insurance

Small Businesses Admit They’ve Wasted £12.6bn On Bad Consultants

Small Businesses Admit They’ve Wasted £12.6bn On Bad Consultants

UK small businesses have admitted they’ve wasted £12.6bn on consultants that didn’t improve the performance of their business. According to a report by Zeqr, UK enterprises spent £60bn on external experts last year – though an estimated one million small firms didn’t get value for money. Accounting was the most sought after area for advice, with businesses forking out £9.1bn for help with their numbers. This was closely followed by insurance (£5.3bn), IT (£4.1bn), payroll and pensions (£3.3bn), and website building (£3.1bn). Despite the high costs, its suggested that 49% of small businesses avoid hiring external consultants because of over inflated costs, with 36% citing scepticism about their level of expertise as a barrier. Dr David Fraser, business expert and author, said: “Smaller orga... »

Half of Small Firms Fail to Back Up Data

Half of Small Firms Fail to Back Up Data

More than half of small businesses are at risk of losing critical information by failing to back up company data, research from communications firm Unicom has found. A Unicom survey of 800 small firms revealed that 55 per cent did not back up their data at all, leaving themselves completely unprotected. The remainder used different back-up methods, with 14 per cent choosing to back up their files to another PC, six per cent backing up online, five per cent using tape storage for back up files, and 20 per cent using another method. A lack of know-how by firms and the perceived ‘hassle-factor’ were the two main reasons for not backing up company files, according to the poll. But data stored on work computers was often ‘crucial’ to the running of the company, Unicom&rs... »

Government Extends Trade Credit Insurance Scheme

Government Extends Trade Credit Insurance Scheme

Small businesses are set to benefit from changes to the Government’s £5 billion trade credit insurance top-up scheme, which aims to help firms protect themselves against defaulted payments during the recession. Launched in May this year, the top-up scheme is designed to counteract the effect of insurers reducing or withdrawing credit insurance from small suppliers during the recession. The initiative enables businesses to buy government-backed top-up insurance. Firms can either restore cover to the original level or increase the amount they are able to obtain from the private sector. Four credit insurers – Euler Hermes, Atradius, Coface and HCC– are offering the scheme to eligible businesses. Following Government changes to the scheme, the £20,000 lower limit ... »

Mitigate Your Risks Through Insurance

Are you a small business facing big risks? Gary Head of specialist insurer, Hiscox, explains how to mitigate your risks through insurance. Owning your own business can be a stressful thing at the best of times. Aside from the trials and tribulations of simply running the business on a daily basis, there is the wider issue of the external environment that businesses operate in. This marketplace can be characterised by increasingly complex levels of risk exposure, for businesses of all sizes. Some of the statistics are quite stark. There are 4.3 million small businesses in the UK and last year 56% of them settled employment disputes out of court. Small business owners spend 28 hours a month filling in forms for government and according to the business department’s small business survey... »

Professional Indemnity Insurance

Protect your business with professional indemnity insurance and read this simple guide to professional indemnity from leading specialist insurer Hiscox. What is Professional Indemnity? It’s the kind of insurance that protects your business from financially crippling and often reputation-damaging claims by dissatisfied clients. Because in this everything-by-yesterday world, even the most respectable companies can find themselves in dispute with a client over a mistake. Below we list some of the danger areas your business could be exposed to: Negligence: or breach of duty of care Intellectual property: unintentionally infringing on others’ copyrights, trademarks, broadcasting rights, any act of passing off Loss of documents/data: damaged, lost or stolen data and documents belongi... »

Household Insurance

There are two kinds of household insurance policy. Buildings insurance covers the structure of the home together with its fixtures and fittings. Contents insurance covers the contents of the home which you would take with you if you moved. As well as covering you against a stated list of risks (including, for example, fire, subsidence, theft, flood and storm) both kinds of policy provide an important “liability” section. This pays for amounts of money for which you become legally liable. You don’t have to insure your contents and buildings with the same insurance company. The household insurance market is very competitive and it is always worth shopping around. However, using the same company may help to streamline claims handling if you suffer damage to the buildings and... »

Home Contents

What is Covered? A contents policy covers just about everything you would take with you if you moved. Furniture, furnishings, household goods, kitchen equipment, food and drink, televisions, video, computer and audio equipment, clothing, personal effects, and valuables up to stated limits. Boats, caravans and motor vehicles are usually insured separately. “Risks” Most policies cover loss or damage to your possessions, while in your home, by: Fire Theft Lightning Escape of water from tanks, pipes, washing machines or dishwashers Leaking oil from heating systems Storm Flood Subsidence Heave or landslip Falling trees, aerials or satellite dishes Riot or malicious acts Explosion Earthquake Impact by aircraft, vehicles or animals Many policies include accidental breakage of mirrors,... »

Bad Weather – Flooding

Question and Answers – Flooding The questions and answers in this section are categorised. Please choose below :- Domestic and Commercial Motor Caravans General Further Information This document is reproduced with the permission of ABI – The Association of British Insurers. »