Kingsbridge Launch New Cyber Product for Insurance Industry as Number of Cyber Attacks Increases

Kingsbridge Cyber Liability

Three quarters of UK SME’s have suffered security breaches in the last 12 months

Kingsbridge, the contractor insurance specialist, has launched its new Cyber Liability cover, which is designed to proactively help and protect contractors manage and deal with a cyber attack or data breach. It follows a dramatic increase in the number of cyber security attacks on businesses and follows recent research from the Association of British Insurers stating that three quarters of UK SME’s have suffered security breaches in the last 12 months.

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The Cost of Setting Out

Setting Out

If you’re a setting out engineer it’s more than likely you’ve seen a rise in your insurance premiums recently (or, in some cases, a point-blank refusal from insurers to provide appropriate cover).

Whilst the exact reasons for changes in average premiums are down to each insurer, it’s more than likely that the industry has seen an uptick in claims made against setting out engineers recently. Couple that with the risks that are often associated with such a precise task, and an unfortunate recipe for increased cost is created.

That’s where we come in. You might have seen our price promise already, but it’s worth reiterating. In the event that you find the same policy cover at a lower price with another UK company, we’ll refund the difference. It’s that simple.

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Inside the Kingsbridge Office

Kingsbridge Office 1

Regular readers of the Kingsbridge blog will know that we’ve been making a few changes to our Tewkesbury HQ over the summer. Having outgrown our original office, we took the opportunity to take on the building next door too.

Whilst late spring and early summer was spent working amidst a mass of cables, we’ve been fine tuning from June onwards. Having a bit more space has allowed us to invest in a few nice perks. We thought we’d take you through a few.

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Protecting Your Business From Cyber Attacks

Protecting Your Business

Anyone with half an eye on the news in recent months will have noticed the increased spate of cyber attacks taking place. A recent report from the Association of British Insurers noted that 74% of SMEs are reported to have suffered a security breach in the past 12 months alone.

What does this have to do with me, you might ask? You work for yourself. You don’t have to worry about multinational IT infrastructure. Unfortunately, it’s not that simple.

Individual workers are often the weakest link in the security chain. A recent IBM investigation noted that 95% of cyber security breaches are down to human error. With cyber crime quickly becoming a multifaceted, dynamic and constantly evolving threat to security it’s imperative that you protect yourself.

Most small business owners don’t take cyber security seriously. They think that their business is too small to attract the attention of a hacker. That laissez-faire attitude, however, is exactly the reason why 43% of cyber attacks target small businesses – hackers are aware that most SMEs don’t invest in cyber security. How can you protect your business from attacks? Here are a few of our top tips:

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A Brief History of Cyber Attacks

Cyber Liability

When it comes to cyber attacks, it’s often only the big corporation on the receiving end of the breach that makes the headlines. What people don’t often consider is the long chain of risk that generally allows such attacks to happen in the first place.

Although the entry point for any breach often remains undisclosed, it is generally an individual at ground level who is most fallible. In fact, a recent Verizon study identified that 77% of data breaches involved an insider, whilst a recent IBM investigation noted that 95% of cyber security breaches are down to human error.

That’s why we always recommend that you take out adequate insurance cover if you work in any area that could be digitally vulnerable.

Don’t take our word for it though. Read on below for some examples of the most notorious cyber attacks to happen in the 21st century.

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5 Tax Planning Tips for Contractors and Freelancers

Tax Planning Tips

As a contractor or freelancer, just hearing the word tax can fill you with panic – but there’s really nothing to worry about! We’ve outlined some basic tips for new contractors and freelancers below. They should help you prepare and manage your taxes easily and efficiently.

1. Set up a business bank account

Having a separate business bank account may seem like something that doesn’t really apply to you as a contractor or freelancer – why can’t you just use your current account? Having a business bank account means you can work out what money is coming in for your business and what money you’re spending.

Who has time to trawl through their personal bank account sifting through your supermarket purchases to try and find all business-related transactions? It makes working out your income and expenditure sheets so much easier.

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5 Essential Skills Every Contractor Should Have

5 Essential Skills

Don’t panic if you don’t have all of the skills below yet. These are just a few of the many qualities that help to secure work and deliver the project on time, as well as helping to deliver the best possible results for your clients.

Become a great communicator

You need to be a great communicator when you’re a contractor. Now that you’re wholly and solely responsible for your income you need to step up your confidence level when it comes to communication. If you don’t communicate regularly with your clients they can feel as though they’ve slipped through the net.

Keeping your clients engaged and informed as often as possible means less mistakes get made whilst also ensuring that you’re setting realistic expectations for throughout the project.

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Kingsbridge 10th Birthday Party

Party 1

When it comes to getting older, it’s generally not the ticking clock of time itself you remember but the way you celebrate another year passing by. A great party (whether real or fictional) will go down in history, remembered by all who attended. See Trimalchio’s Dinner Party from Petronius’ Satyricon. Or Jay Gatsby’s infamous Saturday Night Parties. Or Paris Hilton’s 21st birthday. All landmark celebrations, and all residents in the great pantheon of having a good time.

When it came to throwing our own party, our goals weren’t quite as lofty. We wanted to celebrate our 10th birthday with the people who made Kingsbridge the company it is today. We wanted good food, good music, and fun for all. And a falconry display.

Rather than regale our readers with stories from the day, we thought we’d simply stick to showcasing a few of our favourite images. Many thanks to our esteemed colleague Liam for providing the vast majority of the photos, and apologies to anyone who might not be too happy with any less-than-flattering images now living on in perpetuity on the Internet. A huge thank you also to our hosts Steve and Janet, and to Kelly for organising everything. See below for bucking broncos, karaoke, an array of face paint and much more.

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Kingsbridge at National Freelancers Day 2017

On 8th June we attended this year’s National Freelancers Day. We couldn’t have been prouder. Although we’ve attended several in the past, IPSE’s flagship event was bigger and better than ever before. In tandem with the ever-growing number of contractors and freelancers in the UK, NFD has grown from a relatively small gathering to a multi-site behemoth with over 20 events across the UK this year.

As vocal and avid supporters of the self-employed ourselves, we’re strong advocates of the excellent work IPSE put in to get their voices heard. This year’s NFD welcomed over 400 attendees, a testament, as IPSE note, “to the growing strength and importance of the freelancing community.”

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10 Years of Contracting

Kingsbridge 10th Anniversary

A lot can happen in 10 years. Unexpected champions emerge. Countries can rise and fall. Our world gets smaller and our borders close as our horizons expand. But what about closer to home? As regular readers of this blog will know by now, Kingsbridge Contractor Insurance is celebrating its 10th birthday this year. Whilst we like to think of ourselves as a company with an eye very much on the future we, like everyone else, enjoy the chance to revel in nostalgia every now and then.

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