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LATEST BLOG STORIES

February 2016

Underinsurance – Do your sums add up?

The consequences of being underinsured are often a reduced pay out from an insurer, when you need it the most.

Research clearly shows that most UK homes greatly underestimate the value of their general contents and possessions.

Why are so many homes across the UK underinsured?

Accumulation: Our possessions grow over time – another set of crockery, mirror, painting, vase or clock. We also purchase more personal possessions like jewellery, watches, phones and technological gadgets amongst other accessories.

Upgrading: We replace our belongings with better models over the years. Sofas and beds and from external plastic to teak furniture.

Interests broaden: Music and book collections, pottery and works of art all come at a price.

Leisure pursuits widen: Golf clubs, trollies and gadgets; sporting apparel and fishing equipment. The list is endless.

Prices changing: Items move in and out of fashion and as demand increases, so do prices. Consider types of furniture or collections you may have.

Children happen: Bringing a whole new variety of furniture, gadgets and toys which become more and more sophisticated.

Riskworks Private Clients Manager, Emma Patrick comments:

In the UK there are over 60,000 domestic house fires every year. These range from small frying pan fires to homes being completely destroyed. Most claims are for partial losses. However, if you suffered a total loss could you replace your home and your possessions for the figure quoted on your policy?

To discuss your options, speak with Emma on 01625 547754 or email: emmap@riskworksbusiness.com

December 2015

Top 10 Cybersecurity Tips for SME’s

For a number of years the average small or medium sized business was an unlikely target for a cyber-attack.

Fewer rich pickings and relatively unknown brand worked in their favour as it wasn’t worth the time and effort for the average cyber-crook or delinquent hacker. But not anymore.

Smaller companies are becoming increasingly eye-catching because they often have weaker and more vulnerable online security.  They are also performing more business than ever online and holding greater amounts of information, much of which may include personal details of customers, suppliers and staff. To a hacker that translates into a potential treasure trove of sensitive data behind a door with an easy-to-pick lock. And if you have large businesses as customers or clients, you’re an even more attractive target as you are also an access point to them.

Cybersecurity is about protecting your computer-based equipment and information from unintended or unauthorised access, change or destruction.

You can never be totally safe but most online attacks can be prevented or detected by basic security practices for your employees, putting effective processes in place and protecting IT systems. These security measures are as critical as locking your doors and windows or putting your cash in a safe and, with more customers demanding their suppliers are secure, this is now becoming a business necessity.

Here is the top ten list of cybersecurity tips to help protect you and your business:

  1. Train employees – establish security practices and policies for employees and create a culture which takes cybersecurity seriously
  2. Protect your systems – install latest software updates to protect against the latest online threats. Carry out inside-out and outside-in penetration testing.
  3. Provide firewall security – ensure this is correctly configured. If employees work from home, ensure their home system(s) are protected too.
  4. Don’t forget mobile devices – make sure laptops, tablets and smartphones all have appropriate safeguards and reporting procedures in place if lost or stolen
  5. Backup – check all critical data is regularly (preferably automatically) backed up to a secure offsite location.
  6. Control physical access – secure building entry points, consider CCTV installation, ensure visitors are properly managed and IT area access points are kept locked.
  7. Secure your WiFi – if you have a WiFi network for your workplace, make sure it is secure and encrypted. Do not allow visitors to use this. Instead provide a secure and separate guest network if you want to offer this facility.
  8. Payment cards – if you take card payments, make sure validation and anti-fraud systems are in place and that you are fully PCI compliant. Don’t use the same computer to process payments and surf the internet.
  9. Restrict employee rights – staff should only be given access to systems they need for their jobs and should not be able to install new software without permission.
  10. Password policy – require employees to use unique passwords which are changed at pre-set times. Consider implementing multi-level access authentication to highly sensitive systems.

