From multi-million-pound organisations to start-ups, the importance of having the right business insurance cannot be underestimated.
In this blog post, Branch Director of Lorica Insurance Brokers, Ian White, talks to us about how to protect your most important assets.
Insurance is one of those things you hope you never need, but will provide essential protection if the worst should happen.
And while most people see car and house insurance as the norm, business insurance is often seen as an optional extra. Legal jargon and a lack of understanding of risk management can mean that some businesses are putting their companies at unnecessary risk by not taking out a policy.
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Leading insurance brokers and risk management advisors Lorica Insurance, advise customers from a vast range of industries on how best to protect their businesses and tailor its products and services to meet individual needs.
Ian White from Lorica says: “We have a core client base of SMEs, often family run, so we are familiar with the challenges which small business face.
“I would put insurance in the top four most important things SMEs need to consider, alongside finances, staff and customers. And actually, having a good insurance policy will also help to protect the other three.
“It’s often not a nice thing to have to do, but I encourage clients to brainstorm what the risks are to the business – the ‘what if’s’. These could be issues which stop the business running from fire or flood to legal action against the firm or supply issues.”
Ian says that a growing issue for businesses, and the insurance industry, is that of reputational damage: “Several business elements can leave your company exposed to the threat of reputational risk so it’s important to look at what these might be to preserve the value of your brand.
“Our initial consultations include a discussion of risks and threats so that we can tailor the policy to these particular challenges, as well as looking at how external factors might have an impact, such as Brexit for example.
“I recommend that clients have a three year-plan to base the insurance around so that the policy can adapt to the changing market place. And while we don’t know how Brexit will affect individual businesses yet, challenges such as the single market and exporting tariffs could have an impact in way we all work.”
Finally, Ian recommends that as well as having the right insurance policy, business owners should develop a network of other professional advisors who can support them if the worst happens. He says: “Having a good HR Advisor and PR Consultant on hand will also pay dividends if you’re in a crisis situation”.
Our guest posts are really valuable to our readers – expanding on many of the subjects that they need to get their heads around in the course of running and building their businesses. A big thank to you to Ian for taking the time to talk to us to put this post together to give you some insights into some of the important aspects to business insurance and managing your risk.
Clifford Towers has a 35-year relationship with Lorica Insurance Brokers. It is a top 30 UK independent insurance broker, employs more than 150 staff in 10 locations across England and its roots can be traced back over 35 years. It is backed by a large global investment company so clients can rest assured that it has the size and security to ensure its longevity.