Industry Sectors
We specialise in a plethora of industry sectors. You can find out more about the work we do and the industry sectors we insure below.
From sole traders to large corporate companies, we have extensive experience arranging commercial insurance and risk management solutions for commercial businesses, just like yours.
Our experienced and growing network of brokers work practically with businesses both locally and across the UK to provide everything from commercial liability insurance to commercial property insurance and much more.
Our unique team and business model sets us apart from other brokers, enabling our broker to access the whole of the market, with no exceptions. This means that you are always put at the forefront of our business and enables our brokers to deliver the very best service they can, with a very personal approach.
You can find out more about the work we do and the industry sectors we insure below.
Agriculture, Forestry & Fishing
The agriculture, farming, and fishing industry is as diverse as it is wide-reaching. Practices range from dairy cattle raising to hops farming, oilseed production to flower growing, logging, and aquaculture. The market size accumulates to over £20 billion, and encompasses around 200,000 businesses which employ nearly a million people across the UK. All sub-sectors within the industry (of which there are over 10) are facing their own unique problems, including the decline of global wild salmon stock and rising prices for produce influenced by ecopolitical moves and trade agreements.
Almost one person a week has been killed as a direct result of agricultural work, highlighting the immense importance of risk management within these industries; the total annual cost of injuries to companies is around £190 million. More specialist insurance policies for the sector include avian influenza insurance, agricultural contracting cover, and smallholder insurance which can help cover livestock risks.
Construction
The construction sector spans every aspect of UK life, encompassing residential, commercial, industrial and infrastructure projects. Commercial Construction insurance is designed to protect businesses machinery and people. Construction policy often combines specialist cover for construction works and materials with insurance for buildings, business interruption, and liabilities. Permanent and temporary construction projects may require different types of coverage, so get in touch with one of our specialist brokers for more information.
Over £600 billion of sector spend is forecast in the UK over the next decade, with the Government investing £725 million from the new Industrial Strategy Challenge Fund in creating the Construction Sector Deal. The Deal is designed to stimulate innovation in the construction sector, with particular emphasis on tackling Grand Challenges in the Artificial Intelligences and data economy, future of mobility, clean growth, and an ageing society. The construction sector accounted for approximately 6% (around £130 billion) of GDP in 2019 and was one of the major influencers of inflation and employment. The sector employs 2.9 million people, with exported products and services equalling £8 billion in value. Despite output decreasing during the pandemic, the industry is expected to record an average growth of 3% between 2022-2025.
Professional & Financial
The Professional and Financial sector cuts across many, diverse industries and provides them with specialised support. Cover for this sector includes professional indemnity insurance which protects businesses if they are found to have provided poor services which has resulted in clients or others losing money. Another common cover is public liability insurance, which protects against damages to property that doesn’t belong to you – especially helpful if you have to visit a client’s property – or have frequent visitors. In addition, customer use of technology for obtaining services is expected to increase dramatically, and it is expected that cyber-risk insurance will become commonplace as a result.
The sectors themselves are hugely important, with financial and related professional services contributing £194.2 billion to UK GVA in 2020, which represents £10 of every £100. In the same year, the sector generated a trade surplus of £77.9 billion, and created over 10% of total UK economic output. This is made possible by the 2.3 million people that are employed within the services, 2/3rds of which are based outside of London.
Fleet, Courier, Haulage & Taxi
Differing from Motor Trade, Motor Fleet is for businesses that are not in the motor sector but operate two vehicles or more. With 15,695 delivery and courier companies, 251,000 licensed taxis, and 34,000 road haulage companies trading in the UK, the Motor Fleet sector is a busy one. Because of the unique nature of individual businesses in this sector, the insurance available is designed for multiple vehicles under one policy and allows for flexibility of cover and drivers. It helps cover multiple types of vehicles, handy for businesses that have a wide-ranging service. It also helps manage renewal dates and management of documents, and tends to be more cost-effective than taking out single policies.
Common policies include Goods in Transit, Public Liability, and Employers Liability. The latter is a legal requirement in most cases and helps protect the business from legal claims triggered by health and safety breaches. Most insurance policies can cover combinations of vehicle types, levels of cover from third party to comprehensive, and a mixture of drivers with different ages/residency/licence types. It should go without saying that it is an absolute must for any vehicle to have the correct insurance, as police are constantly using ANPR on roadsides to find uninsured or untaxed vehicles. Haulage, courier, and taxi fleets are a sizable risk considering the amount of time spent on roads.
