Why insurance is essential in a high-risk, low-resilience world
Research conducted by specialist insurer, Beazley, found that 43% of business leaders surveyed thought they would be operating in a high risk world by this summer, highlighting the need to mitigate risk by having the correct level of insurance in place.
The annual risk and resilience report identified economic uncertainty ranked as the biggest risk by 22% of respondents and also revealed that they believed resilience to risk had fallen as the risks increased.
The survey also revealed that resilience to environmental damage had fallen by the largest amount of any risk category (down7%), followed by resilience to pandemics (6%), intellectual property (5%) and war and terrorism (4%).
As the world adjusts to the economic downturn unleashed by the pandemic, compounded by the geopolitical dislocation caused by Russia’s invasion of Ukraine, companies are facing possibly the toughest test in a generation.
The report suggests that everything, from trading relationships to commodity prices and supply chains now needs to be reassessed and re-evaluated, threatening business resilience as businesses try to adjust to a new world order.
With such uncertainty very much a reality and businesses, especially SMEs, struggling to cope with rising prices, supply chain issues and an increasingly litigious culture, adequate business insurance has never been more important.
Here at TMD, we are very aware of the challenges and struggles facing businesses across all sectors and have the knowledge and experience to ensure appropriate insurance is in place to help increase your resilience to the difficult trading conditions. To find out more and ensure you have the appropriate liability insurance in place, along with such specialist covers as business interruption and other industry specific insurance, please call us on 01992 703 000 or email: insurance@mcdonaghs.co.uk