Using insurance to protect your business in a growing economy

 

Is your business directly affected by the growing economy? Are you in competition with rideshare, homestay or clothes swapping organisations? Or perhaps you are one of these quickly developing businesses taking the opportunity to put your entrepreneurial skills forward.

The share economy is expanding, the UK government estimate that it is growing by 25% every year. This is good news for some businesses, and not so fortunate for others. However, what it does mean for all businesses is that their insurance policies must be constantly updated to keep up with this growth.

A digital age

Almost all businesses now have an online presence. With the competitive nature of the industry, you would be crazy not to.

Does your insurance cover cyber defamation and hacking?

Basic cyber insurance is a must for all businesses, but what if your business operates solely online? What if you run an App, an online booking website or an online magazine? Your insurance needs aren’t going to be covered in a stock standard policy. You need industry specific insurance.

Why an insurance broker is the best option

An insurance broker will constantly have their finger on the pulse of a changing industry. As the economy changes, so too does insurance. The same goes for your business. As your business grows in size or scope, you’re faced with increasing exposure to product, staff, management and client risks.

Buying a standard insurance policy and expecting it to remain relevant and cover your entire business for several years is not a viable option. If you want the best cover for your business you need to be constantly updating your policy to reflect the ebbs and flows of the economy and the nature of business itself.

As your business grows, your insurance policy should change.

An insurance broker will continually reassess your policy to reflect your business’ growing needs.

 

If you want your business to remain protected in an ever-changing and growing economy, consult Allsafe insurance brokers. Leave insurance to the experts, so that you can run your business with peace of mind.