Although the important thing is to manage the risks whether the Cyber Risk or the ones relating to climate change or whatever, it is always worth asking yourself whether you have the right insurances, and we will soon be coming to that time of year when many businesses have to renew their insurances.  You could just assume that what you had in the past will be right for the future, but that is not a good way to manage risks, nor to manage your business either.  This could be a good opportunity to really review your insurances and ask if you have got some you could do without and if you are lacking some you really do need.

Most of us insure our computers, but often we forget to cover the data on them or the cost of a data breach.

Most of us insure our property against fire and flood, but often we do not think about the money we would lose one way or another in the time it takes to rebuild or repair after an incident.  This is called “Business Interruption” Insurance or “Loss of Profits”.  It may be that you can get it as an element of your general commercial policy or you may need something separate.  Ask your insurer or broker.

Not everyone needs the above insurances, but it is best to make a decision after looking into the costs and benefits rather than to wish you had!