The Match Report – CII Tournament

On Tuesday 20th June 2017, BC Underwriting and Bennett Christmas took a strong team to play in the CII South East Region 5-a-side tournament at Goals Beckenham.

We arrived confident after winning the same tournament last year and with a couple of new additions we felt we had a good chance of repeating that feat. First up was RSA. We started fast and got an early goal to settle the nerves through a Gilbert strike. It was the same man again who soon after added his second. After making a couple of substitutions to shut up shop, a keeper error handed us a penalty which Gilbert took with aplomb to take the match ball home. The game finished 3-0 and any nerves had been put to bed.

On to our second game against Travel Insurance Facilities. It’s fair to say we were strong favourites for this game as we were the team to beat. It was another fast start and after a couple of reflex saves from the opposing keeper, it was that guy Gilbert again who found the breakthrough with a tidy finish. We then got another penalty after good work from Simmons who then tucked away his first penalty of the tournament. It was Hartley’s turn to get in on the act as he fired in from close range. The scoring was rounded off with Gilbert getting his second of the game. Final score finished 4-0 with another solid and professional performance.

It was another long wait until our next game against Avantia, and you would have thought we might have taken our feet off the gas. Absolutely not, as Hartley fired in a brace and workhorse Spinks joining the party with a sublime finish. (more…)

Manufacturers need to prioritise cyber security, warn experts

Are manufacturers putting off their cyber defences because they don’t believe themselves to be at risk, or because they simply don’t know where to start?

In 2011, the government and IT specialists Detica undertook a study which suggested that hi-tech manufacturers, including those working in aerospace, electronics and pharmaceuticals, were high-risk targets for cyber crime.

Yet despite this caution, less than a third (31%) of manufacturers see cyber security as a high priority. This is in contrast to the financial services, 60% of whom rated cyber security as a very high priority, and is even less than retailers at 39%. (more…)

Wake-Up Call For Businesses After NHS Hit With Ransomware Attack

Over the last 48 hours, news headlines have been dominated by the ransomware attack which has affected some NHS services and numerous other organisations around the world.

Ransomware is a form of virus that encrypts your files, making them inaccessible. The criminals behind the attack then demand a ransom payment in exchange for the decryption key that will restore access.

As with other types of virus, ransomware is typically spread via emails which spoof high profile brands.

All users are reminded not to click email hyperlinks or attachments unless you know the sender and were expecting the message. (more…)

Do I Need Professional Indemnity Insurance If I’m Self Employed?

More and more of us are discovering the joys of working for ourselves, leaving traditional workplaces to become self-employed or start our own small companies. Since 2008, the number of freelancers working in the UK has increased 36% from 1.4million to a staggering 1.91million.

According to a report by the Association of Independent Professionals and the Self Employed (IPSE), freelance workers are present in most of the UK’s major industry groups but are most strongly represented in education, health and social work (21%), professional, scientific and technical activities (20%), and arts, entertainment and recreation (12%). The report states that 255,000 freelancers take on independent work as a second job, whilst for 1.65 million freelancers it is their main occupation.

With so many self-employed individuals getting to grips with their own tax, laws and insurance covers, we ask if professional indemnity insurance should be on your shortlist…

What is professional indemnity insurance?
Professional Indemnity (PI) insurance covers individuals or organisations providing professional services to clients against things going wrong which lead to expense, either for the client or the provider. This could include claims stemming from breaches of professional duty, negligence, or just plain human error. Protecting your finances with PI insurance means you would be able to continue trading in the event of a case. (more…)

Directors & Officers Insurance: A Business Essential

Imagine you have the opportunity to invest £100,000 for your company, with a 70% chance of providing a 20% return within five years. Do you decide to go for it? Now consider whether your decision would be different if you could be held personally liable for making the wrong decision; your home and other assets are on the line. Do you have the same approach to risk?

This simplified scenario demonstrates why Directors & Officers (D&O) insurance exists. Senior employees are exposed to civil and criminal liability in relation to a host of responsibilities including employee safety, tax and finance law. Company law can also give rise to personal liability, for example if directors know a company is about to become insolvent but continue trading anyway, resulting losses can potentially be recovered from their personal assets.

D&O insurance gives directors and officers the confidence to know there is support to pay compensation or defend claims or prosecutions when things go wrong. It’s not a ‘get out of jail free’ card to excuse negligent behaviour, but it does provide valuable protection in difficult situations.

Let’s consider seven key things you need to know about D&O insurance. (more…)

Insurance Firm Goes To Top Of The League In Regional Tournament

Burgess Hill-based insurance firm BC Underwriting have heralded the start of Euro 2016 by going to the top of their league.

BC Underwriting, fought off 21 teams, scoring 25 goals and conceding just two from five league and three knockout matches, in the Chartered Insurance Institute’s (CII) South East regional tournament.

The event pitched five-aside teams from Pavilion Recruitment and members of the Insurance Institutes of Surrey, Sussex and Kent against each other at Beckenham on Tuesday, June 7. (more…)

How Does Professional Indemnity Run-Off Cover Work?

Run-off cover does not vary greatly from a standard PI policy. To understand how run-off cover functions, you first must understand how claims-made insurance policies operate.

Run-off cover, like PI insurance, operates on a claims-made basis. Claims-made policies cover claims made during the policy period, regardless of when the incident or negligence took place. Claims-occurring policies, on the other hand, cover incidents or negligence that occurred during the policy period, regardless of when the claim was made. (more…)

Spring In to Action

As the clocks go forward this weekend, there’s a few things you should be aware of.

Spring is the most popular time to see the start of renovations and building work – so how do you protect contractors working at your business?

The lack of control of contractors working at your premises can lead to accidents and injuries to both the contractors and your employees.

Failing to control contractors has also resulted in damage to premises, machinery and equipment and loss of business as well as civil claims for compensation and prosecutions of clients who didn’t fully appreciate the extent of their duties in relation to their contractors. (more…)