This summer for me will be memorable and not just because of the unprecedented hot weather we had!
You see I had another cancer scare which involved numerous doctors and hospital visits, over several months and even included minor surgery. I am delighted to say that in the end it was all clear and nothing to worry about, but I did find myself asking the ‘what if’ question quite a bit.
Thanks to my wonderful IFA, Elizabeth Worrall, I had no concerns about my financial stability if the diagnosis had been different. The reason being that I have a critical life illness policy which Elizabeth had advised me I could fund through the business as a director.
What did worry me though was what would happen to my business, the clients and how would I ‘get back’ to the successful position I am in now?
But with careful consideration and some support from my amazing wife, I realised that even if it was the ‘worst’ news and I did have cancer that I could continue my business pretty much as it is. Yes, there would be some alterations in that I might have to do some of my ‘face to face’ work over the internet using Zoom rather than in person, but that would be the worst case.
This thinking was then turned outwards towards my clients and their businesses after I attended a networking event locally, hosted by Hart Shaw accountants and Acumen insurance last month. You see Henderson Insurance Brokers (the sister company of Acumen) were presenting all about Business Interruption cover.
They were suggesting that in many cases even those businesses that are insured aren’t adequately insured!
Just one of the points that they made, and there were several, was that many businesses can fall into this because they under-estimate the time it will take for their business to get up and running again. Whether that is because they underestimate how long it will take to re-build their building after a fire, or what about if you have specially designed equipment that takes months to replace?
Even on a simple level you need to consider what would happen to your business if you were unable to be there for a period of time (more than a 2-3 week holiday) and how big the impact might be? Are there systems and processes in place that others could follow or is all the information in your head? Do you have a contingency plan for making sure invoices get raised or bills get paid? Who else other than you has access to the company bank account?
I truly hope that you never experience situations that mean you need to claim on your Business Interruption policy or even be taken away from your work for extended periods. But my advice is make sure you and your team know what would happen if it did.
If you need any help with the systems side and ensuring your team could ‘step up’ then just hit reply and say ‘yes please’ and I will be in touch.
My results were positive and next time I will tell you all about how I am challenging myself over the next year or so.