Simcox Brokers Ltd.

The renewable energy sector is complex and diverse, encompassing a broad range of risks, such as environmental, contractual, supply chain, delivery, construction and operational risks. Below are some areas renewable energy insurance can cover: - Professional Indemnity - Abortive planning cover - Directors and Officers Liability (D&O) - Legal indemnities - Employers’ liability - Public and products liability - Contract works - Delay in start-up - Third party liability - Environmental impairment liability - Marine and transit - Terrorism - Material damage and mechanical breakdown - Business interruption The various covers required will depend on the phase at which the project currently stands, whether that be 'operational' or 'construction', as well as a number of other factors that are unique to each organisation and project. At Simcox Brokers, we can navigate the complexities of the market by working closely with our panel of specialist insurers to arrange an industry-specific programme that covers both generic and specific risks and can also give you practical advice on how to minimise risks and related costs. To find out more and book a no obligation consultation, please visit our website: https://lnkd.in/e399Bktp #renewableenergy #renewableenergyinsurance #renewableenergycover #commercialinsurance #insurancebrokers

A recent article from Insurance Business reviews the key role insurers play in strengthening the EU's cyber resilience, based on the "Insurers’ Role in EU Cyber Resilience" publication from Insurance Europe. Although it is focused on the EU, the areas explored are of great relevance worldwide. https://lnkd.in/enty7upW Key takeaways: 1. Growth of Cyber Insurance Market: The global cyber insurance market has seen significant growth, rising from approximately $5.9 billion in 2019 to $14 billion in 2023, primarily due to the increase in cyberattacks. 2. Underinsurance Issue: Despite the market's expansion, there remains a concerning gap in cyber protection, with underinsurance affecting both businesses and individuals. The report estimates an annual cyber protection gap of $0.9 trillion. 3. Challenges for Insurers: Insurers can face challenges in assessing cyber risks, including:   - Uncertainty regarding future losses.   - Highly correlated risks stemming from shared operating systems.   - Limited data on cyber incidents and their financial implications.   - The intangible nature of cyber losses.   - Systemic risks associated with large-scale cyber events. 4. Rising Cyber Threats: Global cyberattacks increased by 38% from 2022 to 2023, with more sophisticated methods being employed, partly due to advances in artificial intelligence. Ransomware, malware, and other cyber threats are particularly on the rise. 5. Political Influence: The article notes that political factors have impacted cyber threats, exemplified by an increase in attacks linked to Russian state actors since the beginning of the Ukraine conflict. 6. EU Legislative Response: To tackle these challenges, the EU has introduced several cybersecurity legislations, including NIS2, DORA, the Cyber Resilience Act, and the Cyber Solidarity Act, aiming to enhance cyber resilience and coordination among member states. 7. Role of Cyber Insurance: Cyber insurance is highlighted as a crucial tool for mitigating risks and protecting digital assets. The insurance industry is adapting to provide coverage options tailored to various cyber risks. 8. Anticipated Growth vs. Protection Gap: While the demand for cyber insurance is expected to grow, the report emphasises that a significant protection gap is likely to remain, with many companies underinsured. Overall, the publication underscores the growing importance of cyber insurance in supporting businesses against the backdrop of increasing cyber threats and stresses the need for improved risk assessment and coverage solutions.

Businesses in the technology and communication sectors own valuable assets such as sensitive data, software and intellectual property. These are assets that a general liability insurance policy would not always provide protection against and may not always satisfy all the regulatory requirements. To find out more about insurance for technology companies and how our specialist team can ensure your business has the right level of cover, please visit our website: https://lnkd.in/gZch5vgy #tech #technology #insurance #technologycompany #technologycompanyinsurance #insurancefortechnologycompanies

