Category Archives: Insurance

Cybersecurity, Insurance, News

Cowbell continues rapid UK expansion with launch of adaptive cyber insurance programme underpinned by senior appointment

  • Launch of first UK-specialty product, Cowbell Prime One, enabling best-in-class SME protection and AI-powered underwriting at speed.
  • Appointment of ex-Aston Lark SME cyber risk insurance lead, Catherine Aleppo, as UK Sales Director
  • Cowbell also opens up its tailored coverages and detailed analysis of cyber risks built from risk pool of 36 million US and UK SMEs

 

Cowbell, a leading provider of cyber insurance for small and medium-sized enterprises (SMEs), has today announced plans to further expand its footprint in the UK market with a new senior appointment and launch of its AI-powered cyber insurance programme.

With more than half (54%) of SMEs in the UK having experienced some form of cyber-attack in 2022 – up from 39% in 2020 – the need for businesses in the UK to prioritise cyber resilience is urgent.

Backed by A+ rated (re)insurers, Cowbell officially launched in the UK in Q2 this year, an operation spearheaded by Simon Hughes, VP and General Manager for the UK. Now entering Q3, Cowbell’s rapid expansion continues with the launch of its standalone cyber insurance programme, Cowbell Prime One. Tailored for SMEs and mid-market businesses, the data-driven technology offers underwriting at speed, allowing brokers to customise robust cyber policies for unique risk exposures, covering diverse cyber incidents, including email scams, ransomware, and social engineering.

Alongside product innovation, the company has also appointed Catherine Aleppo as Sales Director. Bringing 18+ years of insurance industry experience to the table, she specialises in cyber risk insurance, most recently leading the cyber department at UK-based insurance brokers Aston Lark. A trusted and committed advisor, Catherine educates brokers and UK SMEs about identifying cyber threats and vulnerabilities, ensuring effective risk management.

Reflecting on the recent updates within the UK arm, Hughes comments: “We are thrilled to welcome Catherine to our team and launch Prime One in the UK. Cowbell is committed to addressing cyber risk challenges on a global scale and our expansion into the UK is a testament to this.”

The company’s success story in the US has been underscored by its substantial funding achievements, totalling $123.3 million over three funding rounds. Throughout this time, Cowbell has expanded its continuously monitored risk pool to 36 million SMEs in the US, with 5 million of those SMEs located in the UK, representing almost 90% of SMEs across the two regions. As well as providing cyber insurance to tens of thousands of policyholders in the US, the company’s extensive data is shared with brokers, empowering them to engage in more informed discussions with their clients, and facilitate better understanding and assessment of cyber risk scenarios. This pool of data will now be available to UK brokers.

With hackers attracted to limited resources, lack of awareness and a target-rich environment, SMEs – of which there are 5.5 million in the UK – are often perceived as easier targets by cybercriminals than larger organisations. As such, Aleppo highlights how vital it is for SMEs to recognise their vulnerabilities and take proactive steps to improve their cybersecurity posture.

She says: “Both the UK and US are technologically advanced nations with highly developed digital infrastructures and as a result, they can be attractive targets for cybercriminals. Despite this, in general, UK-based SME businesses have been slower to adopt cyber insurance than their US counterparts, due to a lack of awareness and understanding of their cyber exposures.

“With this in mind, addressing the urgent need to protect UK SMEs sits at the heart of the Cowbell proposition, and I am delighted to be playing an instrumental role in realising this ambition, alongside a truly remarkable team. By utilising our vast risk pool and educating UK brokers, we will raise critical awareness of cyber vulnerabilities and safeguard the UK’s SMEs who form the backbone of the UK economy.”

Cybersecurity, Insurance, News, Technology

Insurance broker urges businesses to check their cyber insurance as ransomware attacks continue to rise

With ransomware attacks on the rise once again, one of the UK’s leading insurance brokers, Towergate Insurance Brokers, is urging businesses to check their cyber insurance to make sure they have adequate cover in case they are targeted.

Ransomware attacks have been increasing since the start of 2023, after worldwide figures dropped in 2022, likely due to the Russian invasion of Ukraine and the large number of attacks generated in that region.

