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The move is also part of Verlingue’s overall strategy to provide total solutions for mid to large corporate businesses across a range of specialist sectors, encompassing general insurance, trade credit, employee benefits, risk management and claims services and solutions. The practice will be based in Redhill as part of Verlingue’s growing network of offices, which includes Manchester, Egham and London, employing over 170 employees.

A growing market

“Media is a growing market, and one that has proved over the years to be fairly recession-proof, as marketing remains central to most brands growth strategies despite economic uncertainty. The sector is also constantly evolving and expanding into new digital areas – and has moved on from the days when it was just billboards, newspapers, TV and radio,” Verlingue client director Maia Olesen said.

Olesen said that the risk and complexity that media businesses face are also increasing as they receive more complex contracts and more daring film shoots and events. A complex maze around permissions, licenses and permits for the use of music and images adds up to increased propensity for legal action if these are not in order.

“Regulators and overseeing authorities are also coming down harder on influencers, highlighting the need for expert guidance and support when promoting products,” Olesen said. “The onus on influencers’ responsibilities, as they have real power to influence purchasing behaviour, is only going to increase, particularly when it comes to products targeting children.”

Verlingue Group CEO Mike Latham also stressed the importance of the firm’s expanded presence in the media sector as a key part of its growth strategy, noting that Olesen and her team have over 35 years of experience within the specialist market.

“Our focus on this sector will mirror that of all the sectors where we have a strong presence, and that is to provide our clients with holistic risk management advice, to develop targeted and relevant insurance cover, and to deliver a high quality, personal and tailored service,” he said.

As part of its growth and expansion, the firm also recently acquired insurance broker Cabinet Depeyre and underwriting agency Depeyre Solutions.

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This is a matter of “course correction” amid the current economic climate, he said. “The types of companies that we’re seeing doing layoffs, mostly, are types of companies that got heavy during COVID. There [was] a lot of hiring for lots of different reasons, because of a business [need], but also because they were watching this digital acceleration happen, and not knowing what was next.”

How to do it the wrong way

These employers are finding there is a right way to let go of so many workers at once, and one company is facing scrutiny. Case in point: Twitter.

The company faced legal fallout recently from mass layoffs under Elon Musk’s management, including complaints from some workers that severance payments are less than promised and from other employees that the company retaliated against them for exercising protected labour rights.

A Los Angeles lawyer filed individual arbitration claims on behalf of three employees who claim the company hasn’t committed to paying them the severance they were promised before Musk acquired it.

Lisa Bloom, the lawyer for the employees, said she’s prepared to bring hundreds more such complaints on behalf of Twitter employees and contractors. Unlike lawsuits that are filed and fought over publicly, arbitrations are handled in a closed-door process.

The company was also named in two complaints to the National Labor Relations Board. In one labour board case, Twitter is accused of terminating an employees in retaliation for an unsuccessful effort with other workers to organize a strike.

The strike was planned for Nov. 17 but never took place, according to the complaint, because employees were deterred by an email sent by Musk telling them to commit to being “extremely hardcore” if they wanted to keep their jobs.

How to do it the lawful way

With all of this upheaval and change, there are some things to be aware of when attempting to do so legally, said a lawyer.

“Reports of employees finding out they have been fired by email or being locked out of their work accounts may sound like something from a dystopian nightmare. However, in light of the prevailing economic conditions, multiple tech companies have begun discarding employees by the truckload, changing the employment landscape in the process,” said Paulette Haynes, founder and managing officer of Haynes Law Firm.

“If the employer is untruthful, misleading, or even unduly insensitive, they could be on the hook for additional money. In one recent decision – Pohl v. Hudson’s Bay Company, 2022 ONSC 5230 – an employer was penalized by the court for marching an employee out the front door of the employer’s premises despite no allegations of misconduct,” she said.

“It certainly appears, now more than ever, that employers must take care when terminating employees as courts are ready to scrutinize their conduct.”

Growth on the horizon?

But in one country, many employers are thinking the opposite and the time is ripe for investments in the workforce, instead of mass terminations.

CEOs across New Zealand are investing more in talent to drive long-term transformation amid concerns on inflation and macroeconomic volatility, according to a new report.

PwC’s 26th annual Global CEO Survey, which included 142 New Zealand CEOs, found that 86% are investing in upskilling their workforce in priority areas in the next 12 months.

PwC’s findings revealed that 79% of local CEOs think global economic growth will decline in the next 12 months, while 76% believe the same thing will happen to the country’s economic growth.

This “increased pessimism” from New Zealand’s executives is “not surprising” given the challenges over the past years, according to Mark Averill, CEO and senior partner at PwC New Zealand.

Among the respondents, 38% said they feel extremely or highly exposed to inflation in the next 12 months, followed by macroeconomic volatility at 26%.

“When the survey was carried out late last year, interest rates and inflation were rising and there was widespread talk of a recession. The results clearly illustrate how much of a concern these issues are for CEOs,” said Averill.