Food & Drink
With nearly 100,000 food and drink-led premises in the UK, the sector continues to be integral to our economy, with a consumer expenditure of £240 billion on food, drink, and catering in 2021. The food and drink sector has everything from agriculture to pet and animal food manufacturers. The manufacturing of food and drink directly employed nearly half a million people in 2021, an increase of 3.4% since 2020. Naturally, health and safety regulations are integral to the sector, so it is also important that these are up-to-date and checked regularly. Stock is the lifeblood of this industry and so the right cover is imperative, especially if said stock is perishable. Furthermore, there is the added anxiety of supply chain issues, fluctuations in raw material prices, and the increasing risk of cybercrime.
Common policies include protection against stolen stock, product recall, pollution risks, stock in transit, public liability, business interruption, and professional indemnity. Protection against supply chain issues are especially pertinent for food and drink businesses considering the current delays and shortages caused by COVID and Brexit. Premises also require cover in case of fire or water damage. There is also an increased legal liability risk due to food intolerances or allergies; incorrect labelling could be extremely damaging for a company’s reputation and brand.
Healthcare and Private Medical Insurance
The Health, Wellbeing, and Care sector encompasses all activities which promote physical and mental wellbeing, such as yoga, hospitals, and foster care. It includes both public and private businesses. It can be further split down into social care (eg fostering and adoption, probation, and housing) and healthcare (eg ambulance, health promotion, midwifery). The industry is valued at around £20 billion, and globally valued at over £4 trillion. It is currently estimated that 1 in 4 people will be aged 65+ by 2050, and so demand for specialist care and services will only continue to rise. More people are also more aware of their health and wellbeing following the COVID pandemic, alongside growth in the ‘wellness tourism’ industry. However, weak government funding and inflationary wage cost pressures have constrained the industry’s margins over the past 5 years.
In practices such as personal massages and sports therapy, there will always be a risk of personal injury to both your employees and clients, and so liability insurance is a must for this industry. Furthermore, with more and more data being stored online it is imperative that cyber risks are managed effectively. Other more specialist covers can include professional treatment liability and office insurance, and can include legal protection against medical malpractice.
Hospitality & Leisure
The leisure and hospitality sector embraces a wide range of activities and services that include hotels, visitor attractions, sports centres, and outdoor adventure centres. Leisure insurance can cover material damage and business interruption; if you own a property with late night opening hours, your policy will be tailored to take this into account, just let one of our specialist brokers know. Public liability insurance is a very important cover for the hospitality sector due its continuous contact with members of the public.
Recently, due to the pandemic of 2020, local and independent operators experienced an increased interest, and have been supported by extensions of VAT relief and business rates holidays as outlined in the 2021 Chancellor’s Budget. Going forward, there will be an emphasis on sanitation and cleanliness standards, use of outdoor spaces, reduction of physical contact, and sustainability. Furthermore, businesses should look at three critical capabilities; flexibility, creativity, and resilience.
The sector delivered £59.8 billion in Gross Value Added contribution in 2019, which is around 3% of total UK economic output. General monthly services output increased by 1.5% between May-June 2021, with public-facing industries such as accommodation seeing the strongest growth. There was a 56.5% rise in output from June 2021 compared to June 2020, highlighting how important the sector has become for the general population as a result of multiple lockdowns. In addition, leisure and hospitality employs around 2.4 million people which is nearly 7% of total UK employment. The EU represents 50% of UK imports and exports in the sector, suggesting that good relationships post-Brexit is essential for the industry.
Manufacturing
The manufacturing sector covers everything from window and door manufacturers to electronics. Potential risks that can be protected include marine cargo, business interruption, and machinery damage. The manufacturing sector contains nearly 150 different sub-sectors and over 130,000 businesses. As there are so many different risks depending on the sub-sector, get in touch with one of our specialist brokers for more information. The UK is the 9th largest manufacturing nation in the world, and is the 12th fastest growing sector within the UK over the past 5 years. The sector is expected to have continued growth due to improvements in automation and technology. This will be aided by the fact that 69% of total business research and development investment will go towards this sector alone.
The sector employs around 2.5 million people – which makes up 7.3% of total jobs in the UK – and the workforce itself has grown 0.7% per year on average. Manufacturing generates £168 billion worth of output in 2020, and composed around £350 billion worth of sales within the same year. Motor vehicle and petrol production generate the highest revenue with £32.8 billion, and pharmaceutical production being second with £13 billion. Productivity in the sector was 12% higher than the UK average due to the replacement of human labour with machinery, and processes being outsourced for lower cost alternatives. Furthermore, Brexit has resulted in higher supply costs which forces a higher product price – it is uncertain what impact this will have in the long term alongside the effects of COVID-19.
