As electric vehicle (EV) sales surge in the UK, the demand for charging infrastructure is increasing. This growth presents specific risks and insurance considerations for small and medium-sized enterprises (SMEs) that install or operate electric vehicle charging stations.

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The updated Personal Injury Discount Rate (+0.5%) may lower insurance premiums by reducing compensation payouts, easing inflationary pressures. A positive step for affordability in the insurance market! 

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Despite it being nearly half a century since the use of asbestos was banned in buildings, it still remains a clear and present danger. 

 The recent crisis concerning the use of RAAC (Reinforced Autoclaved Aerated Concrete) in schools between the 1950s and 1990s has brought the associated health risks of asbestos exposure into sharp focus and sparked concerns of the effects it has had on many more public and private buildings

For more information on the potential dangers and how to protect yourself and your works from these risks please follow this link to our partners  NIG Risk Assist 

AI can significantly strengthen #cybersecurity defences for businesses. By continuously monitoring for anomalies, recognizing threats, and analysing attacks at scale, AI systems provide earlier detection, automated blocking of known risks, and more comprehensive incident response.

For more information read this article on LinkedIn

https://www.linkedin.com/pulse/how-ai-can-protect-businesses-from-cyber-attacks-wyxce/

BT Redcare has recently announced they will stop selling new alarm signalling products from the end of February 2024 and all their existing product services will end on 1st August 2025 or earlier where contractual services are due to expire. 

Read this article from Ecclesiastical about what this means for you and what you should do next.  Withdrawal of BT Redcare Alarm Signalling Products (ecclesiastical.com) 

New guidance has been published to help those responsible for publicly accessible locations keep up to speed with new terrorism protection legislation.

More information from RiskStop here : https://www.riskstop.co.uk/martyns-law 

The government is introducing a new law which will give certain individuals, such as those on zero hours contracts and agency workers, the right to request more certainty around their working pattern.

 Although the date of introduction has yet to be announced it is likely to be in 2024.

 So now is the time to find out more about this new legislation, how it might affect your business and what you need to set in action in readiness for the new rules.

More information from our partners NIG here.

Protecting data and the threat of data breaches is relatively well known, but copyright infringement is an area that many charities either don't think about or don't consider a risk. This mindset could end up costing them dearly.

Our research has shown that:

• Claims due to copyright infringement have risen since the pandemic

• Charities are often seen as soft targets by companies seeking infringements 

• Over a quarter of all charity claims in the past three years have been for either data breach or copyright.

The risks are real but at the same time, good content is essential for fundraising, user experience and stakeholder communication.

How can charities create engaging online content without risking copyright infringement?

Discover top tips to avoid being a target in this article from Ecclesiastical Insurance 

Cambian Group failed victims by delaying notification of data breach for two months, leaving personal information exposed online.

Delayed Response Cost Victims in Cambian Data Breach | LinkedIn 

Cyber criminals have increasingly targeted multi-academy trusts in recent years, with disruptive and costly breaches reported across the UK education sector. As more schools consolidate IT systems at a trust-wide level, the risks also concentrate if proper security measures are not in place.

The Growing Threat of Cyber Attacks Against MATs | LinkedIn 

Directors and Officers Liability Insurance (D&O insurance) is a crucial safeguard for small and medium-sized enterprises (SMEs) and their leadership. It provides financial protection to directors and officers in the event of legal claims arising from their actions or decisions made on behalf of the company. Let's explore why SMEs should consider obtaining D&O insurance and provide some claims examples to illustrate its importance.

1. Personal Liability Protection: Directors and officers of SMEs can be held personally liable for their actions, decisions, or omissions while performing their duties. D&O insurance helps protect their personal assets, such as homes, savings, and investments, in case they face lawsuits or legal actions.

2. Attracting and Retaining Talent: Having D&O insurance in place demonstrates a commitment to protecting the interests of directors and officers. This can be a valuable tool for attracting and retaining top talent, as individuals are more likely to join or stay with a company that provides them with adequate protection.

3. Shareholder Protection: Shareholders may hold directors and officers accountable for mismanagement, breaches of fiduciary duty, or other wrongful acts that result in financial losses. D&O insurance can help mitigate the financial impact of such claims, ensuring that shareholders' interests are safeguarded.

4. Coverage for Various Claims: D&O insurance typically covers a wide range of claims, including but not limited to:

• Breach of fiduciary duty: Failure to act in the best interests of the company or its stakeholders.

• Mismanagement: Poor decision-making or negligence that leads to financial losses.

• Employment practices liability: Claims related to wrongful termination, discrimination, or harassment.

• Regulatory violations: Non-compliance with laws and regulations, resulting in penalties or fines.

• Shareholder lawsuits: Allegations of misrepresentation, insider trading, or other violations of securities laws.

Now, let's look at a couple of claims examples to illustrate the importance of D&O insurance for SMEs:

• Breach of Fiduciary Duty: The directors of an SME approved a risky investment without conducting proper due diligence. The investment failed, resulting in significant financial losses for the company and its shareholders. The shareholders filed a lawsuit against the directors, alleging a breach of fiduciary duty. D&O insurance would help cover the legal expenses and potential damages in such a scenario.

