This post is one in a series designed to help SME businesses benchmark their business and create a best practice business improvement plan across all of their business processes. You can find the links to the full series here.
Why is it important to spend time considering the adequacy of your insurance program in the context of your business’ plans?
As businesses need to be more agile and take greater risks to ensure their continued growth, their insurance program needs to be working at the same speed to match the changing exposure. Without suitable consultation with a first-rate advisor before major business changes, some businesses find themselves past the point of where favourable terms are available or worse yet where Insurance is no longer available. Ensure your business growth is not constrained and you don’t miss out on any opportunity because you missed the best moment to buy insurance.
How does your business measure up?
Here is a checklist to help you determine how well you are protecting your business and how suitable your insurance program is:
- We have mitigated our business risk adequately prior to seeking insurance
- We consult with insurance and risk advisors regularly to ensure that our insurance program covers our business adequately
- We review our insurance program at least annually
- We understand the terms and conditions of the insurance policies and the requirements set out by insurers to maintain cover
- Our staff are aware of the requirements to advise management of any issues that could lead to insurance claims
- We have discussed with our advisor the future plans for the business to ensure certainty of future cover with our insurers
- We are risk aware and are comfortable with dealing with future risk to our business as it appears.
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