While it is no secret that the UK economy has experienced huge growth in the last eighteen months, the extent of this expansion will surprise many. Most recently, it was reported that the British economy will grow faster in 2014 than any other G7 nation, while low wage rises will also drive interest rates down until the formative part of 2015 at least.
According to statistics, British GDP growth will hit 3.1% during the third and fourth financial quarters of 2014, as a result of strong capital investment. Alongside burgeoning economic sentiment and high levels of consumers borrowing, it appears as though both businesses and households will continue to feel the benefit of this in the coming months.
The 3 Unusual Insurance Products That Your Business May Need
While the UK may be enjoying considerable growth and prosperity at present, however, this does not mean that business owners should begin to rest on their laurels. In fact, now is the ideal time for businesses to protect their assets and safeguard their recent investment, as they look to consolidate and plot a path towards future success.
Insurance products offer all the protection that your business needs, and there are a number of unique and unusual examples that may help to safeguard you venture going forward. These include: –
War and Political Risk Insurance
We live in socially and politically unstable times, especially when you consider recent conflicts in the Middle East and Eastern Europe. The threat of war and global terrorism not only poses a threat to the whole of humanity, however, put it should also be considered as a direct risk for international business owners and their corporeal assets.
If you do have an international presence in multiple countries, it may therefore be a good idea to invest in war and political risk insurance coverage that safeguards your assets in the event of damage or an unexpected attack.
Film and Contingency Insurance
Every so often, your business may be involved with organising an event, trade show or product launch. This will require a significant financial investment, which will only generate a return if the event goes ahead without disruption or direct cancellation. While it is common knowledge that you can source insurance for events that you have organised, however, it is less well known that companies such as Catlin US also offer contingency coverage for instances where events are cancelled without your prior knowledge. This can save your business thousands, especially if you invest heavily in networking and reaching out to others.
On a final note, it is also worth noting that we live in an environmentally-friendly and eco-conscious age. This has an impact on consumers and business owners throughout the UK, who must strive to adopt sustainable methods in a bid to save money and comply with British legislation.
For business owners in particular, there are a number of insurance products that can help to protect both employees and structures from pollution exposure. This can help to protect the integrity of your physical and human assets over time, while also enabling you to make a financial commitment to long-term environmental health.