Business Protection

Commercial Crime

With the average cost of fraud in the UK costing 6% of revenues, there is an increasing need for Commercial Crime insurance.

Also know as Fidelity Guarantee, it provides your business with protection against theft of your money, securities, funds or property by an employee or by a third party. It can also protect you from theft of your client's money, securities or property for which you are liable.

This policy is true cash flow protection against your business's crime exposures.

Credit Insurance

Credit Insurance is a straightforward cover to ensure that you get paid for the goods and services you supply. So whether you are looking to support funding, have a greater understanding of your customers financial position, or to just protect your company from bad debt caused by a customer’s insolvency or inability to pay, we have a range of solutions to help.

As well as protecting against the potentially catastrophic effects of bad debt, cover brings with it other additional benefits:

  • Good quality information to make informed decisions when granting credit to customers
  • Access to finance facilities, such as invoice finance and factoring, is greatly improved owing to the extra security afforded by a credit insurance policy
  • The option to use experienced debt collectors to help with slow paying customers for both insured and uninsured debt
  • Removes the need to keep bad debt reserves, meaning these funds can be put towards other uses
  • Optional bespoke types of cover for industries such as Construction, Advertising and Recruitment to cover risks such as binding contracts and work in progress.

Our range of solutions can cover sales to just the UK, UK and overseas, or just overseas and policies are completely flexible to allow us to tailor them to your business needs.

Cyber Liability

In an age where a stolen laptop or hacked account can instantly compromise the personal data of thousands of customers, or an ill-advised post on a social media site can be read by hundreds in a matter of minutes, protecting yourself from Cyber Liabilities is just as important as some of the more traditional exposures your business faces.

A traditional commercial insurance policy is extremely unlikely to protect against most cyber exposures. Standard commercial policies are written to insure against injury or physical loss and will do little, if anything, to protect your business from electronic damages and the associated costs. Exposures are extensive, ranging from the content you put on your website to stored customer data. Awareness of the potential cyber exposures your company faces is essential to managing risk through proper cover.

Possible exposures covered by a typical cyber policy may include:

  • Data breaches - companies have a responsibility to protect client information
  • Business/network interruption - if your primary business operations require the use of computer systems, a disaster that cripples your ability to transmit data could cause you, or a third party that depends on your services, to lose potential revenue
  • Intellectual property rights - your company’s online presence exposes you to, among other things: libel, copyright or trademark infringement and defamation
  • Damage to third party systems - if an email sent from your server has a virus that crashes the system of a customer, or the software your company distributes fails, resulting in a loss for a third party, you could be held liable for the damages
  • System failure - natural disasters, malicious activity or fire could all cause physical damages that could result in data or code loss
  • Cyber extortion - Hackers can hijack websites, networks and stored data, denying access to you or your customers, which can cause a temporary loss of revenue plus generate costs associated with paying the hacker’s demands or rebuilding if damage is done

As technology becomes increasingly important for a successful business, the value of a strong Cyber Liability Insurance policy will continue to grow. The continued rise in the amount of information stored and transferred electronically has resulted in a remarkable increase in the potential exposures facing businesses.

If your business suffers from a cyber attack, our insurance solutions can provide the compensation and expertise to get it back up and running with minimal disruption.

Directors & Officers Liability

As a director or senior manager your personal assets are at risk. While the liability of a company is limited, your personal liability is not. Every decision you make can potentially open you up personally to expensive claims and legal costs. We’ll work with you to ensure you have Directors & Officers (D&O), or Management Liability, cover in place to protect both your business and your personal assets.

