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Your monthly update from West Craven
Welcome to the West Craven Insurance October Newsletter. This month we provide some helpful advice to keep you updated with the latest industry changes.
In particular, we take a look at:
- The effects of the pandemic on home insurance claims
- 50% of businesses only note cyber threats after an attack
- Prepare your business for inflation with these top tips
We hope you enjoy this month's edition!
‘Inexpensive’ ways to protect your home as winter approaches
HEATING your home in the winter is a necessity for most Britons as temperatures are predicted to plummet over the next few weeks. But is your boiler up to it? Here's how to prepare and protect your system and avoid costly repair jobs.
Click here to read ‘Inexpensive’ ways to protect your home as winter approaches.
How workplace safety will evolve this year
Many firms are asking staff to return to work in the office. We are no longer required to self-isolate with Covid and there is no obligation for staff to tell employers if they test positive. So what does this mean for workplace safety in 2022?
Infection prevention
Many employers are experiencing an increased expectation from their workforce to keep staff safe and well. Employers should continue to prioritise infection prevention and control, where possible increasing ventilation, reducing contact between employees and keeping the workplace clean.
Remote working obligations
Now that businesses of all types have adapted to remote working, many have embraced it. Some have even altered recruitment policies to widen the pool of talent and actively recruited people on remote-working contracts.
In the rush to shift to remote working in 2020, a large number of employers may not have taken the time to complete home-based working risk assessments. Now that remote working is here to stay, it is important that risk managers take seriously the health and safety responsibilities of people working at home. From electrical equipment to posture, employers have a legal duty to take appropriate measures to ensure their staff have a safe working environment outside of the workplace.
Mental Health
Employers across the country are placing mental health and wellbeing high up on their agenda, offering training to line managers and appointing roles such as a mental health first aider. In 2021, The Health & Safety Executive’s annual report on workplace health and safety statistics, showed 451,000 people suffering from a new case of work-related stress, depression, or anxiety. That was a 30% year-on-year increase and we expect that figure to rise again.
Some employees will not feel comfortable returning to pre-pandemic working patterns. They may need help managing a phased return to the workplace, along with psychological support around coping with anxious thoughts.
For others, the last two years working from home may have taken a toll on their mental health. Employees working from home are more likely to feel isolated compared to those in a workplace, sometimes resulting in anxiety, depression and a significant lack of motivation. Employers should be reassuring employees that they can ask for help and receive support if they need it.
Disputes linked to safety concerns
Risk managers need to be aware of the potential for unrelated disputes to play out in a workplace safety context. An employee with a grievance about terms of employment, a flexible working request or even a performance-related issue, could latch onto workplace safety as a justification for a certain course of action.
It is more important than ever for risk managers to work in partnership with Human Resources departments as well as individual line managers, ensuring processes are well-documented and paper trail management is scrupulous.
Now is a great time to ensure your insurance policies cover you for all the risks to which you may be exposed. To discuss any aspect of your company’s insurance policy portfolio, get in touch.
Have you sufficiently prepared your car for the spring season?
As the warmer weather sets in, days become longer and the evening skies are brighter, we know spring has arrived.
Throughout the winter, we’re all guilty of neglecting our cars’ needs. After all, spending time out in the cold, snowy weather, checking fluid levels, testing brakes and cleaning from top to bottom is not everyone’s cup of tea.
So, why not treat your car to its very own spring clean this month? Here are three things you can get started with.
Do you need new wipers?
The snow, rain, and icy weather that we encounter throughout the winter can mean that you need new wipers by the time spring arrives. If you notice your windscreen is streaky or still dirty after you have cleaned it, this may be a tell-tale sign that now is the time to invest in some new wipers.
Have you tested your brakes recently?
Signs that show your brakes may be wearing include squeaking or grinding noises when applying pressure to the brake pedal. Brakes can be professionally tested and fixed during a routine service, ensuring you, your family and your car are all safe!
Did you know that leaving your car dirty can cause damage?
With gritted roads and melting ice, your car can get particularly dirty during the winter. Now that spring has arrived, why not get your cleaning products out and make your car look new? Leaving dirt on your car can lead to micro-scratches and rusting paintwork – not something any car owner wants!
Is your car insurance policy up for renewal soon? Our knowledgeable experts are here to ensure you take out a sufficient policy that covers all your needs. Get in touch today to find out more.
How workplace safety will evolve this year
Many firms are asking staff to return to work in the office. We are no longer required to self-isolate with Covid and there is no obligation for staff to tell employers if they test positive. So what does this mean for workplace safety in 2022?
Infection prevention
Many employers are experiencing an increased expectation from their workforce to keep staff safe and well. Employers should continue to prioritise infection prevention and control, where possible increasing ventilation, reducing contact between employees and keeping the workplace clean.
