Practical risk management advice for small and midsize manufacturing businesses While Manufacturing comprises just 5% of the UK’s businesses, it accounts for 10% of employment and 14% of turnover. Of the 270,000 firms that make up this diverse sector, just over half (138,050) are micro and SME manufacturers. Each manufacturing site has a unique risk profile, however all firms are exposed to a common set of risks. Understanding these risks can help you identify areas of your business that are most susceptible to the types of claims typically made by manufacturers, RSA have created this guide to … [Read more...]
Protecting your property from water leaks
According to Ecclesiastical claims data, escape of water is the second largest cause of property insurance claims. Water leaks that go unchecked can cause thousands of pounds worth of damage and properties can take months to dry out before repairs can be completed. You may, therefore, need to relocate to alternative premises in order to continue to operate. As insurers, we have seen incidents where a small water leak has quickly escalated into a much larger loss. Whilst your insurance policy may provide cover should an insured loss occur, it cannot compensate for the inconvenience and … [Read more...]
Considerations of Contractors Professional Indemnity cover
Many contracting businesses who do not specifically design anything for a fee will be unaware of the potential risks they may face in not carrying Professional Indemnity cover. In the increasingly litigious society we live in, where it would seem that everyone wants someone to blame, should you consider cover just to protect yourself if something goes wrong? Often contracts will stipulate that Professional Indemnity cover is required. Professional Indemnity Insurance reacts in circumstances where a client claims to have suffered a financial loss as a result of a professional error made or … [Read more...]
What is Indexation and how does it impact your insurance?
There are several factors that now make indexation more important than ever. One factor is the significant rise in demand for building materials, and disruption to the global supply chain caused by the pandemic and national lockdowns. Certain elements of Brexit and local shortages of suitable labour are also affecting rebuilding and claims costs. How does index linking work? At each renewal of a policy, Insurers adjust the property sum insured, either by applying a flat rate of increase, or having tracked indices of property value. These are usually calculated from data provided by … [Read more...]
The importance of prioritising both inspection and maintenance of machinery and plant
Why is it important? Not only does it help protect your staff and keep members of the public safe, but it also helps to prevent interruptions to day-to-day business activities and potentially expensive repair costs. The words ‘inspection’ and ‘maintenance’ are often grouped together when referring to plant and machinery but in reality, the terms have different and distinct meanings. In this article from Allianz, they examine why both activities are vitally important. They also look at specific associated health and safety requirements and the potential pitfalls of not keeping equipment in … [Read more...]