Marine Trade
Encompassing everything from harbour commissioners to yacht clubs, the marine sector is unique and varied. It moves a total 95% of the UK’s trade in goods, contributes around £18 billion to the economy, and directly employs 227,000 people. There are around 4,200 businesses in just the leisure, superyacht, and small commercial marine markets, with plenty more businesses in the larger commercial markets. Being an island, we are able to maintain a strong marine presence, which is exemplified by the 120 commercial ports – over 10x as many as France.
Common policies include business interruption, which helps protect your business if there’s a blockage of quay or berth, as well as damage to equipment or property (ashore or afloat). Loss of stock, interruption to trading, public/employers’/product liability, and legal expenses are also commonly covered. However, due to the unique nature of the sector and its businesses, specialist policies are essential. For example: marine hull (protection against marine damage), cover for shows or exhibitions, yacht yard indemnity, and marine cargo. There are plenty of options and combinations to protect your business properly
Media & Creative
The media and creative industry encompasses sectors as wide-ranging from advertising and marketing to museums, galleries, and libraries. The industry itself contributed around £155 billion to UK economy in 2019, a rise of about 50% since 2010, which highlights the growing importance the sectors have. The current growth has been driven by an increase in computer services due to the use of digital technology to produce and deliver content. In fact, 81% of all businesses surveyed said they handle digitised personal and non-personal data, placing an exponential importance on correct cyber insurance; around £8,000 per business has been lost to cyber attacks every year since 2020.
Common risks associated with the sector include copyright infringement (which is particularly relevant now that the laws have changed slightly since the UK left the EU), misinterpreted briefs, and confidential client data leaks. Common policies to protect against these risks include professional indemnity (which, in regards to copyright, can cover costs of defending or settling), employer/public liability, and cyber risk.
Motor Trade
With over 40.3 million vehicles on UK roads, the motor trade keeps the UK connected and on the move. Motor trade insurance covers everything from valet parking to breakdown recovery firms. Cars, vans and taxis account for 80% of the mileage of all trips in the UK, and over 65% of goods being delivered by road. Motor trade insurance encompasses protection against road risks, liability cover, and sales and service indemnity. Specifically, fleet insurance is usually designed for those with 5+ vehicles, whilst mini fleet covers those with 1-4 vehicles. Maximum length of vehicles tends to vary by provider, so get in touch with one of our specialists and they can advise you further.
The sector is ever-growing, with 40,000 new jobs forecasted by 2030. Motor trade currently employs over a million people and includes around 3,500 enterprises in motor vehicle, trailer, and semi-trailer manufacturing – the highest among all European countries. The growth of the sector is also aided by the investment of net capital, which in 2020 was around £3.3 billion (ONS). Looking to the future, renewable cars are becoming ever more desirable in the current market. Battery electric and hybrid cars saw an increase in production between 2017-2020, with hybrid cars making up 15% of total production in 2020, compared to a less than 5% total production of both electric and hybrid cars in 2017 (SMMT). In addition, one fifth of UK-built new cars have featured alternative fuel options, indicating the importance of climate-friendly alternatives in today’s market.
The UK is 16th in global automotive manufacturing, which is demonstrated by the sub-sector achieving a £78.9 billion turnover in 2020. Exports in 2019 were sent to more than 150 countries worldwide and totaled £42.4 billion, making up around 13% of total UK export. In particular, May 2021 saw a 934.3% increase in car production compared to May 2020; even though 2021 rates were 58% below five-year average, the dramatic increase in production shows the industry’s ability to recover from setbacks.
Public, Not-for-profit, Education
Also referred to as the ‘third sector’, not-for-profits aim to create social rather than material wealth. It spends around £45 billion a year on delivering charitable objectives, delivered by its 163,000 organisations that employ 950,000 people. The public sector employs 5.7 million people, accounting for nearly a sixth of all those in paid work, and provides all public services including social care, education, and emergency. The industry is ever increasing due to the ongoing response of the NHS and Civil Service to COVID-19. The Education sector covers around 30,000 schools, colleges, and universities, and encompasses over 120 different job roles. The UK Education budget for 2022 is £53 billion, with that money going towards improving schools.
Cyber liability is an increasing concern across the education sector, particularly with online teaching becoming more and more prevalent. Common cover can include protection for buildings and their contents, international travel as well as protecting against personal accidents, and professional indemnity.
Real Estate
The property sector is the catalyst for urban regeneration and renewal, with the commercial segment being the biggest real estate market in Europe after Germany. Commercial property insurance protects companies that work from a building they own, or landlords that let buildings to third parties for commercial use. It tends to cover the costs of accidental damage, rebuilding costs, and loss prevention. Some buildings may need specific coverage if they conduct appointments on the premises, for example a beauty salon or a dance school studio.
