One professional indemnity insurance broker based in Manchester has recently issued a warning to business insurance holders regarding the largest threats that could be in store for them in the coming year.
The firm conducted a survey on strategic risk recently in order to determine what the professional liability insurance community could have in store for them in 2011. Asking what was considered to be the largest threat to businesses over the next 12 months, the survey’s results were broad-ranging.
Some firms were highly concerned with brand damage and corporate reputation. Others were more concerned with physical dangers such as fire hazards. All such damages would be covered by a professional indemnity insurance policy, the broker stated.
The entire range the survey encountered was large. In addition to the fears of damage to a corporate brand or image and reputation, firms were concerned with loss of key skills, IT, telecom, and personnel. In addition to fire damage, many companies had fears of damage occurring through high winds and flooding. Damage caused by terrorists, industrial actions, or environmental incidents was also high. Firms also feared negative publicity or product safety issues..
The survey’s findings revealed that firms are highly susceptible to many kinds of eventualities. Nearly anything and everything could lead to negative impacts on reputation, turnover, or staff. Despite this many employee risks can be covered under an indemnity insurance policy stated the broker. Additionally risk compensation can be had for a hand-tailored indemnity insurance package.
Speaking to a professional broker can lead to discovering which products are available on the market and which ones for any given business would be the right fit. Having a conversation with a trusted source can lead to a reduction and risk and considerable peace of mind for many business owners.