Ransomware is a malware designed to deny a user or organisation access to files on their computer system. By encrypting these files and demanding a ransom payment for the decryption key, cyber-attackers place organisations in a position where paying the ransom is the easiest and cheapest way to regain access to their files.

 

Robert Lewis, Corporate Broking Director Towergate Insurance Brokers, said, “When it comes to ransomware attacks, we ask clients how they would respond. Do they have the expertise or financial resources to deal with an attack? If the answer is ‘no’, I say unequivocally that they need to investigate a specialist insurer.

“These aren’t attacks being carried out by one man and his laptop, they are sophisticated businesses using advanced technology to target many organisations at once. This is such a rising threat that it really is imperative that businesses work with a broker who has a thorough understanding of the risks and options available.

“It might sound obvious, but I would strongly urge people not to automatically go for the cheapest premium. First and foremost, people need to check the limit before signing anything.

“There are cases where insurers don’t pay out in the event of a loss due to a simple breach of conditions which could’ve been avoided had the business received better advice.”

 

Another vital consideration is the reputational damage caused by falling victim to one of these attacks. Recent research carried out by Object First shows that 40% of consumers harbour scepticism regarding organisations’ data protection capabilities and 75% would shift their business to alternate companies following a ransomware attack.

 

Robert said, “This impact on a business’s reputation is key. Some insurance could cover the immediate costs but what is the lasting damage? Prevention is definitely better than cure but there are also insurance policies that will offer crisis communications support which could be invaluable in these situations.

“Cyber-crime is here to stay and a massive threat to individuals and organisations UK-wide. Despite evidence that it can happen to anyone, people are still convinced that these attacks won’t happen to them.

“Cyber-criminals and the threat that they pose are constantly evolving. I would strongly urge anyone who isn’t sure where their business insurance stands to speak to an expert broker today.”

 

Towergate Insurance Brokers is one of the UK’s leading independent insurance brokers and risk management advisors. Boasting an experienced team of insurance specialists, Towergate Insurance Brokers has built a solid reputation for understanding many business sectors and industries, and the everyday risks they face in today’s increasingly complex world. They also look after the insurance needs of private individuals and families seeking tailored personal covers.

 

Towergate Insurance Brokers is a trading name of Advisory Insurance Brokers Limited.

Registered in England No.4043759. Registered Address: 2 Minster Court, Mincing Lane, London, EC3R 7PD.

Authorised and regulated by the Financial Conduct Authority.

Appointments, Cardiff, Cardiff News, Insurance, News, Recruitment

Aston Lark continues recruitment streak in Wales

Leading insurance broker Aston Lark, a Howden company, is continuing its recruitment streak as it adds another key hire to its Welsh region.

Deborah Barber, from Cardiff, has joined the firm as a Development Executive and will be responsible for growing Aston Lark’s clientele within the Cardiff and Vale area.

Deborah has worked within the insurance industry for over 30 years, beginning her career at Commercial Union in 1992. She joins from broking group Thomas Carroll, where she held the position of Development Executive for over 13 years.

Deborah joins Aston Lark’s most recent hires Catherine Robinson and Alex Davies and will work with her new colleagues to build the firm’s client base within South Wales, alongside Regional Director Gary Stevens.

 

On her new role, Deborah said: “I’ve worked within the insurance industry for many years, but I’ve never had the chance to help build a region from the ground up, which is what Aston Lark gives me.

“It’s incredibly exciting to be joining the firm at such a pivotal stage in its development, and I’m very much looking forward to working with my new colleagues to bring comprehensive insurance solutions to our growing number of clients.”

 

Regional Director for South Wales, Gary Stevens, added: “I’m very pleased to have secured Deborah as our Development Executive and know that her decades of industry experience will prove incredibly valuable to our clients.

“With Deborah in Cardiff, Catherine in Swansea and Alex in Brynmawr, we’re now perfectly placed to serve clients across the entire South Wales region, and I’m eager to growing our talented team even further.”

 

Outside of work, Deborah is a passionate women’s soft ball cricket team member, playing for Creigiau Cricket Club. Aston Lark designs insurance cover for cricket clubs, leagues and associations throughout the UK and Europe, of which Deborah is well placed to advise.

The firm’s South Wales office was established earlier this year under the leadership of Gary Stevens, and is one of several strategic locations where Aston Lark intends to grow its headcount.

