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Sarah Clements

Accountants Insurance Requirements – What Insurance Do You Need?
Accountants Insurance Requirements – What Insurance Do You Need? 1000 666 James Hallam

Accountancy is high risk work, and if anything goes wrong, the potential losses for you and your clients can be significant. In this post we will outline the key insurance cover you should get for your accountancy firm, to help protect you, your business, and your clients’ assets.

To begin with, we shall outline the forms of cover that you may be required to get, by law.

Legally Required Insurance for Accountants

You have a legal requirement to get certain forms of cover for your accountancy business, such as:

Employers Liability Insurance: If you employ any staff, then you must get employer’s liability insurance. This will cover your employees for any accidents, injuries, or illnesses they may sustain while in your employment.

Regulatory Requirements: Financial regulation bodies may require you to get certain forms of liability cover as a condition of your registration. They may specify a certain level of cover in accordance with your income. You may also be required to get buildings cover as part of your leasing agreement on your business premises.

Essential Insurance for Accountants

While accountants may not be legally required to hold certain forms of insurance, it is still essential for you to hold cover critical to protect you and your clients. This includes:

Professional Indemnity Insurance For Accountants

Professional Indemnity insurance is vital for accountants. Your clients trust you with their money, and they rely on your advice and expertise to make sound financial decisions. If anything goes wrong, they may make a claim against you, on the grounds of negligence, error or omission, or similar.

In this case, professional indemnity insurance can cover your legal costs, as well as any compensation your client may be due. Without this cover, you would be liable to meet these considerable expenses yourself.

Professional indemnity insurance is such a critical form of cover for accountants that some clients may refuse to work with you unless you have a comprehensive policy in place.

Public Liability Insurance

This can cover members of the public for any accidents or injuries they may sustain while visiting your business premises. The cover can extend to your clients and customers, as well as contractors, delivery drivers, and more.

This form of cover is particularly important if you regularly see potential and existing clients on your premises. But it can also cover you for accidents that may occur if you visit a client on their own premises, or even in a public place.

Contents Cover

While buildings insurance can cover the physical structure of your business premises, contents insurance can cover your fixtures, fittings, and furniture, along with the various equipment you use to conduct your business, including your phones and laptops.

Business Interruption Insurance

This can cover you for any loss of profits if you are ever unable to conduct business as usual, for whatever reason. For example, a fire or a flood could temporarily prevent access to your business premises. Or you may be unable to trade while a regulating body conducts an audit of your operations.

Cyber Insurance

This is another particularly important form of cover for accountants. As you handle large amounts of sensitive financial information, your accountancy firm may be a prime target for a cyberattack.

While cyber insurance cannot itself prevent a cyberattack, it can cover the expenses associated with responding to a data breach. This can include any financial losses you or your clients may sustain, along with the costs of notifying clients, and even the PR work to help protect your reputation following the breach.

Get Specialist Accountants Insurance From James Hallam

James Hallam is an independent Lloyd’s broker with access to a hand-picked selection of A-rated insurance providers. We can help you understand the unique business risks you face as an accountant, before helping you get comprehensive insurance cover at a competitive price.

Find out how we can help you today.

 

Common Causes of Event Cancellations and Insurance Implications
Common Causes of Event Cancellations and Insurance Implications 1000 667 James Hallam

A thorough risk assessment and good contingency planning can help you keep your event on track in the face of many unexpected developments. Yet in a worst case scenario, you may have no choice but cancel your event. This is why it is vital to get comprehensive event cancellation insurance as part of your specialist event insurance policy.

In this post we will outline some common causes of event cancellations, along with the sort of contingency planning that could help you avoid an outright cancellation.

Preparing For Cancellations and Why Insurance Is Essential

It is important to plan the steps you will take should you need to cancel your event, for whatever reason.

You will need a means of:

  • Notifying all delegates, along with the venue staff and your guests, that the event is not taking place.
  • Investing in additional paid advertising, so as to ensure that your message is seen by as many people as possible.
  • Refund some or all of the fees from attendees and sponsors.
  • Reimburse certain travel or accommodation expenses for speakers.

Dedicated event cancellation insurance can cover you for all of these expenses, fee refunds and more. This is why it is essential to take out your insurance as early in your planning as possible.