Remote working obligations
Now that businesses of all types have adapted to remote working, many have embraced it. Some have even altered recruitment policies to widen the pool of talent and actively recruited people on remote-working contracts.
In the rush to shift to remote working in 2020, a large number of employers may not have taken the time to complete home-based working risk assessments. Now that remote working is here to stay, it is important that risk managers take seriously the health and safety responsibilities of people working at home. From electrical equipment to posture, employers have a legal duty to take appropriate measures to ensure their staff have a safe working environment outside of the workplace.
Mental Health
Employers across the country are placing mental health and wellbeing high up on their agenda, offering training to line managers and appointing roles such as a mental health first aider. In 2021, The Health & Safety Executive’s annual report on workplace health and safety statistics, showed 451,000 people suffering from a new case of work-related stress, depression, or anxiety. That was a 30% year-on-year increase and we expect that figure to rise again.
Some employees will not feel comfortable returning to pre-pandemic working patterns. They may need help managing a phased return to the workplace, along with psychological support around coping with anxious thoughts.
For others, the last two years working from home may have taken a toll on their mental health. Employees working from home are more likely to feel isolated compared to those in a workplace, sometimes resulting in anxiety, depression and a significant lack of motivation. Employers should be reassuring employees that they can ask for help and receive support if they need it.
Disputes linked to safety concerns
Risk managers need to be aware of the potential for unrelated disputes to play out in a workplace safety context. An employee with a grievance about terms of employment, a flexible working request or even a performance-related issue, could latch onto workplace safety as a justification for a certain course of action.
It is more important than ever for risk managers to work in partnership with Human Resources departments as well as individual line managers, ensuring processes are well-documented and paper trail management is scrupulous.
Now is a great time to ensure your insurance policies cover you for all the risks to which you may be exposed. To discuss any aspect of your company’s insurance policy portfolio, get in touch.
These are the effects of the pandemic on home insurance claims
As we reach a new phase of our country’s recovery from the recent years, only when we look back can we see how far we’ve come. During the pandemic, the confinements of our homes kept us safe from the outside world, while ironically exposing us to all kinds of trouble indoors.
Here are the most common home insurance claims made during lockdown…
Face-mask related claims
Although we have a lot to thank face masks for, they also led to more than 1,000 UK home insurance claims during 2020 and 2021. Removing and putting facemasks on resulted in many people losing or damaging their eyeglasses, hearing aids and earrings.
Garden fires
With no option for dining out, other than a barbeque in your own garden, it’s no surprise that claims involving garden fires saw 27% rise in 2020 compared to the previous year. Many claims also stemmed from burning household rubbish and garden waste on bonfires, or incinerators, as local refuse sites were closed at a time of profound need for home improvement.
Claims involving exercise equipment
With many Brits being furloughed and unable to access the gym, burning off steam at home seemed to be the best option. Accidental damage claims related to exercise equipment skyrocketed in 2020 compared to the average in years leading up to the pandemic. Damaged items included tablets, phones and other mobile devices being knocked off while people used exercise equipment, and weights being dropped on tiles or laminate flooring.
Damage claims for hot tubs
Decking out the home for maximum relaxation during a difficult time appeared to be a sweeping trend in 2020, with claims involving hot tubs nearly tripling. Scenarios ranged from inflatable tubs bursting, birds pecking holes in spa covers and jewellery causing tears in tub lining.
Bicycle theft
High on the list of new or revisited hobbies (right up there with baking banana bread), was cycling. Unfortunately, the spiked interest in this activity led to an increase in bicycle theft in 2021, which reportedly accounted for 34% of total thefts in the UK that year.
Which home insurance claims decreased during the pandemic?
While staying at home saw some claims surge, it also underpinned a significant decline in other claims, as flexible work arrangements and remote learning was implemented.
Carpet iron burns
Swapping out the morning rush and commute for pyjamas and laptops at kitchen tables, is largely the reasoning behind a decline in claims for accidental damage such as iron burns on the carpet. The iron became redundant in many households due to a lack of socialising and the need to look presentable.
Home robbery
Without homes being left vacant for long periods, it is no surprise that thefts from homes fell drastically during the pandemic, especially during lockdowns. Thefts from outbuildings, garages, and sheds also dipped, although not as much as primary living spaces.
Claims involving children
With schools closing and parents grappling with having to keep an eye on the kids while working from home, claims that mentioned “children” or “kids” also decreased in 2021, particularly those involving damaged TVs and dropped items.
Prepare your business for inflation with these top tips
During times of overwhelming economic headwinds, it’s important for business leadership to take proactive measures to prepare their organisations for growing inflation.
From sky-rocketing food and energy prices to unmanageable staff shortages; this current level of economic uncertainty matches that of March 2020.
