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UK Firms Second-Worst Hit In World By Financial Crime

UK Firms Second-Worst Hit In World By Financial Crime

British firms are among the most likely to be hit by financial crime in the world – and the situation is getting worse.

This was the message from consultancy firm PwC, which revealed in its biannual Global Economic Crime Survey that 64 per cent of UK businesses were hit by economic crime in the past two years.

It was the second highest national figure in the world, only exceeded by companies in South Africa and well above the global average figure of 46 per cent.

Moreover, the situation has been deteriorating, as the figure in Britain was 56 per cent in 2020 and 50 per cent in 2018.

The crimes committed include fraud, corruption and other offences, with this year’s survey including supply chain crime as a separate category for the first time.

Explaining how threats were changing, PwC said fraud is “now a greater and more costly threat than ever before” and that firms will need to take action to avoid paying a heavy price.

Among the kinds of steps a firm will be wise to take is comprehensive business insurance, including cover against cyber crime and the interruption of business that such activity can cause.

Curiously, a the findings for the UK revealed cyber crime accounted for a lower share of incidents than two years ago, down to 32 per cent from 42 per cent, something Computer Weekly suggested may be due to greater awareness of attacks like malware.

However, head of digital and forensic investigations at PwC Fran Marwood said this was surprising and might mask a lot of crimes that could have taken place without being detected due to firms not yet bringing their systems in line with increased remote working.

Firms may also be at risk because of cyber criminals targeting data centres and cloud services. For this reason, the government is currently running a consultation on how to improve the security of these services, not least because so many companies rely on them to keep their data safe and systems running.

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UK Space Industry Insurance Market Grows

UK Space Industry Insurance Market Grows

The UK may not be launching its own moon rockets, running a space station or planning to send a human mission to Mars, but it has a space industry – and one where the insurance market is growing.

Worth £16 billion in total, it mostly consists of sectors such as satellite broadcasting and communication, as well as a nascent space tourism industry. However, there are also many other firms involved in ancillary services, including IT, consultancy and brokerage.

According to City AM, the insurance sector connected with the space industry grew by a quarter in 2020, despite the pandemic shrinking the overall market, according to a study by Brycetech commissioned by the government. This raised its value to £20 million.

Like any other kind of business, those working on the space sector will need their business insurance, not just for the usual earth-bound reasons such as covering their equipment and premises, but also any associated problems that might arise from incidents in space.

These could include a satellite being rendered inoperable due to a collision with a piece of space junk, or the work of rogue states and other agents acting to try to disrupt satellite technology.

Overall, the role of the space industry in the UK economy, currently worth 0.31 per cent of GDP, is expected to increase markedly.

Among the reasons for this will be the first ever launches of spaceships from UK soil later this year. These satellite launches will take off from Spaceport Cornwall, followed by vertical launches from Space Hub Sutherland in the Highlands and SaxaVord Spaceport in Shetland.

These developments will be taking place in line with the UK’s National Space Strategy, published in September last year. This noted that the global space sector is set to grow in value from a 2019 figure of £270 billion to £490 billion in 2030.

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The Reasoning Behind The Strangest Insurance Policies

The Reasoning Behind The Strangest Insurance Policies

The unique business models, activities and products provided by different companies in the security industry require bespoke security insurance policies to protect the business from any potential issues that could come about.

Along with Employers’ liability insurance, insurance to protect security guards, public and professional liability insurance, there is a range of other policies out there specific to the activities the business usually undertakes.

However, there are always unusual circumstances, and in some cases, a loss adjuster will create a specialist policy with this in mind, just in case the most unlikely potential situation occurs.

Here are some of the most unusual insurance policies ever agreed to and the reasons why.

 

Space Station Taco Insurance

Whilst this may look like a non-sequitur, American fast-food chain Taco Bell once took out a custom insurance quote for a truly ridiculous publicity stunt.