Common Causes of Event Cancellations

Bad Weather

Many events are cancelled due to adverse weather conditions. High winds and heavy rains can cause real risks for outdoor and indoor events. Snow can seriously disrupt travel, and flooding can jeopardise even a sheltered indoor event.

You might plan for bad weather through having an alternative venue in mind to which you can relocate if necessary.

Yet bad weather is just one aspect of event planning that is genuinely beyond your control. This is why it is crucial to get the cover you need for unexpected ”events” that may coincide with the event you are running.

Non-Attendance and Cancellations

If one of your speakers pulls out, you may not have to cancel your event outright, but you may have to deal with a number of refund requests. However, if a keynote speaker pulls out, or if multiple speakers cancel at once, and if you cannot find replacements then you may have no choice but to cancel or reduce the content delivered.

You can plan for this scenario through developing a list of alternative speakers you might reach out to if you need to fill a slot at short notice. You can also manage your delegates’ expectations with a disclaimer that your event’s programme is “liable to change”.

Yet if refunds or cancellations cannot be avoided, once again event cancellation insurance can cover you for any costs you may need to meet.

Venue Cancellations and Safety Issues

Your chosen venue may suddenly cancel your event, perhaps as a result of safety issues, of structural damages, or due to a scheduling conflict.

If you are not able to find an alternative venue in time, you will have to either reschedule your event or cancel it. Your event cancellation insurance can help mitigate the losses you may incur as a result of unexpected venue-related issues.

Other Unexpected Events

A range of additional unexpected events may compromise your event, which may make you consider cancelling:

  • Road closures
  • Building work
  • Industrial action
  • Terrorism
  • Riots and public disorder

Such events are out of your hands, which can make risk assessments and contingency planning difficult. Event insurance can give you peace of mind that you will be covered for insured losses that will arise from such situations. Yet to avoid any unpleasant surprises, check your policy wording in advance to ensure that there are no exceptions to your cover that are of concern.

Get Specialist Event Insurance From James Hallam

As we have seen, there are many situations that may force you to cancel your event, some of which are beyond your control. This is why dedicated event cancellation insurance is vital.

James Hallam is an independent Lloyd’s broker with access to a hand-picked selection of A-rated insurance providers. We can help you get the comprehensive event cancellation cover you need, to ensure you are fully covered for all contingencies with no risky gaps in your cover.

Get in touch for a free quote today.

Location Risk Analysis & Assessment for International Events
Location Risk Analysis & Assessment for International Events 1000 667 James Hallam

Organising an international event can expose you to a number of risks beyond those that you would ordinarily face when putting on an event in your home country. And if something goes wrong, the potential financial and reputational damages could be much more severe.

Just as you would when organising an event in your home country, you should take the time to analyse and assess every risk you could face when running your event, including fires, onsite injuries, and cybercrime. This will help you form a plan for managing and mitigating these risks.

Beyond these standard risks, in this post we will share some location risk analysis and assessment tips for international events.

Analysing Location Specific Risks For International Events

As early in the planning process as possible, use your PCO or DMC, if you have one, or the host city’s Convention and Visitors Bureau (CVB), if there is one. They may be best placed to advise you on location specific risks for your event, as well as any necessary licenses you may need to acquire, or regulations you may need to follow.

Location specific risks may include:

  • criminal activity
  • potential for civil, political, or industrial unrest
  • risks associated with the use of public transportation in your host city

You could also contact the venue directly, along with any local hosts or organising committees you may be liaising with.

You could also consult the government website for the latest foreign travel advice.

Risk Assessment and Risk Management Tasks for International Events

Advise Your Delegates of Precautions

If delegates will be travelling from multiple countries to attend the international event, then you should advise them of any special precautions they should take when travelling to and attending your event.

This can include some travel advice, but you should also signpost them to official channels so they can get the most up-to-date information. You could also provide a directory of useful contacts they may need in the host country, such as the emergency services.

Plan For Emergencies

Some risks may be beyond your control. For example, an ash cloud could cause severe delays to global flights, which could seriously compromise your event. Earthquakes, civil unrest, and other sudden disasters could force you to significantly delay your event, or even cancel it outright, at short notice.

You should plan for such emergency situations accordingly. You will need fast and reliable means of communication with all event and venue staff. The communication strategy should account for time differences and language barriers.