Generating over £68.1 billion in turnover in 2020 and having £255.5 billion worth of GVA in March 2021, the property sector is a key player in the UK economy. As of June 2020, office real estate value was estimated to be £117 billion and multifamily housing stood at £82 billion. The sector employs 1.2 million people and contains around 113,000 businesses, which handled nearly 11,000 transactions of non-residential properties in May 2021 alone.
The real estate sector is forecast to see an annualized capital value growth of 3.6% between 2021-2025. Looking forward, there will be an emphasis on analysing climate change risks and investment in net zero carbon buildings, as the built environment currently contributes to around 40% of UK’s total carbon footprint.
Retail & Wholesale
The retail and wholesale industry encompasses any business that sells goods to consumers or other businesses. The wholesale industry tends to be more specialised, and mostly only sell to other businesses rather than an individual customer. Retail sells goods to consumers and tends to provide a wide range of goods. Common insurance policies within the industry includes cover for buildings, stock and contents, goods in transit, motor fleet, and public and employers’ liability. There are also more specialised policies that can help cover product recall, as well as frozen or chilled stock.
ECommerce has become a major force within the industry, encompassing 28% of all sales in the last couple years. Because of the rise in eCommerce, and the undeniable importance of online retail post-pandemic, the need for cyber insurance has also dramatically increased. Independent stores are particularly at risk due to the general lack of cyber security, with Visa estimating that 95% of the credit card breaches reported were targeted at their smallest business customers, so it is even more imperative for smaller businesses to ensure they are fully protected.
Science & Technology
With over £29.5 billion in 2021 flowing into the sector, science and technology remains an ever-important part of our economy. It encompasses everything from Digital Health, to IT support. Investment in the sector accounted for a third of the total £89.5 billion that flowed into the European tech ecosystem this year. The sector employed over 3 million people in 2020, with around 6,330 businesses in life sciences alone. Furthermore, it is best-poised for the post-COVID workplace, as 21.6% of all jobs in the IT sector were advertised as remote roles, continuing the rising trend of the WFH model.
Tech-based businesses is globally connected, borderless, and remote from the normal 9-5 working day. Due to its ever-evolving landscape and its changes in law, it is exposed to new risks in unfamiliar places, leaving businesses vulnerable without the right cover. Common insurance policies include cyber liability, protection of assets, and cover against the risks posed by anything from AI misinterpretation to stock deterioration. Specialist cover is also available for the sector, e.g clinical trials insurance.
Transport, Storage & Distribution
Sometimes referred to as Transportation and Logistics, the sector includes industries providing transport of passengers and cargo, warehousing and storage, scenic and sightseeing transportation, and support activities. With almost every facet of modern society relying on at least part of this supply chain, its importance can never be understated. Due to a rise in online sales over the course of COVID-19, there has subsequently been a rise in both job opportunities and number of warehouses. As a result, approximately 1.5 million people are employed, and is the fastest growing broad industry group. It accounts for around 155,000 business presmises out of the 2.3 million in the UK, with the rate growth in new businesses being faster than the rate of job creation.
With the changes in law post-Brexit, it might be difficult to keep on top of rules and regulations. In addition, the increased security threat from cyber and data privacy breaches continues to be a prevalent risk within every sector, including Transport and Logistics. Insurance cover for the sector includes common policies such as personal accident illness, goods in transit, and cyber liability. More specialist cover can include disposal costs, unauthorised delivery, and pollution.
Utilities, Waste Management & Recycling
Utilities, extraction, and waste management encompass the basic amenities that enable us to feel comfortable in our homes. Power generation coverage includes biofuels, hydroelectric facilities, and electrical cooperatives. Waste management insurance can ensure that you comply with the 2012 Waste Regulations, especially important when commercial organisations create almost twice as much waste as households. Policies can also cover main and wastewater incidents, as well as contamination associated losses. Contact one of our brokers today to learn more about the covers available.
The sectors are essential to the UK economy, with power and gas adding around £95 billion and water supply/waste management adding £25 billion in 2019. Whilst UK oil and gas production revenues were £248 million in 2020-2021, a drop of 71% from the year prior, the movement to renewable energy allows for continued growth in the sector. To highlight this, low carbon and renewable energy achieved a turnover of £47 billion in 2018 and made up 43% of the UK’s total domestic power generation in 2020.
