Ways to reduce cost and minimise risk for SMEs

By Raelene Berryman - October 16, 2017

Operating a business is a balancing act, especially with your time. Limited resources can lead to a focus on what’s making the most noise rather than what will have the biggest payback.

Have you looked beyond the squeaky wheel to look for ways to reduce costs and minimise risk in your business?

Recently we have seen an increase in business operators shifting the focus from cost reduction to risk reduction. The increase in cyber-crime is making headlines and leading CEO’s and CFO’s to review their IT risk profiles as many also move into the cloud environment.

However, IT and cyber-crime are not the only sleeping giants in your business, and just like any risk, you may wish to consider taking steps to insure against potential loss.

We are seeing a further increase in people who are acting in a Director or Officer capacity, seeking ways to protect their most valuable asset, their home.

This may be done via careful structuring or a Director and Officers (D&O) insurance policy or D&O insurance.

Whilst D&O can be purchased as a standalone policy there are cost savings in bundling this with all your insurances - public liability, workers compensation, cyber security to name a few.

Reviewing your insurances should not just be an annual “tick the box” action. As you grow, your needs change and growth brings with it exposure to more and potentially larger claims.

Maybe now is the time to do a risk review of your operations?

Getting an up to date risk profile is not just helpful in terms of your growth strategy but may also unlock potential savings.

If you are interested in exploring risk further, please contact us. Our general insurance team would be happy to assist with a complimentary risk review of your business. 

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