Are you recognising the importance of risk management?
Risk management is a becoming a regular topic of conversation in SME boardrooms across the UK. The effects of the pandemic and the reduced availability of insurance cover is causing businesses to take a closer look at their risk management strategies.
These events have tested business continuity plans and introduced new risks, which need to be considered. Both have had serious consequences for many companies over the last two years.
The pandemic caused many companies to put their business continuity plans into practice, often for the first time, and highlighted areas for change and improvement. For companies that didn’t already have continuity plans, it brought into focus the need to develop a robust risk management strategy.
There are so many factors that can affect an organisation’s ability to operate as it usually would; from the pandemic, national and global economic climates, climate change and more recently conflict, to internal factors within the company itself or market conditions, commercial risk must be identified and then contingency plans created to mitigate the risk as much as possible.
Consider your all-year-round risk
Whilst it is important to include emerging risks in your plans and arrange any corresponding insurance covers, to be effective in your risk management strategy, you should be considering your all-year-round risk. There will be risks that are far more likely to occur than a pandemic!
Bringing your insurance broker into your risk management conversations is something you should strongly consider. Your broker will be able to support you with advice on your risk management plans and arrange a comprehensive insurance programme to protect your business.
Assessing your risks early, looking at those you’re facing now and also what may occur in the future, will help to ensure your broker can secure the most appropriate covers for the benefit of your business.
We’re here to help
At Barnes Commercial we work closely with our clients to understand their unique risk landscape. As a team of experienced commercial brokers, we are able to support businesses who have complex risk exposures and provide impartial honest advice on how to mitigate them.
With a comprehensive risk management strategy in place you will be in the best position to demonstrate to insurers that you take commercial risk seriously. A considered plan provides a better opportunity for securing the right insurance cover at a lower premium, because you are likely to be considered a lower risk.
If you are revising your risk management strategy or need to create business continuity plans and feel you would benefit from some impartial advice and guidance, we would be more than happy to assist. A robust risk management strategy supported with a comprehensive insurance programme with help to ensure business longevity and prosperity.