Having the appropriate levels of insurance that take into account the risks a business potentially faces is key. Unfortunately some companies either forget ?about insurance, or try to minimise their costs by taking out less cover ?than they need. It is not until they are faced with a disaster that they realise they don't have the financial ?support to get their business fully operational again. ?
The Argus Group developed a list of tips to help you to protect your business and its assets:
- Some risks can be protected against through insurance, such as damage from fire, burst pipes or hurricanes as well as liability to the public and your employees
- Some insurances are compulsory (e.g. Health Insurance for employees) and we can advise you on what is and isn’t required depending on your particular circumstances.
- If you are setting up a business, meeting with an insurer such as Argus as soon as possible in the planning phase should be a priority.
- Consider undertaking a risk assessment addressing not only the likelihood of each risk but also the severity. For example, the possibility of a small fire occurring is quite high but damage may be limited, however a single Public Liability claim could cost a business hundreds of thousands of dollars.
- A Business Continuity Plan should take into account potential loss of earnings and other consequential losses if your business is unable to operate for a period of time or if you need to temporarily relocate your business.
- Business Interruption insurance can offer peace of mind in the serious event that business operations are disrupted.
- At the very least all businesses should look to protect their property. Argus offers a free Site Risk Survey to guide you through this process. This will assess the level of risks posed by a wide range of events including natural disasters, theft and accidental damage.
- Keep electronic documents and accounts records backed-up off-site. Both actions will help you return to ‘business as usual’ in a shorter period of time should a disaster strike.
- Maintain off-site an up-to-date asset registry of the physical belongings of your business, ideally include serial numbers, receipts for high-value items and photos of unusual equipment.
- All businesses have a legal liability for accidental death of, or accidental injury to any employee occurring in the course of their employment or injury, loss or damage to third parties caused by the company. Workers Compensation, Employers Liability and Public Liability Insurance products exist to mitigate these risks.
- Keep your insurer updated regarding any significant changes in assets or to the way your business operates, as these changes can affect the level and type of insurance required.