Your Business With James Caan 2017 - 251

INSURANCE

This is because you're more likely
to drive further and at busier times
than usual, and therefore your
potential risk of a claim increases. If
you use your own vehicle for business
purposes, you must inform your
insurer so it can change your cover
to match the new circumstances.
When it comes to getting quotes for
business car insurance, in addition
to the usual information required
(your age, model of car, profession
and claim history) you'll need to
give details about the nature of your
business and estimated mileage.
There are a variety of policies that are
available, so speak to your insurer for
advice on the relevant cover for you.

CYBER ATTACKS

YOUR HARDWARE IS ALWAYS AT RISK - AND THAT MEANS YOUR
INFORMATION IS TOO. BUT THERE ARE WAYS TO PROTECT YOUR PROFITS
companies always open to staff security
errors and breaches, cyber attack
insurance is now increasingly important.
Cyber policies have kept up with the
changing face of cyber crime and cover
the broad range of risks companies now
face. Many policies also include a "breach
response" element, which provides a
number to call in case of an incident.
Your insurer will then guide you through
With high-profile cyber attacks hitting

a process to help minimise damage and

the headlines over the past few years,

loss caused by a cyber event.

security risks have been thrust into the

Cyber policies can therefore put

In a similar way to employers'
liability, public liability insurance
covers your business against injury
claims by customers or other
members of the public. These types
of claim are becoming increasingly
common, so cover in the event
of such an incident is crucial.
Without the right insurance in
place, someone tripping up when
walking into your shop could spell
disaster, so get yourself tailored cover
to make certain your entire business
doesn't fall down at the same time.

spotlight. Everyone from celebrities to

an effective strategy in place in case

multinational corporations has suffered

something does go wrong, as well as

cyber attacks, and it's true to say that no

offering financial protection.

PROPERTY

PUBLIC LIABILITY

Commercial property insurance covers
your place of work and its contents
in the event of a fire or flood. This
can include buildings, fixtures and
fittings, plus anything from computers
and business machinery to cash
and stock, whether this is work in
progress or finished goods for sale.
Property insurance will also
typically cover business interruption
that involves any consequences
following property damage, such as the
possible loss of profit and increased
costs to rebuild the business.
If your business is based in
your home, your homeowner's
insurance policy is unlikely to cover
any business-related losses, so it's
imperative to extend your policies to
cover business risks such as property
damage. That said, homeowner's
insurance may not necessarily be

one is safe - including small businesses.
Cyber attacks have not only become

GET SUPPORT

more frequent but the cost is also going

As well as your insurance company,

up, with breaches resulting in millions of

there are other professional bodies that

pounds' worth of compensation, fines

can help you protect your business.

and lost business every year. For SMEs,

Membership of a not-for-profit business

the cost of the most severe breaches can

support organisation, for example,

now reach over £300,000, according to

allows access to dedicated business

the government's Information Security

support services and advisers. It can

Breaches survey. The survey also found

also include comprehensive legal

that 74% of small and medium-sized

expenses insurance that covers the

businesses had reported suffering an

cost of defending claims such as

information security breach.

employment disputes, health and safety

Following the government's cyber
security guidance (see ncsc.gov.uk/

issues and tax investigations.
Schemes also offer members access

guidance) can help you to manage your

to business resources including legal

company's cyber risks, but with hackers

advice and partner networks offering

becoming ever more sophisticated and

facilities including employee healthcare.

able to cover all your home-based
business needs, so speak to your home
insurance provider to find out how
to ensure that you're fully covered.

HEALTH INSURANCE
Your staff are among your most
valuable business assets, so it pays
to look after them with private
health cover. Offering a group health
insurance plan also helps to attract
and keep quality workers, plus the
employee premium you pay as a
business owner is tax deductible,
so providing health insurance as

part of your employee benefits
package has advantages all round.
There are numerous options,
which means you can offer your
employees one plan or let them
choose from multiple plans. Other
things to consider are whether you
want to offer only health coverage,
health and dental coverage, or only
dental coverage. You can also choose
how much you pay towards your
employees' premiums, whether to
offer coverage to their dependents
and how long new employees must
wait before joining the plan.

251
http://ncsc.gov.uk/
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