There are many risks for businesses to consider such as the rise in the minimum wage, uncertainty over Brexit and business rates, spiraling business insurance costs, threats of business interruption and cyber-crime to name a few. Reviewing company costs is therefore essential, especially insurance.
Jamie Painter, Business Development Director at Coversure Kidderminster, said “Don’t overlook the importance of insurances that could help protect your business, otherwise you risk a greater loss to your bottom line in these uncertain times”. There are many risks for business owners to consider. An unexpected business interruption, such as fire or flood, can destroy an operation overnight so contingency planning is a must. Directors and Officers insurance products could help to protect board members and executives in the event of a lawsuit against them. There is also a risk of being underinsured if your premises have changed or extra staff taken on. Cyber Crime is also a risk and a major concern for companies around the world, with ransomware attacks becoming particularly widespread, as hackers become all the more sophisticated.
It is vital to review these potential risks and plan for the unexpected with insurance experts who understand your enterprise and can provide independent advice too.
Coversure Kidderminster offer a free, no obligation review of your business insurances. For further information please visit their website.