July News: Expecting the Unexpected in Business

Expecting the Unexpected: Safeguarding Your Business

Terrorism is the second largest threat perceived by UK organisations, according to recent research. Even though you cannot predict the unexpected, you can plan for it. One of the best precautionary measures that you can adopt is developing a business continuity plan.

A business continuity plan provides you with thorough guidance on how to recover the most vulnerable parts of your organisation after a business interruption occurs, such as a terrorist attack, fire or natural disaster. Yet only 27 per cent of SMEs have a business continuity plan in place, compared to 68 per cent of medium-sized businesses and 75 per cent of large organisations, according to research. If implemented and maintained, a business continuity plan can be the difference between successfully recovering from a business interruption and going out of business. In fact, every year about 20 per cent of UK businesses face a potentially devastating challenge. Unfortunately, 1 out of 4 organisations impacted by a disaster never reopen their doors.

To ensure that your organisation can stay open after a business interruption, follow these six steps to develop your own plan:

1.       Examine your organisation to determine your minimum and desired level of service.

2.       Assess the potential risks to your organisation.

3.       Develop a strategy to deal with the immediate aftermath of a disaster or other incidents.

4.       Prepare a business continuity plan to summarise how your organisation will deal with a disaster and recover to its desired level of service.

5.       Rehearse your business continuity plan to identify any gaps.

6.       Annually review your business continuity plan to ensure it is up to date.

Whilst you never know when the unexpected will strike, you can be sure that your organisation will be prepared. In addition to a thorough business continuity plan, you may also want to supplement it with business interruption and terrorism insurance. For more information about business continuity planning and terrorism insurance, contact the professionals at Inspire Insurance Services today.

The Case for SME D&O Insurance

In February 2016, the new guidelines from the Sentencing Council came into force. These amendments dramatically increased fines for corporate manslaughter, food safety and hygiene offences, and health and safety offences. Within the first year, the number of health and safety prosecutions against directors and officers tripled. However, despite this, many SME owners in the United Kingdom do not believe that these more stringent guidelines will affect their business. As a result, SME owners may choose to forgo purchasing directors and officers (D&O) insurance—leaving their business exposed to potentially costly risks.

Only 26 per cent of SME owners have D&O insurance, according to recent industry research. In addition to the perception that D&O cover is unnecessary, 72 per cent of SME owners cite the cost of the policy as one of the leading factors in their decision to not purchase it. However, SMEs’ decisions to forgo D&O cover may depend on whether they understand the actual policy or not.

Only 31 per cent of SMEs have a clear understanding of what types of incidents are covered and which are excluded. In fact, D&O insurance is much broader and beneficial than most SME owners realise. If you are unsure about what is covered under a standard D&O policy, review the following list:

·         Employment practices and HR issues

·         Shareholder actions

·         Reporting errors

·         Inaccurate or inadequate disclosures

·         Misrepresentations in a prospectus

·         Decisions exceeding the authority granted to a company officer

·         Failure to comply with regulations or laws

For more information about D&O insurance and how it can benefit your business, contact the professionals at Inspire Insurance Services today.

Poor Staff Mental Health is Costing You

Mental health issues—which include depression, anxiety and stress—cost the UK economy £26 billion annually, according to the Centre for Mental Health. What’s more, in 2015-16, work-related stress accounted for 37 per cent of all work-related ill health cases and 45 per cent of all working days lost due to ill health. From these numbers, it should be simple to recognise how poor mental health can negatively impact organisations by reducing productivity and profitability.

Provided by:

Inspire Insurance Services

02476 99 89 24


  Recently, the charity Business in the Community published the findings from its Mental Health at Work Report, which found that 84 per cent of employees have experienced symptoms of poor mental health as a result of their work environment. Unfortunately, 35 per cent of employees did not feel comfortable approaching anyone for support.

To help your employees manage their mental health, and, to subsequently improve productivity, your organisation must establish a workplace culture that promotes the importance of positive mental well-being. To do so, consider developing a policy that outlines your company’s commitment to making workplace mental health a priority. In addition, encourage employees to adopt a healthy work-life balance. To ensure that employees are able to achieve this goal, institute policies that support manageable workloads.

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