In business, as in life, there are always risks. Fire, theft, fraud, cyber-attacks, damage to stock and premises, accidents and other events outside your control can cause major harm to your business or even close it down. Successful business owners have the ability to manage their risks, by:
- Taking action to mitigate them (e.g. installing sprinklers or burglar alarms); and
- Taking out insurance so that if something does happen, the effects are minimised and their business can continue to operate.
This article outlines how you might reduce your risks (and your insurance costs), assess your insurance needs, and get the right cover in place for your business.