Whether you’re running a busy shop or a kiosk inside a shopping centre, your business deserves cover that understands the way you operate, not a generic policy that misses the mark.

Built Around the Realities of Bubble Tea Retail
Bubble tea shops and dessert retailers face a mix of challenges that typical shop insurance doesn’t always account for. From temperature-sensitive stock and imported machinery, to the fact that many businesses are based in units without independent alarms or access, these are the details that matter when things go wrong.
Our new policy is designed to reflect these realities, offering protection that fits the way you trade.

Why This Cover Stands Out

Enhanced Business Interruption Protection
Unlike most off-the-shelf retail policies, this product includes increased limits for Loss of Attraction and Prevention of Access, both up to £50,000 over a 3-month indemnity period. That means if your business is affected by an incident nearby- like a fire, road closure or flooding in the shopping centre, you’ll have stronger support in place to recover.

Protection for Kiosks and Shared Premises
If you’re based inside a shopping centre, chances are your unit isn’t self-contained and you don’t have direct control over things like alarms or external security. Most standard policies would flag this as a problem. Ours won’t. This cover is built with that setup in mind- giving you the reassurance that you’re protected, not penalised.

Comprehensive Core and Optional Cover
The core policy includes protection for material damage, stock deterioration, public and employer’s liability, and goods in transit. You can also choose from optional add-ons like employee dishonesty, personal accident, terrorism, and legal expenses, so you can tailor the policy to suit your business.

Insurance That Works the Way You Do
“Bubble tea businesses are vibrant, entrepreneurial, and often operate in high-traffic retail environments, but they can also face very specific risks,” said Karl Sutcliffe, Commercial Broking Director at Cowens. “This policy goes further than standard cover, it’s designed around how bubble tea and dessert retailers actually trade.”
“This is about giving business owners confidence that their cover fits how and where they trade,” added Matthew Litchfield, Commercial Broker & Risk Surveyor. “We’ve listened to what bubble tea retailers need and built a solution that genuinely supports their day-to-day operations and long-term resilience.”

Let’s Talk
If you’re a bubble tea or dessert shop owner and want to make sure your business has the right cover in place, speak to our team today.
Call us on 01623 649931 Or email info@cowensgroup.co.uk

The post Cowens Launches Specialist Bubble Tea and Dessert Shop Insurance appeared first on Cowens.

If you are looking for an insurance policy, you might believe that the use of a middle man is a hindrance and not a help. In this case, you turn to price comparison sites to look for the cheapest policy. This may not always be the best way, as some policies that you will be offered may be fairly generic. You could also be underinsured, which could compromise a claim process. So why use an insurance broker?

In this article, we will cover five reasons why using a broker might be the best choice.

1. Impartial and expert advice

Because insurance brokers are independent companies, they are not tied to any one insurer. They can offer impartial advice tailored to your personal and business needs. A chat with you is usually all they need to find a suitable policy from the insurers they work with. This means you get the right cover at the right premium. Also, you probably do not have the time to study the technicalities of, say, professional indemnity insurance. However, a lot of brokers have, and that makes them an expert. You benefit from that expertise when they speak to you about the cover you need. That same expertise extends to mid-term changes and queries, too, with the bonus of personal service in some cases. That is not always the case with large direct operations or comparison sites.

2. Cover

Insurers can only offer you one policy: theirs. This is often written for the mass market, and it will not be tailored to your specific needs. Multiple business activities, high-value property or exceptional contract requirements could mean you need something different. A broker recognises extraordinary requirements, identifies the cover you need, arranges it with a suitable insurer and ensures that your documents are correct. They will also tell you if you are already covered by your existing policies so you don’t overlap.  Certain insurances such as professional indemnity and public liability insurance can sometimes be complex; if you are unsure of where to start, asking an impartial expert could prove useful.

3. Cuts through the jargon

Insurance policies can be challenging to understand because covers are technically spelt out. Getting an insurance broker who understands the details and can explain each policy is a huge step into finding the right insurance. For example, if you are insuring your home or starting a new business venture, trying to understand terms like uberrimae fidei, subrogation and indemnity could be confusing. An insurance broker cuts through the professional jargon to determine which policy will protect your business and possessions. This means you can focus on decorating your home or making your business profitable.

