business insurance – Page 2 – Rowett Insurance Broking Group Blog

Some New Year’s Resolutions For Business Owners

10 January 20237 April 2023 Gareth Rowett

Does your list of New Year’s resolutions look something like this?

Do more exercise at least three times a week.
Save more money.
Give up smoking, drinking and chocolate – unless it’s the weekend.
Learn a new language.
Volunteer more.

Wait… what was the first one again?

New Year’s resolutions are great, that is, if we keep them. Unfortunately, statistics reveal that 80% of all New Year’s resolutions have already been broken by February. This is mostly because we set ourselves the highest of standards which cannot usually be reached without the strongest of willpower and more time than we have available to us.

Whilst the odds may be against you, it’s still worth setting yourself achievable goals to measure your performance by and what better time to start at the start of a shiny new year?

We take a look at some business New Year’s resolutions that are achievable, measurable and realistic.

Review your mission

It’s good to re-evaluate your business plan, your company mission and your USPs at the start of each year in order to ensure that you, your employees and your customers are up to date, on the same page and working towards the same goals.

Create measurable goals

Think about setting SMART goals, that is – Specific, Measurable, Actionable, Realistic and Timed. Think clearly about what you want to achieve and the timescales in which you want to achieve it. Ensure that your goals are realistic and think of a way you can measure the progress and success of a goal. Try not to leave the timescale open-ended, working to a deadline can keep your team on track.

Reflect on your business expenditure

Take time to look over your business expenditure and try to identify areas in which you can cut costs. Maybe you’re leasing equipment when it would now be cheaper and more efficient for you to buy it outright, or vice versa? Now’s the time to make some changes to free up your budget.

Delegation

Review the roles of your employees to see if certain tasks can be delegated across roles to free up more time for work which only certain members of staff can complete. It can be tempting to take on everything yourself to ensure it’s done right but allowing other to take care of time-consuming tasks can leave you with more time to concentrate on growing your business.

Take advantage of social media

Many of us put social media on the backbench when things get busy, however, this can be detrimental to your customer engagement, marketing strategy and digital presence. If your business currently doesn’t have the funds or capacity to accommodate a full-time social media guru, you can take advantage of a content planner which allows you to create and schedule posts months in advance, so you’re covered during the busier periods.

Draft up a timeline

Make a simple list of what you want to accomplish during the year and note them down on a timeline for the year, broken down by the month. Doing this alongside more concise goals can be a great way to get both an in-depth perspective and a broader overview of whether you’re staying on track throughout the year.

Check that your insurance is up to date

Finally, you need to ensure that your insurance is still suitable for your business, taking into account any changes throughout the past year. For help with this, call Rowett Insurance Broking Limited on 01726 871144 option 3. We will evaluate your existing cover and recommend any changes or a policy which may be more suitable to your future operation.

two people discussing business with a laptop

Why You Should Use An Independent Insurance Broker

15 December 20227 April 2023 Gareth Rowett

Searching for insurance for your business can be an overwhelming – not to mention stressful – experience. No matter what type of business you’re trying to insurance, there are always multiple policies on the market, offered by insurers all claiming to provide the best deals.

So, what do you do? Not wanting to spend time searching around, many people purchase one of the first policies they’re offered, only to realise a few months down the line that they aren’t receiving value for money or worse, that they’re underinsured.

One way to avoid this happening to you is to enlist the help of an insurance broker. A broker will act as your personal adviser for insurance matters, ensuring you receive comprehensive cover for a competitive price. Here are some reasons why you should consider an insurance broker for your business:

They are experts in their field

Whereas you might be unfamiliar with the insurance market, brokers are experts in their field with years of experience in finding clients the right deals for the right price. Not only will they match you with the most suitable policy, but they can also help you to understand the ins and outs of policy terms and conditions, so you know exactly what you’re covered for.

You’ll receive impartial advice

If you go direct to an insurer, they are bound to claim that their policy is the best for you, regardless of whether it genuinely provides suitable coverage for your individual requirements. Brokers, on the other hand, compare policies from numerous insurance firms, so you can be sure that any advice they give you will be unbiased.

You’re guaranteed quality coverage

Brokers have access to a wide range of insurers and only use reputable firms they know provide excellent service and quality insurance products.

They’ll likely save you time and money

If you use a broker, they’ll do all the hard work so you don’t have to! No more time wasted scanning comparison websites or filling out seemingly endless quote forms.

You don’t need to pay to use a broker’s services as they are paid commission by the insurers they work for. What’s more, brokers are often able to secure you exclusive insurance deals that you won’t be able to find on insurers’ websites.

They take your individual requirements into account

Brokers know that no two clients are the same – everyone has different insurance needs – so they take the time to assess your individual requirements and ensure they match you with a policy that provides adequate coverage of those requirements.

Brokers can be particularly useful if you have any unusual requirements which often aren’t covered in standard policies, often required in areas such as manufacturing and renewable energy.

They’re flexible

How many times have you emailed an insurance company and only received a reply weeks later? How many minutes have you wasted waiting on the phone just to speak to someone about your policy?

Brokers are far more accessible than insurance companies. They’re easy to contact and you can choose how to communicate with them. For example, you might want to arrange a face-to-face meeting to discuss your insurance needs, or you might prefer a chat on the phone. The choice is yours.

They’re in it for the long-term

It’s not uncommon for communication to dwindle the moment an insurance company has you signed-up. Brokers, on the other hand, are in it for the long-term and will provide you with support whenever you need it.

If you’re ever in a situation where you need to make a claim, it can be a daunting experience. What steps do you take first? What information do you need to provide? If you’ve used a broker, they’ll act as your advocate and guide you through the process to help get you in the position you were before the incident occurred.

Using an insurance broker will likely save you time and money, ensuring your business is fully protected and for the right price. Want to know more? Get in touch with us on 01726 871144 option 3.

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

30 November 20227 April 2023 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.

10 Reasons why You Need Professional Indemnity Insurance

15 November 20227 April 2023 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

What Does Business Resilience Mean To You?

3 November 20227 April 2023 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.