Complacency is the active ingredient in a recipe for disaster
It's a life jacket for your life, but not as you know it
It's up close and very personal...
We have an adversarial business culture. Society is not content with ‘the company’ shouldering the blame, but seeks to hold individual people to account for a truly breath-taking range of management failure.
There is no longer a Corporate or Limited Company status that stands between you and the consequences of events, no hiding place.
It’s simply the ugly truth that being a company director, officer or manager is also being exposed to serious risks, through accidental failures in the performance of your duties.
There are five famous ‘finger pointing adversaries’ that can end your career, remove your assets and put you in the pokey. Just to be clear, your house is on the line… and your personal freedom.
Watch out for these Five 'Finger pointing adversaries'
HSE and other regulators
Complacency is the active ingredient in a recipe for disaster. Management complacency is a big feature of most disasters and many accidents and mishaps.
“MS Herald of Free Enterprise” (The Zeebrugge Disaster), ‘The Space Shuttle’ (The Challenger Disaster) and most recently, Grenfell Tower, all highlight serious management complacency. But these very public, cinematic disasters disguise the fact that the majority of prosecutions relate to SME businesses.
Prosecutions have tripled during 2016/17¹. Fines have rocketed. More directors are being imprisoned. The director of a demolition company in Stirlingshire was jailed for SIX years for gross negligence and manslaughter after two of his employees fell from a roof on the same day. A restaurateur was jailed for SIX years for the manslaughter of a customer who had an allergic reaction to a meal†.
A fire results in the Company’s premises being destroyed. It is then discovered that the Director responsible for arranging the Company’s insurances had inadvertently failed to keep the insured values up to date, resulting in a significant underpayment by the Company’s insurers for the loss. This in turn meant that the premises could not be rebuilt with the insurance proceeds alone. The other Directors decide to sue the Director responsible for insurances for the shortfall.
The company makes some derogatory remarks about its customers. As a result it receives some damaging publicity which negatively affects its year end profits. A group of disgruntled shareholders sue the Company and the Directors, alleging incompetence and mismanagement.
A claim for unfair and constructive dismissal has been brought against the Finance Director of a distribution company by a former employee alleging sexual harassment and other inappropriate activity including sending text messages out of working hours and inviting her on nights out. Cost £21, 000.
Engineering manufacturers entered into a factoring agreement with the claimant, but following the company going into administration, alleged that they used the monies due to the claimant to pay other creditors.
Director personally sued £300, 000.
Let's make it cheaper, by doing it right
There are four, GREAT INDISPUTABLY UGLY TRUTHS about business insurance
We can help ease some of your biggest headaches! But before we do, let’s see how the four ugly truths about business insurance add to that list….
1. Insurance companies dispute 50%*of all large claims from businesses.
2. They do this for two reasons:
a. breach of policy conditions (which you’ve never read or remembered)
b. inadequate information disclosure (like if you forgot to tell them about the live entertainment)
3. It takes on average three years to resolve a large disputed insurance claimǂ (if you can resolve it). Meanwhile, without cash flow, your business goes into administration.
4. This is why 43%* of all businesses experiencing a disaster never recover – not because they have experienced a disaster, but because their insurance is a disaster!
large claims disputed
reasons this happens
years to resolve
businesses never recover
How we can rescue your future...
Of course, we can’t keep you out of the pokey, or prevent you being fined or struck off, but we can defend you and all your colleagues – and settle civil court awards: claims settlements are often titanic.
Insurance is your personal life jacket in the unforgiving, hostile, stormy sea that is called ‘business’, and we are The Business Insurance Bureau.
Our team are well prepared for the slings and arrows of outrageous fortune, with decades of experience in Management Practices Liability insurance they have seen many cases where people and businesses could have been saved if they had only had this kind of cover.
We can give you access to some very broad shoulders and some very deep pockets, a life jacket for your life. It’s not about if, it’s about when. Give us a call today to discuss your
Let's make it cheaper, by doing it right
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Who are The Business Insurance Bureau?
The Business Insurance Bureau is a niche specialist underwriter and commercial insurance broker, defying conventional categorisation, comprising of a small number of gifted individuals forming a collective intellectual giant.
We have developed our own unique range of quality insurance products, which has given the business a competitive advantage in several areas. Being in control of the entire process, from enquiry to policy issue, has allowed our business to deliver service levels hitherto unimaginable in this sector, or indeed for a business of its physical size.
We insure a spectacularly diverse clientele, similarly exclusive and excellent in their field, who rely on The Business Insurance Bureau to protect their assets, minimise their liabilities and secure their future.
Here's what our clients say about us...
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The Business Insurance Bureau is famous for it’s simplification of the complex world of insurance. With corporate jargon galore, we believe that in order to run your business with peace of mind, you need simplistic and entertaining material when it comes the ‘boring but important’ things like business insurance. In order to help you along the way we have created many colourful and cheery leaflets to help you understand what risks your business can face and how we can help you reduce them.