THE Bank of England again increased interest rates last month, causing more hardship for borrowers, though with the hike below the 0.75 per cent of previous increases, some analysts believe that runaway inflation has peaked.
As we look to 2023, our advice is for businesses to remain vigilant and not to drop their guard, as we are not out of the woods yet. Challenging economic conditions remain prevalent for businesses right across Northern Ireland. Businesses are still battling on numerous fronts against increased costs across the board.
It’s predicted 2023 will continue to be a challenging economic environment for all local businesses, and it’s vital that you review your existing business insurance policies.
Running any kind of business involves a certain amount of risk and it is especially important to review your policies in these challenging times. As we approach the new year, it is the perfect time to ensure a peaceful frame of mind for the year ahead.
Depending on the type of business you own, the insurance cover you need to have in place should be specific to you and your businesses risks.
Whether you are selling products online from your home office or you own a large enterprise, there are risks associated with every type of business therefore it is important to have the right protection in place.
If it’s the loss of equipment or risk of liability to a third party, these incidents and more, will have a financial impact on your business if they occur.
You might also reconsider policies around certain specialist insurance products such as credit insurance, and cyber insurance to name a few.
Inflationary pressures also mean that the sums insured you had on your property insurance or stock last year may no longer adequate.
Protecting your business assets as your business up-scales will provide future resilience should an insured loss happen.
It’s important to talk to a specialist insurance broker to ensure all elements of your business are covered when it’s undergoing significant growth.
:: Conor Murphy is account executive at AbbeyAutoline (www.abbeyautoline.co.uk or call 08000 66 55 44)