Business

Cyber Protection……What can you do to protect your business from becoming a cybercrime statistic??

10/05/2012 in Business, Cyber Liability Insurance

Many small businesses think that they are too small to be of interest to cyber-attackers, so it’s believed that physical security can be more relaxed, this could not be further from the truth. There are people in this big bad world that will go into small businesses rubbish bins to locate financial, personal, business and customer information. In addition to this, if a small business allows their staff access to their company internet without having a strong and effective security policy, an employee may unknowingly allow the penetration of hackers, trojans, viruses, and phishing programs.

Cyber Insurance addresses the first and third-party risks associated with e-business, the Internet, networks and informational assets. Cyber Insurance offers protection for exposures arising out of internet communications and other areas of exposure that traditional policies may fail to address. Areas to protect are privacy issues, brand protection, the infringement of intellectual property, virus transmission, user-generated content, business interruption as a result of a virus or hacking event or any other serious trouble that may be passed from first to third parties via the Web.

What should your cyber insurance policies look to cover?

•Cyber liability, privacy liability and privacy breach notification costs
•Media liability, including cover for user generated content
•Defamation, including libel and slander
•Intellectual property rights infringement
•Invasion of privacy
•Property and business interruption arising from cyber perils

For help and advice about Cyber insurance please contact Scott Sayce, Head of Professions on 0118 9165 483, or complete one of our enquiry forms.

Why Do Technology Businesses Require Professional Indemnity Insurance?

30/04/2012 in Business, Professional Indemnity Insurance

Information technology is the backbone of many businesses yet is poorly understood by many. There’s often an enormous mismatch between client and professional expectation, probably unique to the information technology industry as regards professional indemnity claims. IT risks used to be treated as “Miscellaneous” but, as the industry has emerged into one of worldwide importance, so the understanding of the legal profession (and thus insurers) has led to a specific focus on IT in its own right.

Below are some professional indemnity claims that technology companies have faced:

• The insured designed a customer management software package. It was alleged that the software failed to comply with the agreed functionality. Amount paid: £350,000
• The insured configured an off-the-shelf software package for use by the client, and sold and installed associated hardware. There were serious difficulties following installation, leading to the client refusing to pay the balance outstanding and threatening a claim. Insurers paid the outstanding balance to the insured, avoiding the expense and reputational damage of a legal case. Amount paid: £55,000
• It was alleged that there were substantial deficiencies in the design of a software package, resulting in the system failing to meet the client’s requirements. Amount paid: £450,000.

For help and advice about insurance for your technology business please contact Scott Sayce, Head of Professions on 0118 9165 483, or complete one of our enquiry forms

The hosepipe ban, if’s and butts

04/04/2012 in Business, Business Combined

The particularly mild weather and lack of rain has culminated in the introduction of the hose pipe ban for most parts of the country starting from 5th April 2012. Although the water ban will initially not affect businesses, this stance could change during the summer if there is not significant increase in the amount of rain fall.

Over the last month there has been a dramatic increase in the sale of water butts as householders and businesses’ look for efficient ways to converse water. Although water butts are a great means of saving water, there use can lead to security issues as thieves can use them as a means to gain access to windows and roofs.

Churches and businesses with lead roofing should be extra vigilant as metal theft is a considerable problem in some areas due to the high demand for scrap metal.

For other risk management, security and business insurance advice,  contact Tony Gibbs on 0118 9165 485 or complete one of our enquiry form.

Business Insurance – 3 tips for getting the best value out of your insurance

08/02/2012 in Business, Business Combined

Insurance companies are becoming more innovative as they strive to win new business.  No longer are no claims discounts confined to the realms of motor and household insurance.  It is well worth asking your broker if your insurer offers a no claim or low claim rebate, you may be pleasantly surprised.

Stability in business costs is always good; once you have a good deal for your insurance, ask your broker if the insurer will offer a 3 year rate guarantee.  For a commitment to stay with an insurer, you can protect the business from unexpected premium increases.

When changing insurers you may be faced with a risk survey. Sometimes this can result in the insurers requiring improvements to physical security or maybe the electrical installation. Some insurers are prepared to make a contribution towards the cost of the improvements.