On the bright side, the similar circumstances over the course of pandemic have at least gifted business owners with hindsight, which offers scope for improvement and control during the country’s current economic struggle.
Here are some tips to help you prepare your business for an unstable economic climate:
Cash is key
One of the most reliable solutions to the current financial squeeze is having a clear understanding of your finances. It is integral to have a good cashflow at this time, as this will ensure that you do not run yourself into any unnecessary debt. It will also provide you with clear insight over how to tweak your spending to ensure your future projections stay in the green.
Understandably, it will not be enough to merely check your future projections once. Even in positive economic times, projections fluctuate regularly and will need monitoring and nurturing accordingly, even in the most optimum of conditions.
Be wary of wage inflation
The recent inflation increase has lead to employers and employees looking at ways in which they can support themselves financially. This includes looking to their employers for financial support, often in the form of pay increases in line with inflation. But in such a volatile economic climate, employers must tread carefully. A wage spiral could prolong inflation therefore, alternative routes should be considered.
There are numerous ways to provide support over the coming months, some of which include:
- One-off bonus schemes
- Tax-free support
- Fuel allowance
- Introducing staff canteens into the office
Focus on staff retention
Many businesses across the UK are grappling with staff shortages reaching all-time highs, plugging skills gaps and battling against the tide of extremely overworked employees. Few things are more catastrophic to businesses than overwhelming shortages of staff, and employers will need to act preventatively in order to lower staff turnover rates.
It is integral (now more than ever) that employers strive to retain their staff. Employees are the foundations of the business and its best asset, and will be the reason your business makes it through the next phase of recovery. Ensure they feel heard and understood by taking into account what they need, while forming compromises along the way. While salary will always come into play, practical benefits and respect from an employer are arguably just as important.
Invest in business insurance
The last thing a business needs in a challenging economy, is preventable financial losses throwing everything out of balance. Ensure your business is prepared to face any hurdles or lulls by covering its most fundamental and vital assets with insurance. Business insurance is essential for tackling financial setbacks and could be responsible for keeping your business afloat during difficult periods.
Unfortunately, there is no way of predicting what comes next, but it is safe to assume that we are not in the clear yet or anytime soon. The best thing employers can do is focus on what they can control and use those things to their advantage.
Looking for a business insurance quote? Visit our website.
50% of businesses only note cyber threats after an attack
When it comes to managing cybersecurity, the approach from leadership within the business is vital. In the UK, there currently appears to be a lack of engagement in the persistence that is needed for preventative measures. According to a new report from the Department for Digital, Culture, Media & Sport (DCMS), half of businesses aren’t responding to cyber threats until it is too late.
The government department recently published a policy paper entitled “Exploring organisational experiences of cyber security breaches”, which outlined the findings of the DCMS’s qualitative study on the level of cybersecurity measures organisations have in place, before and after a data breach. Ten organisations were included in the study, all of which have experienced cyber breaches in the last four years. The organisations’ IT personnel along with various members of staff, were interviewed on their thoughts about how their businesses handled the incidents.
Out of the 10 case studies surveyed, the DCMS found several key findings:
Lack of vigilance and preparation
In response to increasing levels of cyber risk, almost 100% of participants agreed that there was a need for greater levels of vigilance and investment in adequate cybersecurity. However, while larger and medium organisations reported to have formal plans in place and budget allocated for cybersecurity investment, a substantial number of smaller organisations said they do not, citing resource constraints. This has lead to small businesses’ responses to growing cyber threats appearing to be reactive rather than proactive.
Insufficient leadership
Most surveyed staff indicated that their leadership were compliant and aware of the importance of investing in cybersecurity, not all were sure that their leadership teams fully grasped the ‘scale of the threat’, or the ‘cultural transition’ needed to meet the growing challenge.
Weak utilisation of cybersecurity technology
Most of the staff acknowledged that their organisations put more emphasis on technology than employees to stay secure. Technology was described by some as a tool to ‘help people do the right thing’. This underlines the notion that employees and their work culture are posing more of a cybersecurity ‘weak spot’ than the technology being used at their organisation.
Attacks resulting in action
On the positive side, the survey found that the breaches demonstrated the severity of cyberthreats to leadership. Many of the organisations were observed to have become engaged in their cybersecurity challenge post-breach and have since proved more serious intent towards improvement.
Weighing up the consequences
Few organisations attempted to accurately quantify and review the financial impact of the breaches suffered. Similarly, few among the organisations implemented a ‘lesson learned’ process in the aftermath of a breach.
Conclusively, the findings further establish the importance of preventative measures against cyber threats and the weight of the aftermath for organisations if actions are taken too late. Adequate leadership and staff training in cybersecurity technology is just as important as the technology itself, and businesses are suffering further losses, without competence in understanding the severity of cyber threats emerging.
Is your business protected? Get in touch to discuss your requirements today.
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