Insights

Risk Management - Insurance isn't enough

Posted by Dacreed on Apr 12, 2019 8:45:18 AM

boy-car-child-1266014Risk is on the rise for New Zealand businesses, according to a recent survey. It also showed that those risks are occurring faster than they were before, with 52% of respondents confirming this.

Dealing with risk is an inherent aspect of business management, and it’s important to control and limit that risk so that you can focus on more important things, like growing your business and focusing on success.

It's not always easy for small business owners. Lack of resources mean that small businesses are typically more exposed to external risks beyond their control, whether that’s an economic slowdown, a key employee resigning or losing an important contract. Small businesses often don’t have the bandwidth to put in place good business practices, and this is a mistake.

Identifying, mitigating and managing risks in your business is down to sound preparation. Some simple planning and forecasting can dramatically reduce the likelihood of something going wrong, as long as you do it in advance.

Our latest eBook, Driving your business safely: an owner’s guide to mitigating risk and making your business more resilient is a guide to helping Kiwi small businesses assess and manage risk.

Proper business insurance is a must for all businesses, large and small. For many small business owners however, risk management is limited to making sure they have the right insurance, that the premiums are up-to-date and that all areas are covered. However, insurance is not a prevention tool and it doesn’t eliminate risk.

We look at the key areas of risk faced by most businesses, and how to reduce them:

 

The big mistakes costing small businesses in New Zealand

This chapter outlines the challenges faced by most small business owners, and the errors that are sometimes made when trying to deal with them. It's vital to build resilience so that the business is ready to withstand a nasty event when it happens. The good news is that building resilience doesn’t have to cost the earth. In fact, it will actually save you money.

 

Protect your business from personal grievance claims

These can be very costly, even if you come out the other side the victor. Avoiding personal grievance claims and employee disputes is not difficult; it simply requires a thorough and methodical approach. This chapter outlines the systems you need to have in place to minimise the risk of disputes with your staff. Not only that, but in the end you'll find it has a positive impact on productivity and morale.

 

How to reduce your insurance premiums

You may not be aware of it, but you're probably paying too much for your business insurance. Successful business owners are those are always looking for ways to reduce costs, and lowering your insurance premiums will have a significant impact on your bottom line. In this chapter, we explore the ways you can lower your risk profile for insurance companies and reduce your premiums.

 

The Dacreed solution

Our risk management platform is designed to Kiwi businesses reduce and manage their actual business risk. It’s an add-on risk management used by our clients to supplement their insurance policies.  Already, leading brokers are providing the platform to add value for their clients. This chapter outlines the key features and benefits of the platform, and how it reflects a broader trend towards risk management in the insurance market.

 

Technology is changing the face of most industries around the world, and the insurance sector is certainly no exception. Software generally is making it easier than ever before for Kiwi businesses to manage and reduce risk, and that's what the Dacreed risk management platform is all about. The eBook will provide insight and guidance around managing risk in your business, so that you can focus on continued growth and success.

 

 DOWNLOAD THE EBOOK

 

Topics: Insider, Business Management