Underinsurance: Are You Adequately Protected?

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Have you considered what this means to your and your business?

On Monday 27th February it was announced that the Ogden discount rate will be reduced from +2.5% to -0.75%. This presents a significant change in terms of how serious injury awards are calculated and will increase compensation payments that are awarded.

What is the Ogden Rate?

Fixed by the Lord Chancellor, the Ogden Rate is a Government set rate used to calculate the amount of compensation as a lump sum the court will award when a personal injury claim occurs for a life changing injury.

The discount rate takes into account age, gender, working life based on likely retirement age and for lifetime losses of the claimant.

Interest rates ...

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Are you protected against a Cyber Attack?

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How can you use cyber liability insurance to manage risks related to a data breach and reduce the significant costs that can result from them?

Following the recent ransomware attacks on the NHS as well as many other high profile companies in over 150 countries, the emphasis has been placed on risks that all businesses using computer systems now face.

A recent study of 3,000 companies in the UK, US and Germany revealed more than half (53%) of businesses in the three countries are ill-prepared to deal with cyber attacks.* Insurance has long been used by organisations as part of risk management and disaster recovery plans, however many businesses unintentionally assume that an attack will be covered by ...

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What are Standard and Non-Standard Contracts?

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Introduction 

When you are obtaining a quotation from Thistle Insurance Services for our Recruitment Agency Insurance product, we will require you to provide a breakdown between temporary workers placed under your Standard Terms of Business and/or any Non Standard Contracts.

To assist you with providing us with the correct information, we have put together this handy document to provide you with guidance on the contract types and why your insurers require a breakdown between the two types of contract placement.

Overview

The reason why insurers require wage rolls and turnovers split between temporary workers placed under Standard and Non Standard contracts is simply to determine the possibility of liability claims arising under the insurance policy. Once your insurers have ...

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