In 2001, the Space Station Mir was deorbiting Earth and was set to land in the Pacific Ocean near Fiji.

Taco Bell put a sign in the ocean that measured 40ft by 40ft which simply read “Free Taco Here” and promised that if the core of the station hit that target, they would give everyone in the United States a free taco.

This cost, estimated at $10m, was sizeable enough that the chain opted to cover themselves just in case.

 

The Risks Of Being An England Fan

Baddiel, Skinner and the Lightning Seeds sang about “30 years of hurt” in 1996 and since then there have been nearly three decades of controversy and near misses for the English national side.

It got so much for some fans that an insurance firm once covered a football fan from the “severe trauma” that would have been caused if England’s national side, then managed by Sven Goron Eriksen, were knocked out early.

Thankfully for the loss adjuster, England reached the quarter-finals and no trauma was claimed for.

 

The Lloyds Of London Pro Wrestling Tag Team

Lloyd’s Of London, an insurance and reinsurance market that is based in London, has had a range of unique insurance policies, including kidnap and random, protecting against audiences dying of laughter at a comedy show, and all sorts of body part insurance policies.

One of the most infamous of these, however, is that Lloyd’s at one point used to insure the bodies of professional wrestlers and pay out if a wrestler was permanently disabled and was forced to retire early.

However, so many of the wrestlers who took this policy, including Ric Flair, Bret Hart, the Road Warriors and “Mr Perfect” Curt Hennig would return to the ring, which caused Lloyd’s to tighten up their policies before refusing to insure pro wrestlers entirely in 2017.

What Security Industry Insurance Coverage Do You Need?

What Security Industry Insurance Coverage Do You Need?

The golden rule of insurance is that no two companies are alike, and this tenant is especially true when it comes to security insurance.

The security industry is a vast set of exceptionally different fields united under the common goal of protected health, wellbeing and property.

To that end, whilst there are some universal coverage packages you need as a security firm, such as Employers’ Liability, general liability, property and car insurance, different industries require a more bespoke slate of insurance packages.

Here are just a few different types of company working in the security sector and the types of insurance they might need.

 

Security Consultants

One of the most important businesses in the security sector is consultancy and the ability to deliver expert advice on which security measures would be the best solution to help protect businesses, from technological solutions to monitoring to the hiring of security guards.

However, there are cases that an incident occurs and the company blames the consultancy firm for their advice and brings legal action against them, for example for negligence.

Professional liability insurance helps to cover the firm from any action taken against them and ensure that even if a court case does not go the way of the consultancy firm, it does not necessarily lead to the end of the business.

 

Cyber Security

An ever-growing field in security, cyber security focuses on electronic data and how it is protected from people who wish to destroy or steal that data, which can lead not only to significant reputational damage but also can have significant financial consequences.

Cyber security insurance protects data controllers and data processors and covers the costs of refunds, credit notes, legal costs and consultation with crisis communication specialists.

 

Security Guards

With security guards being an essential part of protecting businesses across the world, inspecting the property and ensuring that bad actors are not able to compromise a place of business, they require a package of insurance policies that protects them if they are in harm’s way.

This means that policies such as personal injury insurance is a standard part of a security guard insurance package alongside general liability, professional liability and car insurance.

As well as this, however, there are provisions for wrongful arrest, where a guard faces criminal or civil charges whilst on duty, as well as provisions in case keys are lost to pay for any replacement locks or keys.

Storms & Flooding Highlights Need For Care Home Insurance

Storms & Flooding Highlights Need For Care Home Insurance

The last few days have been tempestuous to say the least and, in fact, the Met Office has just issued rare red weather warnings today (February 18th) that Storm Eunice will be bringing extremely strong winds with her and continued disruption for much of the country throughout the day.

Some coastal areas could even see gusts of wind in excess of 90mph, which could have significant impacts for many in these regions, as well as representing a risk to life.

