by jqm | May 5, 2022 | Latest News
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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by jqm | Apr 24, 2022 | Insurance
The security industry covers a broad spectrum, and this means that the insurance policies relating to the sector tend to be bespoke, rather than a one-size fits-all package. The type of cover will depend on the level and the nature of the risk undertaken by the company. here’s a look at the most common insurance needed for security-based businesses.
Events security cover
For a company that arranges and hosts events, such as sports matches, concerts, and so on, public liability insurance is essential. This will provide the business with cover, if a member of the public makes a claim because of injury or illness caused to them while they attended an event. It will also provide cover if property is damaged during an event.
Other types of cover that may be needed for events insurance include loss of keys cover, and contents insurance if there will be significant amounts of materials or valuable equipment at the event. Businesses will also need employer’s liability insurance, should a member of staff suffer an injury at work and bring a case against the company.
Professional liability insurance may be required for companies which specialise in organising and planning events, and making the security arrangements. It may be worth considering cancellation cover, which will protect the business against financial loss, should the event have to be cancelled at short notice.
Security industry inefficacy cover
Inefficacy cover is defined as ‘cover on the basis of failure to perform.’ This could be in relation to equipment such as security lighting, fencing, or alarms which don’t function as expected. It could also relate to staff who are accused of not dealing with a security situation in an appropriate manner.
Inefficacy cover is a bespoke policy that will be unique to each company. If you are looking for security company insurance, talk to us today.
by jqm | Apr 15, 2022 | Business Insurance
A jewellery shop in Liverpool has been targeted by a group of motorcyclists, who stole a large quantity of jewellery from the premises.
Police were called to Rebecca’s Jewellers on Lord Street in Southport at 2100 on March 21st after a member of the public alerted them to the incident.
Merseyside Police cordoned off the road, while also closing the area around a bus stop on Lord Street, preventing the public from accessing it.
Detective Chief Inspector Gayle Rooney said: “The investigation is in its early stages, and we will be reviewing all CCTV locally and speaking to business owners and anyone with information.”
While most of the motorcyclists got away, a 43-year-old man was arrested at the scene of the crime on suspicion of burglary as he tried to escape via London Street.
Although the exact contents of what was stolen remains unknown, the police are asking businesses and individuals around Merseyside if they have been offered any jewellery in the last couple of days.
“This would be a distressing and inconvenient experience for any business, and we will act on all information to find those responsible and bring them to justice,” Chief Inspector Rooney stated.
Just a few days before on March 18th, Merseyside Police was called to Co-Op store on Fylde Road, after the shop was broken into and the cash machine attacked.
These incidences show how frequently businesses are targeted by potential thieves hoping to steal money or items they can sell. Even though the premises had CCTV cameras, it is also important to obtain security insurance.
by jqm | Mar 14, 2022 | Latest News
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.
by jqm | Feb 28, 2022 | Latest News
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.
by jqm | Feb 18, 2022 | Latest News
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.
by jqm | Feb 4, 2022 | Business Insurance
There are as many different types of business insurance as there are different types of businesses, from public liability to employer’s liability and cyber insurance. They are all designed to give you peace of mind, knowing that in the event of the worst happening, you have protections in place.
But while you’re looking at predictions for freelance work for the coming year, it is important to give careful consideration to what insurance policies are right for your business. We have a look at professional indemnity insurance, whether it is for you, and what level of cover you need.
What is professional indemnity insurance?
Professional indemnity insurance offers protection in case a client makes a claim against your business if they believe that your work has caused harm to their company or resulted in financial losses. Professional indemnity insurance, also known as professional liability insurance, will typically cover the costs if you are found liable.
What does professional indemnity insurance protect you against?
Professional indemnity cover will vary between insurers. So always check what’s included with your policy. And remember, just because a quote is cheap, doesn’t mean it’s the best value and protection.
Let’s look at what professional indemnity insurance will cover you for:
Confidentiality breach. If you accidentally disclose information or data to a third party, without your client’s consent.
Irresponsible employees. If you have an employee, or former one, that impacts your client’s business by lying, stealing or behaving in a dishonest, fraudulent or malicious way.
Professional negligence. If you fail to live up to your duty of care, such as giving bad advice, and it costs your client time and money.
Defamation. If you use or produce written or spoken statements or materials that damage a client’s reputation.
If your business involved giving advice or professional services to a client, then you should consider taking out professional indemnity insurance. Mistakes can happen, no matter how experienced or careful you are, so make sure you have protections in place.
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by jqm | Feb 4, 2022 | Business Insurance, Car Insurance
Buying effective, affordable motor fleet insurance can at times be a complex balancing act. You need to ensure that costs are kept to an acceptable level, but at the same time ensure that the needs of your drivers, vehicles and business are all met.
The good news about fleet insurance is that because it is all in one place, you do not need to deal with several different providers or policies if you want to make a change, and thus the savings can often be magnified.
As well as this, there are a growing number of ways that businesses can use to help reduce their premiums each month. Here are some of the most effective ways to save money on your premiums in the new year.
Install A Black Box
A recent trend in domestic car insurance, especially for younger drivers, a telematics device (known as a black box), as well as a vehicle tracker can not only be important safety and security features but also help seriously reduce premiums.
They allow for a more detailed analysis of how fleet drivers take care of their vehicles and help to ensure premiums stay low. Dashboard cameras can work as well to check driving etiquette.
Install An Immobiliser
Aside from driving behaviour, the nature of a particular fleet business can also increase premiums, particularly if your business is responsible for expensive cargo or equipment that is at risk of robbery.
Adding an immobiliser and alarm to a van will help provide that vital deterrent that stops thieves from taking a risk to steal.
Know What Options To Take
Part of what makes insurance so expensive is the extra coverage offered by providers. Some of these can be essential depending on the type of business you run, but in other cases can be an unnecessary expense.
Misfuelling cover, for example, may not be necessary if the fleet is only refuelled at their headquarters, and windscreen replacement cover may over the long term be more expensive than paying to repair the window through a third party.
by jqm | Jan 31, 2022 | Business Insurance Blog
Experts are urging new business owners who have set up companies from home to check their insurance. Typical home insurance may not cover the books, tools, and equipment needed for a business.
There are thousands of home-based businesses in the UK, from introverted entrepreneurs, who get more done away from the distractions of others, to single parents balancing freelance work-at-home with childcare.
But it can be easy for entrepreneurs of every level to be caught up in the day-to-day demands of their enterprises that they don’t even think about insurance.
Not every home-based business operator will require specialised insurance coverage. Depending on the type of business, home-based business operators may or may not require a separate business insurance policy or an extension to their existing homeowners’ policy.
However, it is always worth a call to ask, as the last thing any business owner needs is to find out too late that their home insurance does not allow for their specific type of business activity on the premises.
If you’re a one-person operation, knitting mittens for babies, then your liability risk is minimal. But if you’re operating a business that requires clients or customers to enter your home, then the liability risk is higher.
If a client falls and injures themselves in your property, or you are sued due to an issue with a product or service, personal liability on your home insurance would not provide cover.
It may also be the case that you could have several thousands of pounds worth of inventory or products being stored, which will also need to be addressed for insurance purposes.
Home-based business operators should contact their insurance representatives as soon as their business is launched, as well as keep in touch as the business grows and evolves. A comprehensive risk management plan need not be complicated and can provide the necessary peace of mind to focus back on your enterprise.
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by jqm | Jan 27, 2022 | Latest News
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.
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