aba Group Instructs Local Businesses on How to Plan For and Prevent Business Interruptions This Christmas Season
For many business owners, this is a crucial time of year where Christmas sales often provide the financial fuel to aid business growth into the New Year. To experience an interruption of business during this period however, would be crippling.
The Christmas season is almost upon us and the holiday shopping season is already in full swing with the passing of Black Friday, so called by some business owners as it is thought to be the point where many retailers are pushed into the ‘black’ with frantic shopping and deal hunting.
Naturally for many business owners and managers, this is a crucial time of year where Christmas sales often provide the financial fuel to aid business growth into the New Year. To experience an interruption of business during this period however, would be crippling.
Mr Graham Webster, the managing Director of Bolton-based Business Insurance Brokers; aba Group, says:
“More often than not, the events that would cause Business Interruption cannot be foreseen, but there is a lot that business owners can do to mitigate the effects of such events. With the increasing growth of cloud technologies and web-based services, it is now easier than ever for businesses to place their mission critical systems and software in the cloud; whether it be access to email, databases, order fulfillment software or similar such programs. This way, if staff are unable to get to work, or if access to the premises is limited, or the infrastructure supplying the building is damaged or disrupted, employees can still continue to work from home or from another location” states Mr Webster.
Access to electronic resources is not the only thing that needs to be taken into consideration however; traditional high-street retailers depend upon shoppers coming into their premises and buying goods, and if that is no longer possible, i.e. because of a burst water main on-site or damaged stock as a result, then it can be difficult to find a suitable, alternative means of trading. Many retailers now sell their products online as well as in-store to help offset this risk, but this takes time to establish.
“If you’re unlucky enough to be an in-store only retailer who has their business interrupted, it can take weeks, if not months to set up an online sales facility. For these businesses, the only alternative is to find an alternative location to trade from; as their absence from the high street will give their competitors an advantage. A tailored Business Interruption Insurance policy can assist with the cost of securing a temporary premises and it can also cover the cost of advertising, so that they can inform their customers that they’re still up and running, preventing their competitors from stealing their business” adds Mr Webster.
Business interruption insurance is designed to protect against the unexpected effects of damage to business property. Such damage can prevent trade from being conducted in the usual way which inevitably leads to a loss of income.
The knock-on effect of this can be devastating to any company, especially those that rely upon consistent cash flow. Without this cover, or the appropriate Loss of Profits or Loss of Revenue Insurance , such a company may be unable to meet its financial obligations and may even fail entirely if trade is lost as a result. Very few businesses recover from a serious loss unless they have this particular kind of cover.
“We can protect a businesses’ cash flow with our specialist Business Interruption cover and this will protect them against a loss of gross profit or gross revenue. Our policies will cover them for a specified period after the loss during which the business owner can focus on replacing or repairing their property and assets, recovering lost trade and customers and just generally… allowing them to get back on their feet” says Mr Webster.
For those business owners and managers who cannot afford to lose business this Christmas, the aba Group is happy to advise them on the steps that they can take to prevent business interruption as well as offering Business Interruption and Loss of Profits Insurance policies to meet their specific requirements.
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About aba Group:
aba Group has been operating in Bolton for years, headed by Managing Director Graham Webster and fellow Director Lynne Eckersley, they have 70 years’ experience in the industry between them. Their specialist insurance coverage spans schools and academies, directors, officers, contractors, engineers, landlords and a whole host of other professional roles and activities; which has seen them become the go-to business insurance brokers locally.
For further information contact:
- Contact Information
- Graham Webster
- Managing Director
- aba Group
- (44) (0) 1204 364 842
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