Recession has a habit of throwing up new genres in the service sector, encouraging budding entrepreneurs to gain the credentials required to take up a new challenge often in a consultancy capacity to other businesses and the public.

Past recession’s saw a whole market grow out of nothing as ISO Accreditation became the latest must have for any business that intended to go places, and previous to that there was a huge growth in the number of Financial Advisers offering their services.

With the right credentials it is possible to start up a new business relatively cheaply by working from home and keeping overheads to a minimum.

However, one thing that should not be overlooked by anyone intending to offer advice and service on a consultancy basis is a good Professional Indemnity Insurance.

This is an essential insurance product for anyone offering advice and consultancy as it protects your business from potential financially crippling and possibly reputation damaging claims from dissatisfied clients.

While no-one in their right mind would go out of their way to set up a business that makes false claims, mistakes can and do happen and Professional Indemnity Insurance will give you peace of mind by protecting your business in a number of ways.

• It will cover you if you make a mistake in the professional services you have provided that leads to a dispute with a client.
• The Indemnity insurance policy will also cover the cost of fixing any mistake on your part, thus avoiding a larger claim being made.
• You are also protected if you lose or damage any clients’ documents in your care or if one of your employees are involved in the theft of a clients’ money.
• Intellectual property: unintentionally infringing on others’ copyrights, trademarks, broadcasting rights, any act of passing off
• Loss of documents/data: damaged, lost or stolen data and documents belonging to your clients
• Dishonesty: liability arising from the theft of your clients’ money
• Negligence: or breach of duty of care

These are just some of the benefits of Professional Indemnity Insurance, but packages are tailored to suit individual businesses, professions and occupations.

Whatever you do, be wary of offering advice or consultancy without the relevant insurance in place.

The item deemed most at risk, by 41% of SME owners in the study, was computer equipment. E-risks that they face, such as theft of data, online identity fraud, loss of confidential information or hacker damage were also cited as a concern. This comes as no surprise as government statistics reveal that the average cost of the worst IT information security incident to a small company each year is £10,000-£20,000. Just 17% of SME owners said they were not concerned about anything being stolen from their office.

Hiscox SME insurance expert, John Heaney, comments: “It’s important for businesses to protect themselves against loss of physical property and data theft. It may sound obvious, but following basic procedures such as checking windows and exits are secured, setting alarms and storing expensive equipment out of sight, can be invaluable.”

“SMEs should also consider their online assets and how to protect them. Given the importance of data to businesses it is essential that SMEs have strategies in place to mitigate online risks. Data is currency and while the internet has made it much easier to access information it has also increased cyber risks such as hacker attacks and electronic ID theft. SMEs need to think beyond securing the building and put in place robust online security measures.”

Hiscox offers the following security tips to help SMEs to protect against online and offline risks:

• Protect information with a need-to-know policy with employees. If storing information on a central file server, manage who has access to files. This can help prevent data loss, whether accidental or deliberate
• Running an enterprise is a full-time activity and if you do not have online technical expertise seek professional advice on security. This can both save time and ensure the security measures cover the business needs
• Encrypt important information for extra security so that only authorised users will be able to access them
• Using the internet and email to conduct business means that data loss becomes a risk. Develop a clear email policy and raise online security awareness and issues with employees
• Back up your files and check your insurance cover so that you can get business up and running again quickly in the event of an incident
• Items like laptops and computer monitors are common targets for thieves and the real cost of a stolen IT asset isn’t just the hardware, it’s the lost data and the lost productivity. Lock servers in a room and move laptops into a secure drawer at the end of a working day

For further advice and information, visit Hiscox, leading providers of business insurance for SME’s including professional indemnity insurance and employers liability insurance cover.

Specialising in particular with organisations that are focused on social welfare, professional pursuits, and specialty risks, Markel insurance has been helping many different organisations find insurance that is tailored to their needs by providing a perfect fit instead of a one size fits all approach to insurance.

Markel offers it services to help managers of insurances who are in need of directors and officers’ liability, trustee indemnity, entity, and employment law protection while also offering a broader range of professional indemnity insurance to a wide array of professionals within the business world.

The leading insurance firm also provides several different types of social welfare cover types, including protection for public, private, and not-for-profit organisations that offer care and support to those in need of charity including both the young, disadvantaged, and elderly members of society.  Also falling under this category is coverage for a variety of different charitable non-profit community groups.

Those who have specialised needs can also seek out insurance coverage under the specialty property cover provided by Markel Insurance UK, which are most often used as underwriters for many online facilities and other bespoke schemes that do not fit into any other insurance category.  Therefore, Markel Insurance is a great alternative for those who are having trouble finding proper coverage for suitably high risk business venture.

In addition, Markel UK also provides insurance for UK companies that do not fit into any insurance niche and have a turnover less than twenty million pounds per year, such as companies that are operate within the industries of scientific equipment, medical products, supplements, pharmaceuticals, surgical products, and cosmetics.

Markel Limited is a part of the broader Markel Corporation, which has served the US since the start of last century and has now become a leader of insurance brands within the United States.  Over the past few decades the UK branch Markel Limited has gained positive recognition as a suite of brokers and offices that are able to provide an excellent array of insurance options to those who often may struggle to find appropriate coverage for their unique business ventures.

