Managing risk is a critical part of effective financial management. Get it wrong and life becomes seriously tough.
When did you last review your level of risk? Do you have a clear, up-to-date understanding of the risks you face? Where is your liability if something goes wrong? Have you protected your assets? Can family members be removed from the risk? Do you have adequate insurance? Are you paying too much for your cover? These are questions everyone in business must ask - and answer.
The Business Partnership can help you here. We source risk management advice as part of the financial services package we offer to small to medium-sized business clients. A strategic business insurance program may include a number of different policies such as cover for assets which the business owns, cover for the company’s revenue generating capabilities, cover for the protection of personnel, and cover for liability due to property damage or injury to others.
Policies commonly used by small businesses include Key Man Insurance, Professional Indemnity, Public Liability, Life Insurance and Business Interruption Insurance.
At the Business Partnership we can help you make informed decisions about which risks are acceptable and which should be minimised, managed and insured. We can also help you with succession planning – an often neglected but important part of risk management for any business – and make sure that you get only the right products tailored to your needs.