4. Manages your claims

This is probably one of the best reasons to use a broker. When the worst happens, you need all the help that you can get. If you need to make a claim, a broker might speak to loss adjusters and the claims departments to ensure the process is hassle-free. Also, brokers understand the technicalities of your policy, therefore they can argue your case in the event of a disputed claim.

5. Know your options

Brokers can help point out the types of cover available and what cover you need. They also take the time to explain the fine print of your policy so you know what you are signing up for. Situations might change in future, and your insurance needs to reflect this. Brokers ensure that you continue to get the right cover at the right price.

The post Why Use an Insurance Broker? appeared first on Cowens.

Edward Hamilton comments- “This is the process of convincing a victim to willingly send money to a Hacker using very, VERY convincing conversation.

I have personally had experience of three friends in the last few months who were on the verge of losing money to these types of attacks and whilst it is most likely you will get a call from these hackers as a home user, the benefit of this advice does also carry over to your work. I am not attempting to scare with the following points, but these hackers are professional and organised. So please pay attention on these brief guidelines to stop you becoming their next victim:

• If in ANY doubt when someone calls you from a Bank or Internet Service Provider or Software Company, hang up and call them directly using a previously known number. Even if you were expecting a call from that company. This is the same advice as don’t reply to a suspicious email, just use existing contact details you already trust. If the Hacker calls you back, do the same thing again – Call the company directly or get advice from your local trusted IT Manager. Just to note, you will never receive a legitimate call from Microsoft – tell them you will alert the police and to not call back.

• No-one and I mean NO-ONE that you do not trust implicitly, will EVER ask you to download and run a file on your Computer. If they do, do NOT do it. This allows the hacker full access to your computer. Once that happens, literally everything you access is now compromised. Once you realise what has happened, you will (or should) spend the next few days changing the passwords on literally everything. And your online identity is also now at risk and you have now been added to a list of targets that is shared amongst criminals. You can then expect more calls of a similar nature.

• There are various, very clever ways of convincing you the caller is legitimate. This is called Social Engineering and several very switched on individuals I know, have been caught out.

• If you pay these criminals, in most cases you will not be able to recover the payment from the bank because ‘you’ paid them and the money was not stolen.

• So – you get a call, you think it is legitimate. You allow them to run some stuff on your PC. At some point you think – this does not feel right. You must immediately kill your internet connection. Simplest way is to turn off your main router. That will buy you some time to speak to your bank to freeze your account but you must act quickly. It becomes a race against time to stop money disappearing from your online bank accounts and remove access to critical things like your email account. Your computer must also be checked for any surreptitious software before it is allowed back onto the internet.

If you are a business and are concerned about your cyber risks, please contact Cowens on 01623 649931 or info@cowensgroup.co.uk

Cowens- Insuring your future today…Ensuring your future tomorrow

The post How to spot Social Engineering- An interview with Edward Hamilton, Cowens IT Manager appeared first on Cowens.

In light of HMRC’s recent warning against fraudsters using email, text and even social media to scam money from unsuspecting taxpayers, it’s never been more important to ensure you have the right policy in place to cover all eventualities.

Many people don’t realise this type of incident is actually covered under a crime insurance policy. It covers real money rather than a cyber policy aimed at losing data and subsequent associated costs. This is where it becomes confusing and an easy mistake to make when the criminals have used cyberspace to facilitate their fraud.

Karl Sutcliffe, Broking Director at Cowens Survival Capability, commented: “Almost all of us have received a scam HMRC ‘tax rebate’ or something similar and businesses are no different. Scam phone calls and emails come through to some businesses on almost a daily basis containing fraudulent invoices, requests for bank details or cheque signing. These operations are well-thought-out and extremely convincing.

“In cases such as the HMRC scams, where actual money is moved from an account, crime insurance is essential. We’ve noticed a surprising number of businesses who believe their cyber policy will fully cover theft of this type, but sadly it isn’t the case. The good news is that a crime insurance policy can be easily added to your commercial programme, and the premiums are tailored to individual risks – we ensure all clients understand the difference in cover and that they have in place exactly what they need as these scams become increasingly widespread and professional.”

