Protecting against financial pressures during a recession

Financial Pressures | UK coins and notes

There is no doubt that increasing financial pressures are taking their toll on UK businesses, especially considering higher inflation, along with greater fuel and running costs.  Facing growing risks daily, means that companies are being tested in all kinds of ways.

With the UK predicted to slump into a recession period later on during 2023, now is the time when CEO’s, Directors and Managers should assess how they can protect their businesses throughout these turbulent times ahead.

The good news is that there is help available and especially in terms of protecting your company through a dedicated business insurance broker like JRW Risk Solutions.  So, what can company owners do to protect their business, employees, and their livelihoods?

Relieving the Financial Pressures

First, companies should assess if they are adequately insured.  This means that all current insurance policies should be checked and reviewed to make sure that any business developments since the last review, have been accounted for and that aspects such as buildings rebuild costs collate with material and labour costs rises following the latest inflation rises. Likewise raw materials and stock sums insured should be reviewed.  Failure to adequately insure a company could mean that the business will not receive the financial value they are due, should an unforeseen incident occur.

Secondly, by taking out a Credit Insurance policy to protect your own business cash flow against an un-predicted customer insolvency could save your company from closing down too.  In doing so, not only is the business and its shareholders protected but also relationships with suppliers and customers are strengthened.  Furthermore, greater risk to the business is avoided in terms of safeguarding against bad debt as the insurer will pay out against such an incident.

For more information about protecting your company with commercial combined, combined liability insurance and credit insurance with JRW Risk Solutions, please get in touch or see our website for further details.

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