Did you know it’s now possible to insure against the UK’s most common crime?.... Cyber-attack.
Cyber-crime continues to make headlines on an almost daily basis in the UK. We frequently hear about national companies falling prey to high profile breaches of systems and data. This often results in widespread disruption for their clients as well as financial and reputation loss for themselves.
How does this affect me?
Often the sheer scale of the figures being reported and the intangible nature of the loss make it hard to relate to as a small business owner. However cyber-crime is no longer a large company problem, it is estimated that over 74% of SME’s in the UK have fallen victim to a cyber breach. Whilst the stories hitting the headlines often involve sophisticated ransomware, the types of incidents that hit small business across the UK on a daily basis are often much simpler examples of cyber-crime. Many are caused by simple phishing scams rather than sophisticated cyber-crime. Cyber criminals aren’t just interested in targeting big business and in our increasingly connected world it’s no longer a case of ‘if’ a business will experience a loss, but ‘when’.
What are the big changes in the industry?
Insurance Premium Tax Rise
Insurance Premium Tax (IPT) is a tax levied by the government on most general insurance premiums. IPT has recently risen to 12%, this is the third time in two years that we have seen the rate rise.
What does this mean for me?
With two rises in the last 12 months some policyholders will be seeing tax charged of 2.5% higher than their last renewal, depending on their renewal month. On a qualifying general insurance premium of £10,000 that could mean a rise in the total cost of £250 just on the tax alone.
Guy Martin set to drive the Time Attack in the Pace Ward Insurance Evo!
Guy has confirmed that he will make the switch to four wheels for Rounds 6 and 7 of the Time Attack Championship at Croft, driving the Pro Extreme category Pace Ward Insurance Evo. Guy will be standing in for our regular driver Phil Reed who has family commitments.Read more
Ogden Rate Change
What is the Ogden Rate?
The discount rate has been traditionally applied to lump-sum payments made by insurance companies to claimants following injuries sustained in motor accidents, accidents suffered at work or on another’s premises. The thinking behind this is that the claimant is receiving a large lump sum payment which they could invest to receive future investment earnings. There is a concern that this leads to victims being overcompensated.Read more
Pace Ward Time Attack Car wins first race of series
The Pace Ward Time Attack series Mitsubshi Evo driven by Phil Reed achieved success in the first round at Cadwell Park.Read more
Cheap supercars: Can you really run one on a budget?
A look into the exotic world of supercar ownership to see the real costs associated with buying and running one.Read more