You will also need a means of disseminating information to your delegates as quickly as possible. Emails can get overlooked, or lost in spam folders, so it is important to use all possible communication channels. For example, you might consider setting up a dedicated app for your event, which could allow you to send updates instantly to all attendees should you need to notify them of emergencies or local transportation difficulties.

Get Insurance Cover As Early As Possible

Planning any event is a complicated process. Planning an international event can be particularly problematic, as you may be exposed to the sort of risks that are completely beyond your control.

This is why it is important to get comprehensive events insurance as early in the planning process as possible. This can cover you for any issues you may encounter when planning the event, such as venue changes and issues with speakers or transportation. It can also cover you if you need to cancel your event outright at short notice.

James Hallam is an independent Lloyd’s broker with a dedicated team of experienced insurance professionals who specialise in getting you the cover you need at a competitive price.

Our dedicated event insurance services can include cover for the specific risks you may face when organising and running international events.

Learn more about our specialist insurance services for the event sector.

 

 

What is a Bareboat Charter and How is it Different to a Time Charter?
What is a Bareboat Charter and How is it Different to a Time Charter? 1000 563 James Hallam

In the shipping industry, you have a choice of charter arrangements. In this post we will outline the key features of bareboat charter arrangements, and discuss how this arrangement differs from a time charter arrangement, and a voyage charter arrangement.

What is a Bareboat Charter?

A bareboat charter is a type of leasing arrangement. It involves hiring a vessel without any crew, fuel, or provisions.

In a bareboat charter, the charterer who has hired the vessel takes on full responsibility for every aspect of the subsequent shipping operations, including the management of crew, cargo, and logistical tasks such as fuelling and procurement. They will take on these responsibilities for the duration of the pre-agreed charter period.

Types of Bareboat Charter

There are two types of bareboat charters:

  • Commercial maritime bareboat charters
  • Leisure craft bareboat charters

Each type of bareboat charter is subject to different regulatory requirements, and there will be different insurance requirements depending on the nature of the charter.

In this post we will focus on commercial maritime bareboat charters. We shall cover leisure charters in a future post.

Commercial Maritime Bareboat Charters

This is a bareboat charter taken out for commercial purposes, including cargo shipping, industrial operations, or offshore procedures. These charters typically involve large ships and specialised vessels, including tankers, Crew Transfer Vessels and cargo ships.

Commercial maritime bareboat charters are often long-term, with the charter period lasting for months or years. The charterer assumes full operational control of the vessel, including crewing, bunkering, insurance and maintenance.

A commercial maritime bareboat charter is normally be referred to as a Charter Party Agreement (CPA).

What is a Time Charter?

In a time charter arrangement, the shipowner hires out their vessel for a specific period of time. Whereas bareboat charter arrangements involve hiring out the vessel, in a time charter arrangement the shipowner may also hire out their crew, along with certain supplies and bunkers. The shipowner may also retain responsibilities for maintaining and insuring the ship for the duration of the charter.

What is a Voyage Charter?

In a voyage charter, a shipowner will hire out their ship, usually along with their crew, for a single voyage, or for a set number of voyages. The charter will only apply for this specific voyage, or for a round trip between specified ports. The shipowner will also retain responsibilities for maintaining and insuring the ship for the duration of the charter.  The charterer will often be responsible for and/or own the cargo.

What is the Difference Between Bareboat Charters, Time Charters, and Voyage Charters?

Here is how bareboat charters differ from other types of charters:

  • In a bareboat charter, the charterer has full flexibility over their crew, their schedules, and even the ongoing maintenance and insurance of the ship. In both voyage and time charters, the shipowner retains responsibilities for the ship’s operations, insurance or management.
  • Bareboat charters allow charterers to do things their way. With total control over the routes they take, the cargo they carry, and the vessel’s maintenance schedules, they can streamline their operations for maximum profitability.
  • Time charters and voyage charters are mainly used in the world of commercial shipping, but bareboat charters can be taken out for recreational use too.

Choosing the Right Type of Charter

No type of charter is inherently “better” than any other type. There are situations when a time charter might work best for all parties involved, and situations where a voyage charter might prove most convenient.

Yet a bareboat charter offers a good balance of flexibility and cost-effectiveness for charterers, while giving shipowners a reliable source of income without any of the expenses and responsibilities that the other arrangements might entail.

Fore more, you can also read our full guide to the differences between time charters and voyage charters.