 

Ensure your business is protected before it is too late. Contact Jonathan Davies part of the Riskworks Business Services Cyber team on 01625 547754 or email jonathand@riskworksbusiness.com

October 2015

Four professional indemnity insurance myths explained

Professional indemnity cover is a legal requirement

In fact, the only type of business insurance that’s legally required is employers’ liability insurance. If you have one or more employees, you could be fined up to £2,500 a day if you don’t have an EL policy in place.

On the other hand, insurance covers like professional indemnity and public liability insurance are not required by law. However, there are some professional bodies and regulators that require their members to have professional indemnity insurance. This includes solicitors, accountants, financial advisers, architects, and chartered surveyors.

Certain clients will also require you to have a certain level of professional indemnity insurance, for example governments and local authorities. Other organisations may also specify a level of insurance cover in their contracts.

 It’s probably not relevant to my business

As we’ve mentioned, there are some professional bodies and regulators that make professional indemnity insurance compulsory for the professions they regulate. But even if you’re not running a business like a law firm or an accountancy, it could still be an important cover to consider.

Professional indemnity insurance is designed to offer protection for businesses that give advice, handle client data, or deal with intellectual property. It can cover you for things like negligence, unintentionally breaching copyright, or for losing client data.

Obviously this is quite a wide remit, and if you run a business that works closely with clients or that offers some kind of professional service, it’s likely to be useful. It’s a popular cover for businesses that do web design, IT consultancy and journalism, as well as the trades we’ve already mentioned.

 You only need it if you do shoddy work

It’s true that this is a cover that’s primarily designed to cover you in the case of making a mistake in your work.

But there are two important aspects to consider here. Firstly, it’s possible for any business, no matter how professional and experienced, to make a mistake. You could offer advice that seems to be watertight at the time but later turns out to be faulty.

Secondly, and perhaps more crucially, your client could accuse you of making a mistake even if you haven’t actually done anything wrong. If you’re wrongly blamed for the financial loss of your client, then the cost of defending yourself against a compensation claim could be really high. This is where a good professional indemnity policy really comes into its own: it can cover legal costs as well as compensation claims

 I’d only need a small amount of cover

Both legal costs and compensation payments can be eye-wateringly high, which is why professional indemnity cover limits reach into the millions of pounds.

It can be difficult to estimate how much cover you need, but it’s a good idea to think about the type of clients you work with, and what kind of financial loss they could suffer if something went wrong.

For example, if you run an IT consultancy business and you support a company with a call centre that manages hundreds of sales calls a day, a mistake in your work could potentially cost the company a huge amount of money in lost sales. Or if you’re an architect and you work on high-value construction projects, then a mistake in the plans that leads to a problem with the building could be very costly to fix.

On the other hand, you can opt for a lower cover limit if the scope of your work is more modest.

To discuss your requirements and more contact the Riskworks Business Services team on 01625 547754

September 2015

Cyber Liability Insurance: No longer a want but a need for businesses

Cyber insurance is an important ingredient for companies as it covers the damage and liability caused by a cyber attack, which is usually excluded from traditional liability coverage.

Stricter data privacy notification laws, government incentives, cloud adoption and the increase in high-profile hacks and data breaches have all contributed to the significant increase in the need for cyber insurance cover in todays’ evolving business environment.

All companies regardless of size or number of employees face varying levels of risk, which increases the need for a cyber-insurance policy.

Here we look at two business areas that require such cover:

  1. Companies that store data from external sources like retailers, healthcare companies and financial services firms
  2. Any company that stores employee data.

Customer information, such as payment details and addresses are the Holy Grail to hackers.  Obviously, companies that store internal and external data should seriously consider a policy as they have the most to lose.

A point to note is that according to PWC’s June 2014 Managing cyber risks with insurance report, risks can often come from within – which puts both external and internal data at huge risk.  According to the report, “a systemic cyber risk can stem from internal enterprise vulnerabilities and lack of controls, but it can also emanate from upstream infrastructure, disruptive technology, supply-chain providers, trusted partners, outsourcing contractors, and external sources such as hacktivist attacks or geopolitical actors.”

