It is an exciting time in the life of your business when you’re looking to expand overseas. The potential to tap into growing markets, around the world, brings about a huge profit potential, but also a plethora of risk too.
So what needs to be done to facilitate overseas trading? Here’s some essential tips for those technology firms looking to expand overseas:
Businesses face a growing threat in person, over the telephone or through e-mail from fraudsters pretending to be someone they are not, in order to secure bank account access details. These money transfer scams are the most common scams that consumers fall for with banks and insurers suggesting that this is now a daily event with circa 50, or so, a day being successful.
The Information Commissioner’s Office published a report in June 2014 entitled “Learning from the Mistakes of Others”, listing the most common security weaknesses identified during their investigations of data breaches and how these can be avoided.
The Information Commissioner’s Office issued fines for many of these incidents, but the offences could have been avoided if the industry standards identified in the report were adopted.
Being at the forefront of innovation, technology businesses can be exposed to risks that their insurer may not even cover full stop, let alone in include in their actual policy.
In the rapidly changing world of technology how do you protect your thriving ICT business in an unstable and sometimes unfamiliar market?
Here’s 3 ways insurance can help protect your business…
Surveying is one of the oldest and most traditional professions. Its health is very much tied to the economy, both for general practice in terms of property sales and valuations and also in construction with increased, or decreased activity for construction professionals such as Quantity Surveyors, Project Managers etc.
As a result the underwriting performance for insurers has often been poor and the profession has consistently faced difficulties with obtaining affordable Professional Indemnity Insurance.
To make sure your surveying firm is ready to submit a new application, or renew an existing policy, here are 5 things your policy should include…
Bonfire Night is typically the most demanding night of the year for the police, the fire brigade and other agencies.
The damage which can be caused to property and business operations, as a consequence of the use of fireworks is a serious concern, posing a danger to all types of buildings, including commercial and industrial premises as well as residential.
As far as this relates to the business community, the risk posed by fireworks, whether this is the result of anti-social behaviour or just an accident caused by burning debris, can be significant.
Price isn't everything when it comes to PII. Before you accept an offer, you need to make sure that your new or renewing policy covers you for the full spectrum of activity your business undertakes.
Follow our 5 step checklist below to ensure you have the correct solicitors professional indemnity insurance:
Make sure you know exactly what liability caps are and how they could affect your business in the case of a professional indemnity claim. Here's everything you need to know about liability caps for surveyors:
What are they?
Liability caps are contractual agreements that mean a client can only claim damages up to the amount agreed, even if the law would otherwise award a greater sum in damages.
RICS themselves strongly recommend the use of caps wherever possible as a way in which to manage the risk in valuation work, and to ensure that there is a fair allocation of risk and reward between members and their clients.
Accountancy is one of the more 'established' professions, but this hasn't stopped the sector becoming fragmented with a confusing mix of several professional bodies and unqualified but highly experienced advisors.
You will also know that firms vary greatly in size and services, which is why insurers have to take extra steps with accountants before accepting a professional indemnity policy.
To make sure your accountancy firm is ready to submit a new or renewing policy, here's 10 pieces of information insurers scrutinise including the risk associated with each check when signing off professional indemnity for accountants.
Avoiding complaints or dealing with them expeditiously, is important to a successful business.
Last year 75% of complaints were accepted by the Ombudsman because firms had not resolved the complaint within the eight week period allowed to a surveyor for internal resolution.
Only 19% were referred because the complainant was not satisfied with the surveyor's response to the complaint. There is substantial scope for reducing referrals to the Ombudsman if this eight week period is used more effectively.
Depending upon the nature of your business, depends on how important you hold cyber risks.
Citynet have set up a PIB London Markets unit dedicated to providing a personalised service for anyone across PIB Group who want to access the London market.
Jon Stanley, Chief Risk Officer for PIB group shares information on how the group has put contingency plans in place.