Bareboat Charters – Insurance, Regulatory, and Financial Considerations

Bareboat charters offer charterers a huge degree of flexibility and control, making them a popular option for maritime shipping companies. However, when a charterer hires out a vessel as part of a bareboat charter arrangement, they will take on a lot of extra responsibilities. You need to ensure you can meet all applicable compliance requirements while managing all the risks:

  • Legal and regulatory: The charterer will have to obtain all necessary permits and licenses for the vessel, the cargo, and the voyage. They will also need to ensure the vessel meets all relevant safety and environmental requirements. In a CPA, this can involve meeting SOLAS, ISM Code, MARPOL, and flag state requirements.
  • Financial: The charterer will be responsible for meeting all operational costs, from the crew wages to the fuel expenses and insurance. They will also need to schedule and pay for all necessary maintenance and repairs, and they will need to pay for all applicable port fees and other charges for every voyage they undertake.
  • Insurance: In a CPA, the charterer may be responsible for arranging adequate marine insurance for the duration of the bareboat charter. This may include cover for hull and machinery, and for protection and indemnity. Depending on the nature of the operations, they may also need to arrange specialist cover for war risk and for Protection and Indemnity Specialist Operations cover.

Which Type of Charter is Right For Your Voyage?

If you cannot decide which type of charter is right for your voyage, we can help you.

Our short Charters Liability Insurance Questionnaire will help you understand your operation’s possible exposure to risk. This will help us provide the best package of insurance cover and terms for your voyage.

Want to discuss your requirements in more detail? Get in touch with our marine team by calling us on 020 3148 9540 or email info@everardinsurance.co.uk

 

Mid-Season Boat Engine Checks and Maintenance
Mid-Season Boat Engine Checks and Maintenance 1000 668 James Hallam

Ongoing checks and maintenance over the summer can keep your boat clean and efficient throughout the season, while also helping you avoid costly repairs in the long-term.

In this post we will outline some essential mid-season boat engine checks and maintenance tasks that will help you enjoy a summer of smooth sailing.

Mid-Season Boat Engine Checks

You should routinely check:

  • Your engine’s oil levels. Throughout the season, try to keep the oil between the min and max marks.
  • Antifreeze, or a water cooling system, levels, if your engine has these.
  • Fluid leaks, whether it is oil, coolant, or water. You may have to use a torch to search the dark parts of your engine compartment for signs of leaks. If you see any sign of leakage, even if it is just a single drop, locate the source and address it immediately. Leaks can get worse over time, so the earlier you can fix them, the better.
  • All the parts of the engine – including the belts, hoses, and any other moving parts – for signs of degradation, including splits, cuts, or chafes.
  • Check on consumables and components. Read the manufacturer’s guidance for instructions on how often you should clean or replace certain components, such as the water pump impeller.

Mid-Season Boat Battery Checks

Check your boat battery’s charge as often as you can. If it is ever lower than you expect, enlist a trained mechanic to address any issues, or look for any faulty equipment on your boat that may be draining the charge.

Also check the terminals for signs of corrosion. This is another area where the sooner you address a problem, the less it could cost you overall.

Mid-Season Hull Maintenance

Check all cleats, seals, and other fittings for signs of leaks or water entry. Check your anodes from time to time for signs of rusting, and detangle any debris from your propellor as often as possible.

Throughout the summer, it can also help to routinely rinse the deck and hull with fresh water. This can prevent salt and dirt from accumulating, which can make the more thorough hull maintenance a lot easier once the season draws to a close.

Other Mid-Season Boat Checks

  • Make sure all of your onboard safety equipment is still in code and in good condition. Check the manufacturer’s guidelines for more information about each item’s lifespan, and replace anything that needs replacing as soon as possible.
  • During the long summer days, it can be easy to take your boat’s lights for granted. So make sure to check your boat’s navigation lights as often as possible, so you can replace any faulty or burnt out bulbs long before the nights draw in.

Ongoing Seasonal Boat Maintenance

We have a complete guide to the sort of safety inspections you should make each season, to keep your boat in good dependable condition all year round. Read our guide to seasonal boat safety inspections.

We also have a detailed guide to cosmetic repairs and hull maintenance, a dedicated guide to boat maintenance in the winter, and a guide to off-season storage for boats.

Get The Right Cover For Your Boat Throughout the Mid-Season and Beyond

Everard Insurance Brokers are the specialist marine trading division of accredited Lloyd’s brokers James Hallam Limited. We can help you ensure you have the insurance you need to cover your boat throughout those busy mid-season summer months, and beyond.

