Sheffield Broker Supports IoD and Industry Body AIRMIC to Promote Value of Business Insurance

6th November 2015

Sheffield chartered broker IFM Insurance is supporting a campaign by risk management association AIRMIC and the Institute of Directors to urge business owners to stop seeing insurance as a 'grudge purchase' and start using it to enable them to take risks as they grow their business.

In conjunction with AIRMIC, the IoD has brought together industry leaders in a new guide for company directors. This highlights the importance of insurance to company boards to help them launch into new markets and expand their business. The new report, Critical Business Insurance, identifies four reasons why boards should take an active interest in their insurance programmes: The modern risk environment is constantly changing and becoming more diverse, with the emergence of new and less tangible threats such as cyber and supply chain disruption; Insurance policies are among the largest commercial contracts many companies enter into, and boards therefore have a duty to understand them; The Insurance Act comes into force next August, providing greater protection for commercial policyholders, but also placing greater obligations on them; Insurance can act as a strategic enabler, underpinning companies' ambitions and allowing them to seize new opportunities. John Leigh, Director of IFM Insurance said, "We fully support this new initiative by AIRMIC and the IoD particularly at a time of constant change and challenge for local businesses. Importantly insurance is there to protect a business from the unknown and can make the difference from a firm going under or staying solvent particularly in the event of a major claim.