Insights

Are you prepared for an accident in your home?
Are you prepared for an accident in your home? 1920 1280 James Hallam

Creating a safe environment where your family can grow and thrive is a top priority.  Accidents can happen at any time in your home, so it’s even more important to be prepared during a pandemic.  Make sure you’re doing everything you can to achieve maximum safety at home.

Some common hazards you should be aware of:

Fires – Cooking, heating, smoking, faulty electrics or candles all can cause a fire, make sure you have checked that all your smoke alarms are working correctly. Ensure that you and all members of your household are aware of the fire exits. Check that all your windows can be opened with ease and if they have security bars that they can be easily released. At no point after leaving the house should you go back inside, wait for the emergency services to arrive.

Carbon Monoxide – Carbon monoxide is virtually impossible to detect and low levels can cause headaches and dizziness, while high levels can lead to vomiting, impaired vision, and even death. It’s vital you install a CO detector in your home, this will alert you if CO reaches dangerous levels in your home.

Falls – Wet floors, slippery surfaces, and scattered toys all create the potential for falls. Make sure all staircases are well lit, have handrails, securely affixed flooring, and safety gates if there are small children at home. Keep the stairs clear of any tripping hazards and use grip tape to secure mats in place.

Electrical Safety – Many accidents and fatalities involve electricity and must always be treated with respect. Have your wiring installation checked at least once every five years by an approved contractor. Do not use appliances that are worn or damaged flexes. Keep mains-operated appliances out of the bathroom.

Safety with medicines and cleaners – Chemical preparations should always be treated with caution. Consider having a proper lockable cabinet fitted in the kitchen and bathroom to keep out of the reach of children. Always follow the label directions when using any household cleaning products.

Here are three things to consider while planning for an emergency:

Contractors
If you are required to have contractors visit, ask them about their COVID-19 health and safety practices. Make sure everyone understands best practices and continues to follow government guidelines to protect each another from risk of infection. Try to pay your bill online to and if any family members are showing symptoms make sure you inform them.

Emergency kit
Gather a go to bag of supplies which you can grab quickly. It should include personal items like toiletries, food, and water. Due to the COVID-19 pandemic additional items will needed to be added to this bag: extra face masks, hand sanitizer with 60% alcohol, disinfectant supplies, tissues, and as well as personal hygiene items.

Evacuation Plan
If you are required to leave your property at during an evacuation , unplug major electrical equipment such as televisions and small appliances. Do not unplug your refrigerator or freezer unless there is a flood risk. And do not forget to secure your home by locking all the doors and windows.

 

 

How to look after your mental health while working from home
How to look after your mental health while working from home 1920 1283 James Hallam

The global pandemic, an unstable jobs market and the isolation of working from home has meant we have had to adjust to new ways of living and working. There are some perks to working from home that some of us can enjoy, but feeling stressed, bored, anxious and uncertain is also completely normal. We can all take steps to improve our own mental health by building our resilience and acknowledge your own self care.

For many of us work forms a massive part of our lives so it is not surprising that any changes could affect our wellbeing. Human connections are more important than ever as we continue to work remotely, here are some tips for supporting your mental health and feeling connected while working from home.

How can I help myself and those around me while working from home?

• The work life balance. Many workers find it hard to switch off mainly due to the removal of the commute to a physical office location. However put a reminder in your diary to take a break and encourage your team to do the same.
• Get moving. Whether it is indoor or outside, this will help maintain your physical and mental health, you will feel more awake and alert, and your concentration and sleep will improve.
• Establish new ways of working – Trial and error will help you find out what ways of working works best for each individual.
• Get connected. Check in with your team regularly whether it is by video calls, check ins between managers and their teams, Q&A sessions for colleagues to chat through any concerns or any other collaborative platforms to connect with one another.
• Make your team aware of support organisations – There are numerous charities and organisations that can offer support with your mental health while we continue to work from home. Keep your teams informed on how they can get in contact with them.
• Set and stick to a routine – Working from home can be very challenging and isolating, but a structured day can be a good way to address this. Designate a place to work that is free of distractions. Scheduling exercise throughout the day are paramount to maintaining your energy levels.

For more advice on how to look after your own mental health and supporting colleagues while working from home –

Mind’s online community ‘Side by Side’ 

Hospitality Action’s COVID-19 wellbeing hub

Valuing your Possessions for Insurance
Valuing your Possessions for Insurance 1392 992 James Hallam

If you are the owner of any antiques or treasured possessions it is important to insure them properly. Regardless of their worth they are likely to hold significant personal value and having insurance will not only protect them but help give you some peace of mind.

