All businesses face internal and external risks that can jeopardise their operations and undermine their reputations. Insurance will protect your business from financial and reputational damage due to unexpected events and negative behaviours. One of the greatest threats today is the growth of digital risks.

Your insurance will depend on the size and nature of your business and your specific industry/sector risks. Examples of typical insurance include general liability, professional liability, business interruption, directors and officers (D&O), and product liability.

With the prevalence of cyberattacks it is essential to protect your business against digital risks. Cyber liability insurance is strongly recommended for all businesses and will protect you from losses due to cyberattacks, data breaches, and other technology-related issues. As a specialist in traditional business risks and today’s rapidly evolving digital risks, Elmore can review your exposure and create the ideal risk mitigation and insurance strategy for your business.

As a minimum, annually. However, because the business landscape can change rapidly – and risks are continually evolving and multiplying – you should keep a close eye on your exposure and make adjustments where necessary.

Coverage may need updating because of changes in revenue, changes in staff, new regulations, new products or services, new markets or clients, or other events that impact your day-to-day operations. Elmore can review all your needs and assess your exposure.

We provide a wide range of reviews, including silent reviews. A silent review is conducted independently and privately, without disturbing your current arrangements, to determine if you have the correct coverage. We will identify any uninsured risks and advise on optimum insurance for your business.

Most businesses will have more than one type of insurance because different risks need different policies, although a combined business insurance policy can tailor packages and bundle various types of coverage into a single policy to protect a business from multiple risks.

Elmore provides combined or packaged policies for fintechs, bringing insurance such as professional Indemnity, cyber, crime and D&O into a single policy to simplify coverage and meet specific needs like MiCA and PSD2 compliance. This approach combines risk consulting, broking, and underwriting and provides an end-to-end service for business insurance.

• Risk reports and surveys highlight the following as among the key challenges for businesses worldwide:
• ​Cyber and data security risks
• ​Cyberattacks are the top concern. The risk will grow as systems become more interconnected ​and digitalisation increases. The regulatory and reputational consequences of cyber incidents ​can add to the costs of breaches.
• ​Business interruption/supply chain disruption
• ​Cyber incidents and geopolitical events are among the leading risks for business continuity.
• ​Climate change and natural catastrophes
• ​Extreme weather events remain a major threat and cause of losses.
• ​Regulatory changes
• ​New laws and standards pose compliance issues for businesses.
• Underinsurance/coverage gaps
• Businesses may underestimate their insurance needs, particularly because of emerging risks and new vulnerabilities.
• ​Geopolitical and macroeconomic risks
• ​Geopolitical uncertainty and macroeconomic events (eg, trade wars and conflicts) are ​a ​constant threat for businesses
• Digital disruption
• Technological advances such as generative AI and digital connectivity are both an opportunity and a threat for many businesses. New business models are changing the way producers and consumers interact.
• Workforce risks
• In addition to the difficulty in attracting or retaining skilled workers, businesses face behavioural risks from their employees. Poor work practices and behaviours can lead to reputation damage, financial losses, and legal consequences. Risk reviews can identify behaviours that will compromise a business.
• Operational risks
• This includes technology failures, dependence on third-party providers, and ineffective internal controls and weak governance.

Fintechs span two domains – finance and technology – so face risks from both domains. Key business risks include regulatory and compliance risks, cybersecurity and data privacy risks, operational risks (particularly technology failures), market and competition risks, credit and financial risks, trust and reputation risks.

We are specialist risk managers and insurance experts who provide a comprehensive advisory, broking and claims management service. This is reflected in our logo, where the ‘o’ in Elmore represents our 360-degree approach to risk management. Our risk reviews ensure that prevention and mitigation are priorities for effective insurance.

Yes, we are part of an international network and can provide advice and coverage through our global partners. Elmore coordinates local policies and claims handling and has clients across Europe, the Middle East, Latin America, and Asia.