The sectors employ over a million people, with 738,000 working in utilities alone, and encompasses around 250 businesses. Around 7% of total UK investment is given to the sectors, the equivalent of £13 billion. This investment has supported their ability to bounce back from COVID, highlighted by the 5.3% increase in output from Feb 2020-Feb 2021. In 2020, the sectors exported a total of £22.9 billion worth of goods, which was 7.3% of all UK exports.
Manufacturing
The manufacturing sector covers everything from window and door manufacturers to electronics. Potential risks that can be protected include marine cargo, business interruption, and machinery damage. The manufacturing sector contains nearly 150 different sub-sectors and over 130,000 businesses. As there are so many different risks depending on the sub-sector, get in touch with one of our specialist brokers for more information. The UK is the 9th largest manufacturing nation in the world, and is the 12th fastest growing sector within the UK over the past 5 years. The sector is expected to have continued growth due to improvements in automation and technology. This will be aided by the fact that 69% of total business research and development investment will go towards this sector alone.
The sector employs around 2.5 million people – which makes up 7.3% of total jobs in the UK – and the workforce itself has grown 0.7% per year on average. Manufacturing generates £168 billion worth of output in 2020, and composed around £350 billion worth of sales within the same year. Motor vehicle and petrol production generate the highest revenue with £32.8 billion, and pharmaceutical production being second with £13 billion. Productivity in the sector was 12% higher than the UK average due to the replacement of human labour with machinery, and processes being outsourced for lower cost alternatives. Furthermore, Brexit has resulted in higher supply costs which forces a higher product price – it is uncertain what impact this will have in the long term alongside the effects of COVID-19.
Construction
The construction sector spans every aspect of UK life, encompassing residential, commercial, industrial and infrastructure projects. Commercial Construction insurance is designed to protect businesses machinery and people. Construction policy often combines specialist cover for construction works and materials with insurance for buildings, business interruption, and liabilities. Permanent and temporary construction projects may require different types of coverage, so get in touch with one of our specialist brokers for more information.
Over £600 billion of sector spend is forecast in the UK over the next decade, with the Government investing £725 million from the new Industrial Strategy Challenge Fund in creating the Construction Sector Deal. The Deal is designed to stimulate innovation in the construction sector, with particular emphasis on tackling Grand Challenges in the Artificial Intelligences and data economy, future of mobility, clean growth, and an ageing society. The construction sector accounted for approximately 6% (around £130 billion) of GDP in 2019 and was one of the major influencers of inflation and employment. The sector employs 2.9 million people, with exported products and services equalling £8 billion in value. Despite output decreasing during the pandemic, the industry is expected to record an average growth of 3% between 2022-2025.
Real Estate
The property sector is the catalyst for urban regeneration and renewal, with the commercial segment being the biggest real estate market in Europe after Germany. Commercial property insurance protects companies that work from a building they own, or landlords that let buildings to third parties for commercial use. It tends to cover the costs of accidental damage, rebuilding costs, and loss prevention. Some buildings may need specific coverage if they conduct appointments on the premises, for example a beauty salon or a dance school studio.
Generating over £68.1 billion in turnover in 2020 and having £255.5 billion worth of GVA in March 2021, the property sector is a key player in the UK economy. As of June 2020, office real estate value was estimated to be £117 billion and multifamily housing stood at £82 billion. The sector employs 1.2 million people and contains around 113,000 businesses, which handled nearly 11,000 transactions of non-residential properties in May 2021 alone.
The real estate sector is forecast to see an annualized capital value growth of 3.6% between 2021-2025. Looking forward, there will be an emphasis on analysing climate change risks and investment in net zero carbon buildings, as the built environment currently contributes to around 40% of UK’s total carbon footprint.
Motor Trade
With over 40.3 million vehicles on UK roads, the motor trade keeps the UK connected and on the move. Motor trade insurance covers everything from valet parking to breakdown recovery firms. Cars, vans and taxis account for 80% of the mileage of all trips in the UK, and over 65% of goods being delivered by road. Motor trade insurance encompasses protection against road risks, liability cover, and sales and service indemnity. Specifically, fleet insurance is usually designed for those with 5+ vehicles, whilst mini fleet covers those with 1-4 vehicles. Maximum length of vehicles tends to vary by provider, so get in touch with one of our specialists and they can advise you further.
