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COVER STORY SAFEGUARDING YOUR BUSINESS… ARE YOU PREPARED? 18 JUNE 2017 You know your business better than anyone else, but the broker acts as your agent in dealing with insurers. A must-do exercise for any business is to brainstorm all the things that could go wrong in your business. And for each, assess what the impact would be on your business and how you would manage that risk. Looking at the food processing and distribution chain, there will be key points along it where disruption may occur that has an up or downstream impact. Drought, flood, biorisks or even earthquake will affect the flow of product through to transport distributors and then on to product, processing, marketing and sales distribution. A fire or earthquake can disrupt the chain and affect those up and downstream in the chain… for instance, one of your key suppliers, should they suffer damage to their premises or if Business interruption insurance is one of a suite of commercial insurance offerings any business needs to consider as part of its risk management tool-kit. But it’s just part of the mix, along with all the other risks to your business, that need to be discussed with your insurance broker, says Insurance Council of New Zealand chief executive Tim Grafton.


FT-Jun17
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