Cyberattacks can ruin small businesses. In 2022, the average cost of cyber security breaches in the in the United Kingdom was £1,200 across all businesses. Research in early 2021 found that 41% of UK SMEs had suffered cyberattacks over the previous 12-month period, with 20% experiencing multiple attacks. As many as 1.3 million UK SMEs could collapse completely after falling victim to a cyber-attack. Christopher Ashton, Cyber Insurance Lead at The Insurance Octopus, emphasises why cyber security is vital for a small business owner… Unfortunately, a large number of SMEs believe they are too smal ..read more

The January sales have evolved from a chaotic rush to grab bargains on the High Street, to a month-long blizzard of promotions, especially online. But these events also come with a certain amount of risk. Christopher Ashton, Head of Cyber at The Insurance Octopus says: “For those handling many more online sales we’d urge them to tighten up their cyber security to mitigate risks which could lead to data breaches and fines. Cyber criminals will aim to take advantage of the fact that more consumers than usual will be shopping online.” In the face of these challenges, Sophos’s data10 report almost ..read more

In 1977 BIBA was founded to represent the independent insurance brokers. In 1988 following the Financial Services Act BIBA improved its membership to include the independent Financial Advisors and then became the British Insurance and Investment Brokers Association. In 1994, in light of the increased pressure that Financial Advisors were under, an association was created dedicated to representing their interests only.  This resulted in BIBA implementing a sister organisation called the IFA Association. In September 1991 the organisation removed the word ‘investment’ from their busine ..read more

Running a café or coffee shop in the UK can be a lucrative business. After all, these are the go-to places for both locals and visitors looking for food and refreshments in relaxed surroundings. Executives grabbing Americanos on the way to work, groups of friends having a catch up over lattes, creative types setting up office for hours at a time – the customer base is diverse and, more importantly, regular. Public-facing businesses such as this present many risks that need to be catered for with bespoke shop insurance. If you’re considering opening a café or coffee shop in the near future and ..read more

Accidents happen in the workplace.  An employee can trip over stray wires in an office, they can slip on a wet floor in a retail shop, all resulting in a possible employers liability claim. Luckily, businesses are legally obligated to invest in Employers Liability Insurance, meaning you’re protected, while covering the needs of your employees too! Some work places or industries are shown to have a high rate of injury or illness in comparison to other industries, but then Employers Liability insurance premiums will usually reflect the high risk and low risk industries respectively. We’ve p ..read more

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z Aggregate Aggregate is a policy in which the level of cover you choose applies to the sum of all accumulated claims you make during one policy period. For example, if you choose an aggregate insurance policy that had £1m level cover, then £1m is the maximum amount your insurer would pay for all of the accumulated claims in one policy period. Legal Costs of a claim are included in the level of cover and are counted as part of the sum. It is the opposite of any one claim cover. Any one claim Sometimes ..read more

The minute it hits 15 degrees or over, you can guarantee customers will flock to your beer garden! The UK has a famous (or infamous!) love for drinking al fresco, and rightly so. But there are risks involved in mixing booze with heat, pint glasses, and gazebos. Take these preventative measures to ensure your establishment is operating safely while sacrificing none of the fun. While you’re at it, take a look at our Pub Insurance page for all the info you need on protecting your business!  Give out plastic cups Most sensible pubs will collect pint pots, glasses, and tumblers in after dark ..read more

Contractors All Risks Insurance can also be known as Contract Works Insurance.  This type of insurance is needed if you are involved with extending, refurbishing, converting an old building or working a new building. As a contractor or builder you will be responsible for the work until it has been handed over; you’re therefore  responsible for all the costs of having to complete the work again should something happen to the building beforehand. What does Contractors All Risks cover? During a building contract, materials and labour will be used to complete the project ..read more

With more people than ever opting to eat consciously, whether the change is for diet purposes, ethical reasons or other health causes, many cafes and coffee shops are having to adapt to their customers’ new way of thinking – and eating. Here are just a few ways that you can simply, easily and efficiently adapt your services to meet your customer’s needs. Start small A great way to discover the scale of the market you have for vegan or dairy-free services is to begin offering beverages such as coffees, teas or hot chocolates with other forms of milk. For example: soy, oat and almond milk. Not o ..read more

You’ve worked hard to build a positive, collaborative culture in your office and your team enjoy turning up each day, motivated in their roles to work hard. Fantastic. But how do you ensure this energy and enthusiasm lasts month in, month out, year on year? As your business grows, or possibly at times declines, and is affected by micro and macro factors, such as a valued member of staff moving on, or a change in the economy, you’ll want to do everything you can to continually build upon that culture you’re worked so hard to cultivate. Mixing up your work environment both inside or out of the o ..read more