The sector is ever-growing, with 40,000 new jobs forecasted by 2030. Motor trade currently employs over a million people and includes around 3,500 enterprises in motor vehicle, trailer, and semi-trailer manufacturing – the highest among all European countries. The growth of the sector is also aided by the investment of net capital, which in 2020 was around £3.3 billion (ONS). Looking to the future, renewable cars are becoming ever more desirable in the current market. Battery electric and hybrid cars saw an increase in production between 2017-2020, with hybrid cars making up 15% of total production in 2020, compared to a less than 5% total production of both electric and hybrid cars in 2017 (SMMT). In addition, one fifth of UK-built new cars have featured alternative fuel options, indicating the importance of climate-friendly alternatives in today’s market.
The UK is 16th in global automotive manufacturing, which is demonstrated by the sub-sector achieving a £78.9 billion turnover in 2020. Exports in 2019 were sent to more than 150 countries worldwide and totaled £42.4 billion, making up around 13% of total UK export. In particular, May 2021 saw a 934.3% increase in car production compared to May 2020; even though 2021 rates were 58% below five-year average, the dramatic increase in production shows the industry’s ability to recover from setbacks.
Utilities, Waste Management & Recycling
Utilities, extraction, and waste management encompass the basic amenities that enable us to feel comfortable in our homes. Power generation coverage includes biofuels, hydroelectric facilities, and electrical cooperatives. Waste management insurance can ensure that you comply with the 2012 Waste Regulations, especially important when commercial organisations create almost twice as much waste as households. Policies can also cover main and wastewater incidents, as well as contamination associated losses. Contact one of our brokers today to learn more about the covers available.
The sectors are essential to the UK economy, with power and gas adding around £95 billion and water supply/waste management adding £25 billion in 2019. Whilst UK oil and gas production revenues were £248 million in 2020-2021, a drop of 71% from the year prior, the movement to renewable energy allows for continued growth in the sector. To highlight this, low carbon and renewable energy achieved a turnover of £47 billion in 2018 and made up 43% of the UK’s total domestic power generation in 2020.
The sectors employ over a million people, with 738,000 working in utilities alone, and encompasses around 250 businesses. Around 7% of total UK investment is given to the sectors, the equivalent of £13 billion. This investment has supported their ability to bounce back from COVID, highlighted by the 5.3% increase in output from Feb 2020-Feb 2021. In 2020, the sectors exported a total of £22.9 billion worth of goods, which was 7.3% of all UK exports.
Marine Trade
Encompassing everything from harbour commissioners to yacht clubs, the marine sector is unique and varied. It moves a total 95% of the UK’s trade in goods, contributes around £18 billion to the economy, and directly employs 227,000 people. There are around 4,200 businesses in just the leisure, superyacht, and small commercial marine markets, with plenty more businesses in the larger commercial markets. Being an island, we are able to maintain a strong marine presence, which is exemplified by the 120 commercial ports – over 10x as many as France.
Common policies include business interruption, which helps protect your business if there’s a blockage of quay or berth, as well as damage to equipment or property (ashore or afloat). Loss of stock, interruption to trading, public/employers’/product liability, and legal expenses are also commonly covered. However, due to the unique nature of the sector and its businesses, specialist policies are essential. For example: marine hull (protection against marine damage), cover for shows or exhibitions, yacht yard indemnity, and marine cargo. There are plenty of options and combinations to protect your business properly
Hospitality & Leisure
The leisure and hospitality sector embraces a wide range of activities and services that include hotels, visitor attractions, sports centres, and outdoor adventure centres. Leisure insurance can cover material damage and business interruption; if you own a property with late night opening hours, your policy will be tailored to take this into account, just let one of our specialist brokers know. Public liability insurance is a very important cover for the hospitality sector due its continuous contact with members of the public.
Recently, due to the pandemic of 2020, local and independent operators experienced an increased interest, and have been supported by extensions of VAT relief and business rates holidays as outlined in the 2021 Chancellor’s Budget. Going forward, there will be an emphasis on sanitation and cleanliness standards, use of outdoor spaces, reduction of physical contact, and sustainability. Furthermore, businesses should look at three critical capabilities; flexibility, creativity, and resilience.
The sector delivered £59.8 billion in Gross Value Added contribution in 2019, which is around 3% of total UK economic output. General monthly services output increased by 1.5% between May-June 2021, with public-facing industries such as accommodation seeing the strongest growth. There was a 56.5% rise in output from June 2021 compared to June 2020, highlighting how important the sector has become for the general population as a result of multiple lockdowns. In addition, leisure and hospitality employs around 2.4 million people which is nearly 7% of total UK employment. The EU represents 50% of UK imports and exports in the sector, suggesting that good relationships post-Brexit is essential for the industry.
