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Vero Voice Blog

Four tips to analyse and mitigate your business risk

By Sacha Cowlrick
Executive Manager, Consumer Insurance

6 November 2019

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If you’re a business owner, chances are you’re an expert in your field – whether that’s construction, consulting, coffee roasting or something completely different. It’s your specialist knowledge that ensures your customers get the very best end result.  So, when it comes to the complexities of understanding your business’s risk, it makes sense to talk to an expert in that field – your insurance broker.

Here are five tips to ensure you have the right processes in place when it comes to analysing and mitigating your risk. 

1. Agree a regular risk analysis process

Your risk changes as your business grows, as technology develops and as the legal and regulatory landscapes shift. Working with your broker to come up with a regular analysis process that suits your business is an important first step to prepare for risk before it arises. 

2. Discuss your business strategy and goals

What does the future look like to you? Today’s insurance cover may not mitigate tomorrow’s risk if you’re planning to grow or diversify. Talk to your broker about your strategic objectives. This will help ensure you have the right cover in place at the right time. 

3. Ask if regulatory, legislative or industry change could affect your risk

Part of your broker’s job is to keep an eye on the broader changes that could affect you, your industry, your business model and therefore your risk. Make the business landscape a topic of conversation with your broker. This will help ensure you mitigate any new risk and cut the cost of any cover that may no longer be necessary.

4. Discuss which covers it’s sensible to seek advice on

Buying complex covers direct, without receiving independent advice, could put you at risk of under- or over-insuring your business. A quick chat with your broker is a great way to find out which policies are safe to buy direct, as well which, more complex, covers you may need that might warrant a greater level of insurance expertise.

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