In some respects, protecting your business is relatively straightforward.
If you have premises, you might put up some grills on your windows, padlocks on your doors and possibly install an alarm.
You might protect certain of your financial positions by having arrangements for overdrafts with your bank and perhaps protect your intellectual capital through things such as patents etc.
Yet protecting your business may need to be thought about in slightly wider terms if you are to sleep a little bit more easily at night, safe in the knowledge that you have done all you can.
For example, your business may be exposed to a number of risks that cannot be dealt with in terms of physical security:
- staff attrition – in other words, the on-going loss of key staff due to market forces and related dynamics;
- difficulties in recruitment – whatever the background marketplace statistics may be indicating, many employers know the reality remains that attracting the best people is never easy;
- the loss of critical personnel due to sickness or premature death – some organisations may depend for their very survival, let alone success, upon one or two people in an otherwise large workforce;
- hard to meet demands for pay increases etc.
There is no universal answer to these sorts of risks but there are steps you can take which might help you to reduce the likelihood of such things occurring or if they do, to deal with them with some financial assistance.
This is the domain of organisations such as Drewberry Insurance>, who offer a range of business insurance products aimed at these very areas.
For example, you can take out group schemes that offer your employees private medical health cover.
There are advantages in that through not only in helping you to retain and attract new personal but equally importantly, it might help your workforce stay healthier and reduce the amount of time they need to take off work in the event they are unwell and perhaps waiting for treatment on the NHS.
Then there is what is called keyman insurance. That form of cover might help reimburse you for some of the costs you may incur, when trying to cope with the loss or absence of certain of your mission-critical staff.
You might also wish to offer your employees the benefits of life insurance and income protection insurance – something that may offer them and their families the comfort of knowing that their interests would be financially protected should misfortune strike.
All these products and others like them might end up helping to significantly reduce the risks of staff dissatisfaction or sheer bad luck striking your organisation financially.
It might be worth investing a little of your time in finding out more.