For advice regarding business insurance, contact Tony Gibbs on 01189 165 485 or complete one of our enquiry forms.

User Generated Content, Libel, Slander and intellectual property rights……just some of the reasons why Media companies need Professional Indemnity Insurance!

19/01/2012 in Business, Professional Indemnity Insurance

The media industry has developed exponentially in recent years. Along with the IT industry, media risks used to be treated as “Miscellaneous” but, as the marketing and communications industry has developed worldwide, including the introduction of social media, the understanding of the insurance market has had to improve so that media businesses can be adequately protected. At Macbeth Chartered Insurance Brokers, we treat media as a class of its own. We offer media businesses the confidence that when we provide them with a policy it is designed for their industry:

Below are examples of typical things that could go wrong for Media Professionals.

•The insured was involved in a marketing strategy for a TV manufacturer. The product was marketed with a name that was subsequently found to have been used by another electronics company. A claim for breach of copyright was made and the strategy had to be withdrawn. Amount Paid: £150,000.

•The Insured carried out a direct mailing in connection with a new product launch. A large number of addresses proved to be incorrect requiring a complete re-mail. Amount paid: £500,000

•An advertisement broadcast on television contained the wrong soundtrack. Amount paid: £120,000

•Failure of marketing campaign due to the misinterpretation of the initial information provided by the client to the marketing agents. Amount paid £250,000

•The Insured created a web site for a client but used unauthorised images leading to a complex overseas copyright claim. Amount paid: £25,000

For help and advice about Professional Indemnity insurance please contact Scott Sayce, Head of Professions on 0118 9165 483, or complete one of our enquiry forms

Insurance for importers – A cheaper way to insure

21/12/2011 in Business

Companies that are importing goods to sell in the UK and Europe could potentially save on their insurance premiums by arranging their stock cover on a stock throughput policy.

This type of marine insurance policy covers the goods in transit to the UK, whilst in storage pending sales and the onward transit to the end purchaser. The premiums charged for stock by marine insurers are often less than those charged under a conventional business combined insurance policy.

The arrangement works particularly well if the importer is using a fulfilment warehouse to service orders.

For more information on marine throughput insurance, please contact Tony Gibbs on 0118 9452944 or complete one of our enquiry forms.

Planning for the Christmas Holidays

11/12/2011 in Business, Business Combined

Christmas and New Year 2011 will be a difficult year from two entirely different perspectives….

More and more employees are being required to work during the holiday period yet at the same time unemployment is likely to reach levels not seen for some 10-15 years.

Retailers will be desperate to maximise sales during what is usually their peak period and as a consequence hours will be stretched to ‘catch-all’. It will be interesting to see what the previously upward trend in eating out does as less money is available for such luxuries but no doubt the hotel and catering industry will be hoping and planning to staff accordingly. Conversely manufacturing and construction will tend to shut down and hope that 2009 brings some relief.
Whatever your situation pre-planning is essential and we do have some tips and reminders for you.

Christmas cards and gifts
Let’s put this one to bed! There is nothing wrong in sending Christmas cards, having a Christmas tree and decorating the office or workplace. However some sense does need to prevail – it would not be sensible to make a gift of alcohol to a Muslim and, if you do not know the recipient personally, send general greeting cards rather than those with a Christian theme.
Where business gifts are given and received then ensure that your own policy is circulated and adhered to and check out your client’s policy. Be discreet – wrapping up lots of ‘freebees’ for customers in the general office will not go down too well if they have been told they are not having a salary increase again this year.

