It has to be the stuff of nightmares. Years of laborious lab work, scientific papers and funding rounds to get your innovation into the marketplace, when the phone rings. A lawyer representing another company wishes to discuss a possible infringement of patent. Can you make yourself available for a meeting next week? You replace the receiver. Your heart starts to thump and your mind races.
With the advent of the internet, e-commerce and increased reliance on technology most businesses, including our own, are now targeted on a seemingly daily basis by external fraudsters.
Most of us will shy away from the media. It’s not so much the startling headlines and sensational reporting that puts us off, but the fact we simply don’t understand how the media industry works, and whether we should work with it anyway. As bio-scientists and med tech innovators, how can we avoid our research into a potential cure or launch of a new medical devise becoming hijacked for that sensational headline? Could adverse news coverage damage our reputation and impact commercially; and if we do speak to the media, how might adverse publicity affect our insurance cover?
“To err is human” according to the old adage. People make mistakes that have no cause other than human imperfection. But when it comes to mistakes made by medical device users, the consequences can literally be fatal. In 2013, 13,642 ‘adverse incidents’ were reported to the MHRA, the regulatory agency for the industry; investigations reveal that only 20% of errors are due to mechanical failure – 80% are caused by human error (Institute of Medicines 2000 & Perrow, 1984).
The latest study by the Chartered Insurance Institute (CII) has again concluded that SME customers rated the quality and suitability of Chartered firms’ cover higher than that of non-Chartered firms. Value, service and information were also measured either equal or marginally superior for Chartered firms against non-Chartered firms.
The current threat level from international terrorism in the UK is assessed as “SEVERE” at www.mi5.gov.uk
The end of British Summer Time is traditionally the time when motor insurers see the start of an increase in claims associated with driving in Winter. With the nights drawing in and with wet and slippery roads, drivers need to be even more attentive in avoiding ‘rear end crashes’.
Franklands has revealed their latest results for their customer satisfaction questionnaire and they show that the Chartered Insurance Broker, based in Derby, always provide their clients with the highest quality service.
No manufacturing business would like to think that following a major incident their business would be interrupted for a substantial time, with a resulting loss of income. But this can and does happen and you need to be prepared should you find yourself in this situation.
Business interruption insurance will cover the loss of income and or additional expenses, that your company would suffer in the event of a disaster and is possibly the most important insurance coverage available to manufacturers. There seems little point in replacing Buildings, Machinery and Stock if a sustained loss of income forces the company out of business.
As a manufacturer, you will understand the need to insure your machinery against damage and theft, but are you aware that the breakdown of your machinery wouldn’t be covered under a standard contents insurance policy? The loss of machinery due to breakdown could have potentially serious consequences to your business, such as a reduction in turnover and a subsequent loss of profit.
To protect your organisation from this risk, you need Machinery Breakdown and Machinery Loss of Profits Insurance, and here are 3 reasons why:
When looking for a suitable challenge to raise funds for our annual charity, Macmillan, our intrepid team decided that the Wild Warrior eXtreme ultimate mud run might offer a gentle stroll on an Autumn Sunday morning in Derbyshire.
Here at Franklands, we've compiled 7 things you need to know about Directors and Officers Liability Insurance. Read all 7 below:
What is Directors & Officers Insurance
D&O insurance policies offer liability cover for company managers to protect them from claims which may arise from the decisions and actions taken within the scope of their regular duties.
Franklands has launched a new online driver risk assessment tool allowing companies to stay on top of their legally-obligated risk assessment practices.
For companies that employ fleet drivers, or any sort of drivers at all, you may be surprised to hear that over 30% of all motor accidents involve a person who is driving for work. As well as the health of your employee being at risk, the costs associated with vehicle damage, replacement vehicles, administration costs and down time could soon mount up - leaving you in a poor state of affairs.
Midlands’ insurance brokers and risk management specialists, Franklands, were one of more than 30 sponsors and exhibitors at this year’s Innovation Day, the foremost Life Sciences event in the region.
Franklands exhibited at the event, which took place at The Nottingham Belfry and also sponsored the Best Start-Up award at the Medilink East Midlands Business Awards dinner.
Often overlooked by technology firms, business interruption insurance is a crucial product that can helps your business continue to trade by protecting loss of revenue following a property damage claim.
Although your professional indemnity, property and liability insurance covers you against liability claims made by customers, employers and members of the public – what will keep your doors open if a key supplier suffers a property claim which impacts on your ability to trade?