As businesses increasingly rely on digital technology to operate and communicate, it is rare to find an organisation that does not rely on technology to process, store, or utilise sensitive information or data in some way, shape or form. With the constant evolution of cyber threats, it is vital for companies to be aware of the various types of attacks they can face. These can include malware, phishing scams, ransomware, denial-of-service (DoS) attacks, and advanced persistent threats (APTs), among others. Moreover, new and more sophisticated threats are emerging all the time, making it essential for businesses to stay vigilant and adapt to these changes. Despite best efforts to prevent cyber attacks, they can still occur, resulting in significant financial losses, reputational damage, and potential legal consequences. To mitigate these risks, UK businesses should consider investing in cyber security insurance. This type of insurance provides financial protection against cyber attacks, covering losses resulting from data breaches, network disruptions, and other cyber-related incidents. With the right coverage in place, businesses can rest assured that they have a safety net to weather the storm of a cyber attack and quickly recover from any potential damage. To learn more about what cyber risk insurance covers and for a range of practical guides and cyber insurance tips, take a look at the Cyber Risk Insurance page on our website: https://lnkd.in/exGXuxsX #cyberinsurance #cyberprotection #cyberthreats #cybercover #cyber

Intellectual Property Right (IP) Insurance is designed for businesses to protect their innovations, trademarks, copyrights, and patents. This specialised insurance provides protection against the financial impact of IP disputes and allegations of infringement. To learn about these key areas in more detail and find out how you can further protect your Intellectual Property, visit our website here: https://lnkd.in/gchfJsxq #intellectualproperty #intellectualpropertyinsurance #intellectualpropertycover #intellectualpropertyprotection #ipinsurance #ipcover #ipprotection

Should the worst happen, what action would you take first? Who will you call for support?   Unfortunately, many SME's find themselves not knowing who to turn to as the result of a cyber attack. Although some may utilise the services of an IT support company, these may only be reachable during office hours and may not necessarily have the dedicated resources in place to deal with an attack.   When we place a cyber insurance policy for our clients, they are not just getting the cover they need, but a dedicated support team should the worst happen, with 24/7 hotlines to report the attack in the first instance.   This, often unconsidered benefit of a cyber policy, involves the quick deployment of expert resources into your business. On hand are cyber security professionals, forensic investigators, and lawyers, as well as expert administration teams to support you through the process.   To find out more about the benefits of cyber insurance and to arrange a free consultation and cyber assessment, visit our website and get in touch today: https://lnkd.in/exGXuxsX   #cyber #cyberinsurance #cyberattack #cyberprotection #databreach #cyberfraud #cyberthreat #cybercover

Earlier this month, our Director Tom Simcox got the opportunity to attend the first High-Performance Showcase from Almeda Facilities Ltd, which took place at Osborne Clarke and expertly organised by Oli Ballard. It was a priviledge to attend this fantastic event and gain insights from a very inspiring keynote from Adam walker and a word-class panel of speakers.

According to a recent article on TechRadar from Cloudflare CTO Christian Reilly "Businesses expect cyber threats to rise, but aren’t ready for them". In this article Christian details "the gap between the anticipated risks of cyberattacks and the preparedness of businesses", but also goes on to discuss the opportunity for business modernisation with cybersecurtiy as a driving force. Read the full article here: https://lnkd.in/eiG_J4MF #cybersecurity #cybercover #cyberinsurance #databreach #cyberthreat #cyberrisk

Take a look at our case study article exploring the differences between buying a simple online policy, rather than a bespoke advisory based cover and the risks you can run with inadequate cover. https://lnkd.in/efBE_5mz #commercialinsurance #SimcoxBrokers #ProfessionalIndemnity #ProfessionalIndemnityInsurance #PIInsurance

UK businesses are increasingly at risk of suffering from financial crime - from online scams and stolen identities to accounts being hacked, the potential for loss is clear. What many businesses may not consider, is whether they would be protected should the worst happen.   If after investigation it is determined the business was at fault or negligible, support and reimbursement from financial institutions may not be an option available to them. Examples of this could be allowing a hacker to get into a network due to poor security systems and protocols, or human error. In instances such as these, banks could come to the decision that they are not willing to cover the loss. Cyber insurance can be used to bridge the gap between what financial institutions will cover and the capabilities of the business to ensure they are as secure as possible.    If the business has somehow been negligent in allowing a theft of funds transaction to happen their bank may not reimburse them for that loss. To ensure the business has the correct level of cover in place it is extremely important from our perspective as an insurance broker to understand the amount of electronic money it transacts and holds in their bank account For a no obligation review of your business insurance as a whole, please get in touch with our friendly team via our website: https://lnkd.in/egC-nfqd We will take the time to look at and understand your business in full, guiding you to the coverage options that are right for your individual business setup, risk profile and requirements. #cyberinsurance #cybercover #businessinsurance #insurancebroker #commercialinsurance