For every business owner, there comes a time when tasks needs to be delegated. Whether it’s opening the post, processing invoices or managing the sales team – as your business grows, you’ll need to turn your attention to more important tasks.
Usually the responsibility for arranging business insurance falls to the Financial Controller or Finance Director. A capable, trustworthy individual with a thorough understanding of the business and a keen eye for cost-control. But are they the best person for it? It’s not necessarily their role to understand potential health and safety risks to the business, the employees and the public.
Maybe your Health and Safety Manager should be responsible. They’ll certainly know the risks and how to protect you, but do they know about credit risks? Or director’s liabilities? Have they thought about key-man protection in case something happens to an important member of staff?
To ensure you’ve got the right cover at the right level for your business, an insurance broker could be the answer you are looking for. A specialist whose job it is to consider all the potential risks to your business, understand exactly what your company needs, and most importantly, manage the whole process for you.
Recognise, remove, mitigate and insure
A good insurance broker will arrange the correct cover to protect you from the risks your business might encounter. Do you have considerable credit terms with your buyers? Then you should think about credit insurance. Do you hold customer data on a networked computer? You really ought to have cyber insurance.
We have a four-step approach to managing risks at Alan Boswell Group. We help our clients:
- Recognise: Understand the risks in their business.
- Remove: Eradicate the risks that can be removed.
- Mitigate: Reduce, where possible, the likelihood and impact of any remaining risks.
- Insure: Cover the potential losses from any risks not removed.
Shaun Walker, Managing Director at S-Tech, says: “We support businesses by working hard to fully understand them – we effectively become their in house insurance department. We look to explore all of the risks a business faces including supply chains, health and safety and business resilience. Our strong track record suggests that we have improved many insurance and risk programmes, offering levels of service that result in excellent retention of our commercial clients.”
Insuring your business shouldn’t be seen as a big, costly chore. It’s there to keep you safe and get you back to normal if something terrible does happen. And it’s not just for a building or company vehicle – it can protect you from loss of earnings, a cyber-attack, reputational damage and legal claims, to name a few.
Our advice is always to seek advice. Use the experts and feel safe in the fact that your business is covered for any eventuality. Call us today and let us arrange comprehensive cover at a competitive price.