Directors' & Officers' Liability is now a prerequisite for attracting and retaining key people as they operate in an increasingly complex environment with expectations of stakeholders higher than ever before. E G Murray arrange cover so you can be confident that you and other insured individual's personal wealth is protected against the cost of defending or settling claims, for example:

  • Claims by investors or other shareholders, including other directors
  • Claims arising from your involvement with the operation or administration of a company pension or employee benefit scheme
  • Health and safety or manslaughter claims
  • An employment claim for unfair dismissal

Our solutions cater for losses resulting from wrongful acts, including:

  • Damages, judgements, settlements, crisis costs, PR costs, prosecution and defence costs
  • Legal representation expenses
  • Tax contributions where the company has become insolvent and personal liability ensues
  • Actions between directors of the same company
  • Whistle blowing
  • Pollution defence costs

Group Personal Accident, Sickness and Business Travel

Personal Accident & Sickness

Cover for employees against Accidental Bodily Injury, resulting in death or permanent injury and, if selected, temporary disablement, as well as cover against Sickness causing Temporary Total Disablement.

Employers’ Liability Note: Personal Accident cover can reduce the cost and frequency of Employer Liability losses.

Business Travel

Business Travel cover offers flexible benefits which insure against issues that may have an effect on business continuity, acting to minimise any potential disruption to a business. Available covers include:

  • Medical and Emergency Travel Expenses
  • Personal Belongings
  • Money
  • Cancellation, Curtailment or Change of Itinerary
  • Travel Delay or Seat Bumping
  • Missed Departure
  • Hijack and Kidnap and Ransom
  • Personal Liability
  • Legal Expenses

Key Man Insurance

Have you ever thought about what could happen if your business lost a key person through illness, injury or even death? Key Man insurance will provide financial support to protect your business and keep things running smoothly.

It's possible to insure any of your key members of staff, they don’t necessarily have to be shareholders.

Benefits of the cover include:

  • Repayment of loans taken out by the key person
  • Help with the recruitment and training costs for replacement staff
  • Meeting ongoing expenses whilst sales recover and paying for expert consultants
  • Giving confidence to staff and customers due to the positive actions taken and your financial obligations being met

You could opt for Life Cover only, Critical Illness Cover, or a policy which covers both. You can select different levels of benefit and terms depending on your requirements, and there are also policies available that pay out a regular income in the event of sickness.

We will ensure the right protection is in place to meet all the needs of your business.

Performance Bonds & Guarantees

Performance Bonds are a guarantee, supporting your company’s contractual obligations, typically with a value of 10% of the contract price (though this may vary in some cases). It is purchased by the you as the contracting party, and provides financial protection to the project owner or authority against any losses or damages sustained as a result of you failing to perform your contractual duties.

Construction Guarantee Bonds are essentially performance bonds which are geared towards the construction sector and specific forms of construction contracts.

Any party committing to contractual obligations may need a Bond. For example companies in the following sectors may require them:

  • Construction
  • Engineering
  • Manufacturer
  • Importing
  • Beverages and Brewing
  • Outsourcing
  • Services
  • Waste Companies

Whether you require a one off bond, to replace an old facility or are seeking additional facilities, we have the market access to help you. Regardless of how complex or simple your needs, we are here to assist.

Professional Indemnity

If a client claims that there is a problem with the work you’ve done for them, Professional Indemnity Insurance protects you and your business against the expensive costs that arise. It can cover compensation to correct a mistake or settle a claim, and cover your legal defence costs.

Professional Indemnity claims can include:

  • Negligence – being careless in your work, such as giving bad advice or making a mistake
  • Infringement of intellectual property rights – for example re-using content from a website without permission
  • Defamation – making false or damaging claims about a person or organisation
  • Breach of confidence – sharing confidential or commercially sensitive information without consent

Examples of how you might make a claim and what your insurance may cover would be:

  • Advice - a client made some business changes based on advice you gave them. The changes didn’t bring the benefits they expected and cost them money. So they make a claim against you for compensation. Professional indemnity insurance would cover the claim for compensation plus the costs of defending or settling the claim.
  • Design - you were contracted for the refurbishment of domestic flats to a previously agreed specification and were asked to fit some additional external balconies not included in the plans. The design of these balconies subsequently led to water penetration into the flats beneath. Your design was found to be deficient. Professional indemnity insurance would cover the costs of defending or rectifying the problem.