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Birmingham: + 44 (0) 121 452 8450
London: + 44 (0) 207 983 9039
Leominster: + 44 (0) 156 831 3313
Kidderminster: + 44 (0) 1562 215215
Dudley: +44 (0) 1384 900500
Leicester +44 (0) 116 303 3372
insurance brokers Birmingham, insurance brokers London, risk management insurance brokers Birmingham, insurance brokers London, risk management insurance brokers Birmingham, insurance brokers London, risk management
Birmingham: + 44 (0) 121 452 8450
London: + 44 (0) 207 983 9039
Leominster: + 44 (0) 156 831 3313
Kidderminster: + 44 (0) 1562 215215
Dudley: +44 (0) 1384 900500
Leicester + 44 (0) 116 303 3372

Cyber attacks are threatening small businesses

Cyber attacks are threatening small businesses according to the government’s Information Security Breaches Report.  They are rapidly becoming the biggest headache for small businesses.
The latest report shows that in 2014, 60% of small businesses had a security breach, the average cost for which is between £65,000 and £115,000. Typical attacks centre on software which is laden with viruses and infections and is aimed at extracting personal data on customers from small businesses.
In the light of these findings, more and more companies are now beginning to realise the importance of being insured against such cyber risks. There is a whole new ‘first time buyers’  market opening up while other companies, such as those in sectors with a higher risk, such as retail, are looking for higher insurance values.
The message coming from all angles is clear – the need for insurance against cyber attacks has never been greater.
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The Need for Cyber Insurance

The need for Cyber Insurance is at an all-time high and only last week the Government called on businesses to take it out.  The damning report showed that 81% of large UK businesses had suffered an online security breach last year, yet a staggering 98% of firms had failed to take out insurance that could help them recover. The same report showed that 60% of smaller firms had suffered a data breach.

Cyber threats are estimated to cost the UK economy billions of pounds each year yet many companies are seemingly unaware that insurance can be taken out against cyber risks.

Cabinet Minister Francis Maude said in a statement that it is part of the Government’s long-term economic plan to make the UK one of the safest places in the world to do business online.

At Jobson James, we have extensive knowledge and experience and are well placed to help businesses, large and small, to mitigate cyber risks. We can help you handle cyber threats.

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Insurance brokers: what do they do?

The difference that insurance brokers have from insurance providers is they work for you, rather than the insurance company.

Brokers use their acquired experience and knowledge to help their clients correctly assess their insurance needs, shop for the best value in insurance coverage as well as aiding you in the event of a claim.

A majority of brokers may help you with a quote online, possibly over the phone, however, personal consultations are advised as it will be easier to answer any questions you might have, ensure there are no misunderstandings and no details are overlooked.

Insurance broker services include:

– The assessment of an individual’s needs and obtaining suitable quotes; this will depend on the business, property or vehicle that is being insured which may call for an insurance valuation, taking photos or an inspection report.
– Comparing the coverage from different insurers to get you the best rates and conditions in an unbiased manner along with making recommendations.
– Seek opportunities that will reduce overall premiums by combining the different types of insurance for any discounts.
– Outlining all fo the premiums, terms, conditions and any small print that you may not understand.
– Provide an administrative follow-up, such as any changes in the mortgages and certificates of insurance.
– Provide advice and revisions at policy renewal or mid-term, if material changes are necessary, such as a move or the sale of any asset.
– Their availability to answer any of your questions after the purchase, a large majority of brokerages will be well-established in their community and insurance is their primary basis.
– Making sure the claims are handled with no bias. They will help you throughout the process and ensure you have a fair and quick settlement. Brokers will make a positive difference to an insurer’s payout in a substantial number of claims.

All of these services, should not cost you as a broker is paid a commission through the insurance company that your business is placed with and should value complete transparency with this regard.

Please visit our website for more information about Jobson James Insurance Brokers Birmingham do.

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A Generation of Renters

A generation of renters is a real prospect, in spite of the Conservative’s pledge to build more than 200,000 new homes by 2020.  While for home owners, the surge in house prices has been most welcome, for the next generation, the chance to get on the housing ladder gets ever further away.

The revelation by the Nationwide recently that home ownership among 25-34 year olds – the traditional age for taking a first step on the housing ladder – had fallen sharply (from 59% to 34%) was a stark warning that we may be staring at a generation of renters.  It heralds a major social change.

It is, however, good news for property owners – and whether you are a property owner, manager, developer, letting agent or residential landlords, we at Jobson James can help you.  We work with portfolios large and small and can offer comprehensive insurance protection, from leading insurers, for your investment property.

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Government’s Cyber Streetwise Campaign

Government’s Cyber Streetwise Campaign in their latest report claims that SME’s are putting up to a third of their revenue at risk because they are failing to guard against cyber attacks. 25% of those surveyed thought that cyber security was ‘too expensive’ and 20% admitted they didn’t know where to start.  This leaves firms vulnerable to losing valuable data and suffering both financial and reputational damage.  Yet there are some simple steps firms can take to protect themselves, their cash flow and their data such as keeping software up to date and using passwords.

A third of small businesses suffered a cyber attack from someone outside their business last year, the average cost of which is between £65,000 and £115,000.

Worth thinking about?


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Cyber Risk

Cyber risk continues to grow in importance. The news that up too 100 banks and financial institutions worldwide have have been attacked in an unprecedented cyber robbery has put the spotlight, once again, on the area of cyber risk.

This latest attack, it is rumoured, could amount to up to £648 m of losses.

