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...]
Employee fraud and theft
Whilst it’s not a risk you like to think about, the possibility of internal theft or fraud is one anyone who has employees or places trust in a contractor needs to take heed of. There’s a variety of ways a worker might betray the trust they have been given, including: falsifying their qualifications and/or employment references; manipulation of invoices, receipts, bank account details and other financial documents; leaking exclusive data, sales leads and/or professional partnership terms which competitors have an interest in; misusing their official work hours or abusing flexible working time … [Read more...]
Employing young people
Young people can be keen to learn and may bring fresh perspectives and ideas into the workplace. However, their capabilities are generally less developed than those of experienced and mature employees and their individual characteristics must be taken into account. Young people new to the workplace environment outside the education system may be eager to impress or please others, but they can’t be expected to be aware of the hazards and potential risks to themselves or others. There’s a wide range of legislation concerning the health, safety and welfare of young people and there’s a special … [Read more...]
Cyber resilience before cyber insurance
Resilience is the measure of how readily an organisation can carry on in the face of disruption or a changing environment. And nothing tested the operational resilience of organisations more than the recent Covid-19 pandemic. The portion of businesses buying cyber insurance reportedly doubled in 2020. Unfortunately, the very same factors that led to this rush to buy, have also led to a change in the dynamics of the cyber insurance market. More cyber criminals are being drawn into the space by increasingly lucrative earnings, and this has led to a rise in frequency of claims. At the same time, … [Read more...]