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Bullet-proofing your Business: Start with a Risk Profile

Risk Management
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The current business landscape is a challenging place to be. Lingering effects of the pandemic, supply chain issues, spiraling costs, and geopolitical tensions have created a unique economic environment that manifests in a variety of ways for different types of businesses. Without a comprehensive risk management strategy, evolving risks like this can be difficult to manage.

Establish Your Risk Profile

Risk Profiling involves analysing threats to your business, their potential impact, and the likelihood of them occurring. It is an important part of business risk management, helping guide decisions, and establish areas where risk needs to be reduced.

Insurance plays a major role in risk reduction for all businesses however deciphering what insurance you need based on your risk profile can give even the most resilient business owner a headache. iNeedCover can help…

Find Out What Insurance Your Business Should Consider.

iNeedCover can help you understand the types of insurance businesses like yours should consider. It’s easy!

  1. Simply head to enter what type of business you run and click Get Covered!
  2. You’ll get a list of risks businesses like yours experience, and whether they are a high or low risk.
  3. Next, select the risks that raise red flags for you, enter your contact details and bam! You’ll be paired up with an insurance specialist who can conduct a thorough analysis of your business, help you make sense of your risk profile, and provide professional advice and quality insurance protection to ensure your business risks are accounted for wherever possible. Start now!

Stay Ahead of the Game: Key Business Risks for 2023

While some risks can be difficult to predict, others can be anticipated and prepared for based on your risk profile. Here are some common risks that businesses like yours should consider in 2023:

  • Cybersecurity threats: With an increasing reliance on technology and data, cyberattacks and data breaches pose a significant risk to businesses of all sizes.
  • Supply chain disruptions: As seen over the past few years, global supply chains are susceptible to disruption from many factors including natural disasters, geopolitical events, and shipping network congestion.
  • Business interruption: Unexpected operational interruptions can come in many forms, including severe weather events, theft, malicious damage, and fire.
  • Reputational risks: Social-media and the 24/7 news cycle can amplify the risk of reputational damage following certain events e.g. theft of personal details in a cyber attack, allegations from an employee or client – the list goes on
  • Environmental risks: Businesses are facing growing pressure to adopt sustainable practices and minimise their environmental impact.

Know Your Business, Know Your Unique Risks

While some of these challenges are faced by organisations globally, every business has unique risks based on factors like:

  1. type of industry
  2. size
  3. number of staff
  4. locations – the list goes on.

Establishing your risk profile will help you understand your vulnerabilities, and arm you with the right information to anticipate and prepare for potential risks. By building resilience and adaptability into your business, your business will be better equipped to bounce back when the unexpected occurs.

iNeedCover: Your Partner in Protection

In an evolving risk landscape, having an insurance professional who truly has your back is crucial. iNeedCover advisors are on your team! In just a few clicks, you can access personalised insurance advice and solutions based on your risk profile.

After pairing up with an iNeedCover advisor:

  1. You’ll undergo a detailed needs analysis to understand your specific business risks to establish the various ways your business could be affected by unpredictable events.
  2. You’ll receive professional advice and recommendations on a tailored insurance program that ensures your insurable risks are accounted for. No online bots or cookie cutter insurance policies!
  3. You’ll have access to the whole insurance market – your options won’t be limited to what’s available on Google, or directly through an insurer.
  4. You’ll be able to relax - no more sifting through policy wordings, cover features or worrying about gaps in protection.

For insurance protection based on reliable human advice, not hope, pair up with an iNeedCover advisor.

This article provides information rather than financial product or other advice. The content of this article, including any information contained in it, has been prepared without taking into account your objectives, financial situation or needs. You should consider the appropriateness of the information, taking these matters into account, before you act on any information. In particular, you should review the product disclosure statement for any product that the information relates to it before acquiring the product.

Information is current as at the date the article is written as specified within it but is subject to change. Community Broker Network Pty Ltd t/as iNeedCover and Community Broker Network Authorised Brokers make no representation as to the accuracy or completeness of the information. Various third parties have contributed to the production of this content. All information is subject to copyright and may not be reproduced without the prior written consent of Community Broker Network Pty Ltd.

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