There’s no shortage of things to monitor when you’re running a busy business. New customers. New products. New markets. New technologies. New equipment and processes. New rules and regulations. New competitors. New staff. With so many moving parts, the operating landscape is constantly changing – and, with it, so is your risk profile.
That’s why it’s so important to regularly review your business situation by conducting a risk assessment, at least once a year.
Simple changes, big impacts.
Having partnered with hundreds of local businesses over the years, it’s remarkable just how much things can change in a short space of time. Sometimes a single decision, event or piece of legislation can fundamentally shift your insurance or risk management needs.
From protecting the health of your customers and your staff to securing your long-term reputation and financial position, where you were once protected, there may suddenly be dangerous gaps and exposures. Or vice versa – you may find yourself paying for coverage you no longer require. Either way, it’s far from an ideal situation.
From year to year, exposure levels can change in almost any corner of your business. One increasingly common example is in the area of data security. The regulatory landscape in Australia has evolved considerably in recent years, with new data security laws and hefty penalties significantly upping the ante for local business owners – and many have struggled to keep up. With so many changes, are your IT and encryption systems still adequate? Could (or should) you be doing more to protect your customer data? What would happen if you suffered a major privacy or ransomware breach?
These are just some of the important questions you need to ask, and ideally seek to answer with the assistance of a trusted risk management specialist.
Get in touch.
If it’s been some time since you last took a close and structured look at the risks your business faces, now is the time to do it. We’re here to help and can guide you through the process – all with the maximum of care and minimum of fuss.
Contact LA Insurance today.