Aston Lark, part of Howden Group since April 2022, has more than 75 offices in the UK and Ireland, with 2,100 employees serving 200,000 customers.

Healthcare, Insurance

What is professional indemnity and do I need it?

If you work in the medical profession as a doctor or something similar, you’ll know that mistakes can happen. Sometimes, these mistakes can be serious and have severe consequences. The University of Manchester has reported that more than 200 million medication errors occur in the NHS each year, with avoidable adverse drug reactions (ADRs) causing hundreds of deaths. This is why it’s so important to have a grasp of professional indemnity insurance. Keep reading to find out more.

What is professional indemnity insurance?

Also known as PI insurance, professional indemnity insurance is a commercial policy used to help to protect you against claims for loss or damage made by third parties or clients. Professionals and businesses use it for added peace of mind, as it can help them to stay financially secure by covering any legal fees or compensation payments that may need to be addressed.

How can professional indemnity insurance help?

Having the necessary protection in place is extremely important in the healthcare sector. It can be used to cover the full scope of your medical practice; it should be arranged before you begin to practise.

How professional indemnity works in healthcare

Whether you’re carrying out medical care at a private or independent practice, it’s important to have the correct protection in place. Having professional indemnity insurance as a medical professional in the healthcare sector gives you a layer of protection against claims made by patients or third parties. It can also be known as medical malpractice insurance. Without it, if a claim were to be raised after a breach of contract due to a failure to exercise reasonable skill and care, it could be ruinous.

What professional indemnity covers

Professional indemnity can cover a variety of claims, many of which are aligned with more common medication errors in a healthcare setting. Examples of this in practice might include giving somebody the incorrect medicine or the incorrect dosage, or failing to check whether somebody has any medication allergies. It can also cover medical negligence, defamation and other errors that have occurred while somebody has been under your care and supervision.

Examples of circumstances that will often not be covered include purposeful misconduct and existing issues that were not disclosed to the insurer. Similarly, cosmetic procedures may not be covered as these are considered especially risky.

Meanwhile, public liability requires a separate type of insurance to cover claims made by members of the public for injury or damage. Employers’ liability insurance is another type of business insurance that protects you from claims by a current or former employee involving injury suffered as a result of working for you. For this reason, medical professionals seeking out professional indemnity insurance should have a clear understanding of what their policy covers.

Commercial Property, Insurance, News

Cost of living crisis means underinsured businesses are at risk of disaster

Warning from leading insurance broker

One of the UK’s leading insurance brokers is warning businesses struggling with the ever-increasing cost of living that they shouldn’t be cutting back on their insurance costs as they may not survive the consequences of being underinsured.

In the UK, 84% of property owners, both private and business, are underinsured*, meaning that if their property is damaged and they need to claim, the pay-out amount will not cover all of the costs of reinstatement, leaving owners vulnerable should the worst happen.

Robert Lewis, Corporate Broking Director at Towergate Insurance Brokers, said, “To put it simply, when agreeing on an insurance amount building owners should be looking at the same cost that it would cost to entirely rebuild including adequate provision for debris removal and professional fees. When businesses are underinsuring their commercial properties, they aren’t covering the entire cost and can be left with a significant shortfall, especially after a recent spike in construction costs.”

Data collected by industry specialist RebuildcostASSESSMENT.com shows that on average, buildings are covered for just 66% of their rebuild costs. These soaring costs would put even more financial strain on most businesses and homeowners with many unable to make up the deficit, especially during the cost of living crisis.

Robert said: “Not only is the cost of energy increasing rapidly, which has a major impact on production costs, there is also huge demand for building materials and ongoing supply chain issues. While people might be aware of this, they may not realise the impact it’s having on their insurance.

“Some people may worry that alerting their insurers to the higher rebuild cost of their property will increase their insurance premium, but this rise will be negligible and is a worthy investment in comparison to the shortfall in coverage should the property be damaged. Up-to-date valuation is key to ensuring that you aren’t left out of pocket following property damage, especially during the current crisis.”

Towergate Insurance Brokers is one of the UK’s leading independent insurance brokers and risk management advisors. Boasting an experienced team of insurance specialists, Towergate Insurance Brokers has built a solid reputation for understanding many business sectors and industries, and the everyday risks that they face in today’s increasingly complex world. They also look after the insurance needs of private individuals and families seeking tailored personal covers.