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New units, new leaders

According to the announcement, Davies Global Solutions will incorporate the firm’s high organic growth Consulting & Technology and Insurance Services divisions under a new chief executive officer to create a thousand plus global team that operates across 10 countries. The division will be led by Mark Grocott, who has been with Davies for over 20 years, holding leadership positions including chief digital officer and CEO of Consulting & Technology. Insurance Services CEO Steven Crabb will continue in his current role and report to Grocott.

Davies UK & Ireland will bring together the firm’s Claims Solutions UK & Ireland and Legal Solutions businesses under a new CEO. This new team consists of over 3,000 employees, with its members delivering claims TPA, adjusting, legal services, supply chain, technology, and ancillary services to its clients across the UK and Ireland. This new division will be led by Allison Carr, who held various senior executive roles spanning 21 years with Davies & Keoghs. Carr previously served as the CEO of Davies’ Legal Solutions arm, Keoghs. Claims Solutions UK & Ireland CEO Kath Mainon will continue in her role, reporting to Carr.

Finally, there’s Davies US, which was formed last year when the firm brought together its US claims TPA and adjusting services with its risk, audit, inspections, and actuarial services. The 1,600-plus team operates from more than 30 locations across the US. Davies launched in the US in 2018 and has expanded its service offerings through a combination of strong organic and M&A growth in recent years. Matt Burton will continue to lead the division. Burton has been with the company for eight years and previously led the firm’s global M&A program.

Staying agile

As a global business, Davies and its more than 6,500 employees will continue to operate across 10 countries, including the UK and US. It delivers professional services and technology solutions across the risk and insurance value chain, including excellence in claims, underwriting, distribution, regulation & risk, customer experience, human capital, digital transformation and change management.

Over the past decade, the firm has grown its annual revenues by more than 20-fold, investing heavily in research and development, innovation and automation, colleague development, and client service.

“Our success in recent years is linked in part to our ability to stay agile, to adapt our structure, and to provide new solutions to our clients across the world,” Davies group CEO Dan Saulter said. “As we embark on our next phase of international growth and investment, it is important that we position our business units and leadership so we can best serve our 1,500-plus clients across the globe.

“My congratulations to Allison and Mark on their respective promotions. I am pleased that once again we’ve been able to promote internally.  Investing in our people and giving them opportunities for career development is central to our success, alongside our employee ownership culture, delivered through our Davies Incentive Plan programme, our innovation lab, and our CSR focus through the Davies Foundation,” Saulter said.

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According to the research, micro-businesses and SMEs were the most vulnerable to being uninsured for EL. Most sole traders with just one employee do not need EL insurance, and the research showed that larger employers with between 10 and 250 employees were more aware of their obligations.

Many of the businesses with between one and nine employees are likely to either not be aware of their responsibilities when they employ staff, or simply choose to throw caution to the wind as they seek more savings.

“A distraction from running the business”

“Senior decision-makers wear so many different hats and buying insurance at this level is often a distraction from running the business itself,” Smart Money People CEO Jacqueline Dewey said. “Therefore, we believe that many small businesses may simply be overlooking the need to add EL to their basket of insurances as they grow.”

That said, Smart Money People voiced its suspicion that there is also a second group of businesses who have previously held DL and now believe that it is a surplus to their requirements. In some circumstances, they are correct, but in most cases it’s believed to be a response to rising inflation.

“As everything from salaries to raw materials and energy bills continue to spiral, it is completely understandable that some small businesses are trying to rein in their spending. However, they need to know that employers’ liability insurance is, in most cases, a non-negotiable expense,” Dewey said.

Dewey also said that this could be an opportunity for insurers and brokers to remind small business prospects about why they need to have this insurance and what protection it can offer them. The more tailored these are to the risks associated with specific sectors or industries, the more likely these businesses are to listen.

The site also noted that insurers would be pragmatic to warn small businesses that during times of economic hardship, and driven by claims management companies’ aggressive tactics, employees may be more likely to sue their employer if they believe that it can lead to financial gain.

“Insurers know they will always face a challenge when it comes to micro and small businesses,” Dewey said. “Employers’ liability is perhaps an area where more education is required to help decision-makers at these enterprises really understand the product and more importantly, the risks associated from being without it.”

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The Women in Insurance Summit is a one-day event centered on the issues that matter most to women in the insurance sector. It gathers outstanding female leaders from across the industry, who share the skills and wisdom they have built up over the years on their way to the top. Among the topics they touch on are:

• Advancing diversity and inclusion
• Overcoming unconscious bias
• Pay equity
• Flexible work practices

Here’s the complete schedule of the eight Women in Insurance Summits being hosted in different parts of the world:

1. Women in Insurance Summit New Zealand

Date: February 28, 2023
Website: Women in Insurance Summit New Zealand
Venue: Hilton Auckland, Princes Wharf, 147 Quay Street, Auckland 1010, New Zealand
Speakers:

• Tanya Clews (head of claims, partnerships, and services, Ando Insurance)

• Lee-Ann du Toit (partner, actuarial and insurance services, Deloitte)
• Helen Fitness (founder, Quiet Rebel Consulting)
• Dasha Goryacheva (people and operations manager, Delta Insurance)
• Bronwyn Kirwan (chief sales and service officer, Fidelity Life)
• Nancye Maloni (home claims manager, AA Insurance)
• Jo McCauley (CEO, Southern Cross Travel Insurance)
• Beckie McCleland (chief risk officer, Partners Life)
• Complete list of speakers

Women in Insurance Summit NZ returns as a face-to-face event this year after two years of going online. The one-day insurance conference will bring together women leaders and D&I advocates who will discuss practical strategies for success, share career development insights, and help participants build essential skills for professional advancement.

