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Get Your Business Ready for GDPR, The Essential Insurance for Young Professionals, Plus More
Welcome to the February edition of the West Craven newsletter.
In this month's edition, we ask if you are ready for the upcoming changes to data protection being brought in by GDPR and we discuss whether you need a gadget insurance policy,
Also this month we share a pair of guides to insurance for the motor trade industry, the essential policies for the young professional.
Do You Really Need a Gadget Insurance Policy?
There’s nothing quite like the gut-wrenching feeling you get when you shatter a gadget screen or drop your phone in a sink full of water. Best case scenario you are a little inconvenienced by not having your e-reader for a few days whilst it is repaired, worst case you are left with a broken gadget that you can’t hope to repair or replace anytime soon.
A gadget insurance policy is a relatively cheap policy which can be used to protect a single or several policies
Does anyone really need a gadget insurance policy?
Gadget insurance isn’t a policy that everyone will need. In some cases, your home insurance will extend some protection to your gadgets whilst you are out and about. In others, you might be too careful with your gadgets to necessitate an insurance policy – but as we all know, accidents will happen.
When considering a gadget policy, you should ask yourself:
• Can I afford to replace my items if I lose or break them?
• Are my gadgets still under their manufacturer warranty?
• Have I lost or damaged my gadgets in the past?
Well, what’s included
The main benefit of gadget insurance is that there are only two types, single gadget and multiple gadget covers. That means’s there’s no need to shop around for specialist cover for your precious electronic devices, instead, you can protect specific gadgets or several gadgets with one policy.
Depending on the insurer, a gadget policy can be used to protect items such as:
• Camcorder
• Digital camera
• E-reader (eg, Kindle)
• Fitness tracker
• Headphones
• Laptop
• MP3 music player (eg, iPod)
• Personal digital assistant (PDA)
• Portable DVD/Blu-ray player
• Portable games console
• Sat-nav
• Smartwatch
• Tablet
The risk that you are covered against will vary depending on the insurer. Usually, it will cover you against theft, loss, mechanical breakdown, accidental damage, liquid damage and in some cases cover when you’re abroad.
Depending on the insurer you may need to pay extra for certain covers such as loss or global cover.
The appeal of gadget insurance will depend on the type of person you are. If you are constantly losing or breaking devices all the time or if you are dependent on a certain device, then a gadget policy will probably save you a good deal of money.
Prepare Your Business For GDPR
In just 4 months, businesses across the UK and the EU will experience the greatest change to data-handling practices since the Data Protection Act of 1998.
Whether your business is ready or not, the General Data Protection Regulation (GDPR) will be implemented on the 25th May 2018. So what can you do as a business owner to prepare your team and protect your customer data?
At West Craven, we recommend that all businesses – no matter what size or industry - carry out a complete risk assessment to determine which areas they face the most risk from.
Why is the GDPR happening?
Recent technological innovation has led to an increase in cybercrime attacks - a number of which have happened very publicly and at great cost to the affected organisation.
The GDPR is a legal framework of guidelines that is intended to strengthen the rights of EU citizens in light of these breaches and misuse of data.
Under the GDPR, the following changes will occur:
• Consent - Your business will no longer be able to infer consent from silence, pre-ticked boxes, or from ambiguous opt-in statements.
• Your role - As a Data Controller, you are accountable for how your business collects, stores and processes data.
• Your customers' rights - The GDPR will give your customers control of their data. With the right to be forgotten,
the right to access, and the right to restrict processing, you will now have to demonstrate that you have lawful basis for processing.
• Your Privacy Policy - Transparency will be vital post-GDPR and you will need to review your Privacy Policy in light of this.
• Third-party suppliers - Even if your business is GDPR compliant, if you knowingly continue working with a third-party organisation that is not compliant, you may also face financial penalties.
If your business does not implement these changes in time for the GDPR, you may risk damaging your reputation and could even receive financial fines as high as 20 million or 4% of annual turnover - depending on which figure is higher.
Still unsure about the GDPR?
For more information on what steps you should be taking to prepare for the GDPR, please refer to the ICO's '12 steps to take now' guide.
Insurance for Motor Traders: How to Protect Your Business and Your Customers
What is motor trade insurance?
Motor trade insurance is designed for businesses that work with or on cars. It ensures your staff are covered when driving or working with your vehicles or your customers’.
Insurers understand how varied the motor trade industry is, so the policy can be customised to protect your business against a wide spectrum of risks.