 

—

Towergate Insurance Brokers is a trading name of Towergate Underwriting Group Limited.

Registered in England No.4043759. Registered Address: 2 Minster Court, Mincing Lane, London, EC3R 7PD.

Authorised and regulated by the Financial Conduct Authority.

 

Business Advice, Insurance

Is Public Liability Insurance A Legal Requirement In The UK?

Ensuring adequate protection against potential risks and liabilities is of utmost importance when running a business.

One key aspect of this is public liability insurance, which provides coverage if a business is held responsible for causing injury or property damage to a third party.

However, many business owners in the UK wonder whether public liability insurance is a legal requirement.

In this article, we will explore the regulations surrounding public liability insurance in the UK and shed light on its significance for businesses.

Understanding Public Liability Insurance

Public liability insurance is a type of insurance coverage designed to protect businesses and individuals from claims made by third parties who have suffered injury, property damage, or financial loss due to the insured party’s actions or negligence.

It provides financial protection by covering legal expenses, compensation payments, and related costs associated with such claims.

  • Coverage: Public liability insurance typically covers a wide range of incidents, including slips and falls, accidents resulting in injury, property damage caused by the insured party, or incidents related to using the insured’s premises or products. The coverage extends to legal costs incurred in defending a claim and any compensation awarded if the insured is found liable.
  • Parties Covered: Public liability insurance covers claims made by third parties, such as customers, clients, suppliers, or members of the public who may come into contact with the insured party during business operations. It does not cover employee claims or damage to the insured’s property.
  • Benefits: Public liability insurance provides businesses with financial protection and peace of mind. It helps mitigate the potential financial impact of a claim, which can be substantial and even threaten the viability of a business. This insurance coverage allows businesses to operate confidently, knowing they are protected against unforeseen incidents.
  • Coverage Limits: Public liability insurance policies have coverage limits, representing the maximum amount the insurer will pay in the event of a claim. It is essential for businesses to carefully assess their potential liabilities and select coverage limits that adequately protect their assets and mitigate potential risks.
  • Legal Requirements: The legal requirement for public liability insurance varies depending on the jurisdiction and industry. In some cases, businesses may be legally obliged to have public liability insurance as a condition of obtaining certain licenses or permits. Additionally, contracts with clients or suppliers may stipulate the need for public liability insurance.
  • Tailoring Coverage: Public liability insurance policies can be tailored to meet the specific needs of different industries and businesses. The premium for the policy is influenced by factors such as the nature of the business, the level of risk associated with its operations, and the coverage limits selected.

What Are The Legal Requirements?

In the UK, public liability insurance is not legally required. However, it is worth noting that certain industries and professional bodies may have specific insurance requirements.

For example, contractors working on construction sites or tradespeople operating in regulated sectors may be obligated to have tradesman liability insurance as a condition of their contracts or memberships.

Additionally, some local authorities or event organizers may require businesses to have public liability insurance when participating in public events or utilizing public spaces.

Despite the absence of a universal legal requirement, businesses must carefully consider the potential risks they face and the implications of not having public liability insurance. Even a seemingly minor incident can result in significant financial burdens if a claim is made against the business.

Importance of Public Liability Insurance

While not legally mandated in all cases, public liability insurance is highly recommended for businesses in the UK for several reasons:

  • Financial Protection: Public liability claims can be costly, especially involving serious injuries or extensive property damage. Insurance coverage can help protect businesses from significant financial losses that could potentially cripple their operations.
  • Legal Compliance: Although not universally required, having public liability insurance can help businesses comply with contractual obligations, industry regulations, or requirements set by specific clients or organizations.
  • Reputation Management: Accidents happen, and when they do, businesses with public liability insurance can demonstrate their commitment to taking responsibility for any mishaps. This can help protect their reputation and maintain customer trust.
  • Peace of Mind: Public liability insurance provides peace of mind for business owners, allowing them to focus on their core operations without constantly worrying about potential claims or accidents.

Conclusion

While public liability insurance is not a legal requirement for all businesses in the UK, its importance should not be underestimated. Adequate insurance coverage can provide essential financial protection, help meet contractual obligations, and safeguard a business’s reputation.

