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?
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.
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.
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.
The in-depth report shows increased concern in respect of the UK economy. With 44% of all businesses having obtained financial support during the Pandemic, the end of Furlough and increased energy prices it estimates 21% are struggling financially with expectations circa 8% are likely to close.
Suitable insurance forms a vital part of business continuity planning – but how can you be sure that you are buying the right amount of cover? Here we share some top tips from ‘How to avoid underinsurance – A guide for small and medium-sized businesses’ produced by the British Insurance Brokers’ Association.
Scammers send fake emails to thousands of people, with links to bad websites or asking for bank details and other sensitive information. Whatever your business, you will receive phishing attacks. This article contains the first steps you need to take to help you identify the most common types.