Healthcare and Private Medical Insurance
The Health, Wellbeing, and Care sector encompasses all activities which promote physical and mental wellbeing, such as yoga, hospitals, and foster care. It includes both public and private businesses. It can be further split down into social care (eg fostering and adoption, probation, and housing) and healthcare (eg ambulance, health promotion, midwifery). The industry is valued at around £20 billion, and globally valued at over £4 trillion. It is currently estimated that 1 in 4 people will be aged 65+ by 2050, and so demand for specialist care and services will only continue to rise. More people are also more aware of their health and wellbeing following the COVID pandemic, alongside growth in the ‘wellness tourism’ industry. However, weak government funding and inflationary wage cost pressures have constrained the industry’s margins over the past 5 years.
In practices such as personal massages and sports therapy, there will always be a risk of personal injury to both your employees and clients, and so liability insurance is a must for this industry. Furthermore, with more and more data being stored online it is imperative that cyber risks are managed effectively. Other more specialist covers can include professional treatment liability and office insurance, and can include legal protection against medical malpractice.
Public, Not-for-profit, Education
Also referred to as the ‘third sector’, not-for-profits aim to create social rather than material wealth. It spends around £45 billion a year on delivering charitable objectives, delivered by its 163,000 organisations that employ 950,000 people. The public sector employs 5.7 million people, accounting for nearly a sixth of all those in paid work, and provides all public services including social care, education, and emergency. The industry is ever increasing due to the ongoing response of the NHS and Civil Service to COVID-19. The Education sector covers around 30,000 schools, colleges, and universities, and encompasses over 120 different job roles. The UK Education budget for 2022 is £53 billion, with that money going towards improving schools.
Cyber liability is an increasing concern across the education sector, particularly with online teaching becoming more and more prevalent. Common cover can include protection for buildings and their contents, international travel as well as protecting against personal accidents, and professional indemnity.
Professional & Financial
The Professional and Financial sector cuts across many, diverse industries and provides them with specialised support. Cover for this sector includes professional indemnity insurance which protects businesses if they are found to have provided poor services which has resulted in clients or others losing money. Another common cover is public liability insurance, which protects against damages to property that doesn’t belong to you – especially helpful if you have to visit a client’s property – or have frequent visitors. In addition, customer use of technology for obtaining services is expected to increase dramatically, and it is expected that cyber-risk insurance will become commonplace as a result.
The sectors themselves are hugely important, with financial and related professional services contributing £194.2 billion to UK GVA in 2020, which represents £10 of every £100. In the same year, the sector generated a trade surplus of £77.9 billion, and created over 10% of total UK economic output. This is made possible by the 2.3 million people that are employed within the services, 2/3rds of which are based outside of London.
Retail & Wholesale
The retail and wholesale industry encompasses any business that sells goods to consumers or other businesses. The wholesale industry tends to be more specialised, and mostly only sell to other businesses rather than an individual customer. Retail sells goods to consumers and tends to provide a wide range of goods. Common insurance policies within the industry includes cover for buildings, stock and contents, goods in transit, motor fleet, and public and employers’ liability. There are also more specialised policies that can help cover product recall, as well as frozen or chilled stock.
ECommerce has become a major force within the industry, encompassing 28% of all sales in the last couple years. Because of the rise in eCommerce, and the undeniable importance of online retail post-pandemic, the need for cyber insurance has also dramatically increased. Independent stores are particularly at risk due to the general lack of cyber security, with Visa estimating that 95% of the credit card breaches reported were targeted at their smallest business customers, so it is even more imperative for smaller businesses to ensure they are fully protected.
Media & Creative
The media and creative industry encompasses sectors as wide-ranging from advertising and marketing to museums, galleries, and libraries. The industry itself contributed around £155 billion to UK economy in 2019, a rise of about 50% since 2010, which highlights the growing importance the sectors have. The current growth has been driven by an increase in computer services due to the use of digital technology to produce and deliver content. In fact, 81% of all businesses surveyed said they handle digitised personal and non-personal data, placing an exponential importance on correct cyber insurance; around £8,000 per business has been lost to cyber attacks every year since 2020.
Common risks associated with the sector include copyright infringement (which is particularly relevant now that the laws have changed slightly since the UK left the EU), misinterpreted briefs, and confidential client data leaks. Common policies to protect against these risks include professional indemnity (which, in regards to copyright, can cover costs of defending or settling), employer/public liability, and cyber risk.
Science & Technology
With over £29.5 billion in 2021 flowing into the sector, science and technology remains an ever-important part of our economy. It encompasses everything from Digital Health, to IT support. Investment in the sector accounted for a third of the total £89.5 billion that flowed into the European tech ecosystem this year. The sector employed over 3 million people in 2020, with around 6,330 businesses in life sciences alone. Furthermore, it is best-poised for the post-COVID workplace, as 21.6% of all jobs in the IT sector were advertised as remote roles, continuing the rising trend of the WFH model.