While it is rumoured to have allegedly primarily involved Russian Banks, it should not mask the real threat of cyber attack for all companies – large and small.  Bigger companies have more data and more to lose (and, for the attackers, theoretically deeper pockets) but SME’s are more vulnerable to damage and business disruption.  Think about your business and imagine  how it would cope if it lost all its data, or its systems were damaged.  In all probability, your functionality would, at best, be severely compromised.

The global cyber market is currently estimated to be worth circa £350 million and cyber exposure is one of the growing worldwide risks.  Yet, few companies have cyber insurance in place.

At Jobson James, we are all too aware of the threat imposed by cyber crime and we see this as an area for increased attention in the coming years.

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The new Insurance Bill

The new Insurance Bill, which was passed in the House of Commons, will update aspects of commercial insurance law currently governed by the 1906 Marine Insurance Act.  It will result in the most significant change to insurance contract law for over a century.
Given that the new bill only requires royal assent to be brought into law, we at Jobson James will be taking all the necessary steps to prepare for the new legislative requirements.
The new Insurance Bill aims to align business insurance rules more closely with those that govern regular insurance.  One key change is that the duty of disclosure imposed on brokers will no longer apply.  A policyholder will now have to disclose every matter it knows or ‘ought to know’ and which would influence the judgement of a potential insurer on whether to insure the risk, and on what terms.  The new bill will also prescribe what it considers should be known or ‘ought to be known’.


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The risk management process

There a select number of foundational elements that will need to be considered when evaluating the most suitable way to implement enterprise risk management (ERM).

The key elements, process, integration, culture and infrastructure, vary in complexity across industries and firms.
In risk management, the purpose must be clear, along with requiring reliable inputs, thought through activities and value added outputs.

Identifying the risk

The risk assessment process would begin by identifying and prioritising the risks of a company, giving inputs to form an effective risk response which will outline the current state of capabilities around managing the risks that are a priority.
The assessment will consider the following factors: impact, likelihood, velocity and persistence.

Measuring the risk

Considering not all risks are quantifiable, it is common practice to increase the transparency by developing these quantitative and qualitative risk measures.
The methods used to measure the risks can range from risk rating and claims exposure to the more complex methods including, value at risk and earnings at risk.

Evaluating the risk

Depending on the priority risks identified, the causes and susceptibility towards measurement, the management will decide on the appropriate risk response.
The responses are likely to be grouped with similar risks that may consist of natural families or risks sharing constitutional characteristics such as common drivers, positive or negative correlations etc. that are consistent with a portfolio view.

The business will first decide whether to accept or decline a risk based on its assessment varying on the risk being desirable or undesirable.
Desirable risks are those that the company believes will be able to be monitored and managed; undesirable risks are those that are the complete opposite.

Mitigating the risk

The selected risk response will lead to management being able to identify the possible gaps in the risk management capabilities and have the chance to improve them in order to implement the risk response.

It would then proceed to be monitored to see if there would need to be any further action to take.

The risk management process will differ depending on the company, whether it is the company’s goal to reduce risk or performance variability to an acceptable level or facilitate taking more risk in the pursuit of value creation opportunities.

Please visit our website for further details of the risk management service we provide.

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Why you need insurance

Seeking out business insurance can be a difficult and lengthy process.

What a business wants is an insurance policy that will protect them for future mishaps and disasters.

Insurance is important to have as it is this law; if you are employing, insurance is a legal requirement.
Employers’ Liability Cover will protect your staff and labour only sub-contractors in the event of an accident or injury in the workplace, for which you are legally liable.

Considering the size of your company and the cost of cover insurance can be daunting, however, you may ask yourself if it would be risky to no take out insurance.
The domino-effect of issues that could arise, if an accident that isn’t insured occurs in the workplace, could be prevented with the correct insurance cover – this can be discussed with your insurance broker.

Liability Insurance – An employer’s liability insurance is the most common insurance that is taken out by a business.
If an employee suffers from an injury, are taken ill or even death, and is deemed as a result of their work – you may be held accountable.

Ensure that you plan ahead for potential disasters so they can be prevented and essentially your business protected.

For further information on our insurance services, please visit our website!

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What are claims management companies?

Claims management companies are businesses that offer a claims management service to the public.

Each work in different ways, sometimes depending on the amount of money that is paid to them; they consist of advice and services given in respect of claims for compensation, repayment or any other remedy for loss or damage.

You may have to pay a fee for the work the claims management company do, however as well as, or instead of this, the company might:

– make you take out an insurance policy to ensure that you won’t have to pay anything in case of a loss on the case and are charged for side costs
– refer you to a solicitor, in this case a discussion will have to be arranged in regards to payment on the case

For more information, visit Corporate Insurance Birmingham or Corporate Insurance London.

If a case is won, there is a possibility that the other side could cover the cost of the insurance that had been taken out, as well as compensation.
In saying this, there is no confirmation or guarantee that the all of the cost of the insurance premium will be reimbursed.
Plus, the compensation that is received may have to be used to cover the interest charge on a loan that may have been taken out for insurance.

There are three main differences between using a claims management company that uses solicitors in contrast with directly employing a solicitor are:

– the payment method
– some claims management companies use a claims manager who acts as a go-between for your and the solicitor
– lastly, a claims management company might insist that you should take out an insurance policy that will cover your opponent’s costs if you lose your case, along with a loan to pay the insurance policy premium

These things will be arranged singularly when using a solicitor.

For more advice and information, you can visit our site for Claims Management Birmingham /  Claims Management London to see what we can offer you.

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