By law, most businesses are required to purchase £5 million of employers’ liability (EL) cover, but depending on a range of factors, your business may need a higher limit. Look over this infographic for a list of things to consider when choosing an appropriate EL policy limit.
Blog
Benefits of Stock Throughput Insurance
Stock throughput insurance protects your business from a wide range of risks when transporting or storing cargo. Click here to review this one-page fact sheet to learn all about the unique and vital benefits of stock throughput insurance.
If you’re interested in learning more about about insurance cover for wholesalers and how we can protect your business, please give us a call on 01730 265500 or email one of our wholesale Insurance specialists, Simon Gubbins or Danny Toull.
What is a Lawful Basis for Processing Personal Data under GDPR?
The deadline for GDPR is fast approaching and as part of your organisation’s GDPR preparations, you need to determine whether you have a lawful basis for processing data, and if so, what this basis is.
A ‘lawful basis’ is the reason that your business has to process (including holding/storing) an individual’s personal data. The GDPR offers six lawful bases for processing and you need to determine which is most appropriate to your business, ensuring the reasons for your choice are accurately documented.
The six lawful bases are:
1. Consent—The individual has given your organisation clear consent for you to process their personal data for a specific purpose.
2. Contract—The data processing is necessary for a contract that you have with the individual, or because they asked you to take specific steps before entering into a contract.
3. Legal obligation—The data processing is necessary for your organisation to comply with the law—not including contractual obligations.
4. Vital interests—The data processing is necessary for your organisation to protect an individual’s life.
5. Public task—The data processing is necessary for you to perform a task in the public’s interest or for your organisation’s official functions, and the task or function has a clear basis in law.
6. Legitimate interests—The data processing is necessary for your legitimate interests or the legitimate interests of a third party, unless there is a good reason to protect the individual’s personal data that overrides those legitimate interests. (Note: This cannot apply if your organisation is a public authority processing data to perform your own official tasks).
Simon Gubbins, Managing Director at Robison, said: “From a risk management perspective, it’s important to note that no matter which lawful basis you choose, it is only valid if your objective is not reasonably achievable through any other means. If it’s found that other methods could potentially have been used without the need for processing personal data, you could be in violation of GDPR leading to a hefty fine.
To protect your business from potential prosecution and fines, make sure your chosen lawful basis for processing has been given thorough thought and consideration. Once you have ascertained what your lawful basis is, it’s important to document it and state your reasons why it’s applicable. To demonstrate transparency and accountability, make sure that your company’s privacy notice clearly states your lawful basis for processing and what that data will be used for.”
To help you determine which lawful basis for processing is appropriate to your business see our Lawful Basis for Processing Data Under the GDPR Checklist.
Robison & Co. provide bespoke insurance policies for businesses and individuals. If you would like an audit of your existing policies, or advice on a new policy, please call Robison today on 01730 265500. We’d be happy to discuss your current needs and ascertain your level of risk.
Professional Indemnity Insurance Explained
If you work in a ‘professional service’, whereby you sell advice or informed opinion, you will be expected to provide a quality service within the accepted standards of your profession. However, despite your best efforts, training and research, mistakes can happen, and if it is found that the advice you provided was out of date, incorrect or not communicated effectively, the consequences for you and your business could be costly and devastating.
What is Professional Indemnity Insurance?
Professional Indemnity is an insurance designed to protect professionals against claims made as the result of an error, or incident following their professional activities or advice. Policies cover things such as professional negligence, errors or omissions, and breaches of professional duty and conduct.
Is Professional Indemnity Insurance a legal requirement?
Unlike employer’s liability, which is required by law for most businesses with staff, Professional Indemnity is not a legal requirement for all businesses, but it is mandatory for members of some professional bodies. If you work in accountancy, architecture or chartered surveying, it’s likely Professional Indemnity will be required. Some client contracts may also require you to have PI coverage, so always read the small print and if you’re not sure whether it’s needed, take some professional advice.
How can a broker help?
It’s no secret that you can buy Professional Indemnity insurance online. A comparison site will offer a variety of tempting deals, but will an ‘off-the-shelf’ package like this really provide you with the cover your business needs to be adequately protected? Professional Indemnity Insurance may be the most complex and costly insurance your business will purchase, and having a professional to oversee the process is invaluable. An experienced Professional Indemnity broker will take the time to understand your business, review your contractual responsibilities, explain the small print and highlight potential exclusions, so you can make informed decisions and ensure you’re not paying for coverage you don’t need.
Robison & Co are experts in providing well thought out, competitive Professional Indemnity Insurance solutions to a wide range of businesses. If you’re considering PI Insurance for your business contact Robison & Co on: 01730 265500 or visit our Professional Services page.
Commercial Insurance Profile March 2018
The March Commercial Insurance Profile outlines why your organisation should have neat and tidy documentation for your data processing activities, provides advice on how to protect your directors and officers in case your organisation becomes insolvent, and highlights upcoming key employment law dates.
Read the latest Commercial Insurance Profile here: Commercial Insurance Profile March 2018