Tech-based businesses is globally connected, borderless, and remote from the normal 9-5 working day. Due to its ever-evolving landscape and its changes in law, it is exposed to new risks in unfamiliar places, leaving businesses vulnerable without the right cover. Common insurance policies include cyber liability, protection of assets, and cover against the risks posed by anything from AI misinterpretation to stock deterioration. Specialist cover is also available for the sector, e.g clinical trials insurance.
Agriculture, Forestry & Fishing
The agriculture, farming, and fishing industry is as diverse as it is wide-reaching. Practices range from dairy cattle raising to hops farming, oilseed production to flower growing, logging, and aquaculture. The market size accumulates to over £20 billion, and encompasses around 200,000 businesses which employ nearly a million people across the UK. All sub-sectors within the industry (of which there are over 10) are facing their own unique problems, including the decline of global wild salmon stock and rising prices for produce influenced by ecopolitical moves and trade agreements.
Almost one person a week has been killed as a direct result of agricultural work, highlighting the immense importance of risk management within these industries; the total annual cost of injuries to companies is around £190 million. More specialist insurance policies for the sector include avian influenza insurance, agricultural contracting cover, and smallholder insurance which can help cover livestock risks.
Transport, Storage & Distribution
Sometimes referred to as Transportation and Logistics, the sector includes industries providing transport of passengers and cargo, warehousing and storage, scenic and sightseeing transportation, and support activities. With almost every facet of modern society relying on at least part of this supply chain, its importance can never be understated. Due to a rise in online sales over the course of COVID-19, there has subsequently been a rise in both job opportunities and number of warehouses. As a result, approximately 1.5 million people are employed, and is the fastest growing broad industry group. It accounts for around 155,000 business presmises out of the 2.3 million in the UK, with the rate growth in new businesses being faster than the rate of job creation.
With the changes in law post-Brexit, it might be difficult to keep on top of rules and regulations. In addition, the increased security threat from cyber and data privacy breaches continues to be a prevalent risk within every sector, including Transport and Logistics. Insurance cover for the sector includes common policies such as personal accident illness, goods in transit, and cyber liability. More specialist cover can include disposal costs, unauthorised delivery, and pollution.
Food & Drink
With nearly 100,000 food and drink-led premises in the UK, the sector continues to be integral to our economy, with a consumer expenditure of £240 billion on food, drink, and catering in 2021. The food and drink sector has everything from agriculture to pet and animal food manufacturers. The manufacturing of food and drink directly employed nearly half a million people in 2021, an increase of 3.4% since 2020. Naturally, health and safety regulations are integral to the sector, so it is also important that these are up-to-date and checked regularly. Stock is the lifeblood of this industry and so the right cover is imperative, especially if said stock is perishable. Furthermore, there is the added anxiety of supply chain issues, fluctuations in raw material prices, and the increasing risk of cybercrime.
Common policies include protection against stolen stock, product recall, pollution risks, stock in transit, public liability, business interruption, and professional indemnity. Protection against supply chain issues are especially pertinent for food and drink businesses considering the current delays and shortages caused by COVID and Brexit. Premises also require cover in case of fire or water damage. There is also an increased legal liability risk due to food intolerances or allergies; incorrect labelling could be extremely damaging for a company’s reputation and brand.
Fleet, Courier, Haulage & Taxi
Differing from Motor Trade, Motor Fleet is for businesses that are not in the motor sector but operate two vehicles or more. With 15,695 delivery and courier companies, 251,000 licensed taxis, and 34,000 road haulage companies trading in the UK, the Motor Fleet sector is a busy one. Because of the unique nature of individual businesses in this sector, the insurance available is designed for multiple vehicles under one policy and allows for flexibility of cover and drivers. It helps cover multiple types of vehicles, handy for businesses that have a wide-ranging service. It also helps manage renewal dates and management of documents, and tends to be more cost-effective than taking out single policies.
Common policies include Goods in Transit, Public Liability, and Employers Liability. The latter is a legal requirement in most cases and helps protect the business from legal claims triggered by health and safety breaches. Most insurance policies can cover combinations of vehicle types, levels of cover from third party to comprehensive, and a mixture of drivers with different ages/residency/licence types. It should go without saying that it is an absolute must for any vehicle to have the correct insurance, as police are constantly using ANPR on roadsides to find uninsured or untaxed vehicles. Haulage, courier, and taxi fleets are a sizable risk considering the amount of time spent on roads.
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