Transcript

SPEAKER

I have seen really good examples where we've put everything in that we could possibly can to manage a risk. And we've had to rely on insurance, basically. So you think about a flooding of a building. And flooding the building means that some of your technology is gone. Your people haven't been able to get into work but you still need to pay them. You've got the business not operating. It's not been able to do what it needs to do.

And insurance basically provides the kind of the loss, the clawback of loss to enable the business to carry on operating because most of that would if you didn't have insurance, that would mean that perhaps the business would have to close. People would lose their jobs. Customers wouldn't get the service or the products they wanted. But actually, insurance allows you to kind of get a little bit more money- get the money in. And I think it's always a really good way of transferring risk to another party. So it's very important no matter the size of the organisation, whether you're very small or very large, that you have very good insurance for your the risk that you can insure for.