Other Products - Pound Gates Nursery Insurance

Other Products

Whilst our Pound Gates Nursery Insurance product is very comprehensive there are a number of other important covers you should consider to ensure your business is adequately protected.

Click on the boxes below to learn more about each product.

WHAT IS IT?

Cyber insurance covers the losses relating to damage to, or loss of information from, IT systems and networks.

WHY YOU NEED IT

All business these days (and nurseries are no exception) rely on information technology (IT) infrastructure to some degree. This reliance can expose you to the risks of business interruption, income loss, damage management and repair, and possibly reputational damage if IT equipment or systems fail or are interrupted.

A UK Government survey estimated that in 2014 81% of large corporations and 60% of small businesses suffered a cyber breach. The average cost of a cyber-security breach is £600k-£1.15m for large businesses and £65k-115k for SMEs.

While existing insurance policies such as commercial property, business interruption or professional indemnity insurance, may provide some elements of cover against cyber risks, businesses are increasingly buying specialised cyber insurance policies to supplement their existing insurance arrangements, particularly if they:

  • hold sensitive customer details such as names and addresses or banking information (or in the of nursery settings, a child’s medical history);
  • rely heavily on IT systems and websites to conduct their business;
  • process payment card information as a matter of course.

WHAT IT COVERS

Cyber insurance covers the losses relating to damage to, or loss of information from, IT systems and networks. Policies generally include significant assistance with and management of the incident itself, which can be essential when faced with reputational damage or regulatory enforcement. Generally cyber risks fall into first party and third party risks. Insurance products exist to cover either or both of these types of risk.

First-party insurance covers your business’s own assets. This may include:

  • Loss or damage to digital assets such as data or software programmes;
  • Business interruption from network downtime;
  • Cyber exhortation where third parties threaten to damage or release data if money is not paid to them;
  • Customer notification expenses when there is a legal or regulatory requirement to notify them of a security or privacy breach;
  • Reputational damage arising from a breach of data that results in loss of intellectual property or customers;
  • Theft of money or digital assets through theft of equipment or electronic theft.

Third-party insurance covers the assets of others, typically your customers. This may include:

  • Security and privacy breaches, and the investigation, defence costs and civil damages associated with them;
  • Multi-media liability, to cover investigation, defence costs and civil damages arising from defamation, breach of privacy or negligence in publication in electronic or print media;
  • Loss of third party data, including payment of compensation to customers for denial of access, and failure of software or systems.

As with all classes of insurance cover can vary from one insurer to another, as can policy exclusions. Please give us a call to discuss your specific requirements and we will source the most appropriate solution for you.

WHAT IS IT?

If you use motor vehicles for your business you are legally obliged to have motor insurance.

If your employees drive company vehicles it is your responsibility to purchase motor insurance for your entire fleet.

If your employees are using their own private vehicles for work purposes you are not obliged to pay for their motor insurance, but you are required to ensure that they have the minimum cover required by law. Your employees should disclose the fact that they are using their personal vehicles for work purposes to their insurance provider (please note this is different from the normal risk of commuting to/from the ‘usual’ place of work which many insurers now cover as standard). They may be charged an additional premium to amend their cover and your employee may ask you to cover this cost for them as their employer.

If you are operating a minibus or people carrier to transport children between breakfast/after-school clubs and their school you may need a private hire licence, even if you are not charging a specific fee for the service. You should discuss the situation with your local licencing authority as the rules can differ from one area to another.

Whatever your motor insurance requirements we can arrange the appropriate cover for you.

As with all classes of insurance cover can vary from one insurer to another, as can policy exclusions. Please give us a call to discuss your specific requirements and we will source the most appropriate solution for you.

To discuss any of these covers further or to arrange a quotation talk to a member of our Nursery Business Support Team on the number above or click here and we will call you back.

We are extremely satisfied with our insurance through Pound Gates, the staff are most helpful and very knowledgeable. When we were unfortunate enough to have to make a claim it was dealt quickly and efficiently and with minimum disruption to the business – Hopscotch Nursery

Hopscotch Nursery Nursery Insurance July 21, 2016

<
>