Business owners should carefully assess their specific circumstances, industry requirements, and potential risks to determine whether public liability insurance is necessary.

Consulting with insurance professionals or brokers can provide valuable guidance in identifying the appropriate level of coverage to mitigate potential liabilities effectively.

Investing in public liability insurance is a proactive and responsible decision that can offer peace of mind and protect businesses from unforeseen risks.

Employee Benefits, Healthcare, HR, Insurance, News

Aon says UK employers face unprecedented increases for private medical insurance premiums

  • ‘Perfect storm’ creating extraordinary rate increases, averaging at 18.8 percent
  • Rates rising from average of 9 percent in 2022
  • HR and finance teams advised to start conversations early to address issues

 

Aon plc (NYSE: AON), a leading global professional services firm, is advising UK employers that market pressures are pushing medical inflation to an unprecedented average high of 18.8 percent – a rise from a 9 percent average in 2022.

The combination of three key events in the UK are driving the increase:

  • Far more people are joining Private Medical Insurance (PMI) schemes. These new joiners are from corporate employers that are expanding cover to a wider employee base or employee dependents who previously had not felt the need to join.
  • One of the largest medical insurers has dropped out of the market, meaning existing schemes are largely placed with three other key insurers.
  • Of the new PMI scheme joiners, more are claiming from day one, wanting to counter significant delays in treatment from the National Health Service (NHS). Claims have increased by 29.5 percent and claimants are up by 31 percent (month by month averages in 2022 versus 2023).

These market pressures will impact employers significantly, and specifically HR and finance teams, which will need to find solutions or address costs, that, in some cases, have risen by over 50 percent.

Chris Simmons, chief broking officer, Health Solutions UK, Aon, said:

“Previously, it would have been possible to broker a favourable price by analysing needs, reviewing the market and potentially switching providers, but many providers are at full capacity due to the growing demand and there are fewer savings to be made. Our guidance to employers is to discuss this early with specialist consultants and consider all options to mitigate any impact and make better decisions.

“We are seeing far greater use of private medical benefits, which is also shown by digital general practitioners (GPs) experiencing a 50 percent utilisation, leaping from 15 percent in 2022. Traditionally, NHS GPs refer further treatment through the NHS. However, people who use a digital GP are automatically referred to private medical care.”

Rachel Western, principal, technical team, Aon UK, added:

“HR and finance teams are likely to have different approaches to this problem, with HR having a responsibility to employee wellbeing, attraction and retention, while finance has a responsibility to reduce premium costs in an economically challenging period. There are actions they can take to help the problem – benefit redesign, different funding options and focusing on a preventative health strategy to bring down claim costs. Our recommendation is for HR and finance teams to bring each other into the conversation in order to consider both the strategic and health needs of the organisation and build a more resilient workforce.”

Aon will hold a webinar on Tuesday 11 July at 10 a.m. to discuss this trend and provide guidance. To learn more and register, please visit Broking Insights: Extraordinary Increases in Medical Insurance Premiums Have Arrived.

About Aon

Aon plc (NYSE: AON) exists to shape decisions for the better — to protect and enrich the lives of people around the world. Our colleagues provide our clients in over 120 countries and sovereignties with advice and solutions that give them the clarity and confidence to make better decisions to protect and grow their business.

Appointments, Insurance, News

Another key hire for Aston Lark in Wales

Leading insurance broker Aston Lark, a Howden company, has made another key hire as it looks to expand its offering within Wales.

Alex Davies, from Brynmawr, has joined Aston Lark as an Account Executive and is part of a growing team responsible for expanding the company’s client base within this new region.

Alex joins with over 13 years of experience in the industry, beginning her career at Abergavenny firm FR Ball, where she worked with both commercial and personal clients, and led on the creation of the firm’s successful school absence insurance arm.

After 11 years, Alex made the move to national firm Thomas Carroll, where she worked on a range of commercial insurance matters, as well as again helping the company to establish its staff absence insurance offering.

Joining Aston Lark last month, Alex is now part of a rapidly growing team serving the South Wales region and will work closely with Regional Director Gary Stevens to cement the firm’s presence.

 

Discussing her new role, Alex said: “I’m so pleased to be joining Aston Lark at the beginning of the firm’s journey within South Wales and was very much drawn to Gary’s enthusiasm for the business.

