Month: November 2022

a padlock on a computer keyboard

Multi-Factor Authentication – What is it and what it means for your business  

Gareth Rowett

Have you heard of Multi-Factor Authentication or MFA? 

While it might not mean much to some of you, it’s about to become one of the buzzwords in the Cyber Insurance industry. Here’s why.

What is Multi-Factor Authentication?

Multi-Factor Authentication requires system users to go through two layers of identification to access control of a system. Think about the systems you access regularly. Your ATM for example, the first layer of identification is your debit card, the second is your PIN. Or when you enter your credit card details online, each piece of information you provide is a separate layer of authentication, including your card number, expiry date and security code. Many providers also ask you to verify the purchase using an app – another layer of authentication.

Something you know, something you have, something you are

Multi-Factor Authentication is sometimes referred to as:

Something you know: A username or password

Something you have: Verification text on a mobile, key fob

Something you are: Biometric authentication, including fingerprint or retina scans

Multi-factor authentication is successfully enabled when at least two of these categories are required to successfully verify someone’s identity before gaining access to a system.

Why is it important?

Multi-Factor Authentication is important as it helps to make sure that a business’s IT systems remain secure, along with their customer and staff data. It effectively makes accessing it more difficult for cybercriminals to target your business. The harder your systems are to access, the less of a target you will be. It also helps to target natural human error – are your employees using the same passwords for everything? The more stringent password policies you set, the more time your IT team will spend resetting them – Multi-Factor Authentication helps to remove this pressure.

What it means for your Cyber Insurance

Multi-Factor Authentication isn’t currently a requirement for all insurers who provide Cyber Insurance policies, but it is heading in that direction. Cyber Insurance claims are being made thick and fast and many of these start with compromised passwords or IDs. It’s your responsibility as a business to ensure that you have sufficient levels of cyber security in place to prevent such an attack from happening and Multi-Factor Authentication is simple and low cost way to improve your cyber security.

If you are interested in a quote for cyber insurance please visit our website or phone 01726 871144 option 3 for the commercial department.

a car driving behind a lorry in snowy weather

Preparing Your Vehicles For Winter

Gareth Rowett

Unexpected snowfall and treacherously icy roads can cause chaos for drivers and fleet managers. Here are some simple steps to help prepare for a season of trouble-free driving.

Servicing and maintenance

There’s no better time for a service than in the run up to winter. Maintenance throughout the season is also important, even once a service has been conducted. This should include:

  • Routinely checking the concentration of antifreeze in the coolant system, and bringing it back to the correct winter level
  • Replacing the car battery at the first sign of trouble
  • Replacing any faulty light bulbs immediately
  • Keep at least a quarter of a tank of fuel in case of unexpected delay
  • For fleets, your customers should train and ensure drivers know how to deal with adverse conditions

Tyres

Regular visual checks will highlight any prominent defects to tyres. Any damage to the tyre walls such as cuts, cracks or bulges should be dealt with immediately as they could lead to slow punctures or blow-outs at high speeds.

In winter, drivers should ideally have a minimum tread depth of 3mm, as this helps the car to remove additional surface water on the road. Anything less than 2mm remaining on a tyre should be replaced immediately.

Consider installing winter/all season tyres; they are specifically designed to provide increased grip in winter conditions. In extreme weather, snow chains are also worth considering. Any tyre enhancements must be fitted to the manufacturer’s standards.

Do not under-inflate tyres; it is a myth that a softer tyre means better grip.

Prepare for the worst

You can rest in the knowledge that you’re prepared for the worst by stocking your vehicle(s) with the following items:

  • Ice scraper / de-icer spray
  • Powerful torch with spare batteries
  • Reflective triangle
  • First aid kit
  • Warm clothing, shoes and blankets
  • Insurance and broker documents, including any contact information for emergency claim hotlines
  • Bottled water and non-perishable foods
  • Jump leads
  • Snow shovel
  • Tow rope
  • Complete set of replacement light bulbs
  • Always carry a mobile phone and spare batteries

Preparing and driving the car

Allow at least 10 minutes more in the morning to prepare your car.

Clear all windows of snow and ice, and clear the roof of snow.

Give extra time for your journey and stick to main roads where possible.

Always let someone know where you are going, and when you expect to arrive.

For fleet managers, vehicle tracking tools are available.

Gentle manoeuvres are the key, particularly when braking.

Always try to pull away in second gear, and select a higher gear such as third or fourth for travelling downhill.

In the event of skidding, depress the clutch, steer into the skid and avoid the temptation to brake forcefully.

Black ice can appear to be just a wet patch, so be wary.

Always put your safety before punctuality in winter conditions.

Listen to local traffic reports and heed advice from your local authority or police concerning driving safety.

Want to find out how we can help insure your vehicles, whether it be commercial motor, car, agricultural vehicles or fleets, all one on policy? Get in touch with Rowett Insurance on 01726 871144 today. 

Or head here for more information on vehicle insurance.

 *This article originally appeared on Allianz.

people in a meeting with laptops

10 Reasons why You Need Professional Indemnity Insurance

Gareth Rowett

If a company is providing advice, design, skills or knowledge in a professional capacity, or handling intellectual property, they are wholly responsible for getting it right. Professional Indemnity (PI) covers the insured against their legal liability to compensate third parties for injury, loss or damage due to a breach of duty in the conduct of their profession.

