Glasgow Business . 41
www.glasgowchamberofcommerce.com
“Increasingly the insurance market is waking up to the importance of risk management as a key determining factor in setting insurance premiums”
notably waste management/ recycling, however, remain extremely difficult to place as there is very limited capacity across the market. High levels of self-insurance within this sector are inevitable,” Gary explained.
HONESTY IS THE BEST POLICY
Te Insurance Act 2015 which came into force in February is good news for businesses. “It aims to take the sting out of insurance, making warranties, terms and conditions much simpler,” explained Ian Storm of Circle Insurance. However, it is also a double-
edged sword. “It now means that the onus is back on the customer to tell their insurance companies everything. Honesty is the best policy for ensuring any claims get paid out. If you say you have a certain kind of alarm and you don’t, then this could invalidate your claim. And companies that give litle detail can expect to pay higher premiums.” Also, it’s important to flag up
what you are doing to manage risk to bring down your premiums. Gary explained: “Increasingly, the insurance market is waking up to the importance of risk management as a key determining factor in seting insurance premiums. We work closely to assist clients applying a positive approach to risk management in all aspects of their business
operations. Tis applies equally to motor fleet business where, for example, driver training programmes, regular vehicle maintenance and the use of telematics systems have a direct bearing on claims and, ultimately, therefore premiums. Your broker must be fully aware of all positive risk management features so that they can be properly highlighted to underwriters to ensure the best possible terms.”
NEW THREATS ONLINE
An emerging threat that companies may want to cover themselves for is cyber crime. “Cyber Liability insurance has
certainly hit the spotlight in recent times, with increased media coverage of cyber crime and new legislation pending in regards to data protection,” explained Gary. “Tere have been a number of high-profile events in the news, both domestically and internationally, in regards to cyber atacks and confidential data becoming exposed.” Ian points out that this type of
insurance isn’t just for big firms, either. “While many think hacking and viruses only really affects big business or those in e-commerce, it’s actually an issue for many small businesses. It can affect you if you hold customer information electronically or even bank online. Let’s say your PC is atacked and a virus releases the data on your
WHY CHOOSE A BROKER?
There are several benefits of using an insurance broker over going direct to an insurer, explained Ian Storm of Circle Insurance. “Insurance companies focus on keeping their overheads low and maximising sales, and keeping claims settlements to a minimum. A broker on the other hand will be fighting your corner to make sure any claim is paid and you’re put back in the position you were in prior to the loss.” Brokers also offer advice and make sure your company is ticking all the
boxes. “A good broker should be judged on the quality of its advice and the level of its service, not whether it is offering the cheapest premiums for insurance, as you may not be getting the right cover for you,” Ian said. “It’s not uncommon for a good broker to offer things such as advice and even templated forms for carrying out risk assessments to make sure they have a paper trail should a claim arise.” Gary Kidd of Boyd Insurance advises avoiding involving multiple brokers.
“They will invariably approach the same providers. Multiple approaches can affect an underwriter’s view of their chances of securing a piece of business and their level of appetite generally reduces as a consequence.”
customer base, you would be in breach of data protection legislation and could face a huge fine from the Information Commissioner.”
REPUTATION IN AN AGE OF SOCIAL MEDIA
Directors and Officers Liability insurance is now beginning to expand to cover reputational risks, particularly in the age of social
media. “You could be covered up to £50,000 to maintain the reputation of your brand should something happen. Companies oſten don’t have the resources to respond to reputational threats from social media when something happens. Social media is a big, big job. Tis kind of coverage will pay for someone to manage your reputation on social media.”
Circle Insurance Services Plc’s Glasgow office caters for all classes of general insurance and all types of commercial customer.
As a family owned, Chartered, Independent insurance broker we can guarantee our focus is providing a professional competitive insurance programme which is bespoke to each client’s needs. And when a claim occurs we are there through every step of the process to ensure a fair and swift settlement for our customers.
Our aim is to offer the same level of expertise, service and support to each client, regardless of size or financial value to our business. With offices across the UK and direct access to Lloyds of London we’ve got our customers covered.
Circle
71 Berkeley Street Glasgow G3 7DX
Tel 0141 249 9914
www.circleinsurance.co.uk
Insurance Services Plc
Insurance Brokers
Authorised and Regulated by the Financial Conduct Authority
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