There is also an ongoing risk of disruption to power, travel and other such surfaces. Damage is also expected for buildings and trees, and some parts of the UK could even see possible blizzard conditions. Up to 20cm of snow is possible in the Pennines, for example.

Warnings have been issued that strong winds provide the potential for flying debris, damage to structures and coastal flooding, so it might be a good precaution to check your flood risk and sign up for flood warnings, so you can be properly prepared.

Now’s also a good time for you to check your care home insurance cover to make sure you’ll be compensated if you are affected by Storm Eunice – or other such events in the future.

It could also prove beneficial to go around the perimeter of your site and make sure any and all gates are locked, that fences, trees and bushes are all secure and that any damaged tree branches are removed before the winds hit.

If your care home does sustain damage of some kind over the next few days or so, get in touch with your insurance company as soon as you can. Don’t undertake any repair work or employ a contractor until you’ve been through everything with your insurer.

Have You Heard Of The SIA Grant For Good Causes?

Have You Heard Of The SIA Grant For Good Causes?

Those working in the security industry may be interested to find out more about the Security Industry Authority (SIA) grant for good causes, which was set up last year to distribute money recovered through the proceeds of crime confiscation orders.

Under the Proceeds of Crime Act, the SIA is allowed to investigate the financial activity of those who have committed criminal offences and confiscate the proceeds of that crime, with the individual paying back any money made through their criminal acts.

The portion of this money that is received by the SIA can only be used to fund financial investigation capabilities or distributed to good causes.

Some of the money supports good causes that benefit the private security industry and applications for funding are considered by a grants committee at least once a year, more if the funds allow.

In 2020, the Worshipful Company of Security Professionals decided to take action and support those affected by the pandemic, with a crisis fund set up for security operatives, the police, the armed forces and emergency services.

The fund offers grants of £500 for the family of someone who has died of covid and £250 for someone hospitalised as a result of the virus. People are able to apply for themselves, while businesses are able to apply on behalf of their staff members, with funds then paid directly to the employee.

Chair of the organisation Claire Palmer said: “Research conducted early in the pandemic showed that those working in front line security had been particularly affected by COVID-19. We wanted to do something about that. Whilst the sum granted to individuals is relatively small, to those applying for the grants it is a vital form of support.”

In March 2021, £9,372.23 was diverted to the crisis fund by the grants for good causes scheme to help them support those in the industry during the pandemic.

Are you looking for security company insurance at the moment? Get in touch with Just Quote Me today!

5 Working At Height FAQs

5 Working At Height FAQs

Construction is one of the most dangerous occupations to have, with figures showing that the fatal injury rate is four times the all-industry rate. As such, it’s essential that those in the industry have approximately the equipment, skills, knowledge and experience required in order to do their jobs safely.

For those interested in finding out more, here are some of the frequently asked questions about working at height, which is one of the riskiest construction jobs and the main cause of fatal accidents and major injury in the workforce.

What is work at height?

Work at height refers to any place where someone could fall a distance that would result in personal injury if no precautions were taken. You are working at height if you are above ground or floor level, could fall from an edge through a fragile surface or an opening, or if you could fall into an opening in the floor or a hole in the ground.

What are collective fall prevention measures?

Collective protection is equipment such as scissor lifts, guardrails and tower scaffolds, which don’t require those working at height to act to be effective.

What are personal fall prevention measures?

Personal protection is equipment that requires the operator to do something, such as putting on a safety harness properly and connecting it to a suitable anchor point using an energy-absorbing lanyard.

How do I comply with the Work at Height Regulations 2005?

The regulations place duties on employers and those managing any work at height activity, where there is a risk of a fall liable to cause personal injury. 

All work must be properly planned and organised, all operators involved must be competent and risk assessments must be carried out and appropriate work equipment selected and used. Equipment must also be properly inspected and maintained and the risks of working on or near fragile surfaces properly managed.

Do I need working at height insurance?

Because of the risks involved, a work at height insurance policy is a good idea and there are various different indemnity policies available that cover different heights, as well as more general policies with an unlimited height restriction.