Do I need motor trade insurance?
Well, that depends on the type of business you run. The most common types of businesses in need of motor trade insurance are:
• Car Dealerships
• Mechanics
• Vehicle Recovery Services
• Scrap Yards
• Car-Valeting Services
• Companies who perform vehicle restoration
• Repossession companies
Essentially, if your vehicles or the vehicles of your customers come under the “care, custody and control” of your staff, you should consider motor trade insurance. If you are unsure of whether you require a motor trade policy get in touch with the team here at West Craven Insurance.
What covers does a motor trade insurance policy include?
Employers’ liability insurance – An essential policy for every business, employers liability insurance protects your business should a member of your staff make a claim against your business.
Extra drivers – An alternative to paying for fully comprehensive cover for every member of staff (which can be expensive), some businesses will choose to have a handful of named drivers.
Material damage covers – Cover for any vehicles or equipment you own. For example, if you run a recovery firm, your vehicles and equipment will be insured.
Product liability insurance – A workman is only as good as his tools – or in this case, the parts they install. Should you repair a vehicle with a defective part, product liability insurance will protect your business against a claim.
Public liability insurance – Another essential policy for any business, public liability insurance protects you, your staff and your business against claims made against you by a member of the public.
Road risk – If the running of your day to day business requires you and your staff to take vehicles on the road then you will need road risk cover. This type of cover is suited to businesses like mechanics who will need to road test a vehicle or car dealerships who need to deliver vehicles.
Vehicle types – A motor trade policy can be customised to only include the types of vehicles you work with. Rather than providing your staff with comprehensive cover, you can manage the types of vehicle each member of staff is covered to operate.
Combined motor trade insurance – Whilst you can pick and choose from all the above policies to tailor your policy to the unique risks your business faces, a combined motor trade policy takes elements from several policies to cover road risk, equipment, and even your premises.
This is sometimes a more cost-effective method of insuring your business and also allows you to manage one policy as opposed to three or four.
A Young Professional’s Guide to Essential Insurance
The idea of freedom that is intertwined with our image of adulthood is one of the most exciting things about striking out on your own. You can own property or a car and you actually have a choice when it comes to where you go on holiday. But for each life choice you make, there is an equal responsibility. In this case, can you legally and responsibly take part in the above roles and activities without the correct insurance?
If this is your first face to face with the idea of buying insurance, we have compiled a list to take you through the essential (and sometimes legally obligated) insurance policies.
Home Insurance
Imagine saving for years to be able to buy your own house, only for a disastrous event like a fire or flood to rob you of your home and investment. A home insurance policy ensures that you have financial support should the worst happen, giving you peace of mind.
If you decide to rent a home, you won’t need a home insurance policy, as it isn’t your responsibility to safeguard your landlord’s property. However, whether you rent or buy you should still purchase a contents insurance policy. Contents insurance protects your possessions such as electronics, furniture etc. against risks like theft or fire. Those who rent will often make the mistake of thinking that their landlord’s home policy will protect their contents.
Travel Insurance
Holidays are supposed to be relaxing! So if you lose your spending money, have a personal possession like a phone or camera stolen or suffer an injury and end up stuck in a hospital bed for weeks, that can put a real dampener on your good time.
The best thing about a travel policy is it can be shaped to suit your destination and planned activities. Going to a country like the U.S. where medical bills are notoriously high? You might want to consider having a policy with a good deal more coverage for hospital bills. Or maybe you’re visiting a city where tourists are frequently targeted for theft? It might be a good idea to invest a little extra money in a policy that covers all your possessions with little to no excess.
Car Insurance
You cannot legally drive your car in the UK without a car insurance policy, so this one really is a no-brainer. If you are caught in an accident without insurance, you could be liable for a maximum £5000 and 6 points on your license. There are different types of coverage for you to choose from:
Third Party Insurance
This is the minimum requirement for car drivers. If you cause damage to someone else’s vehicle, the insurance policy will pay for the damage caused to the third party, but not your vehicle.
Third Party Fire & Theft
A step up from third party cover, that included protection to your vehicle in instances of damage caused by fire or if it is stolen.
Comprehensive
The most expensive policy of the three, but arguably the most useful, comprehensive covers you against most instances of damage to your car, as well as any damage you cause to another’s vehicle or property.
Which one you choose will probably depend on the age and condition of your car, as well as your financial situation.
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