Thinking Risk

Both the residential and commercial property markets have steadily hardened in recent years, resulting in premium rate hikes every quarter since Q3 2018, along with an increasingly restrictive risk appetite and more stringent terms from insurers.

Unfortunately, this trend is continuing into 2021. This article examines the reasons for this hard market, and provides advice to property owners about how to minimise its impact on their renewal premium and terms.

The Covid emergency has been the catalyst for rapid change and innovation in business practices. As we start to see a light at the end of the tunnel with a return to less restricted working, now is the time to think about what has been leaned over the last year, and how this can make a positive difference to your business effectiveness in the future.

• Remote working means cybercriminals can potentially attack business systems by hacking staff’s personal devices
• A recent Symantec analysis suggested that about one in every 3700 emails is now a phishing email.
• The Office for National Statistics recorded a 53% increase in hacking in the year to September 2020, - about 4500 small businesses are hacked every day
• 40% increase in “malware” attacks which lock businesses out of their own systems – average cost per attack £600,000
• The escalating impact of cyber crime means cyber insurance is now more important than ever for small businesses

IMPORTANT COVID 19 CLAIM NEWS: Friday 15th January The Supreme Court upheld the judgement on the Financial Conduct Authority’s business interruption test case.

Members of residential property management associations fulfil an important role which comes with serious responsibilities. Management Liability Insurance provides directors, trustees & officers of companies and associations cover for legal costs, awards and settlements for any claim or regulatory action 

With the outcome of Brexit negotiations still uncertain and the deadline for a deal fast approaching, it is important for motorists who intend to travel to Europe after the 1^st January to be aware of the potential changes a no deal Brexit will require.

The recent revision includes a number of changes which provide added protection to hauliers. This article summarises the changes, and outlines why this is important from an insurance perspective.

This article reviews current market conditions, and provides guidance on how to work with your broker to manage the hard market.

The Coronavirus lockdown has created a high risk environment with increased likelihood of legal action against Directors and officers relating to breaches of Health and Safety regulations and employment law.

Government guidelines regarding non-essential travel in the COVID-19 pandemic have meant that businesses which use commercial vehicles may need to ‘lay up’ their vehicles.

Laying up helps preserve a fleet while the vehicles aren’t being driven for an extended period. This technique also helps ensure that vehicles can smoothly transition back to normal road use when needed.

The following best practice provides guidance on laying up commercial vehicles, and on how to safely get them back on the road after the lay-up period.