AXA Business Insurance Helps Small Businesses Get Fit For The Olympics

(PRWEB UK) 5 July 2012

The Olympics will provide the UK with a much-needed boost to the economy and businesses need to prepare themselves for the opportunities and risks they will bring. And to help its direct business insurance customers, working within the retail industry, AXA has announced it will provide them with a 25% uplift in cover (on request), at no additional charge*.

The additional visitors and general buzz in the UK will be coupled with added strain on transport, extra demand for services, and supply issues which could mean a headache for business owners if they don’t think ahead. For example, many small businesses will be ordering in and storing much more stock to avoid these supply issues. This might normally not be covered fully by their insurance and that’s why AXA is increasing its standard limits by 25% as a one-off.

Gerry Donnachie, Head of Underwriting at AXA Business Insurance, said: “With the Olympics not far away, it makes sense for businesses to think about what impact they will have on the day-to-day running of their business. Will they have to take on more staff to cope? Will they need to start stockpiling products? Will employees be able to get to work on time? These are all issues that, if dealt with now, could help businesses enjoy a head start on competitors and a very profitable few weeks during the biggest event of the year.”

Top 10 tips for getting your business in shape for the Olympics:
1.    Stock delivery is especially important for retailers and food outlets. It could become really difficult to receive or make deliveries as roads get busier and time restrictions are put in place by the authorities with vehicles being used needing to be registered with the police in advance. Businesses who make regular trips to suppliers such as cash and carry outlets will need to be particularly organized and may therefore need to consider stockpiling (if not perishable). If planning ahead means storing more stock, make sure to call your insurer to advise them otherwise the business will be effectively under insured and may not be covered fully if a claim is made.
2.    Similarly, if you need to make alternative storage arrangements during the games, let an insurer know and make sure the security of any additional premises is suitable.
3.    Review building security. Due to the number of visitors in the country and the amount of traffic on the roads, Police response to an alarm may be delayed, so make sure the premises are as secure as possible. Carry out a review of locks, alarms and shutters to make sure all are in good working order and add additional security measures where possible. It might also be worth considering who in the business will respond to an intruder alarm if it activates; how quickly can they be at the premises?
4.    Review the business continuity plan. If the games mean that staff may not be able to get to work it may be worth considering whether they can work remotely or can make accommodation arrangements. Look at how much cover there is for business interruption. Most people are expecting business and profits to increase over the Olympics, then it is good to consider adjusting the amount of cover to reflect this.
5.    Some companies may relocate in July and August to avoid problems like getting in to work or delivery issues. It’s really important to keep an insurer up-to-date with changes to a routine that may mean the premises will be empty during that time. Cover could be come invalid if the insurance company is not kept in the loop. Similarly some businesses may find it necessary to occupy premises for longer hours to manage processes such as deliveries and transport issues and as a result may wish to continue trading past normal opening hours. Additional consideration may also need to be given to processes such as banking.
6.    Arranging for employees to work from home, will their equipment be covered for loss or damage. Does the business need to consider the insurance cover on items such as laptops at home and when travelling.
7.    Travel will definitely be disrupted, so it’s worth making contingency plans. Consider teleconferencing so employees can work from home, or if they make alternative travel arrangements, such as cycling to work, ensure there is secure storage, changing areas and cover for bikes.
8.    Remember to advise insurers if more staff will be employed, as those in the retail or the restaurant trades are likely to.
9.    Taking on temporary staff at short notice can pose a security risk. Ensure training program's are robust, and that training is in place before the Olympics start. Leaving it too late can run the risk of an increase in health and safety issues.
10.    Review premises and equipment now. If there are any maintenance needs, it is worth addressing them now before a real problem arises; it may be hard to have repair work carried out during this busy period.

About AXA Business Insurance

AXA is one of the largest general insurers in the UK and underwrites a broad range of products for individuals and businesses. AXA Business Insurance offers business insurance for sole traders, the self-employed and small businesses through its website http://www.axainsurance.com/business and is designed to make buying insurance fast, secure, convenient and easy-to-use. Small businesses can choose Public Liability, Employers’ Liability and Professional Indemnity insurance and can tailor cover to their own requirements.

About AXA

AXA UK is a part of the AXA Group. The AXA Group is a worldwide leader in insurance and asset management serving 101 million clients. It is ranked the largest insurer in the world by net written premium and the top insurance brand globally.

In the UK AXA operates through a number of business units including: AXA Wealth; AXA Commercial Lines, AXA Personal Lines, AXA PPP healthcare, AXA Ireland and an independent distribution business Bluefin. AXA employs over 13,000 staff in the UK.

For full year 2011, IFRS revenues amounted to Euro 86.1 billion and IFRS underlying earnings to Euro 3.9 billion. AXA had Euro 1,079 billion in assets under management as of December 31, 2011.

The AXA Group is included in the main international SRI indexes, such as Dow Jones Sustainability Index (DJSI) and FTSE4GOOD.

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