Find out more about our dedicated marine insurance services.

Shoplifting Policies and Procedures: What To Include
Shoplifting Policies and Procedures: What To Include 1000 527 James Hallam

Most shops will likely have to deal with shoplifters. Reports indicate that shoplifters across the country may be getting increasingly “brazen”, and that shoplifting may be costing UK stores up to £2bn a year.

It might not be possible to entirely eliminate shoplifting from your store. But with the right shoplifting policies and procedures, you can at least manage and mitigate the loss.

In this post we will discuss what you should include in your shoplifting policies and procedures, and how you can communicate them with your staff to ensure they are enforced.

What Are Shoplifting Policies and Procedures?

Shoplifting policies and procedures are documents that explain your shop’s approach to shoplifting. Usually, shoplifting policies and procedures will provide:

  • A definition of shoplifting. What exactly is it, and how does if differ from other forms of theft?
  • Outline the scale of the problem
  • Provide steps your staff can take if they suspect that shoplifting is taking place.

One thing to bear in mind: Shoplifters can get violent and abusive when confronted. Your shoplifting policy and procedures should account for this. While taking steps to reduce loss, you should never lose sight of your staff’s safety and wellbeing.

Staff Training on Shoplifting

As part of your shoplifting policies and procedures, you should include some mandatory training for all staff. This could cover:

  • Understanding shoplifting, and common shoplifting techniques.
  • Customer service techniques to deter potential thieves. For example, approaching and politely engaging with a potential thief, without confronting them directly, could let the thief know that they are being monitored.
  • Procedures for safely handling incidents of shoplifting. When should staff intervene, and when should they refrain, to avoid personal injury? And if they cannot prevent the theft, how should they record and report it, and what other steps should they take afterward?
  • Following an incident, you should make time for a review to discuss the matter with any staff who were involved. But this is not a disciplinary procedure. It is an opportunity to highlight what went wrong, along with any steps you and your staff could take to prevent further theft.

Regular Stock Takes

As part of your shoplifting policy and procedures, you should carry out regular stock takes. As well as giving you an idea of the scale of your loss, it could also help you identify the sort of items in your store that thieves are most likely to target and when.

If you can spot any patterns of theft, you might have an idea of the steps you can take to reduce the risk.

Identify High Risk Items

Are thieves more likely to target certain items in your store? Your policy and procedures should identify these items, and outline the steps your store will take to protect these items.

If your staff know what sort of items thieves will prioritise, they will know to be extra vigilant should they see anyone acting suspiciously around them.

Security Procedures to Reduce Shoplifting

Outline the systems you have in place, or that you intend to install, to manage theft in your store. These might include:

  • CCTV systems
  • Electronic article surveillance (EAS) tags, and other anti-theft devices
  • Locked cabinets and display for your more expensive items
  • Facial recognition software
  • Signage to let potential thieves know about the systems you have in place

Your shoplifting policies and procedures should outline how you expect your staff to interact with these systems. For example, will you use CCTV passively, so as to ensure that you have a record of any incident? Or do you expect your staff to actively monitor the feeds to prevent theft?

How to Communicate Your Shoplifting Policy and Procedures

It is one thing to have shoplifting policy and procedures. But it is equally important to communicate your policy, to ensure that your staff can understand and enforce your procedures.

First, you should share your policies and procedures with all new hires during their induction. All staff should get a refresher at least once a year too, perhaps as part of their appraisals.

You could also create an accessible version of your policies and procedures, perhaps in the form of a graphic poster, which you could hang in the staff room.

Get The Right Cover For Your Retail Store

Specialist retail shop insurance can help protect your store from many of the risks you face. A comprehensive policy may not prevent shoplifting, but it can give you the cover you need to bounce back from any major disruptions or disasters.

James Hallam is an independent Lloyd’s broker with a dedicated team of experienced insurance professionals who care about protecting your store. Whether you run an online store, a single high street shop, or a chain of shops, we can help you get the cover you need at a price you can afford.

Find out how we can help your shop today.

How to Reduce Café and Coffee Shop Business Insurance Costs
How to Reduce Café and Coffee Shop Business Insurance Costs 1000 527 James Hallam

Specialist café and coffee shop insurance can cover your establishment for the unique risks you will face when preparing and serving hot drinks and food to the public.

