Archive July 2011

Macbeth insurance feature in the launch video for new Microsoft Office 365 product

17/07/2011 in Office Insurance, Press Room

Shredding move poses insurance problem for Tyre Recycling Services

17/07/2011 in Case Study, Recycling Insurance

Every business needs to keep pace with changes in its market place to ensure its offer continues to meet demand and generate profits. So when Tyre Recycling Services in Fareham decided to switch from tyre baling and move into tyre shredding, it was made strictly on business grounds.

“What we didn’t anticipate was the huge hike in our annual buildings insurance premium this decision would cause,” explained Tyre Recycling’s Sam Bedford. “Quotes came in at around £20,000, three times what we were originally paying, plus there was a potential requirement of an additional £10,000 for fire alarm and sprinkler systems.

“The alternative would be the expense and upheaval of moving premises altogether.”

The proposed increase was due to evidence that large stockpiles of tyre shreds (more than three metres deep) can be prone to spontaneous combustion. Rather than the knee-jerk reaction of their landlord’s insurers who had previously arranged cover for the building, Tyre Recycing required a better informed and more considered approach that would protect the business from this risk – and at an affordable cost.

Macbeth Chartered Insurance Brokers already handled much of Tyre Recycling’s insurance business with liability and contents cover. “They’ve always proved very approachable with a problem-solving attitude,” added Sam, “so we naturally turned to them for help.

“They took the time to understand the issue we faced, and its potential for our company, and applied their experience in finding us a manageable alternative. They worked quickly, too, which was vital in avoiding any interruption to our business.”

The Macbeth solution

• Delivered specialist insurance advice tailored to the needs of the recycling industry
• Drew on an active network of insurers prepared to look at difficult or unusual risk to source quotes
• Throughout provided a pro-active, problem-solving approach to a business-threatening issue.

Client verdict

“Macbeth’s intervention was crucial to us being able to continue as a profitable business,” Sam added. “We had to swallow a premium increase but, more importantly, we avoided having to make any major alterations to the premises.

“This meant we were able to stay put without incurring any additional outlay on our building.”

Survey reveals rising concern over cyber liability as legislation looms

10/07/2011 in Cyber Liability Insurance

In a recent client survey into cyber liability by Macbeth Insurance Brokers, almost half of respondents (41%) admitted to concerns over privacy breaches and their potential to negatively impact business reputation.

In the US it is obligatory for companies to notify customers and account holders when a data breach has occurred, and also to pay for any subsequent credit rating monitoring by way of additional reassurance. Falling foul of such legislation can prove expensive as EU-based companies may shortly find out for themselves should similar rules come into force.

Recent high-profile data disasters concerning Sony PlayStation users and Apple customers have only served to confirm business jitters. Not surprisingly, then, cyber liability cover is accounting for an increasing proportion of the policies Macbeth has arranged over the past seven years as more and more businesses become reliant on online storage and sharing of  customer data. We especially recommend brand protection and privacy cover as part of this type of package.

With privacy cover, there is protection against the potentially substantial costs of notifying those affected. Just think of the processing, admin and mailing charges involved in writing to tens of thousands of customers, not to mention the labour incurred. Brand protection insurance, on the other hand, will meet the reasonable cost of a PR campaign to counter the impact of any consequent bad publicity and help rebuild the good name of the company or product.

As the EU Justice Commissioner, Viviane Reding, calls for rules to make banks, e-commerce sites and social networks responsible to customers for compromises to their personal information, such cover provides welcome reassurance.

For further information about cyber and privacy insurance contact Tony Gibbs on 0118 9452944