As we move into 2021, firms have an opportunity to reassess their insurance needs. Alister Smith, Director at IFM Insurance says managing risks will be the key to the survival of many SMEs.
2020 was undoubtedly a challenging year for businesses in Sheffield with many SMEs hit hard by the pandemic. The year ended with many firms also facing uncertainty over the outcome of the Brexit negotiations and the ramifications of COVID-19 and what it means for the very future of business.
As we move into 2021, Sheffield firms have an opportunity to reassess their insurance needs and the ways it can help them to manage their needs in a crisis. It’s essential, for instance, for firms to ask themselves what plans they have in place and how insurance can help them to advance because, to my mind, managing risks will be the key to the survival of many SMEs.
Unsurprisingly, many local firms are now increasingly looking at understanding the risk for their business and getting the right cover – rather than a bundle of unrelated products, which may not be effective in either managing risk or saving money.
At IFM we have worked hard to become trusted advisers and business consultants, taking on and understanding the risks in a wide range of areas from employment issues to business continuity, and health and safety.
This is crucial as many of our clients are now facing increasing social, economic, and political challenges, which place risk on their business. Just take a look at the impact of Brexit on supply chains or how firms will transact through new and existing contracts. What’s more, the pandemic will change the way some businesses operate forever with new ways of working and focus on health and safety.
Many Sheffield firms still rely on a local broker to help with their insurance needs. At IFM we have to sell on value and we have to tackle the difficult questions, which perhaps the direct insurers and the national brokers don’t want to handle. SMEs want continuity and personal contact. They are also looking for stability and long-term savings, which clearly can play to the local broker’s strengths.
Our business model is based on providing great service and advice, which is underpinned by strong relationships with leading insurers like AVIVA, AXA and Allianz. We are also members of Brokerbility, an exclusive club of independent brokers that gives us unrivalled access and service levels from our insurer partners. We have significant clout in the market combined with local knowledge, which means our customer’s interests are always in safe hands.
Because we are based in Sheffield, we are closer to our clients. We now carry out many of the tasks that were once seen to be the traditional territory of insurers – high-quality advice, product development, marketing and claims. We’ve built up this expertise and professionalism through our chartered status – through people development – to give our clients the first-class advice they need.
Getting on top of insurance may not be the most appealing prospect, but it will deliver significant benefits, both in terms of cost and level of coverage. For Sheffield firms, it’s about making certain that the cover pays out when needed. With so much potentially at stake for the future of your business, it’s undoubtedly worth the effort.
IFM Insurance Brokers
ifminsurance.co.uk
0114 268 4606