Insuring valuables can bring with it challenges given the uniqueness of some of the items, as well as the high value that some hold. Even with specialist insurance, the amount and type of protection you need may change as your life does. Your policy may be able to cope with small fluctuations, if your possessions rise significantly in price, you will need your insurance policy reviewed to check it is still suitable.

Why do valuations matter?

Fluctuations in the market could have an impact on the insurance protection you need. Having an accurate valuation of your antiques will allow you to decide if a standard policy will be sufficient or if you need to consider a specialist insurance policy such as a high net worth policy. Many standard contents insurance policies will set a sum insured limit, while others may require you to individually list items which exceed a certain value.

From classic cars, rare watches or bottles of whisky, we can recommend skilled and independent valuers to assist with reviewing your valuable collections. An up to date valuation can help avoid financial losses in the case of a claim or having to accept a lesser quality replacement item.

The benefits of professional valuation are:

  • A professional, fully detailed valuation makes it more likely for an insurer’s loss adjuster to accept the claim and speed up the process in case of loss/theft.
  • A valuer will confirm the authenticity of the item and its certificates.
  • Experts will give you an accurate market price.
  • They will be able to advise the best care and check for any repair work to your item.
  • It could provide a far better description or more accurate details of the item that might not be available from purchase receipt or older valuations.
  • An ‘agreed value’ will be made on your item which means in the event of a claim, you will receive its full value – or even more in certain circumstances.

 

If you own any antiques or treasured items, then it is vital to get them valued correctly. If you do not keep abreast of market fluctuations which could impact the price of an item you may be surprised to find out the cost price has significantly risen. We recommend getting your items valued regularly, for example expensive high end jewellery could be valued annually but we recommend this be done every 3 years at the very least. You may want to consider security for your valuables. This could include storing your valuables in a safe, having a home alarm system installed or considering CCTV to increase the security of your home. By doing this, you ensure your possessions are fully protected.

Why do I need Directors and Officers Liability Insurance?
Why do I need Directors and Officers Liability Insurance? 1920 1280 James Hallam

Directors and Officers have a significant role in helping to keep businesses running smoothly, but mistakes can happen. Directors and Officers Liability insurance applies to anyone who serves as a director or officer of a for-profit business or nonprofit organization. In the event that the individual within the business falls short of their obligations, this insurance is intended to protect them from personal losses if they are sued as a result. It can also cover the legal fees and other professional costs of defending yourself against such claims.

Who can sue?

  • The Company
  • Shareholders
  • Third Parties
  • Employees
  • Creditors
  • Regulatory Bodies
  • Competitors

Directors and officers can be sued for a variety of reasons, including:

  • Misrepresentation of company assets
  • Misuse of company funds
  • Improper disclosure
  • Failure to comply with workplace laws
  • Negligent
  • Theft of intellectual property or poaching of competitor’s customers
  • Lack of corporate governance

What does Directors and Officers Liability insurance policy cover?

The purpose is to provide protection for the directors and officers of the company for any alleged wrongful acts that are committed in the course of their duties. A Directors and Officers Liability Insurance Policy is comprised of two sections; officers and directors liability which pays any loss they are liable to pay and which arises from their having committed a wrongful act while acting as such. The second section refers to company reimbursement, if the company is legally liable to indemnify its directors and officers for their actions, this section will reimburse the company in respect of such liability.

Why does my business need to purchase D&O insurance cover?

Any business with a corporate board should consider investing in D&O insurance. While you may not be legally required to have D&O insurance if you are alleged to have acted wrongfully, you could face claims for compensation or criminal proceedings. Regardless of the size of your company, directors and officers can still be personally sued over their management of company affairs. Smaller businesses with fewer assets may need as much protection as larger corporations with higher revenues. There are so many decisions to be made for your business as we navigate through these uncertain times and whilst there is a wealth of professional advice out there, this won’t necessarily prevent allegations being brought against you or your business. It is for this reason that many company directors tend to have D&O cover in place.

D&O Insurers are aware that the current crisis has resulted in more claims, which is causing a hardening market. This means that insurers are likely to revise the D&O cover they provide and increase their premiums. This trend is probably going to continue for the foreseeable future so purchasing a policy now makes sense, even if your other insurance policies are not yet due for renewal.

Unoccupied Business Premises
Unoccupied Business Premises 1920 1280 James Hallam

The Government have now implemented new restrictions designed to combat the second wave of coronavirus, with people being asked to work from home, where possible. Therefore with premises continuing to remain unoccupied, it is important to remember that there is still a substantial risk to your business and you should ensure all necessary precautions are taken to protect it.

