labelling With Datadots

Labelling or engraving your tools can help you recover them if they are stolen. But you’ve got to take the time to do it properly and there is limited room on the tools to include all your details.

Another solution is microscopic labelling technology. You simply pick up an aerosol can and spray hundreds of tiny dots – called DataDots – onto your property.

Each dot displays a unique code that is stored on the National Equipment Register database, and can verify ownership, assist in your insurance claims and provide evidence to prove theft.

Motion Sensing Camera

A motion sensor camera will help you catch the crook red-handed, it’s also a deterrent if the thief sees this security.

GPS Tracking

With GPS tracking, you can quickly and easily track down your tools if they’re stolen.

There are plenty of technology providers with various solutions, but essentially they involve attaching a long-range, low-power GPS tracking chip onto each piece of equipment you wish to keep tabs on.

You then install the associated app on your smart device and start receiving real-time location updates. Take care with the type of tracker you’re purchasing – Bluetooth solutions are useful for locating things you’ve misplaced, like your keys, but less so for stolen items.

Digital Inventory

It can be difficult to know exactly what you have if you haven’t kept an inventory of all your tools and equipment. It will be an even greater challenge at claim time to provide your Insurer a list of what has been stolen, if you don’t have any records.

This is where a high-tech, user-friendly inventory platform, such as Sortly Pro, can be invaluable.

There are plenty of smart new ways to protect your tools from theft, but it’s just as important to exercise some common sense – don’t leave them unattended, lock them up at night and store them out of sight.

And don’t overlook a good Business Insurance solution – whilst it will set you back the cost of the premium each year, this would be a fraction of the cost of replacing your tools and can allow you to get on with the job more quickly if all your tools are stolen.

For more information or a quote on any of your insurances contact Mick Le Grand on (03) 8544 1634 or [email protected] at Fitzpatrick & Co Insurance Brokers. Industry supporters and sponsors for over 20 years – www.fitzpatrick.com.au

September 9, 2020 / by / in ,
Time To Refinance

Is it time to refinance your home loan?

Fitzpatrick Financial Services would like to share a number of common reasons why mortgage holders refinance their home loans.

  1. Accessing Equity

If you have a financing requirement (i.e. renovations, car, machinery), then cashing out equity held in your property could be something to consider.

  1. Property Value Has Risen

If your property’s value has risen, your equity will have also increased. Lenders may now be willing to offer you lower rates.

  1. Improved Business Performance

Higher income may make you a lower-risk borrower, which could mean you can access better deals.

  1. Consolidating Other Debts

You might want to check whether it could be cheaper to consolidate high-interest debts (i.e. personal loans and credit cards) into your home loan to save interest and reduce your overall repayments.

  1. Fixed-Rate Period Is Ending

Upon expiry, your fixed rate may roll onto a variable interest rate that isn’t competitive. This may be the perfect time to review your home loan.

  1. Interest-Only Period Ending

Are you prepared for a significant increase in your repayments? If you are ready to revert to principal and interest repayments, most lenders will offer lower rates.

Must-Knows About Refinancing

Refinancing Costs Money

You will need to assess the potential savings versus the cost of switching lenders to make the best decision for you. Due to strong competition in the market, many lenders offer incentives to refinance to them, such as a cash-back offer, which may help offset some (or all) of the switching costs.

You Don’t Need To Do This Alone

Negotiating loan terms is difficult if you don’t know all the ins and outs of lending. Consider seeking expert help from a mortgage broker before making any decisions. The team at the associate company Fitzpatrick Financial Services specialise in all areas of lending, including refinancing.

If you suspect it’s time to refinance your loan, don’t hesitate to contact Tim Sheehan at Fitzpatrick Financial Services on (03) 8544 1600 or  [email protected] com.au

For more information www.fitzpatrick.com.au

August 9, 2020 / by / in ,
Risk Management

The importance of maintaining your insurance during the COVID-19 crisis.

We are all in unprecedented times with the Corona Virus (Covid – 19) pandemic.

In these difficult times it is important that you maintain insurance cover on your assets whether it be personal or business. We understand that in many cases cash flow/income will be reduced whether this be immediately or in the coming months and during this time of financial crisis there may be options available to assist in payment of premium to lessen the financial burden and stress.

Whilst it is important to keep your assets insured you can tailor your insurance needs to suit your current situation, for example:

  • Reduction in projected annual turnover
  • Reduction in stock in trade
  • Changes in occupancy
  • Reductions in Business Interruption Gross Income/ Gross Profits sum insured

Buildings That Require Temporary Closure

Due to the coronavirus restrictions, many businesses had to temporarily close, and allow staff to help sustain operations via home working. We wanted to give you some general advice about how to protect your premises during any temporary closures. This guidance is from a risk management perspective.

Risk Control Measures

  • Waste: remove all external waste, pallets and empty skips ahead of closing
  • Waste bins: empty all waste bins and relocate to a secure area, ideally at least 10 metres from the building. If this is not possible and bins and skips are within 10m, these should have lockable lids
  • Fire Systems: ensure that any fire and/or sprinkler systems are fully operational
  • Fire Doors: carry out a check to ensure that internal fire doors are closed
  • Building Utilities: shutdown any non-essential electrical devices and building utilities. Isolate nonessential services, gas valves etc.
  • Inspections: where at all possible try to implement periodic inspections of the building (internally and externally). Please, ensure that you comply with existing government guidance regarding vulnerable people and lone worker risk assessments. Consider the provisioning for alternative skilled personnel, such as security guarding/patrolling companies
  • Physical Security: carry out a check to ensure physical security measures are in place e.g. fences are in good repair, windows are locked, shutters are in place, gates are locked
  • Intruder Alarm: make sure your intruder alarm is set and that the remote signalling is in place. Ensure sufficient numbers of keyholders are available to respond to an alarm activation
  • Maintenance: so far as is reasonably practical, there is an expectation that essential maintenance continues with any remedial measures completed. Premises that have Building Management Systems with remote alerts should continue to be responded to. If possible, ensure gutters and drains are clear of debris, ahead of winter setting in
  • Dangerous Goods: if you have any dangerous goods on your premises, ensure they are kept secure in their usual storage place, and review the inventory levels, documentation etc.

Duty of Disclosure

We also note that many property insurance policies have un-occupancy clauses i.e. 30

60 days (usually in the General Exclusions section at the rear of the Policy Wording).

Please speak to your Insurance Advisor in regards to any changes in your business or tenancies.

For more information on how Fitzpatrick & Co Insurance Brokers can assist with your Insurance needs please visit our website, www.fitzpatrick.com.au Or call Mick Le Grand on (03) 8544 1634.

August 3, 2020 / by / in ,