Risk Management

Business Continuity

80% of companies without any survival plan go into liquidation within 18 months. A further 10% suffer the same fate within 10 years.

The facts relating to business disaster planning make alarming reading. Having adequate insurance cover will ensure the replacement of lost stock and equipment. It will also ensure you receive financial compensation for an agreed period to meet lost profit and cover business overheads.

However, aside from the problems of replacing premises, stock and machinery, there are intangible factors such as customer confidence and loyalty. You will need to convince customers that your business will recover from the loss quickly and still be able to deliver goods and services to them.

Key Considerations

  • Immediate action plan following a loss
  • Creation of a full disaster plan
  • Alternative production facilities
  • Demolition and rebuilding issues
  • Customer confidence
  • Supplier agreements

Health & Safety

An estimated 1.4 million people, suffered from work related ill-health last year and 70,000 major injury claims within the workplace were reported

The duties of the employer under current health and safety law are wide ranging and complex.

Key legal requirements include the assessment of employee health and safety and workplace risks, the planning of preventative measures, the monitoring of health and safety systems and the review of measures implemented.

Health and safety compliance can lead to a more cohesive and efficient workforce. A serious workplace accident can have a devastating impact of workplace morale. For company directors the most serious breach of health and safety legislation can lead to imprisonment.

It is vital that businesses adopt a positive approach to health and safety and risk management.


Key Considerations

  • The written health and safety policy
  • Appointed health and safety manager or external consultants
  • Assessment and recording of workplace risk
  • Assessment of protective equipment needs of employees
  • Implementation of preventative measures
  • Making provisions for young persons
  • Monitoring and review of health and safety systems

Fire Risk

Commercial fire claims, covering all losses from electrical fault to arson, result in losses totalling around £2.5 billion last year.

Directors and employees of all businesses depend on the continued well-being of the company for their livelihood. A serious fire can easily disrupt the business to the point of threatening its continued existence.

There are a number of causes of major fires ranging from electrical faults to malicious ignition and deliberate acts. In accordance with the Fire Precautions workplace regulations, a fire risk assessment is required for all businesses.

The assessment can be conducted from within the business, but it is important that it is reviewed, and the findings always acted upon.

Key Considerations

  • Housekeeping
  • Electrical systems checks
  • Fire doors and exits
  • Fire Alarms
  • Security and the arson threat
  • Fire extinguishers and hose reels
  • Smoking policy
  • Heating
  • Trade fire hazards

Security Risk

There has been a 24% increase in theft-related claims against SME businesses during the last 3 years

 A serious breach of security can lead to theft, and vandalism, or in the worst event a malicious fire. There are major hidden costs attaching to an insurance claim, uninsurable losses that insurers cannot cover. A major loss can affect customer and supplier confidence and loyalty, staff loyalty and loss of reputation of the business. These factors can affect the business long after a claim has occurred.

Security is an obvious concern for any business, but it needs to go beyond simply protecting the company property. Good security can prevent theft, malicious damage, and fire. It can also maintain the safety of employees, avoid injury to others who should not be on the premises and manage the access of visitors to your premises.

Key Considerations

  • Attractiveness of stock & equipment
  • Malicious fire and vandalism risk
  • Premises access management
  • Staff and visitor safety
  • Suitable business protection