Do You Need An SIA Licence?

Do You Need An SIA Licence?

Anyone with ambitions to work as a security operative in the UK would be advised to see whether they need an Security Industry Authority (SIA) licence and, if so, what kind of licence is required for the work in question. Operating in the private security industry without a licence could be illegal.

For example, if the work you intend to do involves a licensable activity and is part of a contract for services, you will need a front line SIA licence. Licensed activities include the likes of manned guarding, key holding and vehicle immobilisation (in Northern Ireland only).

If you are going to be working in-house, however, you do not typically need a licence, as you will be employed directly by the company that’s using your services. That being said, there are two licensable activities where a licence is required – door supervision at a licensed premises and vehicle immobilising (in Northern Ireland only).

There are also some situations where a licence is not required. For example, you don’t need a licence to volunteer as long as there’s a written or spoken agreement that you won’t be rewarded for your work. 

You also don’t need one if you’re performing stewarding duties or to check if people have paid for entry to an event or that they’ve been invited. In order to refuse them entry or make them leave, a licence is required, however.

There are two types of SIA licence – front line and non-front line. A front line licence is required if you personally perform a licensable front line activity as part of the job role. These usually come as a plastic photocard that must be worn while working. The key holding licence, however, comes in the form of a letter.

A non-front line is required if you manage or employ anyone who performs licensable activities as part of their job, or if you’re a company director or partner where others in that company or firm perform licensable activities for their job.

Looking for security company insurance? Get in touch with Just Quote Me today.

Security Guard Suffers Dog Bite While On Duty

Security Guard Suffers Dog Bite While On Duty

There is always an element of risk involved for those working within the security industry and security guards in particular often find themselves faced with a wide range of different challenges to deal with while at work.

Physical injury is a concern, of course, and there’s often no way of telling when a situation may escalate, leading to an altercation. For example, one Asda security guard was recently bitten by a dog after he had a confrontation with its owner.

According to YorkshireLive, 39-year-old Steven Tiplady asked dog-owner Christopher Long to tie the animal up outside the supermarket, after which Long became aggressive, started shouting and refused to leave the shop.

Since the incident, Mr Tiplady has been diagnosed with PTSD, following bouts of insomnia and panic attacks related to the event. As a result, Long, 30, was jailed for two and a half years on July 14th 2020.

Incidents such as this highlight just how important it is for businesses in the sector to make sure they have the appropriate security insurance, a policy that is directly tailored to suit their own individual requirements for the work being undertaken and their personnel.

Everything from guarding shops and car parks to installing security alarms carries with it some element of risk, but you can help to mitigate this by investing in a good insurance policy.

Here at Just Quote Me, we’ve created specialist security insurance for our clients, with a policy specific to those working in the industry, designed for use by personnel with SIA certificates and training. Get in touch today if you’d like to find out more.

Which Jobs Require Tradesmen Insurance?

Which Jobs Require Tradesmen Insurance?

If youve made the move to strike out on your own as a tradesman, it can be an exciting and exhilarating adventure. Youre your own boss, you can work when and for whoever you want, and manage your business however suits you best.

But before you start filling your order book and taking on clients, you must ensure you have adequate business insurance. No matter the precautions you take, things can, and will, go wrong sometimes, and it is a good idea to ensure you are prepared.

But tradesmancovers a very wide range of trades and skills, and it is important to ensure you have the right insurance policy to protect you and your business. Lets have a look at three jobs that can benefit from tradesmen insurance.

Builders

Builders must have adequate insurance to cover a number of things that can happen on-site or as a result of their work. Public liability insurance is essential to protect construction staff from financial consequences which could occur if a member of the public were injured because of the work.

Builders should also ensure their insurance policy covers the damage and theft of tools and stored materials.

