Fast growing businesses: what you don’t know can hurt you

risks for fast growing businesses

Is your business rapidly accelerating? Are you struggling to keep on top of all of your paperwork?

When your business is expanding and growing at a fast rate, all of your focus is often concentrated on keeping up with the sheer amount of work you have on your plate. So much so, that insurance often falls by the wayside.

So let’s look at why your business always needs to have an up-to-date insurance, no matter how many things need your attention.

Is your workforce growing

When you are outgrowing your current office space, and need to move your current and new staff to a different location, this poses a series of completely different risks.

Your insurance needs to be updated to include risks involved with the new infrastructure, the weather conditions of the area in which you are situated and the security in your new building. Imagine if, in your previous ground floor office space, your insurance only insured you against minimal storm damage. In your new office, however, you’re on the fortieth floor of a high rise building encased in glass. You now have an entirely different set of needs for your business.

Is your online presence expanding?

Most companies today are increasing their online presence across several different platforms, which poses the risk of cyber hacking and defamation. Previously, you may not have bothered with this type of cover because you only had a LinkedIn page with a couple of hits. But now you have your own website, and you operate on Twitter, Facebook and Google Plus. Most business correspondence occurs over email, too.

Falsely actuations of your company, publicly, on one of these websites, and make a direct impact on your sales and services. Or hackers can gain access to your system and steal important business information or your entire customer database. These are but a few examples of how a growing business can fail to update their insurance and be at risk of any number of unforeseeable and damaging circumstances.

You don’t have to navigate these risk alone.

Enlist an insurance broker! Brokers such as Allsafe specialise in assessing the risks that threaten a growing business. They will update your coverage as your situation changes and know how to get you the best possible deal, specific to all of your needs.

Rest assured that your business is covered against any and all damaging scenarios, with Western Insurance Brokers.