Read our guide to how café and coffee shop insurance works, and what it covers.

If you are shopping around for your first policy, or you are looking to renew an existing policy, in this post we will outline some techniques for reducing the cost of your café and coffee shop business insurance.

What Can Affect The Price of Café and Coffee Shop Business Insurance?

  • Coffee shop location – If your coffee shop is in an area with relatively high crime rates, it can increase the risk of theft, which can increase the cost of cover.
  • Number of staff – If you employ any staff, you will have a legal requirement to get employer’s liability insurance. The more staff you have, the more this might cost you.
  • Shop size – The bigger your coffee shop, the more your insurance will cost. A larger shop will cost more to repair following an incident such as a fire or a flood. Plus, the more customers you can serve and seat at once, the greater the risks of slips, trips, spillages, and other accidents. This can make claims more likely, which can result in higher premiums.
  • Food – If you serve food alongside your coffee, for example, you may have to pay more for cover.
  • Extras – Many other factors can affect the price of your policy. If you put on events at your coffee shop, such as live music or poetry performances, it can mean more risks, which can mean higher premiums.

How to Reduce Café and Coffee Shop Business Insurance Costs

If you want to bring down the costs of your café and coffee shop business insurance, there are a number of things that could help.

Invest in Security

If your café is in an area with relatively high crime rates, investing in extra security can help reduce your cover. This might include roll shutters, extra secure locks, CCTV, alarms, and so on.

Invest in Training

Certain types of staff training can also help bring down the cost of cover. A skilled barista may be less likely to spill a drink on a customer or their property, and they may be less likely to prepare drinks or food that could result in food poisoning or other unwanted effects. Plus, training your staff to spot security risks can help reduce losses from theft, which could reduce your premiums.

Choose How You Pay

Pay Annually
You can often make a saving on your cover if you pay in an annual lump sum, rather than in monthly instalments.

Consider Combined Policies
Some insurers also offer discounts if you buy combined policies rather than separate policies. For instance, you could pay less for a combined buildings and contents policy than you would for getting each policy separately.

Consider Higher Excesses
You could also save money on your premiums through offering to pay a higher excess. However, this can be a risky move. If you ever have to make a claim on your policy, a higher excess could mean that your settlement will not be lower than you expected.

Use an Insurance Broker

If you buy an off-the-shelf insurance policy, you may end up paying for some forms of cover that you do not really need. Or worse, you may find you are underinsured for certain risks.

Talk to an insurance broker, and they will take the time to understand your cover requirements. They will then help you get a tailored policy that meets all of your needs at a price you can afford.

Get Bespoke Cover For Your Coffee Shop From James Hallam

James Hallam is an independent Lloyd’s broker with a dedicated team of experienced insurance professionals who care about protecting your café or coffee shop.

Whether you run a single coffee shop, a chain of coffee shops, or a mobile coffee van, we can help you get the insurance you need at the best price.

Learn more about how we can support your Coffee Shop or Café.

What Happens If I Do Not Have Hotel Insurance?
What Happens If I Do Not Have Hotel Insurance? 1000 527 James Hallam

If you run a hotel, you have a legal requirement to get certain forms of hotel insurance. But other types of cover are optional. So, what happens if you do not have hotel insurance?

In this post we will outline why comprehensive, specialist cover is something that no hotel of any size should be without.

What Insurance Do Hotels Legally Need To Have?

If you employ any staff, then you have a legal requirement to get employer’s liability insurance. This will cover your staff for any accidents and injuries they may sustain while on the job.

You may be required to get buildings cover as part of your mortgage or your property leasing agreement. And if you are a member of any professional bodies, you may need to get certain forms of liability cover as a condition of your membership.

Beyond this, there are no other laws or regulations to say that your hotel has to get adequate insurance for other risks.

What Risks Do Hotels Face?