2. Women in Insurance Summit Atlanta

Date: March 2, 2023
Website: Women in Insurance Summit Atlanta
Venue: Sheraton Atlanta Hotel, 165 Courtland St NE, Atlanta, Georgia 30303, United States
Speakers:

• Ania Caruso (Gallagher)
• Isabelle Dumont (Cowbell Cyber)
• Nan Fine (Markel Specialty)
• Lawanda “Elle Michell” Hall (Intelligent Intentions LLC)
• Casey Hartley (Everest Insurance)
• Scott Hornsby (AmRisc)
• Marissa Jennings (Zurich North America)
• Angela Lee (Marsh McLennan Agency)
• Taffy Jo Mayers (WTW)

Women in Insurance Atlanta returns this year with a live summit dedicated to empowering women and their allies, developing the next generation of leaders, and celebrating the achievements of women in insurance.

3. Women in Insurance Summit Chicago

Date: Not yet set
Website: Women in Insurance Summit Chicago
Venue: W Chicago – City Center, 172 W Adams St, Chicago, Illinois 60603, United States

Women in Insurance Chicago aims to unite the insurance industry over the common goal of diversity and empowerment. It will tackle how insurance leaders can continue to drive innovation, maintain employee engagement, and find new areas of growth and opportunity. 

4. Women in Insurance Summit Canada

Date: Not yet set
Website: Women in Insurance Summit Canada
Venue: The Carlu, 444 Yonge St #7, Toronto, Ontario M5B 2H4, Canada

Women in Insurance Canada will continue its goal of empowering women, developing a new generation of leaders, and celebrating everything that the country’s insurance industry has achieved over the course of the last twelve months. The insurance conference will feature:

• Impactful speakers from leading insurance companies
• Insightful sessions on hot-button topics
• A dedicated time for networking and relationship building

5. Women in Insurance Summit Australia

Date: August 23, 2023
Website: Women in Insurance Summit Australia
Venue: The Fullerton Hotel Sydney, 1 Martin Pl, Sydney, New South Wales 2000, Australia

Women in Insurance Summit Australia will feature insightful keynote sessions, presentations, panel discussions, workshops, and networking activities led by influential leaders from the industry. Highlights include:

• Presentations on innovation and digital transformation
• Personal branding
• Hybrid management strategies
• Inclusive decision making
• Mental wellness at the executive level

6. Women in Insurance Summit New York

Date: Not yet set
Website: Women in Insurance Summit New York
Venue: 583 Park Avenue, New York, New York 10065, United States

Women in Insurance Summit New York will provide insurance professionals with an opportunity to build new bonds and explore leadership strategies. The insurance conference also aims to inspire these professionals to make changes in their careers and work with a purpose in an industry that is constantly innovating to be more digital and provide equal opportunities for men and women.

7. Women in Insurance Summit Los Angeles

Date: Not yet set
Website: Coming soon!
Venue: Sheraton Grand Los Angeles, 711 S Hope St, Los Angeles, California 90017, United States

California’s Women in Insurance Summit moves from San Francisco to Los Angeles providing a venue for insurance professionals to reconnect face-to-face for a day-long summit. The insurance conference will bring together women leaders and their allies in the industry and discuss a variety of pressing insurance topics, including gender equality and technological innovation.

8. Women in Insurance Summit UK

Date: Not yet set
Website: Women in Insurance Summit UK
Venue: The Tower Hotel, St Katharine’s Way, London E1W 1LD, United Kingdom

The last event in the year for the series, Women in Insurance UK builds on the gains it has made last year, returning in November to provide participants with an opportunity to connect with some of the industry’s elite leaders and engage in deep conversations around establishing an inclusive culture that supports diverse professionals.

Specialty Insurance Summit
Date: April 27, 2023
Website: Specialty Insurance Summit
Venue: Arcadian Loft Toronto, 401 Bay Street, Simpson Tower, 8th floor, Toronto, Ontario, Canada
Speakers:

• Paul Croft (COO, Canada, Aon)
• Simon Hlywa (president, CEO, Calefy Inc. & Fuse Insurance Ltd)
• Mohamed Jama (Jones DesLauriers Insurance Management Inc.)
• Fady Kamel (All Risks Insurance Brokers)
• Joshua Krenus (president & CEO, Alteri Insurance)
• Kevin Lea (president, Fuse Insurance Ltd)
• David Leadbetter (president & CEO, Avail Group Of Companies)
• Michael Loeters (SVP – commercial insurance, PROLINK)

Insurance Business’ first-ever Specialty Insurance Summit will gather the biggest names in the specialty insurance market, who will share their secrets to success and give updates on how the sector is changing. They will discuss hot topics in the specialty insurance line, including: 

• Growing your business in a time of economic upheaval
• Mastering cybercrime insurance
• Managing catastrophe coverage

Participants can also get direct access to more than 20 MGAs, giving them the opportunity to build their network and develop actionable strategies for the year ahead.

