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Risk Management News

UK firms buy themselves some time by stockpiling ahead of Brexit

Parliament remains in deadlock, and any hope of the UK leaving the EU with a deal before 23 May – when EU parliament elections are to be held – is at an all-time low. Faced with yet another likely cliff edge and no-deal outcome in October, large firms and SME businesses alike are still stockpiling resources in preparation for potential shortages and delays to their EU supply chains.

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Cyber-extortion in 2018: are you prepared?

Is your anti-ransomware strategy in place? Are you adequately insured in the event of an attack? If the answer is NO to either question, then you need to review your cyber-security urgently.

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Don’t put your money on the line. Watch out for ‘vishing’ scams

‘Vishing’ or 'voice-phishing' involves a fraudster making a phone call and posing as an official caller from a credible organisation, such as your bank, the police or your internet provider to gain access to sensitive personal information, such as financial details and security codes. Here are some of the latest scenarios these criminals are using to commit fraud.

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Get ready for Storm Emma!

Following the disruptions caused by the 'Beast from the East' over the past few days, the Met office has issued red warnings as 'Storm Emma' is set to hit the UK.

Damage to homes and businesses can be caused by a variety of severe weather conditions and we would therefore like to share some practical tips which should give you some safety guidance and help avoid those unwanted losses occurring: 

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Top Winter Tips: Keep your Property and People Safe

Damage to homes and businesses can be caused by a variety of severe weather conditions and, following the first big freeze of the winter, we would therefore like to share some practical tips which should give you some safety guidance and help avoid those unwanted losses occurring: 

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Underinsurance: Don’t risk it!

Many small- and medium-sized businesses in the UK are risking their own survival by unwittingly remaining underinsured.

The Building Cost Information Service (BCIS) report, although conducted in 2012, revealed that 40% of businesses do not have enough business interruption cover to get them back on their feet. Furthermore, in 25% of SME claims reviewed by the FCA in 2015, the indemnity period expired before they returned to the normal trading position.

You may only find out that your business is underinsured when you experience a major loss event, such as a data breach, flood or fire, and need to make a claim. Be proactive and know your status now so you can fix that gap and be prepared for anything.

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Are you conducting thorough fire risk assessments?

If you are an employer, owner, landlord, occupier or anyone else with control of a premises, you are responsible for fire safety. Conducting fire risk assessments helps to prevent fires, keeps the property and employees safe, and increases the chances that your business can recover should a costly fire happen. Keep reading for more information on how to conduct a fire risk assessment.

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Penalties double for using mobiles while driving

On 1st March, the penalties for using a mobile while driving doubled. Now, if you are caught using your mobile while behind the wheel, you will receive six points and a £200 fine. For new drivers that have been driving for less than two years, this means that their licence will be revoked and they must retake their practical and theory tests.

The significant penalty increase is in response to the high number of deaths and injuries every year caused by drivers using their mobile phones. The DfT said that of 88 deaths caused by distractions in 2012, 17 were because of mobile use – a higher death rate than other in-car causes. In 2014, this had risen to 21 fatal accidents and 22 in 2015.

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Vending Operators: How to build a strong defence against employment disputes

 

There's lots of debate at the moment about the existence of zero hour contracts. However, most vending operators are probably more concerned about their exposure to a minefield of legal changes covering a wide range of issues. It’s tough enough trying to make a profit and stay in business and made harder if you have issues dealing with employment problems with a member of your workforce.
 
Keeping pace with developments to employment law is now a full-time job. However, the majority of vending operators are unlikely to have an in-house legal or human resources department, or the available funds to cover legal disputes as they arise. So, unless a company has in house legal expertise it can be very expensive to ensure compliance on all issues and can place considerable strain on the resources of a small business.

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With Sterling in a Tailspin, Should Brokers Be Warning About Sums Insured?

The weak pound may be good news for UK exporters but for firms that use parts, equipment and raw materials from abroad to make their products – business is getting much tougher. What’s more, the government’s caginess about what the terms of ‘Brexit’ will be may cause the value of sterling to sink further in the coming months.

One effect of this downward trend is that firms that bought parts or materials from overseas when the pound was stronger will find it more costly to replace them if, say, they’re damaged or stolen.

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 7 Reasons to Buy Crime Cover

Despite increased regulation and more stringent internal controls, fraud, theft and dishonesty are still major threats to organisations.

In a fraud barometer report, conducted by a leading auditor earlier this year, it was highlighted that the total cost (£732 million) of fraudulent activity in the UK remains worryingly high, up from £717 million in 2014.

If your organisation is looking to minimise potential losses from fraud, theft or dishonesty, insurance can offer valuable protection. Here are our 7 reasons to buy crime cover:

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