Running a hotel is an inherently risky business. On an almost daily basis you will likely have to deal with a number of small problems, any one of which could quickly escalate into a major issue:

  • A guest could accidentally or intentionally damage furniture, fittings, or fixtures. You will have to pay for repairs or replacements before any other guests can use their room.
  • A member of staff could accidentally spill food or drink on a guest, or their property. The guest may make a claim against you, for injuries or for damages.
  • A fire or a flood could force you to close for weeks, or even months. For as long as you are closed you will not make any money. But you will still have to pay for repairs, and you will still have to cover all of your bills and your staff’s wages.
  • A mistake in the kitchen could lead to an outbreak of illness among your guests. Every affected guest could make a claim against you. You may also have to deal with reputational damages, and even a visit from the health inspector.
  • A power cut, or issues with other utilities, could leave your guests without water, heating, or electricity. Every single one of them may request a refund.
  • A lengthy power cut could also mean food in fridges and freezers has to be thrown away, which could be very costly.
  • Thieves could break into your hotel at night, lifting cash from your tills or safe. Or a dishonest employee could rob you of thousands over a long-term period.

What Happens If I Do Not Have Hotel Insurance?

If you do not have insurance to cover you for losses like those listed above, then your business will have to pay for any costs to put things right, or for legal representation to gain funds from the responsible party, if there is one.

What Does Hotel Insurance Do?

Hotel insurance can cover most, if not all, of the costs that may arise from any of these situations. For example, public liability insurance can cover the legal fees, along with any compensation, that may arise from accidents, illnesses, or injuries guests sustain while staying at your hotel. Business interruption insurance can cover any loss of income you may experience if you are forced to shut for an extended period.

Without hotel insurance, you would be liable to meet these costs yourselves. For this reason, even a small problem could potentially sink your hotel business.

Be sure to read our full guide to what hotel insurance covers, and why you need it.

You will find some additional guides for hoteliers on our site:

Get the Tailored Hotel Insurance You Need

James Hallam is an independent Lloyd’s broker with a dedicated team of experienced insurance specialists. We are committed to protecting your hotel, your staff, and your guests from every risk you might possibly face.

No matter if you are running a large or a small hotel, we can tailor a niche insurance package to ensure you are covered for all risks at the best possible price.

Find out how we can help you get a bespoke and cost-effective hotel insurance policy today.

Social Media Influencer Insurance – Do I Need It?
Social Media Influencer Insurance – Do I Need It? 1000 545 James Hallam

If you use social media as part of your work, or if you have a significant online following, then you may need social media influencer insurance.

Even if you do not consider yourself to be an “influencer”, you may still need some specialist insurance to cover the work you do on social media.

In this post we will discuss what social media influencer insurance is, what it covers, and why you should consider it.

What Is Social Media Influencer Insurance?

This is specialist liability insurance for social media influencers and other professionals who use social media as part of their work. Social media influencer insurance can cover anyone who uses their social media channels to promote products and services for third parties.

So, if an individual or a company pays you to endorse their product on social media, influencer insurance could provide essential cover should anything go wrong with your professional relationship.

This specialist insurance can also provide essential cover for public figures, celebrities, and other influential online figures with large audiences. A misguided social media post, or a throwaway comment in an interview, could be considered slander or libel, which could result in costly legal action.

What Does Social Media Influencer Insurance Cover?

Social media influencer insurance can cover the legal fees, along with any compensation that might be due, for a number of claims:

  • Defamation – If an individual or a company claims a negative post is slanderous or libellous.
  • Negligence – If the influencer represents a company or a brand, then poor online conduct can put this company or brand in a bad light. This could be considered negligence.
  • Breach of contract or confidentiality – A promotional contract may specify a certain number of promotional posts, or it may even outline the desired outcomes, in terms of the number of likes or followers. If the influencer fails to meet these terms, they will be in breach of contract. Similarly, if they share any information that is classed as confidential, they will also have breached their contract.
  • Intellectual property infringement – If a post uses copyrighted images, videos, or music without permission, then it could result in a highly costly intellectual property infringement claim.
  • Regulatory breaches – Online content, along with all promotional content, is highly regulated in many parts of the world. If a social media influencer breaches any statutes, standards, codes, or regulations, it could lead to fines or legal action.

Who Might Need Social Media Influencer Insurance?

  • Actors, athletes, politicians, celebrities, influencers, and other public figures with large online followers.
  • Paid content creators including YouTubers, streamers, and bloggers.
  • Podcasters, TV personalities, radio personalities, and anyone else who may speak or be invited to speak on broadcasts.
  • Digital marketers who promote third party products or services on social media.

Do I Need Social Media Influencer Insurance?

If you make your living online, whether as an influencer or a digital marketer, then your reputation is everything. Businesses and brands will choose to work with you as a direct result of your large following and your influence. And when they work with you, they will expect results.

