SMALL FIRMS SUFFER WEAK LINKS TOO!
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In a marketplace where numerically small firms far exceed large ones, the problems of running a business are no less difficult. In fact they are a lot harder because there is no luxury of assistants and goffers to make life easier.
What we at Trident Insurance want to draw you attention to is some of the areas of insurance that don’t naturally come to mind. Yes they don’t come free, but will cover areas you may not have thought about that will help
We work in an environment where we have to outsource a lot to keep overheads down, and that is where, as the term has it, we become even more at the risk of the weakest link in the chain.
There is a group called the Business Continuity Institute which has said in its annual supply chain survey that 80% of organisations polled were hit by a supply chain incident compared with 78.6% in 2014. Adverse weather, floods and fires and a multitude of down times were quite considerable preventing critical suppliers from getting components out to the market
15% of those polled were affected by six to twenty interruptions in the year, for reasons such as IT and telecom failures, cyber intrusions, pandemics, bankruptcy and political unrest.
Data breaches and cyber attacks’ are becoming more common, and whilst many issues can be prevented the facts are that they are happening all along the chain as well as in the big conglomerates.
Down time costs money and requires either finding alternate suppliers if possible but not always available when you need them urgently. Or put simply lost productivity, higher working costs and even reputational damage.
The worst part of insurance is trying to find the balance where Clients are not underinsured and are prepared to look at the whole picture to protect their possibly largest asset (their business). Insurance is not all meekats or a guy in cut jeans with high heels, it’s a pretty serious topic and when it comes to Business Insurances is almost always a bespoke product. But Bespoke does not mean expensive.
Supply chain issues don’t get easier and not everyone is lucky enough to transact merely by the internet, which is always presupposing it doesn’t go down.
Be that as it may, business interruption for a whole gamut of reasons is on the increase and you should try to think about that and accept it as a way of life much as we think there’s no need.
We can’t and won’t hustle you into taking out insurance that you don’t need, that’s just insane and it’s not the way we do things here at Trident Insurance But some insurance over and above the basics you are very familiar with, if you run your own business, really do make sense.
I won’t say Insurance will naturally give you peace of mind because that’s dumb and even a lotto win may not but it will come in handy and help.
When your business is your income, protecting it against some of the above makes sense doesn’t it?.
If you think you want “Business Interruption cover” or other covers for your business please call us here at Trident Insurance and feel more comfortable with Insurance
Robert Marshall
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