“We’re already making great strides in terms of onboarding new clients, and I look forward to working closely with my new colleagues to continue this momentum.”

 

Regional Director for South Wales, Gary Stevens, added: “Alex is positioned to contribute significantly to Aston Lark’s growth and success. Her experience and dedication will undoubtedly make a meaningful impact.

“Alex is now part of a quickly growing team of driven professionals who share a common vision, and I’m very pleased that she will now play a big part in Aston Lark’s growth story in South Wales.”

 

Earlier this year, Aston Lark inaugurated its new office in South Wales under the leadership of Gary. His extensive experience in the insurance industry spans nearly four decades, including 21 years dedicated to providing insurance broking services specifically in Wales.

Aston Lark, part of Howden Group since April 2022, has more than 75 offices in the UK and Ireland, with 2,000 employees serving 200,000 customers.

 

Driving, Insurance

Insurance options for provisional drivers on a tight schedule

Provisional drivers face unique challenges as they embark on their journey to obtain a full driver’s licence. With restricted driving opportunities and a busy schedule, it’s crucial for these drivers to have appropriate insurance cover. In this guide, we will explore the world of temporary car insurance and how it serves as an ideal solution for provisional drivers on a tight schedule.

 

Understanding provisional drivers and their challenges

Provisional drivers are individuals who have a provisional licence, allowing them to drive when supervised. These drivers often face restrictions and limitations, such as curfews, passenger limitations, and hours driven per day. 

Balancing these constraints with a hectic schedule can be overwhelming, highlighting the need for flexible insurance options.

 

Temporary car insurance for provisional drivers

Temporary car insurance is designed to provide short-term cover for drivers who require insurance for a specific duration, such as provisional drivers with tight schedules. It offers the flexibility and convenience needed to meet their unique requirements. With policies like day car insurance for learner drivers, provisional licence holders can obtain the necessary cover without being tied to long-term policies.

Temporary car insurance offers several benefits specifically tailored to provisional drivers on a tight schedule. Firstly, it provides flexibility in policy duration, allowing drivers to customise cover to match their needs. 

 Lastly, temporary car insurance provides peace of mind during practice sessions, ensuring that provisional drivers are adequately covered.

 

Factors to consider when choosing temporary car insurance

When selecting temporary car insurance, provisional drivers should consider several important factors. Researching insurance providers is essential to ensure reliability and credibility. 

Evaluating cover options and limits helps drivers choose a policy that aligns with their specific needs. 

Comparing costs and affordability is crucial to find the most suitable insurance within their budget. 

Lastly, checking reputation and customer reviews provides insights into the customer experience and satisfaction.

 

Alternatives to temporary car insurance

While temporary car insurance is a popular choice for provisional drivers, there are alternative options worth considering. 

Named driver insurance allows provisional drivers to be added as named drivers to an existing policy. 

However, according to data from Cuvva, a learner driver could save thousands by getting temporary learner cover rather than getting as an expensive named driver to a parent’s policy. 

By comparing the cost between being added as a named driver and opting for temporary learner insurance, they found the savings could amount to over £2,000. 

Their data used the example of a 19-year-old male residing in Cardiff. If he were to be added as a named driver to his parent’s Vauxhall Astra Active policy, the additional cost could reach a staggering £2,132. 

However, by choosing temporary cover for the recommended 20 hours of practice outside of lessons, he would only need to pay a mere £223. 

 

Steps to obtain temporary car insurance

Obtaining temporary car insurance involves a few essential steps. Begin by gathering necessary information, including personal details, vehicle information, and provisional licence documentation. 

Obtain quotes from multiple providers to compare cover and costs. 

Thoroughly read and understand policy terms and conditions to ensure they align with specific requirements. 

Finally, make an informed decision based on cover and affordability.

