It was a family occasion in Adelaide when Gallagher South Australia hosted a panel of presentations for the latest SA Family Business Australia Advisor Connect event.
Around 12 accredited family business advisors gathered at the Gallagher SA office where Tom DeSantis facilitated the evening's Advisor Connect educational program and Branch Director Charmaine Noble oversaw proceedings and lent support. The theme under discussion: The essentials of insurance for family businesses and why the market has changed.
After an initial insurance Q&A session to get the grey cells pumping, each of the three Gallagher panellists focused on specific topics, illustrated by real life case studies. First up was Huw Thomas from Gallagher Corporate Broking Services; followed by Stephen Hughes, Professional Services and Financial Lines; and Simon Connelly, Gallagher Benefit Services, who discussed some of the insurance considerations particularly relevant to family businesses.
The key points covered
- essential policies
- the hardening market
- issues affecting claims
- what insurers look for
- risk profile
- terms of contracts
Policies mentioned included property, professional liability, public indemnity, cyber security, management liabity and directors and officers’ cover, key person and income protection insurance.
The case studies covered a difficult placement in the viticulture and agricultural sector, an example of an export business needing management liability cover ahead of capital raising to fund expansion and a sole operator consultancy business where the principal suffered a serious illness and had to call on trauma cover as they didn’t qualify for income protection cover.
After the presentations the Gallagher staff and FBA advisors mingled, networked and enjoyed drinks and nibbles. No doubt there were many more informal questions to be answered by our facilitator and the panellists.
“What a pleasure it was for us to host the FBA Advisors and provide them with vital insurance and risk knowledge for their family business clients,” DeSantis says warmly.
Gallagher is a family-run, publicly listed business now in its fourth generation, with nearly 20 Gallagher family members in roles they have earned after joining the company as interns.
Want to know more?
Need insurance advice for your family business? FBA members can find out more about Gallagher's services or request an insurance review here.