Understanding the impact of something material happening such as a fire or flood is clearer to see what impact it could have on your business in comparison to the growing range of intangible risks. Cyber attacks, break down or disruption of a supply chain and the mental health of employees all have the potential to cause major disruption within your business.
It was found in a recent survey that 20 per cent of organisations feel ill-prepared should an unforeseen event occur. Taking some time out to consider the top risks to your business and putting a plan in place to deal with various scenarios could massively reduce their disruption capabilities. Consider these top intangible threats to almost every business:
Almost every business has or plans to invest in technology of some kind to help expand to new markets and boost efficiency and productivity. This can be something as simple as using a computer and whilst there are massive benefits to your business, increased reliance on technology does open up a vulnerability to cyber attacks. You may have seen that British Airways recently suffered a cyber attack which caused major disruption to their business along with a massive £183 million fine. It is not just large companies that are subject to the new regulations that were applied in this case and smaller companies that British Airways are likely to have more limited resources to respond and recover from a cyber attack. If you have fewer resources, cyber-security should be promoted within your business and a robust cyber-insurance policy can help provide you with a level of protection.
Supply Chain Threats
With Brexit rumbling on, there have been increased conversations about how supply chains will be disrupted as a result of leaving the EU. Whether deliveries are delayed or even lost, this will have a knock-on effect on your business and to your own customers. Many companies work to tight schedules, so if one part of your supply chain fails, the disruption it can cause is a concern. Failure to consider unseen supplier risks can lead to business interruptions, so it is worth planning for certain scenarios to help minimise disruption.
Businesses payroll is often the largest expense that a company will have so it is important to consider what disruption could occur from your employees. It is difficult to determine whether an employee's well-being is suffering but if someone is experiencing untreated mental health concerns, they are more like to make an increased number of errors and have higher rates of absence. This will likely have an impact on your business and cause business interruptions so it is worth considering how best to help maintain or improve employee's mental wellbeing.
Business Interruption Insurance is an important element of an insurance programme and Greens are here to help you put comprehensive cover in place to help protect you, your business, clients and employees. If you would like to talk about some solutions to any threats you may face or if you would like complimentary Business Continuity Toolkit to help plan for certain risks, please get in contact today.