Window cleaners

As well as insurance that can cover increased costs of working, and protect tools and vehicles against theft, window cleaners can pose a risk to the public, as passers-by could be hurt if something was dropped from a height, or if they slip in a puddle of water, meaning public liability insurance is a must.

Tree surgeons

Similar to the above trades, it is essential to get cover for tools, equipment, and vehicles, as well as public liability insurance. Adequate tree surgeon insurance will also cover contamination and pollution caused by work being carried out.

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What Insurance Does A New Restaurant Need?

What Insurance Does A New Restaurant Need?

If youre in the process of setting up a restaurant or cafe, there are many aspects to consider, from licences to staffing and sourcing products to finding the right insurance.

But with many hospitality businesses struggling due to the pandemic, business owners might be looking for ways to reduce overheads. However, insurance is a must, and it is important to get the insurance that is right for your business to ensure you are not wasting money on superfluous services you do not need or have been sold.

To ensure you buy the right cover and receive professional advice make sure you are dealing with an independent insurance broker.

Business Insurance

All businesses are different, meaning there is no one-size-fits-all policy. You should ensure that your business insurance has been tailored for your individual needs, which will ensure you get the insurance cover you want and dont pay for insurance covers you dont need.

Some insurance is required by law, such as Employers Liability insurance and also Motor Insurance to comply with the Road Traffic Act. So if your business employs people and you operate a motor vehicle these two insurance policies are essential.

You may also be legally required under certain contracts to take out other covers, for example, your landlord/lease may require you to arrange Buildings insurance or hold Public Liability insurance.

A Business insurance policy can be tailored to include all of the risks you face and usually will include asset protection, which covers your property, pictures, fittings, and business equipment, such as cooking ranges and refrigeration equipment, as well as your stock of food and ingredients.

Income protection will also help support you if you suffer a financial loss if you are forced to close your doors, whether from the pandemic, there is a fire or any legitimate reason why you are unable to open for business.

Liability insurance is a legal requirement in the United Kingdom, meaning all businesses with employees must have employers liability insurance, which covers your legal liability should an employee suffer injury or illness arising out of their employment.

 

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Almost A Quarter Of SMEs Have Bought Cyber Insurance Since Covid-19

Almost A Quarter Of SMEs Have Bought Cyber Insurance Since Covid-19

Nearly a quarter of small-to-medium businesses (SMEs) in the UK have bought cyber insurance since the onset of the Covid-19 pandemic, the Insurance Times reports. Analytics firm Global Data carried out the research, which found that 24.9% of such enterprises had purchased the insurance, after employees began to work from home.

Some 2,000 SMEs were polled during the survey earlier this year, which revealed that the majority of businesses made their decision based on media reports of increased cyber attacks. Others acted on the advice of a broker or financial advisor.

Benjamin Hatton, insurance analyst at GlobalData, said: “Businesses are becoming more proactive in managing the dangers of a cyber attack in the knowledge that home working can lead to greater risks in this space. Media coverage showcasing the perils of cyber attacks is important in continuing to highlight the threats that businesses face.

He added: “Brokers play an important role in advising customers to take the right level of cover, ensuring that firms are properly protected from cyber threats. Financial advisors also have this responsibility in ensuring that UK SMEs have the cover that they need to protect their business against the growingly hostile cyber landscape.”

Despite the recent surge in uptake for cyber insurance, the survey found that only 31.5% of UK SMEs have the correct amount of cover. When asked about the reasons given for not taking out such a policy, more than a third said that they didn’t regard cybercrime as a threat.

However, The Institute of Chartered Accountants in England and Wales (ICAEW) explains that incidents of phishing (sending emails which imitate an official source, to trick the recipient into clicking an infected link) have risen by 700% in the first half of 2021 alone. Ransomware attacks have also increased threefold.

As it becomes commonplace for businesses to have remote or hybrid working policies, cybercriminals will continue to look for ways to exploit weaknesses in IT systems, and gain access to sensitive data, which they then use to hold the business owner to ransom.

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