Unfortunately, for many organisations across the UK, the complexity in finding a suitable cyber insurance policy, coupled with the underwriting process can be daunting and considered too much hassle. At Riskworks Business Services we have a full CyberSeal initiative from penetration testing and IT security measures to Cyber insurance policies bespoke to your business requirements and coupled with experienced personnel in place to assist you through the whole process.

What business owners and managers are not aware of is that purchasing cyber insurance is affordable and ultimately a good exercise that provides the opportunity for them to take a closer look at their internal technology and security policies. Companies need to make sure they have the optimum technology in place to protect their information, before implementing a cyber-insurance policy. Without the right protection in place, companies will find it incredibly difficult to procure an affordable insurance policy and could potentially lose millions if they suffer a data breach.

Selecting the right policy is not as hard, nor as expensive, as some may think. Yet, when it comes to cyber insurance, not having a robust security system in place is the equivalent of admitting that you left the front door wide open when your house was burgled.

The correct systems need to be in place before business owners, executives and risk managers can make such an important purchase. Security acts as the vaccination, while insurance is a cure should the worst happen.

Talk to Jonathan Davies at Riskworks Business Services on 01625 547754 to find out how we can guide you through the Cyber world.

August 2015

Top Ten reasons to buy Directors’ and Officers’ cover

Common misconceptions:

“Isn’t Directors’ & Officers’ (D&O) cover only for those running publicly traded or very large businesses?”

“I’m never going to be in the position where I could be sued by one of my employees or stakeholders.”

“It’s just too expensive to consider on top of all of my company’s other insurance costs.”

 

Here are the top ten reasons to buy D&O insurance for you and your business:

Reason one – Directors’ personal assets are at risk

If a director has been accused of breaching their duties, they are personally liable to defend the claim. Their personal assets are potentially at risk if they do not have adequate D&O cover.

Reason two – Investigations by regulators are getting more and more common

Investigations and fines imposed by a regulator or body such as the Health & Safety Executive are one of the primary drivers of claims in the current UK business climate

Reason three – Defending a legal action can be costly

Legal costs for defending allegations against the company or one of its directors can often run into tens of thousands of pounds.

Reason 4 – Employment practice claims remain a large threat to directors

In an increasingly litigious society employment practice claims such as sexual harassment or wrongful dismissal can result in astounding settlements

Reason 5 – Your investors can sue you

If investors lose value in their shares as a result of a director or company’s alleged misconduct they could seek compensation via the courts.

Reason 6 – Protection in case of bankruptcy or insolvency

If faced with bankruptcy or insolvency, creditors may pursue legal action against directors if they feel that they have not acted in their best interests.

Reason 7 – SMEs are just as vulnerable as large companies

SMEs are not exempt from D&O claims, they face exactly the same risks and regulations as their larger peers, but often do not benefit from in-house HR or legal teams

Reason 8 – D&O claims are NOT covered under any other liability policy

A common misconception is that alleged misconduct by directors or companies is covered under other liability policies such as Professional Indemnity.

 Reason 9 – D&O insurance is more affordable than ever

A D&O policy can cost from under £500 per year, yet the total cost of a D&O claim can run into hundreds of thousands, if not millions of pounds.

Reason 10 – D&O helps attract talent

Not having D&O insurance in place may put off talented individuals from joining a company as they will not be protected.

Speak directly to the Riskworks Business Team on 01625 547754 to discuss your needs and requirements.

August 2015

Student safety tips and insurance cover – what they need to know

It’s the time of year when your son or daughter is about to start university. They are going to be living away from home, probably for the first time. As you know it is a big wide world which, needs a whole lot of experience to navigate in a safe manner and of course, do they have the insurance in place to assist should anything happen. We’d like to share some tips on staying safe both in their new home and when they’re out and about living the student lifestyle in a new town.

