YOUR INSTANT REPORT
Data-driven risk prediction and guidance
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Thank you for requesting our report, which recognises the risks likely to be present in your business, including those currently emerging and common to your sector.
You may have already taken action to mitigate some of these risks and as our findings are based on a broad data set, they may in some cases not apply to your business. However, we suggest you review the information, discuss the report with your insurance broker and, where applicable,develop an action plan for improvement.
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Your Report is set out in 4 sections:
KEY PREDICTED RISKS
EMERGING RISKS
COMMON BUSINESS RISKS
OTHER AREAS OF CONSIDERATION
KEY PREDICTED RISKS
Analysis of historic data correlating to a range of variables including demographics and business type suggest these risks are probable.
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CHALLENGING & EMERGING RISKS
Horizon-scanning of current macro and micro-environments highlight these risks as becoming increasingly prominent.
Cyber Incidents (Cyber Crime, IT Failure), Data Breaches
According to the UK Cyber Security Breaches Survey 2022, almost 40% of businesses were subjected to some form of cyber-attack in the past 12 months. The report highlights only ‘known’ incidents and the percentage is widely regarded as being under-stated. These are not one-off incidents. Of the organisations reporting attacks, almost one-third said they occurred at least once a week. The most common incidents were ‘phishing’, experienced by 83% of those surveyed, while more sophisticated attacks such as ‘ransomware’, ‘malware’ and ‘denial of service’ were reported by one in five (21%). The average cost of a cyber-attack is estimated to be £4,200. For medium and large businesses only, this rises to £19,400. However, only around half of businesses (54%) have taken action in the past 12 months to identify cyber security risks.
Business Interruption
The COVID-19 pandemic has highlighted to all how unexpected events can impact on our ability to function. However, the latest PWC Crisis Survey shows that as many as 95% of business leaders believe their crisis management capabilities need to improve. The business continuity threat landscape is widening every year. As well as the pandemic, supply chain, cyber-attacks, political conflict, economic issues and natural disasters are disrupting businesses throughout the world. Climate change is already causing more frequent extreme weather events, leading to severe storms and floods. According to the RISC Authority, every year around 20% of UK businesses face an event that is unplanned, unwanted and has the potential to threaten the very existence of their organisation. Regretfully, many, particularly those without a business continuity plan, fail to survive.
Underinsurance
Underinsurance is a failure to arrange the correct level of insurance cover. In the event of a claim, a business will not recover the amount required to replace its buildings, stock, machinery, plant and so on, making it impossible in some cases to return to normal operations. As many as 80% of buildings in the UK are underinsured and on average they are covered for just 68% of the amount they should be. When you consider the likely cost to rebuild your business property from scratch, this means it is highly likely you would need to find around one-third of the rebuild cost yourself in the event of a major fire or total loss. Even smaller claims are affected by underinsurance, because of something called the Average Clause in insurance policies. Many businesses are unaware of the risk they face.
Solar photovoltaic (Panels)
Solar photovoltaic (PV) system adoption is growing fast in the UK. Not just in the domestic market but also in the
commercial, industrial, and public sectors. Installations range from small-scale in primary schools and office buildings to
large-scale at Kings Cross Station in London and the Olympic Park. MCS reported that almost 190,000 were installed in
2023. A common myth is that PV systems require little to no maintenance. But, like any electrical system, PV systems
require regular maintenance to remain safe and efficient. While the risks associated with solar PV panels are high, they can
be mitigated with proper planning, installation, and maintenance. The rapid advancements in PV technology and adherence
to changing standards are reducing those risks, making solar a viable and safer option for all sectors. Using our own data
and expertise, we can now assess solar panel risks without the need for a site visit.
Lithium batteries
Lithium batteries are used in many applications, such as consumer electronics, electric vehicles, and energy storage
systems, and they have several associated risks. According to a recent BBC report, the London Fire Brigade has stated that
the fastest growing risk in the capital is [lithium battery powered] e-bikes and e-scooters. There was a 78% increase in ebike fires in 2023 compared to the previous year, with 155 e-bike fires and 28 e-scooter fires. Multiple lithium battery fires
are reported every year, raising concerns around their use, storage and disposal. By understanding and addressing the
risks, we can ensure the safe use and management of lithium batteries and maximise the benefits while minimising the
hazards.
COMMON BUSINESS RISKS
Evaluation of a range of sector, geographical and other metrics indicate these risks are to be expected.
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OTHER AREAS OF CONSIDERATION
Below are some additional areas you may wish to consider:
Other Areas of Consideration
YOUR NEXT STEPS?
WHAT SHOULD YOU DO WITH THIS INFORMATION?
We recommend two simple steps to follow using this report:
1. Discuss findings with your insurance broker
2. Evaluate and tackle any of the appropriate risks highlighted
Your insurance broker will be able to help you understand what this report is telling you and can guide you as to what you could do next.
We strongly recommend that you review the risks highlighted in this report. A good idea is to create a checklist of compliance - in other words, use this report and the guidance it links to, to decide which aspects you already comply with, those you do not and which ones are not applicable.
Links have been provided to a range of documents published by the Health and Safety Executive and the RISCAuthority from which further guidance can be obtained. RISCAuthority is an annually funded research scheme, supported by a significant group of UK insurers, that conducts research in support of the development and dissemination of best practice on the protection of property and business. Underpinned by extensive research, RISCAuthority publishes through the Fire Protection Association (FPA), extensive guides and recommendations for risk mitigation in the areas of Fire and Security, most of which are available via a free document library https://www.riscauthority.co.uk/public-resources/documents.
To ensure all key predicted, emerging and common risks highlighted are correctly managed.
When you are confident that you are compliant, you can work with your insurance broker who in some cases may wish to share this report with the insurance underwriter. This will help you demonstrate that risks which most commonly impact on your type of organisation are being appropriately managed.
IMPORTANT NOTICE: This report has been system generated by the insurance broker specified on the front page of this report (Broker) using TOPRisks, a product licensed to the insurance broker by RiskSTOP Limited. This report identifies a range of risks specified for the client (Client) and is not advice on which the Client, the Broker or any third parties should rely or base any underwriting decisions. Where such reliance is required it is recommended that the Client or the Broker seek a professional site survey.