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Getting to grips with risk

Many leisure business operators are confident in their ability to manage one crisis at a time. But it’s a different story when there are multiple issues occurring simultaneously, like managing a claim on top of the disruption of a phishing attack. Having an effective risk management plan in place enables you to make better decisions, avoid the typical pitfalls, and ultimately provide resilience and a platform for growth in a difficult industry and economy.

Challenge

Your first step is to challenge your understanding of the risks you face. What are your burning issues? How aware are you of the emerging risks in your business? Do you have a sense of the impact of the wider economy on your business or your employees? Is your existing programme in the right shape to cope with those risks? How does your risk compare to the wider industry?

If your business has changed at all in the last 12 months, so should your insurance to reflect those changes.

Support

Insurance is a complex area where you need professional advice both in preparing your business for an unforeseen event and recovering from one. The leisure market is very niche and seeking a specialist who understands the unique risks and future concerns is vital. An advice-led approach offers much more than a piece of paper. The support to refine your business processes and through access to charted loss adjusting services, and staff experienced in handling and successfully defending a multitude of leisure related claims, can be the difference between recovery and failure.

Perform

Ensuring you have an effective risk and insurance programme tailored to your individual circumstances will play a major role in keeping your business on track, allowing it to perform as you planned. The key is partnering with an adviser who understands your specialist sector and who will help you build the resilience you need to prepare for the challenges ahead, rather than just repeat last year’s programme. The climbing industry remains very young in terms of insurance and the overall impact of future claims is yet to be seen. As such, you need the right advice and protection now to have the best chance of securing a solid future for you, and the industry as a whole.

In today’s economy, when you’re juggling the multiple risks and demands that are inherent in running a business, that’s advice that makes a difference.