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Skills for jobs

14 May 2021

The UK Government set out in the Queen’s speech on 11 May, its legislative plans for adult education and training for the next parliamentary session with a proposed Skills and Post-16 Education Bill. Read More...

Commonhold Council launched

14 May 2021

An advisory panel of leasehold and industry groups has been launched to inform the UK Government on the future of commonhold homeownership. Read More...

Leasehold Reform Bill published

13 May 2021

The Leasehold Reform (Ground Rent) Bill has been published today, 13 May, and when implemented aims to help tackle inconsistency and ambiguity of ground rents for future leaseholders. Read More...

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

Tuesday 21 January 2020

Gallagher, insurance brokerage and risk management services firm looks at what 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 block chain 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 suppliers³. 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