Insurance matters to businesses and to the directors that run them.
If there is one overriding key message from the recent Director's Guide Whitepaper is that "if you fail to understand the importance of business insurance as a key part of your risk management oversight, then you are failing in one of your key roles as a Director.
There are at least three powerful reasons why insurance should be a recurring item on your agenda regardless of if your business is large or small.
1. Today's risk environment is continually evolving.
While the traditional risks such as fire, floods and theft have not gone away, they have been joined by the new, emerging and growing risks such as cyber crime, terrorism, regulatory changes and modern global supply chain interruptions.
2. Insurance policies are among the largest commercial contracts many companies enter into.
Their size and complexity alone means that they demand scrutiny to ensure that the cover is "fit for purpose" and that it also represents good value. Often they require tailoring to meet the needs of the business and some areas of the cover need explanation by an adviser to understand how they react and what they react to.
3. Insurance goes far beyond protecting and supporting a business in crisis.
Vital though this function is, the right business insurance act as as a strategic enabler, underpinning companies' ambitions and allowing them to seize new opportunities.
Our job is to advise on risk and insurance matters but as a business owner at the end of the day we are only able to act on your instructions. As a Director of your business we'd like to challenge you to reflect on these points and make your insurance discussions a priority.
If you're not an existing client and want some help understanding the risks get in touch with us and we'll partner you with an experienced commercial insurance broker to give you the right advice and most importantly help you understand the covers.