Businesses face increased chance of theft

Insurance companies are warning that there may be an increase of computer theft as a result of the recent earth quake and tsunami in Japan.

Production of key electronic and computer components such as flash memory chips, batteries, and microchips used in mobile phones and computers has been disrupted by the recent events in Japan.  With Demand for these components on the black market likely to increase, so are the chances of theft.  Consideration should be given to improve security and to make sure your business is adequately insured for computer equipment, please see the RSA Insurance property security advice document

For further information or advice on how best to protect your business assets, please contact ECS Insurance Brokers on 01142 802 830

Cost of Agency Workers Set to Sky Rocket

Regulations coming into force in October will give agency workers unprecedented new rights that could end up costing businesses.

As of the 1st September 2011 The Agency Workers Regulations are to be amended giving unprecedented new rights, businesses who rely on agency temps to supplement their existing workforce will find that the new regulations increase the costs of doing so.  With penalties of £5,000 for each agency worker against businesses that deliberately attempt to avoid the regulations, the potential impact of falling foul of the new rules is not to be sniffed at.

The regulations will give agency workers unprecedented new rights.  They will now be entitled to the same facilities and amenities as permanent staff from day one.  These include things like canteen and childcare facilities as well as transport services (for example car parking), prayer rooms and shower facilities.  Although temps won’t be entitled to sick pay, occupational pensions, redundancy or maternity pay, businesses may find hiring temps significantly less economical than they did before.  A break between or during assignments will not trigger a new 12 week qualifying period unless the temp stops working at the business for more than six weeks. However, sick leave of up to 28 weeks, annual leave, a temporary cessation of work for a pre-determined time (such as school holidays or seasonal factory shutdown), jury service of up to 28 weeks, and any industrial action will only cause the qualifying clock to pause if the agency worker returns to the same role.  In circumstances where the absence is for reasons relating to pregnancy, childbirth, or maternity, paternity or adoption leave, the qualifying clock will continue to run even during absence.

Claims for failure to provide the same basic conditions could prove costly so businesses are advised to review how long agency workers are needed for an assignment and engage with agencies in order to ensure that their temps receive equal treatment to comparable permanent employees.

ECS are advising businesses to make sure their existing insurance portfolio includes optional extensions to mitigate these costs.  If you would like more information or should you wish to have ECS check you have adequate cover in please, then please contact ECS Insurance Brokers on 0114 280 2830

Riot damages act 1886

The Riot Damages Act 1886 states that the local police authority has a legal responsibility to reinburse any persons who sustained damage to property as a result of riot.  The wording of the statute is explicit in that any claim under the Act must ‘’be made in writing and received by the local police authority within 14 days of the alleged incident”  so we can assume insurers will impose a clause on all claims being notified to them within 7 -10 days of the incident occurring.

If an insurer misses the 14 day deadline then there is a chance of your claim being declined, so we advise contacting your insurance broker immediately who will be able to assist you.  Alistair Steward director of QuestGates loss adjusters said: “We would anticipate that in the face of central government cuts that any police authority would look to resist applications for extension as the time limits here provide a straightforward loophole for them to use to keep payments to a minimum.  We strongly urge insurers to alert their policyholders to the need for immediate action when notifying claims relating to the recent riots.”

ECS can provide its clients with their own loss adjuster who will provide a detailed report of damage including the cost of repairs, ask your insurance broker if they can offer you something similar.

For more information please visit our earlier post http://bit.ly/qTDREc or contact ECS Insurance Brokers on 0114 280 2830

Biba gives advice to those effected by the riots

The British Insurance Brokers’ Association (BIBA) is advising those people unfortunate enough to be affected by the recent riots around the UK to speak to their insurance broker as soon as possible so they can assist with their loss.

Most home insurance should cover people for fire, looting or damage and many policies will also cover people for alternative accommodation costs if they cannot stay in their home.  Commercial insurance policies will normally cover businesses for damage to their premises, including the financial loss due to interruption to their business as a result.  Some policies will also cover those businesses which are not damaged, but whose trade is affected by the aftermath.

Graeme Trudgill, BIBA’s Head of Corporate Affairs, said: “We want to do everything we can to help those affected.  It is important for people to contact their insurance broker to arrange for immediate help and support and to make the affected property as secure as possible.“

Steve Foulsham, BIBA’s Technical Services Manager, commented: “The majority of insurance providers operate a 24 hour claims line and can help people arrange for emergency repairs and the damage to be inspected as quickly as possible.”

One dip or two?

With the US lifting their debt ceiling to a staggering $16.7tn and a large number of high street stores going in to administration, it doesn’t look as though the economic climate is going to improve any time soon.  So what does this mean for UK businesses? Are we, as some reports suggest, at the start of a ‘double dip’ and if so what can be done to protect you and your businesses.

Firstly, its imperative to identify the new risks we face.  Employee fraud and theft are both on the increase.  ECS were the victims of theft recently when our air conditioning units were stolen from our premises which just goes to show no one is immune.

Being able to identify risks early means that with a few simple steps you can mitigate or even remove them.  Improving security and checking you have the relevant insurance cover in place can take only a few minutes.

If you’re concerned about the risks you and your business may encounter over the coming years, please feel free to contact ECS Insurance Brokers on 0114 280 2830.  See some of our other articles including the Which business insurance is right for you Tool on our blog page