Escape of Water (EOW) is a term used to define a water leak in a property. It usually occurs in instances where there is a catastrophic burst or slow leak from the plumbing or heating system involving pipes and joints, but also appliances or even faulty bathroom sealant. EOW related situations have increased across all building types and industries over the last few years and are the most likely causes of insurance claims. According to research by the Association of British Insurers (ABI) in 2020, escape of water (EOW) is the leading cause of residential property insurance claims in the … [Read more...]
Industry specific risk management guides
Our insurer partner Axa Insurance have produced industry specific risk management guides to help you reduce the risks associated with your business and keep your business operational as well as protecting your staff and keeping your customers safe. Manufacture of wooden furniture Metalworking Plastic blown film extrusion Plastic injection moulding Precision engineering Printing Vacuum formed plastics Warehousing & Storage Workplace transport If your trade sector isn’t listed and/or you want to find out more about how we can help you with risk management, please get in touch. … [Read more...]
Why cyber risk should be a priority for every boardroom
A common mistake many organisations make is to leave responsibility for managing cyber risk to the IT department. In reality, improving cyber security and cyber resilience is an enterprise-wide challenge, which requires buy-in from every employee. Organisations’ potential exposure to cyber risk has increased significantly over the last 18 months. The COVID-19 pandemic has seen many organisations accelerate the digitalisation of their processes so that they can connect with their employees, consumers, suppliers and other stakeholders digitally. Not only does this mean they are becoming … [Read more...]
Risk management guide for the small to medium UK manufacturing businesses
Practical risk management advice for small and midsize manufacturing businesses While Manufacturing comprises just 5% of the UK’s businesses, it accounts for 10% of employment and 14% of turnover. Of the 270,000 firms that make up this diverse sector, just over half (138,050) are micro and SME manufacturers. Each manufacturing site has a unique risk profile, however all firms are exposed to a common set of risks. Understanding these risks can help you identify areas of your business that are most susceptible to the types of claims typically made by manufacturers, RSA have created this guide to … [Read more...]
Protecting your property from water leaks
According to Ecclesiastical claims data, escape of water is the second largest cause of property insurance claims. Water leaks that go unchecked can cause thousands of pounds worth of damage and properties can take months to dry out before repairs can be completed. You may, therefore, need to relocate to alternative premises in order to continue to operate. As insurers, we have seen incidents where a small water leak has quickly escalated into a much larger loss. Whilst your insurance policy may provide cover should an insured loss occur, it cannot compensate for the inconvenience and … [Read more...]
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