The team at Rowett Insurance has teamed up with Allianz to tell you 10 reasons why you might just need PI insurance:

1) Mistakes can happen

Companies will avoid mistakes and give the best advice or services possible to ensure good client relationships. However, mistakes can happen, leaving the company open to large legal costs and compensation claims. Negligence is a core cover for PI and would provide protection against allegations made.

2) Compulsory or optional?

For many professions, such as chartered accountants and chartered surveyors, it is a regulatory requirement to have PI insurance to practice. Not having this cover could mean a business being stripped of its regulated status, making it difficult to operate.

3) Intellectual property

Unintentionally producing materials that infringe intellectual property rights, e.g. using online images without the owner’s permission, could lead to litigation for copyright. PI can protect a company against legal costs and compensation.

4) No PI insurance, no contract

It’s becoming more common for clients to request that PI cover is in place before a business relationship commences. Having PI gives confidence to clients that businesses are run professionally.

5) Vulnerability if a claim is brought against you

Each time a professional gives advice or offers a service for a fee, they are potentially vulnerable. From SME’s to large corporations, having no PI insurance could leave a company’s financial position exposed.

6) Handling clients’ information

Even with adequate data protection and policy procedures in place, data can sometimes accidentally get lost. PI would cover the cost to replace or restore any damaged, distorted, erased or mislaid documents including electronic or digitised data.

7) Employee negligence

Even with an extensive training programme for new and experienced staff, the way employee’s carry out their work activities is ultimately beyond the company’s control. This could leave the company exposed to liability claims. PI cover gives peace of mind in the event of an employee’s negligence.

8) A duty of care

Professionals could owe a duty of care to anybody who may rely on the service or advice they have provided. In today’s world, clients expect high standards of service and are more inclined to resort to litigation when this has not been met. PI insurance would provide protection against such claims.

9) Peace of mind

There’s a lot to consider when running your own business, especially the responsibility of getting things right. PI cover takes away the legal and financial worries should a PI claim arise to ensure businesses continue to operate as usual.

10) Defamation cover

PI cover will provide protection against an accidental lapse in judgement resulting in a defamation claim. For example, sharing information via social media about a client which can be perceived as negative or slanderous.

Claims Example

An acoustic consultant failed to adequately design the acoustics of a concert hall. As a result of the negligent design, when the concert hall was fully constructed, those patrons sitting at the rear of the auditorium could barely hear what was happening on the stage. The claim was settled for £35,000.

Claims Example

A marketing agency was commissioned to print brochures for a client. When the brochures were printed, the agency realised that they had made a mistake in the spelling of the web address and contact details. The reprinting costs of over £12,000 were met by the PI cover.

Want to know more?

If you want to find out more about Professional Indemnity Insurance and whether it’s right for your business, get in touch with the team at Rowett Insurance on 01726 871144 or email office@rowett-insurance.co.uk

busy people walking inside an office

What Does Business Resilience Mean To You?

Gareth Rowett

Did you know that nearly 1 in 5 UK businesses suffer a major disruption once a year? Change is inevitable and it’s impossible to predict what’s around the corner. Over the past few years, UK businesses alone have faced Brexit, the Covid-19 pandemic and most recently, the cost-of-living crisis. How prepared was your business for these events? Is there anything that you would change if you had to face something similar again?

Managing change isn’t easy, but with processes and workflows in place that set out what your business should do in the face of a major disruptive event, organisations have a better chance of continuing to operate through turbulent times. We look at what your business needs to do to become more resilient to disruptive events, helping you to make the right choices among the chaos. 

What is business resilience?

The term ‘business resilience’ describes a business’s ability to adapt to, and continue to operate under, unforeseen disruption. This can include natural disasters, economic disrepair and major supply chain failures. To become resilient, a business should have a series of holistic management processes – or a ‘business resilience plan’ in place for the ‘what ifs’ – changes that have the potential to cause significant disruption to the day-to-day running of your business.

For example:

  • What if your business is affected by a flood or fire?
  • What if your energy supply was interrupted for a day? What if it was a week?
  • What if your business was targeted by a cyberattack, resulting in a data breach?
  • While it’s impossible to predict exactly what the future holds, by having a series of processes in place, your business will be better prepared should disaster strike.

Creating a business resilience plan

There are several stages to building a business resilience plan, including:

Analysis – Conducting a full risk evaluation to determine your priorities, how these would be impacted by key disruptions and how much time you would have before the situation became critical. At this stage, you should consider your resources and what is realistic for your organisation.

Design and Implementation – Consider the processes and strategies required for your business to correctly respond to and recover from the key disruptions above. These processes will need to account for areas such as business processes, who is responsible for what, backup arrangements and emergency contacts. Consider how will these be presented – will they be heavily detailed or set out as a series of checklists?

Testing – It’s crucial that you immediately test your plans for any gaps or discrepancies, you can do this using walkthrough exercises or by using online or physical simulations. You can then tweak the processes based on your findings.

Business resilience and insurance

While creating a business resilience plan can make the difference between a company surviving unexpected events or not, for many, being truly resilient as a business means much more than simply having a Business Continuity Plan in place.

Part of ensuring your business is resilient is making sure that you have the right insurance in place. From Business Interruption cover to Cyber Insurance, these policies are all geared to ensuring that you have financial support should disaster strike. Without the right foundations, your business could be in trouble from the offset.   

To make sure you get this right, at Rowett Insurance Broking Limited, we know insurance inside and out and can help you shape a policy that mitigates the risks that your business faces. To find out more about how we can help your business, just get in touch on 01726 871144 option 3 or visit our dedicated commercial insurance pages.