Have you posted your first tweet of the day yet? Updated your facebook status? When you are in the public eye social media provides a real opportunity to create influence and scale. Increasing your popularity and promoting your personal brand with just a few clicks.
However communicating with the masses can sometimes be a risky business. It certainly isn’t uncommon to hear that a high profile individual is in trouble over an inappropriate or ill-advised comment or post on social media. Justin Bieber certainly found himself causing a backlash after posting a photo of a Yasukuni Shrine which caused great offence to his Chinese and South Korean fans.
And it’s not just a cultural awareness that is needed. Many people can think of a time when they have responded angrily or inappropriately in the heat of the moment. The difference with social media is reach. An incident that might have reached a dozen people 20 years ago can now reach thousands or even millions, in minutes.
A comment therefore about a particular individual can have serious consequences. Kelly Osbourne is currently being sued over her tweets about the woman her father is believed to have had an extra-marital affair with. It is claimed Kelly’s actions, which included the publication of what is thought to be the woman’s phone number, led to cyber-bullying and Kelly facing a lawsuit for liable and defamation.
Manage your reputationSocial media has real benefits, it has launched and aided the career of many an individual. However it is worth thinking about how you manage your online reputation and personal brand.
It is worth remembering, that even if you don’t name an individual in your post if their identity can be deduced you can still be held liable for defamation.
If you would more information or could benefit from some independent advice please get in touch with us via www.carterchase.com.
As you will be aware, last November saw the first substantial increase to Insurance Premium Tax (IPT) from 6.5% to 9.5%. Subsequently, in a following Budget announcement the Government has opted to increase this further by 0.5% up to 10%. This rate increase will apply to all insurance policies incepted from 1st October 2016.
The increase will apply to all renewals and new insurance policies for both personal insurance policies (excluding travel) and commercial insurance policies from 1st October.
It is worth noting there is a 4 month HMRC concessionary period which allows for any policies incepted before October 1st to apply Mid-Term Adjustments to be taxed at the lower rate if they fall before January 31st 2017. However if you choose to take out additional cover to your existing policy you will still be subject to the IPT increase (eg. adding buildings insurance to a contents only policy).
What do you need to do?If you are in any doubt as to whether your policy will be affected then please get in touch with your usual insurance representative, but otherwise you don’t need to do anything. The IPT change will be applied automatically to your policy if it falls within the above parameters.
Who does this affect?Anyone who purchases an insurance policy residing within the UK; the Channel Islands and Isle of Man are not part of the UK, therefore IPT does not apply.
What if I pay by Direct Debit and my policy started before 1st October 2016?All premiums agreed before the cut-off date will still stand as long as the policy was incepted before October 1st, payments will not adjust after the concessionary period.
What if I receive a quotation before October 1st, will the premium still stand if I incept after this date?All quotes are dependent on the current level of IPT, therefore if you choose not to incept the policy until after October 1st then the premium will be subject to the new level of IPT.
If you are still unsure or in need of further information then get in touch with your broker who will be able give additional clarity.
The Enterprise Act is an extensive piece of legislation designed to benefit the UK’s 5.4 million businesses, and became law on 4th May 2016, coming into effect May 2017. With a one-year transition period both businesses and the insurance industry will be able to make any necessary changes required by the new Act. The measures have been welcome news to both groups, including the British Insurance Brokers’ Association (BIBA) who commented that it ‘means good news for the insurance sector and for business’ as it marks a move toward a more deregulated environment that should make it easier to start and grow businesses in the United Kingdom.’
The Act introduces a number of measures, aimed at cutting ‘red tape’, tackling late payments and adding support for apprenticeships.
What are the implications for businesses?
One major change introduced by the Act is an addition to the Insurance Act 2015 which allows businesses to sue for damages if they suffer financial loss due to late insurance claim payments. According to BIBA’s Executive Director Graeme Trudgill, BIBA lobbied for this as it benefits brokers’ commercial clients and helps guarantee that insurers are providing expedient payments to help businesses return to operations as quickly as possible after an interruption.
A recommendation by experts is that insurers and brokers spend the next year scrutinising their claims procedures and establishing more streamlined systems to ensure that claim payments are handled promptly. Failure to do so could invite legal action.
The move toward deregulation has also been celebrated by the insurance industry, which should include the Financial Conduct Authority (FCA), the body that regulates insurers. Under the Act, the FCA, like other regulators, may be required to report annually on the impact its actions have on business.