Date: May 11, 2023
Website: IB Innovation Summit Australia
Venue: The Fullerton Hotel Sydney, 1 Martin Pl, Sydney, New South Wales 2000, Australia

IB Innovation Summit is Australia’s leading insurance innovation event, which gathers the country’s top insurers for a day of panel discussions, case studies, and presentations addressing the most pressing issues the insurance industry faces on its way to digital transformation. The insurance conference is presented in two concurrent streams. These are:

1. Claims innovation

In a competitive market, insurers are looking to transform their claims-handling process to improve customer satisfaction, reduce claim decision cycle times, and minimize costs. IB Innovation Summit’s claims innovation stream addresses issues and presents strategies on how to streamline claims processing to effectively communicate with customers and achieve operational efficiency.

2. Insurtech

In this stream, IB Innovation Summit discusses the role digital transformation plays in helping insurance companies deliver positive customer experience and drive operational efficiency to remain competitive in an increasingly digital environment.

Insurance Business will also hold a pair of events recognizing the outstanding achievements of different insurers and insurance professionals.

1. Insurance Business Australia Awards

Date: September 15, 2023
Website: Insurance Business Australia Awards
Venue: The Fullerton Hotel Sydney, 1 Martin Pl, Sydney, New South Wales 2000, Australia

The annual Insurance Business Awards will return for its sixth edition to showcase the achievements of Australia’s leading brokers, brokerages, insurers, underwriting agencies, BDMs and other industry professionals. Over the years, it has become the leading independent awards event for the nation’s insurance industry.

2. Insurance Business Canada Awards

Date: Not yet set
Website: Insurance Business Canada Awards
Venue: Liberty Grand Toronto, Exhibition Place, 25 British Columbia Road, Toronto, Ontario M6K 3C3, Canada

Now in its eighth year, the annual Insurance Business Canada Awards has been recognized as the country’s leading awards program in the insurance profession. The event honors the exemplary achievements of Canada’s best brokers, brokerages, insurers, underwriters, MGAs, and risk managers in the past year.

If you are a specialist looking for insurance conferences that cater to your line of work, you can also sign up for the following events.

Cyber insurance conferences

Cyber Symposium

Date: February 14-15, 2023
Location: New York, USA

The two-day insurance conference on cyber liability discusses cyber exposures and emerging issues that will impact the market in the coming year. Participants will earn Continuing Education credits.

Cyber Risk Insights Conference

Date: April 19, 2023
Location: London, UK

The one-day insurance conference topics will tackle critical privacy and security issues confronting risk professionals and their organizations. A panel of industry experts will offer insights on how to manage risk in a rapidly evolving threat landscape.

Cyber Risk and Insurance Innovation USA 2023

Date: May 16-17, 2023
Location: Chicago, USA

This annual event addresses cyber issues affecting insurance professionals and policyholders, including cybersecurity risk assessment, underwriting challenges, growth opportunities and market cooperation.

Life insurance conferences

LIMRA Distribution Conference

Date: March 1-3, 2023
Location: Orlando, USA

This insurance conference examines the vital role that key distribution channels play in the life insurance industry. It also shares strategies for industry players successfully manage distribution in the constantly evolving insurance landscape. 

LIMRA Life Insurance & Annuity Conference

Date: April 24-26, 2023
Location: Salt Lake City, USA

This event provides life insurance and annuity professionals with cross-functional learning and networking opportunities around the development, operations, marketing, distribution, regulation, technology, and administration of individual life insurance and annuity products.

Property and casualty (P&C) insurance events

Complex Claims & Litigation Forum

Date: February 27-March 2, 2023
Location: Las Vegas, USA

This new insurance event aims to help insurers prevent and prepare for complex claims adjudication and settlement negotiations, and win cases if a claim has to go to court.

DEI Expanding Opportunity in Insurance Conference

Date: April 2-4, 2023
Location: Washington, D.C., USA

This event by the American Property Casualty Insurance Association (APCIA) gathers insurance thought leaders from across the US to discuss the current state of diversity, equity, and inclusion in the industry and share tactical ways on how insurers can move forward on the issue.

National Flood Conference

Date: June 4-7, 2023
Location: Washington, D.C., USA

Another APCIA event, this insurance conference brings together flood insurance professionals and stakeholders to learn the latest information on the National Flood Insurance Program and related topics from subject matter experts. Participants can earn Continuing Education credits.

