Latest News

New Job Support Scheme announced by the Chancellor

24 September 2020

In a speech in the House of Commons today, 24 September, Rt Hon Rishi Sunak MP, outlined the UK Government’s next stage of the economic plan to protect jobs over the winter period with the announcement of a new Job Support Scheme. Read More...

Scottish moving homes guidance updated

24 September 2020

Further to the announcement on 22 September by First Minister Nicola Sturgeon, where stronger measures to tackle the rise in COVID-19 infection rates were implemented, the Scottish Government has now updated its guidance on moving home. Read More...

New Chief Executive Officer of Propertymark appointed

24 September 2020

Tim Balcon joins Propertymark today, 24 September, as Chief Executive Officer, which is a newly created role, bringing over 20 years’ experience in membership and sector organisations. Read More...

Insurance market changes - what does this mean for UK businesses?

Tuesday 21 January 2020

Gallagher, insurance brokerage and risk management services firm outlines the risks they believe your business should be aware of in 2020.

What should your business be looking to do?

The digital revolution shows no signs of slowing down, so if your business hasn’t already it should be looking to map and mitigate cyber exposures. Financial crime is changing, and fraud such as social engineering and identity theft show no signs of abating with 62 per cent of small businesses experiencing a phishing or social engineering attack. While these crimes cannot always be prevented, it’s important that your staff are educated on what signs to look for and when to escalate their concerns.

Artificial Intelligence (AI) and blockchain technology are transforming how businesses operate, from improved customer service to revolutionising how data is accessed. It is worth taking the time to assess how new technologies can fit into your business plan, as early adopters are sure to reap rewards.

Businesses should also be taking the time to ensure they are accountable for their actions. Integrity is more important to consumers than ever before, especially when it comes to the environment. Not only are your customers more likely to ostracise you if you fail to justify your carbon footprint, but also regulation is moving towards heavier fines for those that don’t make active changes. Four out of ten customers now prioritise food and drink that has a minimal impact on the environment; even if your business is not in this sector, this trend could still impact you as 62 per cent of people polled by Accenture wanted companies that display clear, authentic ethical values.

Reputation is important too. A recent survey showed that 62 per cent of customers won’t trust a company that has behaved unethically towards employees and suppliers. Most companies accept this but don’t realise their reputation is not just about senior leadership or those they employ - it extends throughout your supply chain. A supplier could be involved in a ‘Me-too’, child labour or employee safety crisis which could impact you through association. Plausible denial isn’t enough, customers expect you to actively assess those you choose to do business with and to make an ethical choice.

Ensure you fully understand your supply chain, take steps to minimise potential risks accordingly, and have a plan in place in case your business gets caught up in a crisis.

To discuss your insurance and potential risk exposure contact Propertymark insurance broking partner, Gallagher on 0800 288 4921, alternatively email propertymark@ajg.com.