• Employment Practices Liability: An employee of an SME filed a lawsuit against the company and its directors, alleging wrongful termination and discrimination. The directors were accused of not following proper procedures and violating employment laws. D&O insurance would provide coverage for legal defense costs and potential settlements or judgments.

In conclusion, SMEs face various risks and challenges, and directors and officers can be exposed to personal liability. Directors and Officers Liability Insurance is a vital risk management tool that offers financial protection, attracts talent, and safeguards the interests of shareholders. By obtaining D&O insurance, SMEs can mitigate the potential financial impact of claims and focus on running their businesses with confidence.

In today's digital age, small and medium-sized enterprises (SMEs) are increasingly becoming targets of cyberattacks. These attacks can have devastating consequences, ranging from financial losses to reputational damage. To mitigate these risks, SMEs should seriously consider investing in cyber insurance. In this article, we will explore the reasons why cyber insurance is crucial for SME businesses.

1. Financial Protection:

Cyberattacks can result in significant financial losses for SMEs. From data breaches to ransomware attacks, the costs associated with recovering from such incidents can be overwhelming. Cyber insurance provides financial protection by covering expenses related to data recovery, legal fees, public relations efforts, and even potential lawsuits. This coverage can help SMEs avoid bankruptcy or severe financial setbacks.

2. Reputation Management:

The reputation of an SME is vital for its success. A cyberattack can tarnish a company's image and erode customer trust. Cyber insurance often includes reputation management services, which help SMEs navigate the aftermath of an attack. These services can assist in public relations efforts, communication with stakeholders, and rebuilding trust with customers. By having cyber insurance, SMEs can demonstrate their commitment to protecting customer data and maintaining a strong reputation.

3. Business Interruption Coverage:

A cyberattack can disrupt business operations, leading to significant downtime and revenue loss. Cyber insurance policies often include coverage for business interruption, compensating SMEs for the income they would have earned during the downtime. This coverage can help SMEs recover more quickly and minimize the impact on their bottom line.

4. Legal and Regulatory Compliance:

Data protection regulations, such as the General Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CCPA), impose strict obligations on businesses regarding the handling of customer data. Non-compliance can result in hefty fines and legal consequences. Cyber insurance can provide SMEs with legal support and cover the costs associated with regulatory penalties, ensuring compliance and peace of mind.

5. Incident Response and Recovery:

Dealing with a cyberattack requires specialized expertise and resources. Cyber insurance policies often include access to incident response teams who can assist SMEs in containing and mitigating the effects of an attack. These teams can help with forensic investigations, data recovery, and implementing security measures to prevent future incidents. Having this support readily available can significantly enhance an SME's ability to respond effectively to cyber threats.

Conclusion:

In an increasingly interconnected world, SMEs must recognize the importance of protecting themselves against cyber risks. Cyber insurance offers SMEs financial protection, reputation management, coverage for business interruption, legal compliance, and access to incident response services. By investing in cyber insurance, SMEs can safeguard their businesses, maintain customer trust, and ensure their long-term viability in an ever-evolving digital landscape.

Reinforced autoclaved aerated concrete (RAAC) is a lightweight concrete that lacks the strength and hardness of traditional concrete, making it susceptible to cracking and deflection. Its porous nature also renders the reinforced steel more vulnerable to corrosion. Despite being widely used in public and private sector buildings from the 1950s to the 1990s, reports of structural problems and collapse have raised concerns over its integrity. In response, the UK Government launched an inquiry into the use of RAAC in schools, which has since been expanded to include the entire public estate, prompting the closure of affected schools and urging local authorities to check their buildings for RAAC components. 

Insurance primarily offers protection against unforeseen events. It is not surprising that most first-party policies do not cover RAAC-related incidents.

Although RAAC issues have been known for years, it is not always easy to detect its presence. Clients should engage professional surveyors to assess building materials and follow their recommendations for remediation. 

With effect from 1 July 2022 doctors are no longer the only medical professionals who can legally certify fit notes - nurses, occupational therapists, pharmacists, and physiotherapists can also now certify them.

 This change applies across the UK (to be mirrored in Northern Ireland) and has essentially been made to reduce the pressure on NHS doctors, particularly GPs, as people will no longer have to be sent to a doctor to have the fit note signed when they are receiving care from an alternative professional for their health condition.

 Here NIG look at what these changes mean to employers and the concerns some have raised about the authenticity of such signed sick notes.

The type of work carried out in commercial kitchens, together with the fuel sources typically used, mean that fire can be a high-risk factor for commercial kitchens, regardless of the size and nature of premises they are located in.

 Following the sort of weather conditions recently experienced in most parts of the UK, and this level of risk could increase substantially. Although temperatures appear to have peaked, as the owner of a commercial kitchen, now is still a good time to review fire safety in your workplace and look at ways you can best protect those premises from the risk of fire.

 Here NIG look at some of the most common causes of fires affecting commercial kitchens, and how to identify and eliminate the risks that these can pose to workplace safety.

Small businesses have possibly never faced more challenging trading conditions, but there are measures to take that can help mitigate the impact of the looming downturn.

For more of this article from Markel, click here.