Risk Assessments can be performed at any stage of a business life-cycle. In particular, we have noticed the following events as triggers for when businesses decide to perform Risk Assessments:
- Starting up a business
- Investing in a business
- Planning for growth
- Buying or selling a business
- When something bad and potentially expensive happens to the business and the owners want to ensure it doesn’t happen again
The last one in particular is interesting. A good example is the recent shut down of European airspaces due to the Icelandic volcano eruption and how it affected business or all types, not just the airline industry. Many business want to avoid a repeat of this and have sought appropriate insurance as a way to minimise future risk.