Insurance

Is your business fully covered for 2022?

With many employees gradually returning to the workplace this spring and business trips back on the horizon, it’s a great time to check your business has the right insurance in place to cover you for all the essentials.

 

Here’s a quick rundown of the different types of insurance policies we recommend you consider for 2022.

 

The three ‘must haves’

 

1. Employers’ Liability Insurance

 

Even if you have just one temporary employee, you’re required by law to have a valid Employers’ Liability Insurance policy and to display it where staff can see it.

 

The exceptions to this could be if you’re a sole trader employing close family members or if you have only one employee who owns 50% or more of the share capital.

 

If you’re unsure, talk to us as we can advise on what you need and what you don’t.

 

2. Business Buildings Insurance

 

If you own commercial premises, Business Buildings Insurance is another ‘must-have’.

 

3. Vehicle Insurance

 

If your business has company cars, vans or other vehicles, at a minimum you need to have third-party vehicle insurance or, ideally, a fully comprehensive policy.

 

The ‘should haves’

 

1. Contents Insurance

 

It’s always a good idea to add Contents Insurance to your Business Buildings Insurance policy to cover yourself against damage to any fixtures, fittings and stock held on your premises.

 

2. Intellectual Property Insurance

 

It’s as important to protect your company’s intangible assets as it is to safeguard its physical assets.

 

An Intellectual Property Insurance policy helps you defend your company’s copyrights, design rights, patents and trademarks if you feel another organisation has infringed upon them.

 

3. Business Continuity Insurance

 

Business Interruption or Business Continuity Insurance would cover you for loss of income if your business couldn’t operate as usual due to an unexpected event, such as fire, storm, flooding, the breakdown of essential equipment or something preventing access to your premises.

 

4. Cyber Insurance

 

Cyber Insurance should be a serious consideration if your business relies heavily on IT systems and websites, if you process payment information or if you hold sensitive customer details such as names, addresses or banking information.

 

Policies are available covering first-party risks, such as business interruption from network downtime, alongside third-party risks, such as compensation claims following a breach of security or privacy.

 

Protecting yourself and your people

 

Staff can be one of your most valuable assets, with abilities, knowledge and experience that can’t easily be replaced.

 

If your people travel for work, a good Employee Travel Insurance policy will cover them and their belongings whilst abroad.

 

Covering your business in case things go wrong

 

It’s worth considering a range of additional insurance products to suit the specific type of business you’re in.

 

Goods In Transit Insurance, for example, is important for any business moving stock from one location to another.

 

If you make, repair or sell products, Product Liability Cover can protect your business in the event of injury or damage caused by your products or your employees’ workmanship.

 

If your business is in manufacturing, Pollution Risk Insurance can be invaluable in the event your organisation is found to have polluted the environment.

 

If you’d like to discuss any aspect of your business insurance, we’re here to help, with no obligation whatsoever.

 

Give us a call today and make sure your business is covered for the year ahead.

Cyber Insurance is crucial in the new age of remote working

Four in ten businesses and a quarter of charities reported cyber security breaches or attacks, according to the government’s most recent Cyber Security Breaches Survey (2021).

 

Remote working has become the norm for lots of companies across the UK, making us all increasingly dependent on cloud-based applications and access to our devices.

 

Unfortunately, our reliance on technology comes with a significantly heightened risk of security incidents and data breaches.

 

Many business owners believe they’re covered for Cyber Insurance within another policy, usually Business Interruption or Professional Indemnity.

 

But, often, such policies offer only minimal levels of financial protection and cover a very limited range of cyber threat scenarios, leaving businesses exposed to the risk of costly regulatory fines and compensation claims.

 

Who needs Cyber Insurance?

 

As digital attacks grow in their sophistication and success rate, all businesses need to be prepared for the possibility of cyber breaches, malicious software, ransomware attacks, phishing scams, supply chain attacks and denial of service attacks.

 

 

If your business relies heavily on IT systems and websites, if you process payment information or if you hold sensitive customer details such as names, addresses or banking information, a specialist Cyber Insurance policy should be a serious consideration.

 

Why do I need Cyber Insurance?

 

In the event of a successful cyberattack, employees may be prevented from accessing your IT systems, customers could be blocked from their accounts, data might be lost or stolen and a company’s reputation may be damaged.

 

A good Cyber Insurance policy would help your business recover as quickly and easily as possible, often offering technical assistance to minimise disruption and potentially providing expert help to communicate with staff, customers and other stakeholders.

 

What does Cyber Insurance cover?

 

Cyber Insurance protects you from the financial implications that may be incurred as a result of a cyber-attack or incident.

 

Policies are available to cover first-party risks, such as loss of revenue from network downtime and the cost of repairing and replacing IT systems, alongside third-party risks, such as legal costs and compensation payments following a breach of security or privacy.

 

What else can I do to protect my business?

 

In addition to understanding the liability coverage and financial protection provided by existing insurance policies, business owners can reduce their susceptibility to security incidents by appointing an expert to review and tighten internal cyber security practices.

 

Communicating details of digital threats on a company-wide basis, as soon as information comes available or staff report them, is essential along with regular training for employees showcasing real-life examples of scams.

 

It’s important to tailor the scope of your Cyber Insurance to the complexity of your potential cyber risks.

 

Give us a call today and make sure your business is covered for the year ahead.