Cowens Risk Solutions is a service offered to our Survival Capability clients with the goal of helping their business thrive.
We provide the support, resources and solutions to help our clients protect their business to ensure development and success in their respective industries. Most importantly, we recognise that every company is different, we won’t supply you with generic plans, or one size fits all solutions.
Business threats come in many different forms, not all of which can be insured. Cowens Risk Solutions proactively identify main areas of risk and develop a realistic Risk Management programme that fits the specific needs of each client. Our service offering includes Health & Safety, Environmental, Fire & Theft protection and prevention and Business Continuity.
Part of our service is to provide free site surveys for our survival capability clients.
This survey is carried out to identify any issues surrounding Fire, Security and Health & Safety within the client’s business. The investigation typically takes around two hours and includes a general brief and fact finding interview.
Following the survey, a confidential report will be given, detailing any issues or defects in priority including suggestions for remedying the situation. The client will be advised as to why there was an issue, be it a breach of legislation, insurance policy warranty or merely good practice.
A thorough process that takes around a day to complete, involving a full survey and inspection of all Health & Safety and Fire Risk Assessment documentation to ensure compliance. A final confidential report will be supplied upon completion for client’s review.
This involves a shorter inspection of the client’s premises and it is considered a review and maintenance tool following a survey or documentation review.
Snap Inspections assist in the maintenance of procedures and controls, offering a fresh perspective, which can often quickly identify any issues and be used to follow up on risk improvements.
This inspection usually takes around 30 minutes and will be followed by an on-site verbal review or a letter detailing any issues.
Insurers Survey Support
Receiving a visit from your insurer’s surveyor can be a daunting prospect. With our support and guidance, it needn’t be, we’re here to assist in making the survey quicker by guiding you through the process.
Cowens Risk Solutions offer qualified support and will happily negotiate with the insurance company surveyor on behalf of our clients when it is required.
Warranty and Condition Review
This is a service that is seldom offered by other insurance brokers. We go to the prospective site and do an entirely insurance based survey ensuring that the business is fully compliant with all the small print contained within your insurance paperwork.
If we find a breach (which we frequently do) we will discuss the breach with you and help you decide whether you can comply with the one size fits all wording insurers have imposed. If compliance is impractical we will propose revisions to the policy to make them fit your current risk control arrangements.
This process will give you the peace of mind that your policy will actually operate in full in the event of an incident.
Our 5-tier approach has helped hundreds of businesses identify underlying risks that could impact their survival.
The right inspection for me…
Hopefully, your business will be fortunate enough never to encounter an adverse incident. However there are many advantages in planning in advance to support your business goals and arranging adequate insurance protection, but why should you invest in a Business Continuity Plan?
Achieve Tangible Competitive Advantage
With over 40% of larger businesses now vendor checking before engaging suppliers, having a Business Continuity Plan (BCP) consistent with BS 25999 or ISO 22301 gives you a competitive edge. Customers need assurances that their supply chain will not let them down, and a supplier with a BCP is an obvious choice over a competitor who poses a risk by not having planning in place.
Position Yourself to Tender for Publicly Funded and Higher Value Contracts
Since the introduction of the Civil Contingencies Act in 2004, all publicly funded work has required that suppliers have a Business Continuity Plan, which has narrowed the choice of suppliers available to the public sector. Having a BCP pre-qualifies SMEs and allows them to compete on more equal terms.
Create opportunities to reduce your insurance premiums
According to AIRMIC (Association of Insurance & Risk Managers) – BCP is seen by insurers as a means to improve the quality of the business they underwrite and that BCP helps organisations mitigate impact, recover faster, minimise losses and thus reduce premiums.
Improve your credit rating and become more attractive to investors and purchasers
Standard & Poor’s incorporates consideration of the strength of risk management practices as a critical component of its corporate credit ratings methodology. Having a BCP increases your credit rating and presents a better overall picture to investors, shareholders and banks.
Improve your business efficiency and reduce costs
A BCP audit looks at what functions, systems and facilities are vital to the continuation of your business, allowing you to identify what is surplus to requirements and focus on more efficient work practices. In practice, these improvements pay for the cost of the plan itself.
There are several products available on the market to take you through Business Continuity Planning; not all are the same. Quality counts and perceived value is individual. Your BCP should be fully implemented at the time of the interruption.
Inspire confidence in your staff
Fear of an uncertain future is a fundamental human concern. By being able to demonstrate built-in resilience visibly, you can assure those upon whom you most depend on your long-term reliability.
Comply with regulation and safeguard Director’s liabilities
Being a Director is a complex and challenging role. In addition to the task of maintaining a profitable business, today’s directors are faced with frequently changing responsibilities and regulation. Having a BCP helps to reduce a director’s unlimited personal liability significantly.
Ensure the Survival Capability of Your Business
The primary role of a BCP is to protect a business by preparing and planning for potential denial of access to vital business resources. According to AXA, 80% of companies affected by a major incident close within 18 months.
Minimize lost revenue and downtime
In the event of a crisis, the ability to achieve business as usual with minimal downtime will be a crucial factor in minimising the financial impact on your business.
Insurance will cover the replacement of lost and damaged assets, however, consider the impact on your business of the loss of productivity, inability to quote for new business or fulfil existing customer orders. Having a BCP in place means that you can minimise downtime and return to trading quicker.
Preserve your business reputation
In the event of an incident having a clear plan of action can help prevent damage to your reputation. Having a BCP enhances a company’s reputation before, during and after a crisis.
Still not sure if you need to work on your Business Continuity Plan?