But your situation may be more precarious than it seems. A single off-colour post, or an absent-minded comment in a stream or an interview, could destroy your influence in an instant. And should this happen, it could compromise any contracts you have with your sponsors.

They could make a claim against you, for breach of contract or negligence. Or anyone else involved in an online scandal could accuse you of libel or slander. In any case, this could result in hefty legal fees or compensation payments. And without sufficient cover, you will be personally liable to meet these costs.

We Can Help You Get The Specialist Social Media Influencer Insurance You Need

Online careers can be fragile, and far too many seem to fail overnight. Social media influencer insurance will not itself protect your online reputation. But it will at least ensure that, should anything go wrong, you will be covered for all resulting costs. You should think of social media influencer insurance as an essential safety net that can ensure that a bad situation will not get any worse.

James Hallam is an independent Lloyd’s broker with a dedicated team of experienced insurance professionals who care about protecting your online brand.

We will take the time to understand your public profile, and your relationships with your sponsors and promoters. We can then help you get the specialist insurance you need to cover you for the risks you face as a social media influencer.

Learn more about our specialist insurance services.

 

What is Commercial Crime Insurance?
What is Commercial Crime Insurance? 1000 563 James Hallam

Commercial crime insurance will give your business cover for losses that can arise from criminal activity such as theft, forgery, or embezzlement.

What Does Commercial Crime Insurance Cover?

A commercial crime insurance policy may provide cover for all risks, or for named risks. In any case, your policy may provide the following core areas of cover:

  • Losses from third party criminal activity including robberies that take place on the business premises, or in transit.
  • Fraudulent or dishonest employee activity, including credit fraud, forged cheques, embezzlement, and insider trading.
  • Losses arising from receiving counterfeit money, and other forms of third party fraud.

While commercial crime insurance can also cover your business for losses resulting from cyber breaches, data theft, and social engineering attacks, dedicated cyber insurance can offer the most comprehensive cover.

Who Needs Commercial Crime Insurance?

All businesses should consider commercial crime insurance as part of their wider business insurance cover.

Take the time to assess the risks your business faces, including risks that are specific to your sector or industry. If there is the potential to make a significant loss as a result of theft or fraud, then commercial crime insurance could give your business essential cover for such losses.

High Risk Business Requirements

Any business offering financial services may be at a greater risk of insider fraud, and other forms of employee dishonesty. So while financial institutions will need some form of crime insurance cover, they are often required by law to get a specific type of cover known as a fidelity bond.

Fidelity bonds offer highly specific cover for certain forms of employee dishonesty. You can read our full guide to the difference between commercial crime insurance and fidelity bonds.

Understanding the Risks of Commercial Crime

If an opportunistic thief breaks into a shop and lifts some money from the till, the business losses may be significant, but they may be manageable.

But the losses arising from fraud, embezzlement, data breaches, and other forms of commercial crime can be utterly devastating for any business. Along with the financial losses, which could amount to five or six figure sums, your business may also suffer considerable reputational damages.

Consider former high street café chain Patisserie Valerie, for example. Investigations revealed that the company’s finance directors were inflating income while hiding debts. This resulted in the abrupt closure of 70 branches, the loss of 900 jobs, and personal losses of almost £200m for the company’s founder.

Why You Need Commercial Crime Insurance

It is important to note that commercial crime insurance does not itself prevent crime, and that a policy may not provide adequate cover for such an egregious case as this. However, this example demonstrates that:

  • Commercial crime can occur in any sector, and is not exclusive to financial institutions.
  • No business is too big to fall. If commercial crime can sink such an establishment as Patisserie Valerie, then it could sink your business too.

This is why all businesses and professionals should get comprehensive insurance cover for any potential losses that may arise from criminal activity. Your insurance may not prevent crime from taking place, but it could at least help your business to bounce back from cases of fraud, embezzlement, and theft.

At James Hallam, We Can Help Your Business Get The Cover You Need

James Hallam is an independent Lloyd’s broker with a dedicated team of experienced insurance professionals who care about protecting your business.

We will take the time to get to know you and your business, so that we can advise you on your specific business insurance requirements.  We can then help you get the cover you need for the crime risks your business is facing, whether this means a broad crime insurance policy, a more specific fidelity bonds policy, or a dedicated cyber breach response policy.

Learn more about our professional risks insurance services.

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