Within the WEF study, 12,000 business leaders from 127 different countries determined the ‘five global risks' that they believe to be of most concern for the commercial world over the next ten years. 

From these results, here are the top five risks identified for UK businesses: 

Globally, the survey findings discovered that unemployment was by far the most concerning factor.

Infectious disease was unsurprisingly the second most reoccurring risk, appearing on each countries top ten list other than South Asia for 2020. 

The managing director of WEF, Saadia Zahindi, says “the employment disruptions caused by the pandemic, rising automation and the transition to greener economies are fundamentally changing labour markets.

As we emerge from the crisis, leaders have a remarkable opportunity to create new jobs, support living wages, and reimagine social safety nets to adequately meet the challenges in the labour markets of tomorrow.” 

A recent survey has found that 78% of risk managers are now buying cyber insurance, due to the recent surge in cyberattacks, fake news and scam emails in circulation.

Cyber insurance is no longer a ‘luxury item’ for businesses and is now deemed a necessity to keep scams at bay during this turbulent time.  

The current work from home movement is said to be the reason behind this growing concern for cyber safety, due to workplace cyber security software not being present on personal laptops or networks.

Similarly, scammers are targeting home workers, due to it being unlikely that they would be able to liaise with colleagues regarding potentially dangerous emails before they open them. 

To protect your business from these cyber-attacks, contact us for a quote today.

Sources: Insurance Journal and Insurance Business Magazine

Should anything happen and you’re unprotected, it can have some serious consequences financially.  

What do these policies protect you from?

Building insurance covers any financial cost of repairing any damage or theft related to the structure of your property. The cause of damage is important, as a typical policy covers situations that are out of your control, which can include flooding, fires, vandalism or other weather-related issues.  

Building insurance will cover everything that could be considered as part of your property; doors and windows included.

It can also cover bathroom fixtures and fitted kitchen appliances. Outer buildings, such as garages and sheds, can be protected with this policy but there are exceptions. 

If and when you need to submit a claim, the insurance value would be calculated based on the rebuild value not the market value of the property, so you will need to bear that in mind.

This is an important distinction, as you will not be covered for the market value of the property prior to the damage.  

Your contents insurance policy covers your belongings against theft, fire or flooding. Of course, depending on your policy, there are some things that wouldn’t be covered.

General wear and tear, virus damage (to computers) or anything related to your buildings structure won’t usually be covered.  

Your policy may also have a limit to valuables, such as a limit of £1,500 for a single item (please check with your insurance policy).

If you do have expensive artwork or jewellery, you may want to buy extra cover for those items.

Most policies offer new for old cover, which means that you will get the full replacement cost of the item that is lost or damaged.

Some policies will – however – only offer you the amount that the item is worth at that time. You should always ensure you check what your policy is offering to replace before you take it out.  

As ever, for reliable and informative insurance guidance, please talk to us today.