There are numerous risks that can affect businesses in the foodservice, catering and hospitality industry. That is why it is crucial to have the correct insurance policy in place to help cover these unexpected events. Insurance cover policies and risks that will always need consideration are:
- Commercial Combined policy
- Employers’ Liability
- Public Liability
- Products Liability
- Fleet Insurance
- Credit Insurance
- Professional Indemnity
- Marine Cargo
- Engineering inspection
- Group Travel Insurance
What are the current risks affecting the industry?
In our times, technological developments in the industry have meant that the risk of cyber-attacks have received renewed interest.
Cyber insurance (also referred to as cyber risk or cyber liability insurance) is a form of cover designed to protect your business from threats in the digital age, such as data breaches or malicious cyber hacks on work computer systems.
Insurance policies that cover cyber attacks:
Privacy liability – mismanagement of personal and/or corporate confidential information
Defence expenses arising from regulator investigation due to irresponsible management of private information
Defence and settlement costs for claims from individuals that had their identity stolen
Network security liability – failure to effectively protect insured’s network from malware, hacking, denial of service attacks or unauthorised use or access
Incident response expenses
- Forensic investigation costs to locate vulnerability, analyse impact, ensure containment, and calculate extent of loss
- Notification to affected individuals
- Identity theft monitoring services to affected individuals
- Costs to set up and operate a call centre for enquiries
- Public relations expert fees to minimise the impact of the incident – legal consultation fees
- Incident response manager fees
Directors’ and officers’ insurance
Directors’ and officers’ (D&O) insurance offers vital protection for you as a company director or officer. It pays your legal defence costs and damages that you are legally liable to pay to other parties following a wrongful act committed by you in your capacity as a company director or officer.
Understanding your risks and managing them effectively can help to reduce the frequency and cost of your claims. Specialist risk management consultants can offer a wealth of experience and can work with you regarding your health and safety or employment law matters to ensure you are prepared for the challenges you face.