What if I need to make amends to my insurance policy outside of the renewal cycle?
Your business is subject to changes and critical events that don’t always run to the typical business calendar. Sometimes you need to take action at various points in the year to combat the new and evolving challenges you face. The good news is, you don’t have to wait until your renewal to make update or amend your policy.
In 2024, here are 3 evolving risks we believe ALL business owners should look to protect themselves against:
- Management liability – Protect yourself and your business against the unexpected.
In today’s business climate, your company may be more likely to be taken to employment tribunal than experience a break in. The increasing risk of legal action and disputes involving management decisions could leave you personally liable.
According to Aviva, £13.6bn is lost by SMEs each year due to the failure to take care of their legal issues.
Management liability insurance provides your senior management team with the protection against a range of actions brought against your company including corporate manslaughter, data breaches, environmental claims, health and safety and regulatory investigations.
Find out more about what is truly at stake without sufficient Management Liability on our website or speak with one of our advisers today. Even if you currently have cover in place, it’s always an idea to review the indemnity levels – the last thing you want to face is an unexpected legal bill for which you may be personally liable.
- People risk – Unlock the full potential of your workforce by offering health insurance and income protection benefits that support your employees’ long-term wellbeing.
“People Risk” refers to the human factors that could impact and harm your business – from a demotivated workforce with low engagement to the loss of a key person. Your people have the power to enhance as well as damage your business’ performance and reputation. As the pace of the working environment continues to accelerate, preventing burnout and safeguarding employee wellbeing is critical for a business to succeed.
By investing in your people, you’re not only attracting top talent but also fostering loyalty, retention and commitment within your existing team. If your employees are already covered by health insurance, are you optimising its value through deliberate design and effective communication?
- Cyber risk – How long could you trade without access to your systems and/or data?
Whilst most businesses wouldn’t dream of going uninsured for fire damage, due to lack of understanding of the real and present cyber risks that exist, it’s estimated that fewer than 10% of UK SMEs hold cyber insurance.Research suggests that the average cost of a fire per incident has been calculated as £657,074.
The average total cost of a data breach in 2022 was over £3.4m.
In the event of a data breach or malicious cyber attack that could interrupt your business, cyber insurance can provide the critical support needed to get back up and running. Whilst still a relatively new concept to many, cyber risk now ranks as one of the top threats companies fear most.
If you would like support in developing your cyber resilience programme our dedicated cyber champions would be happy to assist you.