Some cyber policies offer a crime extension, but this still may not cover a business for all eventualities. CEO at Cowens, Paul Chaplin, said: “The issue with crime extensions on cyber policies is that the cover is often quite a lot narrower, even in cyberspace. Some extensions only cover pure electronic theft; therefore, if the insured is involved in any way – for example, if they open an attachment or transfer the money to the criminal, there is no cover at all. It’s also essential to remember that a cyber policy will not cover theft by an employee or a face-to-face trick, and a simple crime extension won’t cover the vast majority of standalone crimes. I cannot emphasise enough how important it is to have a competent insurance broker who understands the differences in cover.”

Karl continued: “In cases like the HMRC scams and similar, your employees can be your biggest weakness. I’ve seen a business lose thousands because a scam was sent to a busy employee who wasn’t briefed properly or wasn’t paying attention! Start with communication and strategy; every staff member should receive step-by-step training on what to do if they believe they are at risk and should know who to report any concerns to. Businesses should put a whistle-blowingCrime concept.

Procedure in place – your IT Manager must alert your Financial Director of any suspicious activity, for example, and appropriate action is taken.

“Businesses should have a minimum two-step authentication process on all payments and quarterly fraud risk assessments across the whole business. You should work together with your insurance broker and bank to ensure all precautions are in place, as this will ensure your insurer will assist and settle any claims should the worse still happen.

“Finally, remember if something seems too good to be true, it usually is! Always encourage staff to be vigilant, put precautions in place and together with a tailored commercial crime policy, the potential impact on the business will be significantly reduced.”

For more information on putting a crime insurance policy in place for your business or assessing your other insurance requirements, contact Cowens on: info@cowensgroup.co.uk.

The post Confusion Between Cyber & Crime Insurance Puts Businesses at Risk appeared first on Cowens.

What is a Management Liability Policy?

The covers, collectively described as Management Liability, are designed to cover the cost of legal expenses and compensation which arise from the allegation of a negligent or wrongful act by a company’s director or the company itself in the management of the business. These covers are about the corporate governance of the business itself, rather than its operations. There are three areas of cover in this space;

Directors and Officers cover provides directors protection where there is an allegation of a direct causational link between an alleged error, negligence or wrongdoing and loss by a third party.

Employment Practices Liability provides cover for issues that arise from allegations of some form of wrongful act concerning employees.

Entity cover provides cover for the business if they are accused of wrongdoing in the governance of the business; this last section is usually only available to private limited companies.

What is a wrongful act?

According to the Association of British Insurers, wrongful acts include:

• Breach of duty
• Breach of trust
• Neglect
• Error
• Misleading statements
• Wrongful trading

Mistakes happen. However, even if a director or officer acted in good faith and did not intend to commit a wrongful act, this could still trigger a claim.

How Management Liability Insurance protects you

It pays your defence costs and any final settlement or compensation award following legal action against you or your company. Your policy covers a wide range of claims, from wrongful trading to breach of trust.

Why you should consider Management Liability Insurance

• Your senior leaders could lose their positions as directors if a claim is brought against them and they don’t have management liability insurance.
• The cover extends to anyone who makes a claim against your company, including competitors, shareholders, suppliers and employees.
• You are protected against the fallout from rising company regulation and greater scrutiny of directors’ duties, actions and responsibilities. The Companies Act 2006 highlights statutory obligations that a director must comply with and could be held personally liable in the event of a breach.

The post Why You Need Management Liability Insurance appeared first on Cowens.

KP snacks have been the latest high profile company that have been hit with a cyberattack. In a statement, KP Snacks said: “On Friday, 28 January, we became aware that we were unfortunately victims of a ransomware incident. As soon as we became aware of the incident, we enacted our cyber-security response plan and engaged a leading forensic information technology firm and legal counsel to assist us in our investigation.

We have been continuing to keep our colleagues, customers, and suppliers informed of any developments and apologise for any disruption this may have caused.”

In these types of cases, hackers will gain entry to a computer network, steal data, and then copy the victim’s sensitive documents. In return for deleting and decrypting these files, hackers demand a sum of money, which often comes at a very hefty price point.

Last June, the largest meat processing company in the world, JBS, suffered a ransomware attack which caused disruption to meat supply lines in several countries. To resolve the situation, the company forked out the equivalent of $11m (£7.8m) in ransoms to the criminals who hacked them.

You may think that cyber crime is only relevant to large organisations but SME businesses and individuals are being targeted on a more regular and frequent basis, with just as devastating conclusions for a SME and an individual as the aforementioned larger organisations, especially as SMEs and individuals lack the IT protection clout of a large organisation.

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