Insurance technology (Insurtech) conferences

Insurtech Insights Conferences

Date: March 1-2, 2023
Location: London, UK;
Date: June 7-9, 2023
Location: New York, USA
TBA: Hong Kong, 2023

Happening in Europe, the US, and Asia, this series of insurance conferences brings together senior industry executives, who will guide insurers in their digital transformation journey and help them drive investments in emerging technologies and innovations.

Insurance Innovators USA

Date: April 17-18, 2023
Location: Nashville, USA

By attending this insurance conference, participants can hear expert opinions, spot important trends, and uncover the best opportunities for innovation in their organizations. This year’s topics include AI and analytics, climate change, the Great Resignation, Web3, and the Metaverse.

Global InsurTech Summit

Date: April 18, 2023
Location: London UK

The event will host hundreds of senior decision-makers alongside insurtech founders and tech innovators in Europe. Participants can network with senior industry leaders and keep abreast of the latest innovations in the insurance industry.

Health insurance conferences

AHIP 2023 Medicare, Medicaid, Duals & Commercial Markets Forum

Date: March 14-16, 2023
Location: Washington, D.C., USA

This insurance conference focuses on the most pressing policy priorities, regulatory updates, and emerging issues for Medicare, Medicaid, Duals, and the commercial market.

14th Annual Global Health Insurance Conference

Date: October 6-7, 2023
Location: Prague, Czech Republic

This edition of this annual health insurance conference will discuss how insurers and healthcare providers can develop a healthcare ecosystem in an era of new data-sharing regulations and how to incorporate digital technologies to enable long-term engagement with customers.

Are you looking forward to attending our Insurance Business events? Tell us what excites you the most about these insurance conferences in the comment box below.

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Cross-selling has also come under the spotlight in recent months as insurance businesses look to leverage the full force of their data, systems, internal talent and services. Meanwhile, the twin terms of vertical integration and horizontal integration, while not quite returning to the peak of popularity they hit in the early 2010s, are very much back in vogue.

Insurance schemes – an opportunity for brokers to set themselves apart?

Amid these new and renewed strategic drives, more consideration is also being paid to the opportunities presented by insurance schemes. These insurance solutions targeting specific customer needs that aren’t being adequately met by the wider insurance market are enabling the savvy broker to meet market challenges with bespoke solutions.

The UK schemes market is estimated to be worth between £5 billion and £6 billion GWP and it currently represents a significant part of the commercial lines marketplace in the UK. It’s a market that is growing and evolving all the time – and primed to welcome and support entrepreneurial brokers looking to find new business opportunities.

How is the schemes market in the UK developing?

In a recent interview with Insurance Business UK, Simon Medhurst, schemes development manager for Travelers Europe, noted that the schemes sector had seen a post-pandemic surge, brought on by the changes in customer behaviour that occurred during COVID.

“[This] has allowed more time for reflection from brokers and MGAs, and indeed insurers,” he said. “If you look at consumer behaviours as well, you can see that they’ve changed with regard to internet shopping, increased pet ownership and homeworking, etc.”

These changes have created new and different opportunities, he said – which are coming to the fore at the same time as brokers are reflecting on their volume businesses and looking to where there’s any shared affinity.

The benefits and characteristics of a great schemes offering

The benefits of such schemes are substantial. Done right, they allow brokers to expand their offering, improve their customer retention, target untapped consumer markets and develop their own reputation for quality and specialist advice. As to what an insurance scheme done right looks like, a number of crucial characteristics spring to mind, not least that a successful schemes proposition encompasses:

• A shared vision for success
• Tailored wordings
• Quality data and data analytics
• Transparency and open communication between all relevant parties.

The appetite for differentiation is especially strong at the moment and those who have successfully undertaken a schemes solution can speak to the value it has brought their businesses, partners and clients alike. A common theme among these spokespeople is the importance of getting involved with the right schemes set up. As with any opportunity for differentiation, having the right frame of mind going in is half the battle – and connecting with the right partners makes all the difference.

For brokers considering dipping into the schemes market, doing comprehensive research, really exploring all their options and working with respected partners with good financial strength and a strong track record of success should be top of their to-do list. With the right mindset, ethos, strategy, vision and partnerships established, brokers will be well-placed to take full advantage of the opportunity at hand to reshape the insurance market around them on the ever-solid foundation of quality advice – at a time when price threatens to become king.

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Business insurance in the UK is often offered as a package of insurance products designed to provide enterprises with a full suite of protection from the various risks they face. Think of it as a form of a financial cushion that can help your business recover faster when an unexpected accident or disaster strikes.

Because each business deals with a different set of risks, business insurance providers also allow enterprises to take out a tailored set of policies that matches their coverage needs. Business insurance plans can be customised to meet the requirements of your industry, the size of your business, and your business activities, among others.

Most UK businesses are legally required to take out one type of business insurance policy – and that is employer’s liability insurance. This form of coverage works just like workers’ compensation insurance in other countries. If your business has at least one employee, then you need to secure employer’s liability coverage. Being caught operating without one can result in hefty fines for your company.

