News

Risk Management News

Underinsurance: Don’t risk it!

Many small- and medium-sized businesses in the UK are risking their own survival by unwittingly remaining underinsured.

The Building Cost Information Service (BCIS) report, although conducted in 2012, revealed that 40% of businesses do not have enough business interruption cover to get them back on their feet. Furthermore, in 25% of SME claims reviewed by the FCA in 2015, the indemnity period expired before they returned to the normal trading position.

You may only find out that your business is underinsured when you experience a major loss event, such as a data breach, flood or fire, and need to make a claim. Be proactive and know your status now so you can fix that gap and be prepared for anything.

Read more

Are you conducting thorough fire risk assessments?

If you are an employer, owner, landlord, occupier or anyone else with control of a premises, you are responsible for fire safety. Conducting fire risk assessments helps to prevent fires, keeps the property and employees safe, and increases the chances that your business can recover should a costly fire happen. Keep reading for more information on how to conduct a fire risk assessment.

Read more

Penalties double for using mobiles while driving

On 1st March, the penalties for using a mobile while driving doubled. Now, if you are caught using your mobile while behind the wheel, you will receive six points and a £200 fine. For new drivers that have been driving for less than two years, this means that their licence will be revoked and they must retake their practical and theory tests.

The significant penalty increase is in response to the high number of deaths and injuries every year caused by drivers using their mobile phones. The DfT said that of 88 deaths caused by distractions in 2012, 17 were because of mobile use – a higher death rate than other in-car causes. In 2014, this had risen to 21 fatal accidents and 22 in 2015.

Read more

Vending Operators: How to build a strong defence against employment disputes

 

There's lots of debate at the moment about the existence of zero hour contracts. However, most vending operators are probably more concerned about their exposure to a minefield of legal changes covering a wide range of issues. It’s tough enough trying to make a profit and stay in business and made harder if you have issues dealing with employment problems with a member of your workforce.
 
Keeping pace with developments to employment law is now a full-time job. However, the majority of vending operators are unlikely to have an in-house legal or human resources department, or the available funds to cover legal disputes as they arise. So, unless a company has in house legal expertise it can be very expensive to ensure compliance on all issues and can place considerable strain on the resources of a small business.

Read more

With Sterling in a Tailspin, Should Brokers Be Warning About Sums Insured?

The weak pound may be good news for UK exporters but for firms that use parts, equipment and raw materials from abroad to make their products – business is getting much tougher. What’s more, the government’s caginess about what the terms of ‘Brexit’ will be may cause the value of sterling to sink further in the coming months.

One effect of this downward trend is that firms that bought parts or materials from overseas when the pound was stronger will find it more costly to replace them if, say, they’re damaged or stolen.

Read more

 7 Reasons to Buy Crime Cover

Despite increased regulation and more stringent internal controls, fraud, theft and dishonesty are still major threats to organisations.

In a fraud barometer report, conducted by a leading auditor earlier this year, it was highlighted that the total cost (£732 million) of fraudulent activity in the UK remains worryingly high, up from £717 million in 2014.

If your organisation is looking to minimise potential losses from fraud, theft or dishonesty, insurance can offer valuable protection. Here are our 7 reasons to buy crime cover:

Read more

Learning to Utilise the Internet of Things

There are now more digitally connected devices than there are people on the planet. This vast interconnected system of devices, vehicles and even entire buildings are all part of the Internet of Things (IoT).

Despite the potential benefits of utilising the IoT to support your company, there are some associated hazards. But with the proper knowledge and preparation, you can effectively mitigate those risks while securely strengthening your company and reaping the benefits.

Read more

Cyber Security: Learning From the Panama Papers

Published in April of this year, the Panama Papers—a collection of 11.5 million documents with information on the identities of shareholders and directors for more than 214,000 offshore companies—represent the largest data breach in history (dwarfing the data released by the Wikileaks organisation in 2010) . The information contained in these documents is concerning, since the files reportedly show how several corporations were able to launder money, dodge sanctions and avoid tax. The breach not only highlighted the importance and value of a robust cyber security system, but it also highlighted how cyber criminals are accessing more than just financial information.

Read more

Commercial Drone Use- What are the Risks?

While hobbyists have been using drones for some time, businesses are now adopting the technology. Small unmanned aircraft systems (SUAS), also known as remotely piloted aircraft systems (RPAS), have rapidly become more common in the Commercial sector. 

However, while drones may present your company with new business opportunities, the technology introduces new risks. And, in response, legislators and insurers are working hard to keep up.

Read more