There are several third parties that may seek to gain access to your premises;

  • Vandals / Arsonists – This can be children or teenagers looking for thrills or others looking to do the specific business harm. It could even involve disgruntled employees or customers.
  • Squatters / Homeless – This could be as simple as a homeless person looking for temporary shelter through to others looking to use the premises for illegal purposes such as fly-tipping.
  • Thieves – Unoccupied premises could still have items of value stored within it, or the fabric of the property, such as copper pipework. The cost of replacing these items can be high, but consideration should be given to the additional damage which could be caused.

While continuing to work from home, policyholders should make themselves fully aware of the additional security obligations that they are bound by within their policy wordings. These obligations usually include;

  • Premises are being secured by protective locking devices.
  • Any alarm systems are fully operational.
  • All electricity, gas and water services should be turned off at the mains. Where existing intruder alarms, fire alarms or automatic sprinklers systems are installed they should continue in full operation.
  • Regular recorded visitation of the premises and carrying out any work necessary to maintain the security of the premises.
  • Removal of all waste materials from the interior and exterior of the premises.

Businesses should also seek clarity on any restriction of coverage as a result of property being unoccupied. If your business is open but you are not reoccupying some of your commercial premises it is important that you discuss this subject with your designated James Hallam Account Executive. This discussion should clarify your policy terms and conditions on any imposed restrictions to your coverage. We can advise you of the specific requirements in order that your insurance coverage adjusts to your needs.

Reduce Data Exposure to Cyber Threats
Reduce Data Exposure to Cyber Threats 1920 1280 James Hallam

In our current world, protection against cybercrime is needed more than ever. Cyber criminals will be using COVID-19 to increase their activities to attack individuals and organisations. The National Cyber Security Centre has reported a rise in online scams exploiting the pandemic with the aim of obtain money from victims. It is critical for organisations to re-assess their data protection practices to cyber security and help protect themselves from experiencing data exposure and breaching GDPR.

Why is cyber security important?

• Damage to IT systems
• Loss or impairment of critical business data
• Loss or compromise of customer data
• Loss of use of customer facing websites
• Damage to brand or reputation and loss of public trust.

The increase in the number of individuals working from home poses even more risk to businesses as they become more reliant on their IT systems and employees often working on their own devices.

What steps can I take to be prepared for a cyber attack?

1. Protect data using strong passwords and encryption. Make sure you avoid using predictable passwords and provide secure storage for passwords.

2. Secure your computer, wireless network and mobile device. Often cyber criminals will gain entry by exploiting your software. To prevent this, ensure you keep all your applications and operating systems up to date.

3. Provide training against cyber treats. Your employees should know your cyber security policies and know how to report suspicious activity. Providing training on these topics should assist employees in reducing the risk of data exposure.

4. Consider having an offline back up. Back up your data regularly in more than one place and do not leave your backup connected to your device when not in use.

5. Understand phishing threats and how to respond. Phishing is a method cyber criminals use to gather information. They often send victims emails with links that will direct you to fraudulent websites, asking you to provide sensitive information. Providing real life examples through training can help employees understand what to look for and how to best deal with them.

6. Create an incident response plan. While cyber security programmes secure an organisations digital assets, an incident response plan provide steps in case a cyber attacks occurs. This will allow organisations to notify impact customers quickly and limit financial and reputational damages.

7. Use multi factor authentication. This adds a layer of security to protect against compromised credentials. Users must confirm their identity by providing extra information when attempting to access networks, e.g. phone number or security code.

What if my business becomes victim to a cyber attack?

Taking these steps can reduce the chances of you becoming a victim of a cyber-attack but it is impossible to eliminate the risk entirely. Cyber Insurance can help your business deal with and recover from any cyber attacks.

The Insurance Landscape and Covid -19
The Insurance Landscape and Covid -19 1920 1280 James Hallam

Staying Covid-19 Secure
Staying Covid-19 Secure 1920 1280 James Hallam

Navigate a safe return to work with our Staying Covid-19 Secure guide. Please click here to download our guide.

Advice: Are your business premises Covid-19 Secure?
Advice: Are your business premises Covid-19 Secure? 1920 1280 James Hallam

Vito Sepe, divisional director of James Hallam Travel and Tour, outlines considerations identified by James Hallam Risk Management for travel firms as they look to reopen business premises. Read more here on the Travel Weekly.

Hospitality Industry – Planning to Reopen Guidance
Hospitality Industry – Planning to Reopen Guidance 1920 1280 James Hallam

Please click here to download our Hospitality Industry – Planning to Reopen Guidance. Download the supporting checklist here.

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