When the weather starts to warm up, home and contents insurer Hiscox is encouraging homeowners to be on the lookout for leaks caused by burst pipes. The sub zero temperatures can result in pipes freezing and homeowners could be unaware their pipes have burst until the thaw when water begins to leak into their property.

Austyn Tusler, home insurance expert at Hiscox, comments: “The early onset of snow and ice may have caught people under prepared with their winter proofing measures. However taking some simple steps and generally being vigilant for burst pipes can prevent major damage. There is still a long winter ahead, however as the cold snap ends and there are slightly higher temperatures, frozen pipes will begin to thaw.

“Unchecked, a leak can quickly turn into large amounts of water gushing into attics or lofts, damaging the structure, electrical wiring and belongings. Catching leaks early can prevent water damage and save homeowners time and money as well as the emotional stress of experiencing loss or damage to personal belongings.”

To spot a burst pipe:

• Look for damp patches on ceilings and walls
• Inspect the loft and any isolated areas that may not be as adequately insulated to check for leaks
• If you turn on the tap and no water comes out – don’t take any chances – call a plumber immediately and turn off the water supply
• Check exposed pipes for signs of damage – a leak will not occur until the water has thawed
• If you are going away for an extended period leaving your property unattended, make sure you have someone who can check on your home regularly

If you discover a burst or damaged pipe:

• Turn off the water supply at the main water tap (or valve), and turn off the stopcock in your cold water tank if you have one
• If water has leaked near electrics or electrical appliances, switch off the mains immediately and don’t touch any areas that are damp
• Protect everything around any pipe that appears to be frozen to avoid damage
• Contact your insurer to let them know about the damage within the time specified in your insurance policy
• Ring a tradesperson – again check with your insurer on whether they have a panel of approved tradespeople

For further insurance advice, visit Hiscox, specialists in a variety of insurance packages, including both Home & Personal and Business, such as Professional Indemnity Insurance.

One of the worst hit industries at that time we were told was the DIY industry, the general public with less disposable income appeared to all but give up on that popular English custom of spending eight hours in the local DIY superstore each weekend.

The news that this industry was suffering as people could no longer afford to spend money on doing up their homes came as a relief to some of us who are not quite as adept at others when it comes to putting up a shelf in the lounge.

Judging by the size of my local DIY store I can only assume that things are back to normal and the regular weekend destination is back on the cards.

Well not for me. While I have some great ideas about improving my home and even understand how to go about achieving any improvements that come to mind, I am absolutely useless when it comes to using tools and within ten minutes of starting I invariably wish that I had not bothered.

When it comes to something like fitting a new kitchen there is not even a chance that I would contemplate starting the work, choosing instead to employ the services of a professional.

This in itself throws up the problem of finding decent carpenters and joiners in the UK who are able to quote for the job but thankfully with tradesmen ranked for work they have done for other clients on this site the choice is made simpler.

One thing that I have learnt along the way is before employing any tradesman to carry out work in my property, check that they have the relevant insurance in place.

All decent tradesmen will have public liability insurance in place in case of causing injury or damage to person or property where they are working. If they are offering professional advice it is worth checking whether they also have professional indemnity insurance which covers you in the result of financial loss due to poor advice being given.

The warning comes from insurer Aviva, as part of its 2009 Simply Safety campaign and aimed at an agricultural industry that is becoming increasingly diversified as farmers look to increase their income source and respond to new consumer demands.

On average, 46 workers in the agricultural industry are killed each year, with many more injured. Of those deaths 24% are caused by farm vehicles, either knocking workers over or vehicles overturning, with around 17% caused by falling from height. Of the 464 deaths during the past ten years, 26 were children under the age of sixteen.

Phil Grace, Aviva’s liability risk manager offers the following advice to agricultural workers:

“Taking the following steps will help to protect your livelihood, your workers and any other individuals who may be affected by work activity. First, identify any hazards, for example what machinery is being used or whether children are present and could be injured. Then assess the risks and introduce the appropriate controls. Make sure employees have the correct instruction and training to use equipment or carry out their job and identify and provide any protective equipment that is required. This could range from wearing the correct protective equipment when using sheep dips to making sure the floor in a farm shop is clean and safe.”

APC research has shown that over 14,000 home based businesses are launched each week in the UK, representing 60% of all start ups. The underwriter is aware that historically it has been difficult to obtain cover for home businesses and has designed this latest product, underwritten by Lloyds, with the flexibility to cater for both residential and commercial risks.

APC say that the product covers in excess of 200 trades and should give brokers a better opportunity to cater for the fast growing home business market.

FIFA licensed football agents are required by FIFA regulations, to have in place Professional Indemnity insurance for a minimum limit of  €75,000.

JLT offer a fast, simple and effective cover from €75,000 and up to in excess of €500,000. The company offers agents easy payment terms and an instant outline of cover online, before applying.

Jonathan Cole, Partner, Jardine Lloyd Thompson explains “Agents want a competitive, easy to understand process with a policy that delivers to FIFA expectation and keeps them compliant. We want to make this process as simple and as clear as possible, and be on hand to offer clear advice throughout the process.”