Safety inside their new home – keep it locked and marked.

Ensure all their personal belongings are security-marked. Not only will it make it less desirable to thieves but it’ll also be a lot easier for police to track should it be taken. It only takes a short time to administer so it is important to get your child to add their student ID number and the name of their college or university on any valuable items, such as laptops, tablets, mobile phones, iPods, game consoles, etc. Prevention is often easier than cure.

Generally when students first move away from home, they often start off in halls of residence or university accommodation, which could give them a false sense of security. They might be tempted to leave the door to their study bedroom open if they’re just popping down the corridor to chat to a friend.

It’s important to make them aware that their possessions aren’t safe unless they’re locked away. Opportunist burglars often target student accommodation and with so much portable, expensive kit in every study bedroom it’s hardly surprising. Encourage students to get into the habit of always locking their door when they’re out – even if just for a few minutes.

A common problem experienced with university accommodation is that it can get very hot. Communal heating is usually turned up, so students do tend to leave their bedroom windows open for air and ventilation. If your child’s study bedroom is on the ground floor remind them to close and lock the window when they go to sleep, otherwise a burglar could easily climb inside.

If your child has opted for privately-rented accommodation, security is then more of an issue. If your child goes to a city university then it will be important to know the sort of neighbourhood they’re in and the potential risks associated with the area. Not only do they need to ensure their own room is safe and secure but, they’ll have the added responsibility of making sure the property is safe. It might be a good idea to collate a list of questions to ask landlords when they’re house-hunting, especially about the kind of locks the doors and windows of the property has – most insurers require a mortice deadlock or rim lock conforming to British Standard.  More information can be found on the National Union of Students website http://www.nus.org.uk/en/advice/student-safety/

Staying street smart – keep possessions in sight or bags fastened

Today’s students often carry around at least £1,000 worth of technical gadgets every day. So, whether they’re in a lecture hall, the library or surfing the web in a coffee shop. Remind them to keep all their expensive items in sight and to check that their bag or rucksack is properly fastened. If they leave anything unattended it could disappear – a few seconds is all it takes for a thief to relieve you of a laptop or mobile device.

Cover for student belongings included in our policies as a matter of course.

However careful your child is, there is still the slim chance that they will be the victim of a burglary or robbery, so for complete peace of mind it’s best for them to have contents insurance in place.

Our specialist home insurance policies here at Riskworks Business automatically include student contents cover for your children as a matter of course. Speak to Emma Patrick on 01625 547754 to discuss further. www.riskworksbusiness.com.

July 2015

Home security solutions and the impact on your insurance

Keeping your home protected against opportunistic thieves is important for both your peace of mind and to keep your possessions safe. It’s better to be safe than sorry, and that’s where home security comes in.

If you’re the victim of burglary and your home isn’t properly secured, you may find that your home insurance provider could question your claim and refuse to reimburse you for any loss. But if you do have the right security measures, or fit additional security, you could find the cost of your home insurance premium falls.

The basics of home security from an insurance point of view

When taking out home insurance, your provider will expect a minimum level of security, including locks on all your exterior doors and possibly all ground floor windows. The type of locks you have make a difference too, with more secure locks often meaning cheaper premiums. As with any insurance, honesty is the best policy when it comes to disclosing what security you have inside and outside your home.

Not only is it vital to be honest about security, it’s important to be transparent about how your security is used. If your home is broken into and security measures listed on your policy weren’t in use, then your insurer may decide to reject part or the whole of your claim.

Security and the cost of home insurance

The higher you’re level of security, the lower you can expect your home insurance premium to be. Better security can help bring down the cost of your home insurance premium, and many insurance providers will give discounts depending on what security measures you have installed.

If you’re looking for ways to save money on your home insurance, installing security measures on top of the insurer’s basic requirements may reduce your premium, but be aware that you won’t necessarily recover the installation cost in savings. For example, if you don’t have a burglar alarm then adding a £500 security system is highly unlikely to reduce the cost of your premium to an extent that will justify the cost of buying and fitting it.