Shut Down
Employers do have the right to control when employees take their holidays but it is important to ensure that the rules are spelt out. Where there is a shut down it is essential that employees are informed about ensuring that sufficient entitlement is retained. Where you have new employees you will also need to spell out their position when they start employment. If they have insufficient holidays accrued then you have several options:

• Treat the time off as unpaid leave (this must be made clear in their offer letter or contract)

• Allow them to bring forward entitlement (in which case you need to ensure that you have a clear written agreement that they will have payments deducted if they leave your employment before accruing sufficient entitlement)

Holiday staffing
If you require some employees to attend work during the holiday period in order to maintain service levels or for security or production then it is important to ensure that selection is fair and that sufficient notice is given. The best option may be to look for volunteers initially – not everybody looks upon Christmas as a time to have off to enjoy themselves!
Absentees

There is always one at least who fails to turn in after the holiday, or who asks for time off which is refused and then coincidentally goes ill on the same days. Its good practice to remind staff well in advance what the arrangements are for taking holiday and returning to work. Some employers will require medical certificates from employees who are off ill immediately following the holiday. This may not be possible for some employees so a judgement may need to be made and providing it is spelt out in advance payment of holiday pay may be conditional upon your being reasonably satisfied that the illness was genuine.
Seasonal Workers

Recruitment of seasonal workers should not be an excuse for discarding good practice and your legal obligations.Health and safety training is essential as is the requirement to ensure that the worker is legally entitled to work in the UK.They are also entitled to receive at least the national Minimum Wage and be covered by the same Working Time Regulations as permanent workers.
Other Religious Festivals
It is essential (and a legal requirement) to ensure that members of all religions are treated the same.Requests for time off for religious observance should be considered seriously and either taken as part of holiday entitlement or unpaid leave.

The Christmas party
You may be cutting out Christmas parties this year but for those of you that are continuing this practice please put the usual checks in place:

• Check the venue – make sure it is safe and an acceptable venue to all your workers.
• Make sure everybody is included; including those on long term absence/maternity. Also include ALL partners – not just “spouse” or “husband/wife”.
• Remind people about drink driving rules and arrange transport if at all possible.
• Look out for underage drinking – you have a responsibility for your younger workers.
• Don’t offer unlimited alcoholic drinks – you also have a responsibility for all workers and should not be surprised if the is alcohol fuelled trouble caused by your over generosity.
• Remind employees that they are still covered by the terms of their employment as it is a work sponsored event.
• Look out for harassment or any form of unwelcome personal attention. The office junior may have a smile on her face but does she welcome the close attention of her 50 year old boss?

Try and enjoy yourself!

Insurance for the plastic extrusion & plastic injection moulding sector

26/11/2011 in Business, Business Combined, Recycling Insurance

Traditionally underwriters have considered this sector high risk and consequently the premiums charged have reflected this.

Good risk management is a major factor in obtaining the most competitive insurance deal and we have had particular success by arranging pre-cover surveys. A survey by the insurers prior to the inception of cover can identify areas of concern and address these at the earliest opportunity.

Insurers are increasing looking to build long terms relationships with their clients and in some cases are offering discounts for longer term policies and low claim rebates.

For more information about plastic extrusion & plastic injection moulding insurance, please contact Tony Gibbs on 0118 9452944 or complete one of our enquiry forms.

Deadline to report riot damage claims extended to 42 days

11/08/2011 in Business

It has just been announced in the House of Commons that the government is to extend the deadline for reporting riot  to police authorities to 42 days. This is good news for UK insurers and a clear  sign  that the authorities expect to pick up a substantial part of the bill from the days of unrest under the Riot (Damage) Act.

It should be noted that claims for business interruption are unlikely to fall within the remit of the Riot (Damage) Act.

If you need further help or advice regarding losses caused by these disgraceful events, contact our team on 0118 9452 944 or 0207 036 8767.

Macbeth is a leading and award winning Chartered Insurance Broker providing expert and professional advice to businesses and wealthy individuals throughout the UK.

Damage caused from the riots – advise your insurer quickly

10/08/2011 in Business

If your property or business has suffered damage during the riots this week the it is essential for you to report your loss to your insurer immediately. Under the Riot Damages Act 1886, insurers and uninsured individuals can recover their costs from the Police under circumstances that are deemed as a riot.

However, to do this, the local authority must be informed within 14 days of the incident. The Association of British Insurers have requested that this period be extended to 42 days but a review by the Home Secretary has yet to be confirmed.

If you need further help or advice regarding losses caused by these disgraceful events, contact our team on 0118 9452 944 or 0207 036 8767.

Macbeth is a leading and award winning Chartered Insurance Broker providing expert and professional advice to businesses and wealthy individuals throughout the UK.