If you use a vehicle for your business, then you will likely need specialist business car insurance. For enterprises that involve direct use of their vehicles – including taxi fleets and driving schools – purchasing commercial vehicle insurance is mandatory. 

The other types of business insurance policies are not compulsory, although industry experts strongly recommend that certain businesses take out specific coverages, including public liability insurance and professional indemnity insurance, especially for those providing consultancy and advisory services.

As each business faces unique risks and challenges, there is no one-size-fits-all business insurance in the UK that can cater to every coverage need. To help protect enterprises against the different risks they face, business insurance providers across the country offer a diverse range of policies. Here are the five most essential coverages for businesses operating in the UK, according to experts.

1. Employers’ liability insurance

Businesses in the UK with at least one staff are required by the law to take out employers’ liability (EL) insurance. This type of policy provides protection if your employee gets sick or sustains an injury while doing their job. Coverage, however, is not limited to full-time or part-time employees. Employer’s liability insurance is also a requirement for businesses that enlist the help of volunteers or employ staff on a casual basis.

The policy must be purchased from an authorised insurer and must cover your business for at least £5 million. Businesses caught operating without this form of cover can be slapped a £2,500 penalty by the Health and Safety Executive (HSE) for each day that they go unprotected. You can also be fined £1,000 if you do not display your EL certificate or refuse to show it to inspectors when they ask.

2. Commercial vehicle insurance

While all UK drivers are required to carry car insurance before they can hit the road, standard policies do not cover vehicles intended for business purposes. For these, you will need to take out commercial vehicle insurance. This type of policy is actually an umbrella term for all types of coverage available to businesses that use commercial vehicles. This includes:

• Van insurance
• Truck insurance
• HGV insurance
• Taxi fleet insurance

Commercial vehicle insurance operates under the same principle as private car insurance paying out for damage or injury to third parties, and repair and replacement costs to the insured vehicle. The table below lists what is commonly covered by commercial vehicle insurance in the UK.

3. Public liability insurance

One of the most popular policies for businesses, public liability insurance (PL) protects your business from claims of property damage or bodily injury resulting from actual or alleged negligence in your business activities. Although having this type of coverage is not a legal requirement in the UK, some clients and suppliers may request your business to carry one as a condition for working with them.

4. Professional indemnity insurance

Professional indemnity (PI) insurance is designed for businesses offering professional services or advice. If you operate this type of business, PI coverage can protect you from claims arising from negligent acts or omissions committed while providing services. Professional indemnity insurance typically covers legal and compensation costs, and similar to product liability coverage, some clients may insist that you get coverage before they agree to work with you.

The table below lists several occupations in the UK that can benefit from taking out professional indemnity insurance.

If you want to know more about this type of business insurance policy, you can check out our comprehensive guide on professional indemnity insurance, which answers all the questions you may have about this coverage. 

5. Cyber liability insurance

With cybercrime rapidly emerging as among the biggest risks facing businesses in the UK, it pays for companies to have some form of cover. Cyber liability insurance is designed to mitigate the financial impact of data breaches and cyberattacks. Coverage typically includes legal and compensation expenses, and the cost to restore data.

If you’re wondering what type of coverage cyber insurers in the UK are providing, you can check out our latest list of the country’s top cyber insurance companies. 

Cyber liability insurance, however, offers only one layer of protection against cyberattacks. To be optimally protected, you should pair cyber coverage with good cyber hygiene and sound cybersecurity strategies.

Apart from the essential coverages listed above, UK businesses can purchase several other types of insurance policies that can cater to their specific needs. These include:

• Business contents insurance: This protects a business’ physical belongings essential to its daily operations, including laptops, smartphones, and other mobile devices. It also covers damages or losses caused by theft, fire, flooding, and other covered events.
• Business interruption insurance: This protects businesses from loss of income and additional costs incurred if their operations are forced to shut down because of an unexpected event.
• Equipment breakdown insurance: This covers businesses against sudden and unexpected mechanical or electrical failure of essential equipment by paying out for the repair or replacement costs.
• Personal accident insurance: This is designed to minimise the financial impact of losing a key employee, if a job-related accident causes them to miss work, usually for a period of two weeks or longer. It pays out for lost income, medical costs, and hospitalisation, up to the limits of the policy.
• Product liability insurance: This covers businesses if a customer suffers an injury or property damage resulting from the use of their product. It typically pays out legal and compensation costs.
• Tools insurance: For tradespeople who rely on their tools to get the job done, tools insurance covers the cost to replace or fix industry-specific instruments if they are lost or damaged.

Premium prices for business insurance in the UK are usually determined by a range of factors. These include:

• The business’ size or number of employees
• The industry your business is in
• The type of business insurance policies you are taking out
• The level of cover
• The excess amount
• The business’ claims history
• The professional background of the executive team
• The company’s turnover and debt

If you want to know how insurance companies calculate the cost of your policies, you can check out this comprehensive insurance premiums guide that we have prepared for you.

