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?
Review your business against this best practice benchmark now
BEST PRACTICE BENCHMARK: We have an appropriate insurance program in place which is reviewed annually and which we have complete confidence addresses the risks faced by our business not only today, but also with the future in mind. #Risk
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.
About the SMART-Connect best practice business insurance advisor
Insurance and Risk Management Specialist
Peter Ligdopoulos has 15 years industry experience working for global insurance companies both in Australia and the London market. Having worked with multinational clients his entire career, developing risk mitigation strategies and structuring insurance solutions, Peter founded his company with the goal of applying these principals to businesses who did not have internal risk management departments and rely on external consultants for advice.
Through consultation and education, Peter is passionate about his clients understanding the risks in their operations, adequately protect themselves and also how to maximise the opportunities that may present themselves through removing uncertainty. He is also engaged in the tech startup community, particularly within disruptive technologies and spends time working with social enterprises, charities and not for profits on their risk and governance framework.