Your Business Insurance and Security

In times of recession, crime can increase dramatically. Some commentators anticipate a doubling of burglaries and fraud, whilst computer crime and instances of arson are also expected to grow substantially.

As a result, expenditure on health and safety and risk management initiatives tends to reduce as costs are contained. But the overall effect of these pressures is likely to drive up claims and premiums for those businesses affected - in the worst cases it could even result in withdrawal of insurance cover unless more is spent on precautionary measures.
 

At a time when business owners want to concentrate on maintaining profit by retaining and growing customers, such distractions are particularly unwelcome. Therefore now is the time to revisit your preventative plans and ensure your risks are covered.
Actions should include a review of:

• Physical security at your premises. Ensure equipment is working properly and safely, and that staff have not become complacent in duties such as locking up. If there are any weaknesses in your security they should be rectified. Good security will keep burglars and arsonists out.

• Computer security. Make sure off-site data duplication is compliant, virus and hacking protection is working well and check similar security is being maintained at sites where work has been outsourced.

• Internal systems. Ensure audit requirements are adhered to, stock control measures are strengthened and spot checks are made more regularly.

• Maintenance of buildings, plant, equipment and vehicles. Whilst some businesses see reducing such activities as a way of saving money, it is important to maintain standards.  Breakdown of key items could cost more in the long-run and failure to carry out routine maintenance could cause difficulties if a claim is made following a fire, for example.

If there are changes in your security arrangements or other such areas, please call us on 0191 482 1219 so we can notify your insurer to ensure your policy is not invalidated.   Do also inform us immediately if you intend to leave any premises unoccupied or unmanned. You should also tell us if there is any change to your business activities, stock levels or profit expectations. We are always happy to provide help or advice on any insurance-related issue.