Before taking out a business insurance package, the first thing you should do is work out the types of coverage your business needs. Here’s a list of questions you can ask yourself to find out which policies suit your operations best.

It would also be helpful for you to consult an experienced insurance agent or broker who can give you sound advice regarding which business insurance policies fit your needs.

One thing to take note of is that as a self-employed individual, you should be able to claim your business insurance costs as an allowable expense to reduce your taxes, according to GOV.UK.

All businesses, regardless of how big, can benefit from taking out business insurance in the UK. If you’re self-employed and don’t employ anybody else, then you can skip employer’s liability insurance. Same with commercial vehicle insurance if you do not use a car for your business.

Other types of policies, however, may prove useful. If you offer professional advice or service, for instance, then professional indemnity insurance can protect you from claims of losses that resulted from the services you rendered. Public liability insurance, meanwhile, covers you if someone gets injured or had their personal belongings damaged because of your business activities.

Technically, yes. But are you willing to take that risk? If you do not have employees and company vehicles, it is possible to operate a business without insurance as employers’ liability insurance and commercial vehicle insurance are the only types of business policies required by the law.

But should an unfortunate event happen to your business – for example, theft, natural disaster, or lawsuit – it could run your operations to the ground without proper coverage. So, while technically you can, it is not advisable for you to run your business uninsured.

It’s not just UK enterprises, however, that can benefit from business insurance. Companies around the world all need the right type of coverage to maintain some level of financial security. Learn how you can use business insurance to navigate global challenges in this guide.

Do you think it’s worth investing in business insurance in the UK? Which coverages do you think are necessary and which ones are not? We’d love to hear from you in the comment section below.

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“Knowledgeable, diverse, and experienced”

This underwriting-focused committee currently comprises business lines sitting under the Marine Committee, Non-Marine Committee, and the Aviation Committee. The LMA has identified a need for a dedicated panel that will include chief underwriting officers and active underwriters. This group will then guide its members and work with the market on the increasing number of long-term challenges within the underwriting space.

The committee’s roles include constructive engagement with Lloyd’s and other external stakeholders on strategic underwriting issues. Some of these issues include development and execution of a commercial strategy, addressing subjects such as environmental, social, and governance (ESG) development and implementation of underwriting strategies, as well as ensuring that the market retains its position as the preeminent marketplace for specialty (re)insurance.

Selecting a committee of 15 members is a Nominations Committee panel consisting of:

• Patrick Dawson, underwriting director of the LMA
• David Croom-Johnson, retired chief executive officer of the Aegis
• Jane Hayes, non-executive director of Hiscox Insurance
• Dominic Christian, global chairman of reinsurance solutions at Aon UK

The LMA will be looking for a diverse range of backgrounds and experience including varied geographical knowledge and technical experience across multiple disciplines and classes of business in order to ensure that the CUO Committee will be able to meet the market’s broad needs.

“The Lloyd’s underwriting community is constantly adapting to new challenges,” Dawson said. “It has become clear that a committee of senior, experienced individuals is needed to provide expertise and guidance over the coming years. As issues such as market digitisation, the evolution of Lloyd’s in a rapidly changing and competitive environment and ESG rise in prominence, it is vital that we, as an organisation, are providing our members with the right support to address challenges in a strategic and considered manner.

“I am pleased that we have been able to set in motion the launch of this important initiative and look forward to working with the Nominations Committee to ensure we create a knowledgeable, diverse and experienced committee to engage with Lloyd’s on strategic development and continue to serve the needs of the marketplace,” Dawson said.

Lloyd’s recently lost a long-tenured and respected underwriter, as it was announced that the ‘Father of the House’ Michael Meacock passed away during a holiday with his family.

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The partnership further builds on a successful collaboration that has delivered improvements within the industry, including customer retention, safe driving, and fraud detection. The lab aims to develop real-world solutions to tackle various significant challenges in society, from sustainability to autonomous mobility.

“Developing cutting-edge insurance and services”

“Insurance was born in the UK and breakthroughs of many kinds have their origin here, so it’s the perfect place for our new hub of innovation,” ANDI president Keisuke Niiro said. “The Aioi R&D Lab aims to solve global-scale social issues through developing cutting-edge insurance and services utilising AI technologies.”

Niiro said that the lab will combine the capabilities of Oxford researchers, the AI provided by Mind Foundry, and the insurance capabilities of Aioi Nissay Dowa Insurance to develop solutions for significant societal challenges.

“Coming together as ‘One Team,’ I am confident Aioi Nissay Dowa and the experts in the Oxford ecosystem can offer solutions that will have a tremendous impact on the world,” Niiro said.

“We have made a long-term commitment to invest in cutting-edge innovation in the development of new insurance models, products, and services – not just for our own benefit, but to create a shared value that solves social and community issues across all parts of society,” AND-E group CEO Michael Kainzbauer said. “Insurance is pivotal to mitigating and protecting people from the impact of some of the biggest issues facing our planet and our populations, and we are excited to be working with Mind Foundry to take some big strides towards practical solutions that will drive change at a massive scale.”

