The right Insurance Policy could mean the difference between survival or going out of business due to an unforeseen event. Running a business involves many risks and in today’s economic climate there are more challenges than ever. Yes, it is a tough time for business but also rewarding so protecting it has never been more important.
What are the threats to your Businesses?
There are many threats to any type of business like limited credit facilities, decline in demand, cost pressures etc. Where insurance really comes into play is providing protection against constant threats like fire or burglary.
These are real risks to your business and can cause major financial strain which could be catastrophic to your livelihood.
Solutions with Business Insurance
This is why a suitable insurance policy is invaluable in protecting your Business. It may not be able to help you expand your business into new markets but plays a vital role by providing a financial safety net your business you could not afford to be without.
That said, there is much more to insurance than just financial security. Insurers help you to minimize risk because it is in both theirs, and your interest, to reduce the chance of anything adverse happening in the first place. Nobody wants to make a claim so by doing everything possible to avoid it, is by far the best policy.
Your insurer will help you identify the risks involved in your line of business, and advise you on measures to reduce them. Not all risks can be controlled or eliminated, for instance you can’t control the weather but risks such fire, theft and water damage can be reduced. This is known as risk management and should carry out by all businesses.
Risk management has many benefits and are looked upon favourably by insurance companies because a business that look for ways to reduce the need for a claim tend to get a lower premium.
If you are unsure, speak to your Insurance Broker or Insurer to help you conduct a risk assessment. Which can help you find ways to control or eliminate them. They will consider things like health and safety procedures for your staff.
It is a one off assessment but once complete you should review it regularly.
If you need any help with your Business Insurance, please call us on 0207 731 3700 or Email Us as we can usually assist.