Gift Focus - Mar/Apr 2018 (Issue 106)

Gift Focus readers put their insurance queries, concerns and questions to leading brokers TH March insurance solutions L-R: Damian Barnes, Sally Golden, Laurence Carr, Jayne Loats, Shane Kempe, Venetia Morrison. MEET OUR TEAM OF 5-STAR GIFTWARE INSURANCE SPECIALISTS When you call us at T H March it’s highly likely you will speak to one of these lovely people so I’d like to take this opportunity to introduce them to you! Assistant Manager, Venetia Morrison says, “Every day is different and we love that about our business. Our customers do sometimes present us with some very interesting challenges insurance-wise but there are also questions that crop up on a regular basis. Here are just a few:..” I’m attending an exhibition – what cover should I have? The organisers of the event will require you to have Public Liability of usually £2million or £5million. This is to cover your legal liability in the event that (for example) if your stand falls on a member of the public and causes them an injury. You might be able to buy the organisers own insurance, but it’s usually more cost effective to take out an annual policy. You should also consider insuring your stock whilst at the exhibition and exhibition expenses in the event you have to cancel for unforeseen circumstances. Do I need Employers Liability cover? Employers Liability is a legal requirement. If you employ anyone, whether that’s full time or only for an hour or two a week, you must have this cover otherwise you can be fined thousands by the Health and Safety Executive. For more information, please visit the HSE or GOV.UK websites. What else should I consider? Everything! It’s best to speak to a Giftware specialist broker to discuss what is important to you. From this conversation quotes can be obtained for insurance for your building, stock, contents, loss of profits if you cannot trade, and additional risks associated with running a business. “For free impartial advice, give any of the Giftware Team here at TH March a call. As many readers will know, we’re proud to be Giftware Association’s recommended insurance broker - a stamp of approval you can trust.” And because it has been in the news so much recently – a few more words on Cybersafety! Have you ever heard of a DDoS Attack? Hackers can attack online retailers in a number of ways, one of which is a DDoS attack. DDoS, or distributed denial of service , is a type of cyberattack in which a hacker floods your retail website with traffic and overwhelms your server to the point that your legitimate customers are unable to access your site. DDoS attacks can last anywhere from a few hours to a few days; meanwhile, your company loses out on business and may incur the cost of bringing in an IT specialist to investigate and stop the attack. Can you prevent a DDoS Attack? Although DDoS attacks often occur on larger brand online retailers, no retailer is immune. Small and medium-sized companies that rely on larger e-commerce providers or payment processing companies could be affected if those larger companies come under attack. Mitigate the DDoS Risk To mitigate some of the DDoS risk, it’s important to understand your web hosting environment. Some examples of web hosting include: • Shared hosting. When multiple websites share a single server. This is the most common and economical option for small companies, as the host already has a DDoS response plan in place. • Cloud hosting. This is a newer platform where the hosting is decentralised and users are only charged for the services they use, not a flat fee. • In-house hosting. A company, such as a larger online retailer, hosts its own site and assumes all of the responsibility for a DDoS attack. Many small and medium-sized online retailers use shared hosting because they don’t have the capability to host their own site. When selecting a web hosting service, consider the following: • Does the hosting company only cater to e-commerce clients, or to a variety of clients? The behaviour of other users on the server could impact the performance of your website. • How many websites are packed on a single server? • What type of DDoS response plan does the host have in case of a cyberattack to the network? Cybersecurity is a serious concern for online retailers of all sizes. Contact your insurance broker for advice about cyber liability. Further information: T.H. March is a chartered firm of insurance brokers. Established in 1887, the company has offices in London, Birmingham, Manchester, Glasgow and Sevenoaks, as well as its National Administration Centre in Yelverton near Plymouth. To find out more T: +44 (0)1822 855 555, E: giftware@thmarch.co.uk , or visit the website thmarch.co.uk 92 giftfocus