The lab will focus on several topics that create shared value across society, including:

• Developing products that insure individuals continuously across multiple modes of mobility, including cars, trains, scooters, etc. This is to reduce risk, traffic accidents, and CO2 emissions
• Developing models of insurance for autonomous vehicles, a field where insurers need to understand a vehicle’s sensors and the complexities of how self-driving algorithms are configured
• Developing the next generation of telematics-based insurance, as well as personalised insurance and insurance for artificial intelligence
• Developing solutions to reduce carbon and energy use in transport, preserve biodiversity, and gain a better understanding of the risks associated with climate change
• Developing solutions to help deal with aging populations, as well as extend wellness and health care

“Big knowledge,” not just “big data”

On the board of the newly formed lab are key representatives from AND-E and Mind Foundry. Kainzbauer will chair the board while AND-E executive manager Jun Ikegami will take the post of CEO. The two will work alongside Mind Foundry CEO Brian Mullins and ANDI representatives from the ANDI holding company, Masauki Yazawa and Kuniaki Uehara.

Supporting the board is an advisory panel of professors from the University of Oxford, each with different expertise across many disciplines that sit at the heart of the transformations facing society, with particular focus on insurance. These include Mind Foundry co-founders professor Stephen Roberts and professor Michael Osborne. The rest are as follows:

Michael Wooldridge, professor of computer science at Oxford University

• Malcolm McCulloch, associate professor in engineering science and group leader of the Energy and Power Group at the University of Oxford
• Paul Newman, who leads the Oxford Robotics Institute
• Baroness Kathy Willis, professor and principal at St Edmund Hall and professor of biodiversity in the Department of Zoology, University of Oxford
• Doyne Farmer, Baillie Gifford professor of mathematics

The lab’s aim is to build a better understanding of the data that surrounds us and identify ways in which truly informative “big knowledge” can be extracted from that information, and not just the “big data,” according to Stephen Roberts, Mind Foundry co-founder and professor of machine learning at University of Oxford.

“Big data is useful up to a point, but what we need now are very smart algorithms that can distil that data into knowledge that is interpretable, valuable, understandable, and beneficial to everybody,” Roberts said. “We want to understand the societal impact – not just of insurance, but of risk, environment, and sustainability – and form a foundation for how algorithms of all levels of sophistication can work in harmony with society.”

“Mind Foundry is dedicated to tackling high-stakes problems with AI – and the insurance sector is not only one that impacts all of our lives both individually and at scale, but it’s also at the forefront of long-term thinking about global economic problems and the effects of change on people and civilization,” Mind Foundry CEO Brian Mullins said. “We could not have better partners as we take on some major challenges in that field with this R&D lab.

“Aioi Nissay Dowa shares our aspirations and understands the importance of digital transformation working with – not against – society, and we will also benefit from the University of Oxford’s rich ecosystem, which has been at the cutting edge of AI research for decades,” Mullins said. “We look forward to deepening our relationship with ANDI and the University of Oxford and working together to create a more inclusive and fairer world for all.”

Besides the advancement of AI, several new breakthroughs have also been introduced within the insurance business. Recently, specialist insurer CFC announced the implementation of policy encryption within its products, providing an additional layer of security for its customers.

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“A next chapter”

“Our future success at MS Reinsurance will be defined by our ability to expand our customer-centric approach and provide our valued partners with bespoke, innovative, and efficient solutions,” MS Reinsurance CEO Robert Wiest said. “I am delighted to welcome Benedikt, Susanne, Marcus, and Stefan to MS Reinsurance. All four join our growing team as we embark on our next chapter. We are committed to investing in our people and with more than 75 years of specialist experience, collectively, we are excited about the expertise they bring to the MS Reinsurance team.”

Gnädinger took her post on November 1, reporting directly to Wiest. Her current role sees her spearheading the recently rebranded business’s modernization journey. She has a previous 17 years of experience with Partner Re, developing deep expertise in business processes, systems design, and integrating new technologies for reinsurance.

Schmid was appointed on February 1, also reporting directly to Wiest. With 24 years of experience in the reinsurance industry, he was previously the chief information officer at AXIS Re. His new role within MS Reinsurance will see him leading the implementation of the reinsurer’s IT strategy aimed at improving the use of data and technology to support the business.

Pollak also joined the reinsurer on February 1, and he now reports to chief technical underwriting officer Grégoire Mauchamp. The newly created role sees Pollak leading the underwriting operations team and supporting a wide range of products and processes globally across various geographies. Pollak previously lead the global underwriting support team at AXIS Re.

Finally, Behr will officially start his tenure at MS Reinsurance on March 1, reporting to EMEA chief underwriting officer Jörg Bruniecki. Behr will bring with him a blend of business development, client management, and underwriting experience. He recently held the head of business development post EMEA at Swiss Re.

The surge of appointments comes months following MS Reinsurance’s rebranding from MS Amlin AG, a move in-line with parent company MD&AD’s commitment to forming a globally diversified reinsurer.

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