Simple home security measures

Prevention is better than cure, and there are a few things you can do to make your home less attractive to burglars and your property more secure:

  • Keep expensive gadgets like laptops, tablets and smartphones out of plain sight and away from windows
  • Don’t be tempted to keep large amounts of cash in the house – apart from being a security risk, it may not be covered as standard under your home insurance policy
  • Keep your tools and ladders securely locked up. As well as being valuable, they could be used to break into your home
  • Never leave a spare key under a mat or plant pot
  • Remove all keys from inside locks. Keep them out of sight and in a safe place
  • If you’re out for much of the day or evening, put a lamp on a timer
  • Join a Neighbourhood Watch scheme – some insurers offer discounts if you do this
  • If you’re going away on holiday, consider putting a radio and lamp on a timer and ask a family member or friend to pop in to open your curtains and collect your post now and again

Door and Window Locks

Most insurers prefer an entry door to be fitted with a five-lever mortice deadlock that conforms to BS3621 standards. Consider attaching a chain or latch to the door, or think about fitting more than one lock. If you have a flap for a cat or a small dog, make sure you don’t leave your keys nearby. Thieves can reach in, or use hooked poles to get hold of house, car or shed keys.

Check with your provider, but some insurers will insist that all ground-floor windows have locks. Don’t forget to lock windows when going out or to bed – even small windows, as thieves may be able to squeeze through or reach nearby valuables. If you have windows with key-operated locks, make sure these are actually locked – they’re pointless unless used. Keep keys out of sight and somewhere that can’t be reached. Consider getting net curtains or blinds to keep valuables hidden too, and think about keeping these closed even when you’re at home.

Burglar alarms

Fitting a burglar alarm will act as a deterrent if your alarm is visible on your property, and will give you warning if you do have intruders. If you tell your insurer that you’ve fitted an alarm, make sure it’s used when you say it will be. So, if you’ve said you’ll use it both when you’re out and going to bed, make sure that’s the case – otherwise you could invalidate your insurance. Burglar alarms vary in cost, but make sure yours is professionally accredited and fitted.

Security lights

Whether manually switched on or motion detecting, outdoor lights can deter burglars and make them more visible. Make sure these lights aren’t directed towards the road so they don’t dazzle drivers and are pointed downward so they don’t shine into your neighbours’ windows.

CCTV

Installing a CCTV system is becoming increasingly popular for security-conscious homeowners. Buying and installing CCTV doesn’t have to be costly, but if you want a top-of-the-range system you could pay a considerable amount. If you decide to install a CCTV system, you must make sure that cameras aren’t pointed at your neighbours’ homes and gardens or at a public space. Chat to your neighbours’ first and find out what they’d be comfortable with.

 

 

July 2015

8 Ways to Protect Your Business with Insurance

Today’s business environment is so unpredictable and can in an instant easily affect and change any business. A product defect, cyber attack, serious illness, or work-related automobile accident can all force business owners to close their doors if they’re not ready and covered. Fortunately, the right insurance coverage can keep you and your business safe from financial ruin in case of the unexpected.

Here are eight types of insurance policies provided by Riskworks that can help minimise your risk:

1. Employers Liability

This is a legal requirement for any company that has employees, even those with just one.  It covers your business if an employee has an accident or becomes ill at work, believes your business is liable and claims against it for compensation.

2. Public Liability Insurance

Public liability protects you from claims arising from bodily injury and property damage brought by a third party. Cover includes medical expenses, the cost of your legal defense, judgments, and settlement awards. All small businesses should have this type of insurance policy.

3. Product Liability Insurance

If you manufacture, sell, or distribute a product that causes injury and/or damage the claimant can bring a claim against you. Product liability happens when a manufacturer or seller puts a defective product into the hands of consumers or fails to properly instruct them about how to use it. Product liability insurance can protect you from the costs you would incur if it is determined that you are guilty of the injury or damage caused.

