How can I effectively protect myself against operational risks?

Many new business owners are unaware of the risks that threaten their company. Something could happen on the very first day: an accident, illness, fire or cyber attack. So insurance cover must take effect immediately. That's why it makes sense to look into the right insurance policies and an appropriate pension solution in advance. In any case, business liability insurance is recommended. This type of insurance covers damage that you or your employees cause to others. A detailed risk analysis enables you to identify potential hazards at an early stage. This will help you take out the insurance policies your company needs. The two key questions addressed in risk analysis are:

• What could jeopardise the company's continued existence?
• What's the maximum damage that could occur?

Cyber insurance is becoming increasingly important. This type of policy covers the damage that may arise if hackers paralyse a company's infrastructure or misuse it for criminal, espionage, military or terrorist purposes. At the same time, data protection regulations are becoming increasingly stringent.

Depending on the company and the scope of business activities, the following insurance policies may be worthwhile:

1. Business liability insurance
2. Professional indemnity insurance
3. Business property insurance
4. Loss of earnings insurance
5. Directors' and officers' liability
6. Legal protection insurance
7. Transport insurance

Our tip: As soon as circumstances change, you should reassess your risks and adjust your insurance cover accordingly.