New years risk solution

Decembers gone, Januarys here – time for our New Year’s resolutions. Whether it’s a detox, a health check or a commitment to a new gym membership, we all take stock of our personal health in January to try to mitigate personal risks. The same can be said regarding the health of your business and January is a great time to review the risks to your business, and the support you receive to reduce these.

Does your programme remain fit for purpose in 2020, or like the fall-out from the festive period, is it carrying weight and inefficient?

Here at Towergate Northamptonshire, we’re offering 5 New Years Risk Solutions to consider the effectiveness of your insurance programme in 2020:

- Check your Limits of Liability. Regulatory changes in the Ogden Discount Rate have led to increased payments for life changing injury claims and public, products and employers limits of liability are being exhausted. Are you purchasing to the correct limit of liability?

- Review your Buildings Reinstatement Sum Insured. When was the last time you had a reinstatement valuation? Do not simply rely on index linking or the headline number in a valuation report.

- Verify your Fixed Wiring and Electrical Inspection Certificates. Are they up-to-date, has all remedial work been carried out?

- Calculate your Business Interruption Sums Insured. Your broker should be completing a gross profit calculation audit with you to ensure you and your business are protected should the worst happen.

- Consider emerging risks The changing nature of Cyber/Crime & Terrorism cannot be ignored, these risks can be discussed with you in plain English and policies offered which wrap around your business.

So is your programme fit for purpose, addressing the above, or is it time for your January risk detox? Towergate Northamptonshire are happy to provide a fit for purpose audit to confirm the adequacy and efficiency of your current programme.

For more information visit or call 01604 887300.

Towergate Insurance Brokers is a trading name of Towergate Underwriting Group Limited. Registered in England No.4043759. Registered Address: 1 Minster Court, Mincing Lane, London EC3R 7AA. Authorised and regulated by the Financial Conduct Authority.