4. Commercial Property Insurance

For example, if a fire, storm, or theft hits your business, you could lose valuable equipment, inventory, machinery, or suffer damage to the property. But if you have property insurance, the insurer would reimburse you for these losses.

5. Business Interruption Insurance

If a disaster occurs and forces you to close your business because you or your employees can’t physically get into the business, make sales calls, or manufacture your product, the loss of income can be devastating. Business interruption insurance reimburses you for lost income or the increased cost of working while your business is closed or during its rebuilding.

6. Cyber Insurance

Cyber thieves are increasingly focusing their efforts on small and medium-sized businesses. Cyber insurance can be especially important for small-business owners because of the rising costs of recovering from a cyber attack. Information Security Breaches Survey 2015 found that severe attacks can now cost up to £3.14m for large firms and £310,800 for smaller businesses.

Cyber insurance coverage may include indemnity for customer damages, the cost of the investigation, including the IT forensic examiners, fees for a public relations firm to address negative publicity regarding the breach plus legal fees. In addition, if your business is interrupted due to a data breach or other attack, a cyber insurance policy can cover your lost revenue. Many companies are under the impressions that their business interruption policy covers a cyber attack when more often than not – it doesn’t.

7. Motor Insurance

If you or your employees use a vehicle(s) for business purposes, it’s important that you cover them with a business motor insurance policy. A personal policy will not automatically cover you for business use, unless the use is declared to insurers. Even if you only use the vehicle occasionally for business purposes, and you or an employee cause a serious accident, the personal policy won’t have the same liability coverage you can get from a business vehicle policy. This may leave your business open to a claim with no insurance in force to rely upon. Fully insuring all vehicles used for business purposes can help protect your company from such problems.

8. Professional Liability Insurance

This type of policy will cover your company in case of a negligence claim that originates from an error or a failure to perform your duties or as a result of the advice you provide, which leads to a client’s financial loss or inability to conduct business. This is crucial for businesses that provide professional services eg: consultants, solicitors, architects and accountancy.

We all work hard to maintain and grow business, it would be a shame for a claim or disaster to destroy it. Contact Riskworks Business Services Ltd and ask about which policies are right for you and your business today.  www.riskworksbusiness.com – 01625 547754

June 2015

Do you have risks that require specialist home insurance?

Many buildings and properties don’t fit neatly into a box marked ‘standard’, perhaps because they have a thatched roof, subsidence issues or are a listed building. Unusual homes or residences can be easy on the eye, but they can prove difficult to insure.

If you currently own or are planning to buy a ‘non-standard’ property, it would be prudent to look at specialist home insurance, or non-standard home insurance as it is sometimes known to cover a myriad of scenarios as follows:

Flood risk

One in six homes in England is at risk of flooding, current levels of flood protection for five million properties face ‘major risks’ due to lack of long-term defence maintenance budgets, MPs have warned*

You can find out if yours is one of them by visiting the website of the Environment Agency at www.environment-agency.gov.uk. If you live in a flood risk area, it will almost certainly affect your home insurance premiums and you will probably have to seek out specialist cover.

Thatch homes

Properties with thatched roofs are generally old – and at higher risk of fire damage than homes of a more standard construction. So mainstream insurers are wary. It is, however, imperative that you arrange the correct cover in case of a claim; otherwise you could be left with an expensive repair bill.

Subsidence

The main cause of subsidence in the UK is the shrinkage of clay soil in dry weather. Clay soil is particularly common in the South East, so properties in the area are especially vulnerable. But trees can also have a big impact, as they suck moisture from the soil. Subsidence claims can be expensive. So you can expect to pay a higher premium for your buildings insurance if your property is prone to subsidence. The terms and conditions of the policy could also differ from standard cover.

