The next step to protecting your business

Insurance is one part of managing business risk. A structured risk review can help identify operational exposures, improve preparedness and inform insurance decisions.

Running a business requires taking on a load of responsibilities, and insurance is among them, but managing risk is more than just another box to tick. Securing cover doesn’t mean you can do no more to protect your business.

Risk management goes beyond arranging insurance

Research by Suncorp-owned insurer Vero for its SME Insurance Index recently confirmed that most businesses are not taking the necessary extra steps, with eight in 10 respondents acknowledging they have never conducted a formal risk analysis of their operations.

This issue is particularly acute among micro to small employers, where operators commonly manage risks on an “ad hoc” basis, meaning they are aware of potential concerns but lack a formal process to address them.

It’s understandable that risk management isn’t always seen as a priority, especially with nearly half of small businesses reporting a decline in revenue over the past 12 months.

However, financial pressures should serve as the motivating force to have preparations in place and avoid the pitfalls that can result from unexpected disruption.

What a risk assessment can involve

While it can appear daunting, a risk assessment does not need to be a lengthy or complicated process. Simply put, an assessment identifies current or potential exposures such as risks to physical assets, supply chain dependencies, cyber threats or other industry-specific dangers, and explores ways to manage them.

This can be as straightforward as providing basic training to reduce risks, or it can extend to having an optimised strategy with documented audit controls.

“The goal is not only to avoid loss, but to build a business that is better prepared for disruption.”

Where a broker can help

Of course, our brokers will work to ensure any recommendations reflect the size and needs of your business.

Industry research also shows few operators recognise that an effective risk strategy goes beyond a strong defence and provides strategic advantages that enhance business performance.

This approach can reduce risks by improving operational efficiency and enhancing regulatory compliance, and may even lead to lower insurance premiums. The goal isn’t just to avoid loss, but to build a stronger, more resilient business.

For most business owners, one barrier to building a risk strategy is not knowing where to start. That’s where we, as your broker, can help by providing a foundation, identifying relevant exposures and setting up an approach that shifts your operations from reactive to resilient.

If your business has changed or you have not reviewed its risks recently, contact the RMA Insurance Brokers team to discuss how your current insurance arrangements reflect your operations.

Source: NIBA Autumn Client Newsletter 2026