 

Driving tips for learners

Let’s finish up with some quick tips:

  1. Practise defensive driving: always be aware of your surroundings and anticipate potential hazards.
  2. Master the basics: ensure you are comfortable with essential driving skills, such as steering, braking, accelerating, and using turn signals.
  3. Follow traffic rules: obey traffic laws, speed limits, and road signs at all times.
  4. Use mirrors and check blind spots: regularly check your rearview and side mirrors to be aware of your surroundings.
  5. Stay calm and focused: driving can be stressful, especially as a learner driver.
  6. Practice parking: spend time practising parallel parking, parking in reverse, and entering/exiting parking spaces.
  7. Learn to merge and change lanes: properly merging onto highways and changing lanes requires proper signalling.
  8. Maintain a safe following distance: keep a safe distance from the vehicle in front of you.
  9. Be mindful of weather conditions: adjust your driving style according to weather conditions.
  10. Stay up to date: continue learning even after you pass your driving test.

 

Temporary car insurance serves as an excellent solution for provisional drivers on a tight schedule, offering flexibility, convenience, and tailored cover. It allows drivers to meet their insurance needs without being tied to long-term commitments. By exploring temporary car insurance options and considering alternatives, provisional drivers can find the ideal cover to ensure peace of mind and compliance with legal requirements. Adequate insurance is vital during the provisional driving phase, providing the necessary protection as drivers

Insurance

Insurance Made Simple: A Practical Guide for Self-Employed Business Owners

When it comes to sorting the administrative details out for your business, there are some elements that just feel beyond painful. One of those is ironically insurance, given that it is supposed to be something that gives you absolute peace of mind that your business is safe in the event something unexpected should occur. That said, it doesn’t need to be the headache that it so clearly is, and it can be a lot easier than you might think.

As far as self-employment goes, we’ve seen a steady increase over the last couple of decades, though COVID-19 brought with it an inevitable decline in self-employed people in the UK. That said, with COVID seemingly in the rear-view mirror, we are seeing some signs of a recovery regarding the figures relating to those that choose to work for themselves. This is something definitely worth celebrating, but also the perfect opportunity to consider what makes a business successful, but above all bulletproof in the face of adversity.

Of course, there are countless things that make a business successful – above all, a steady income and a solid customer base. But just how reliable are those things when it comes to maintaining the business? What if something goes awry along the way? Can you afford not to take out insurance to ensure your company’s future? These are all questions well worth asking yourself when you think about the longevity of your business.

 

Think about yourself

It goes without saying that if you weren’t the kind of person to take risks, you wouldn’t have a business in the first place, though of course there is an element of caution required. This insurance tends to fall into two categories; personal and business insurance. That’s not to say there aren’t other kinds of categories, but these are the two primarily worth focusing on.

The priority for you should always be personal, so life insurance is a necessity, especially if you have a family that depends on your income. As well as this, you should look for insurance in the event of something unexpected happening – for example, illness or injury. If this prevents you from doing what you do best, then can you really afford to carry on without a requisite plan in place?

Income protection is also something to really think about, and this does naturally tie in with thinking about your business. But if anything should go wrong with that business, it’s always good to know you have a failsafe plan in place.

Taking care of yourself and your family is paramount, as without this foundational step, business success would be nigh on impossible regardless. Even having said that, your health and wellbeing, as well as that of your family, are much more important than any success in business.

 

Then think about your business

If you have the foundation in place, then there’s a good chance success for your business will generally follow suit, but of course there are many important things to consider for the safety and security of your business in the longer-term future. As mentioned, income protection is important, but liability insurance should be a priority.

Public liability insurance pays out in the event of any error from your business that results in injury or damage to a member of the public. An example of when this might be required is when someone slips due to a spillage within your commercial property. In many cases, customers may wish to see proof of insurance when doing business with you.

As well as this, professional indemnity insurance for bookkeepers is an absolute must-have. Professional indemnity insurance (PI) offers protection in the event that a customer or client claims that they have received poor advice that has resulted in loss of profits or harm to their own business. Much like with public liability insurance, you may feel that it’s unneeded, but it’s a vital safety net in any case.

Then we come to some of the more practical and tangible kinds of insurance, such as buildings and contents insurance, equipment insurance, and goods-in-transit insurance. These are all fairly self-explanatory, but they are crucial in the event of a fire or a burglary of your premises. As with most insurance, hopefully you won’t need it, but it’s always there if you do.

 

In any case, insurance should be a priority if you are self-employed, because life is highly unpredictable at the best of times. We only have to look at the pandemic, the cost-of-living crisis, and countless other political maelstroms to recognise that insurance matters big time.