Tell-tale cracks – how do you tell if your property is suffering from subsidence? Cracks caused by subsidence are distinctive. They will occur both inside and outside the home, be narrower at one end than the other and may extend below the damp proof course. Subsidence can also cause doors and windows to stick as the property shifts out of alignment.

Cracks are also likely to worsen over a relatively short period of time – months, or even weeks. A ‘normal’ settling crack might remain the same for years.

Listed buildings

Listed buildings are protected by law and you usually need special permission to carry out any repairs or alterations. You might even have to use a certain type of material or technique, which can be expensive. Owners of listed buildings often need specialist help to find appropriate cover and this is something we can definitely help you with at Riskworks Business Services.

Unoccupied

Standard home insurance policies seldom cover a property that is left unoccupied for more than 30 days. If you know you are going to be away from home for a month or so, perhaps due to a long stay in hospital or an extended trip abroad, you should make sure that you have suitable cover to protect your property and belongings.

Farm

A farm is a business as well as your home, which means that a standard home insurance policy is simply insufficient for your specific needs. A specialist house insurance policy really is a must in this circumstance.

Non-Standard Construction Insurance

If your home or property has brick walls and a tile roof, then you can be almost certain that it will be classed by an insurer as ‘standard construction’. However, many properties are more unusual in construction. They might, for example, have a timber frame or be made using traditional methods of wattle and daub. If so, you will require a specialist buildings insurance policy to ensure you are adequately covered.

Self-Build Insurance

If you choose to build your own home then you will need specialist self-build home insurance to cover the property during the project.

It may not be the most exciting element of a self-build project, but it is one of the most crucial. Insurance, put simply, is protection from total financial disaster. Anything that puts stress on a self-build time frame or budget, an accident that incapacitates the self-builder, a serious injury on-site that requires investigation, theft, fire, flood, having to meet legal fees and so on can have a catastrophic effect.

Insurance puts the self build project back to the stage it was prior to the incident and provides that financial cushion. It should be in place from the start of a project through to completion. Recognising the financial and emotional strain a self build project can put on a family, it is surprising the number of people who do not put mechanisms in place to reduce the risk of a financial or emotional breakdown.

To discuss your requirements in more contact the Riskworks Private Client Manager – Emma Patrick

01625 547754 or emmap@riskworksbusiness.com.

 

*The Guardian 25th March 2015

May 2015

Cyber Risk Insurance – What is covered?

Cyber risks are generally excluded under a standard business interruption or liability insurance policy.  The potential losses fall into 2 categories:

FIRST PARTY (OWN LOSS) EXPOSURE:

This emanates from a network interruption to a company’s own computer system which causes them a business interruption loss.

Losses could include the loss of revenue / profits / increased costs of working, the costs in repairing or restoring computer systems and the cost of retrieving or restoring computer records.

THIRD PARTY EXPOSURE

This is the liability an organisation has to a third party as a result of the information contained within their website or any sensitive, personal or confidential information that could be contained within their systems i.e. credit card details. Companies have an obligation to protect such information and in the event of this being released or misused could face civil, legal or regulatory action.

Third party claims against businesses often come from parties completely unknown to them and can have dramatic and unexpected impact on trading.

Some common examples are:

  • Defamation, libel and slander
  • Infringement of copyright or intellectual property
  • Breach of confidentiality
  • Liability arising from electronic information
  • Invasion of privacy rights
  • Unauthorised access or use
  • Transmission of computer viruses
  • Breach of the Data Protection Act
  • Breaches of statutory duties
  • Theft of confidential data

Riskworks can assist you in obtaining the relevant cover to meet all your cyber requirements. Not all insurers provide the same level of cover and by understanding your risk profile we can ensure you have the policy best suited to your needs.

If you would like to discuss further please contact:

Jon Davies on 01625 547754 or email jonathand@riskworksbusiness.com.

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Alderley Road Wilmslow | Cheshire | SK9 1RL Telephone:
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