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Building a Successful Business: Is It Just the Luck of the Draw?

Building a Successful Business: Is It Just the Luck of the Draw?

Richard Branson, Alan Sugar, Philip Green… even Simon Cowell. They’re all considered some of the most successful businessmen in Britain, developing some of our country’s most prominent and best loved brands, but how did they get to the top? Was it through hard work, or were they simply lucky? Well, it all depends on who you ask! A recent survey by professional indemnity insurance giant AXA reveals that 71 percent of small business owners attribute at least some of their success to nothing more than luck.

But what exactly is it that makes someone lucky? Is it that they’re special? That they’ve been ‘chosen’?, or is it more to do with the fact that successful businesses have been built by those who have worked hard to minimise risk, thereby appearing to be on the lucky end of the scale? Being ‘lucky’ is all about reducing the risk of not being lucky. Think about the lottery. You reduce your risk of not winning by buying a ticket. It’s exactly the same when it comes to building a successful business – reduce the risk.

AXA claim that reducing risk is one of the key ways for businesses to create their own luck, and that a great way to minimise risk is to ensure you have the right business insurance for your industry.

Professional Indemnity Insurance

Knowing what business insurance you need to minimise risk is a tricky area. There’s only one type of insurance that’s a legal requirement in the UK – employer’s liability insurance – but that doesn’t mean that business can successfully grow and develop without a few other risk-minimising policies. One such policy is a professional indemnity insurance policy, which can protect your business reputation and finances should any advice you provide to your customers impact them negatively in the future.

There are very few industries or sectors that professional indemnity insurance cannot benefit. For example, professional indemnity insurance can prove to be hugely valuable for the following:

  • Mortgage advisors who provide advice based on the current and forecasted housing market.
  • Accountants who advise individuals on how best to allocate their financial resources.
  • Builders who advise on whether or not specific work can and should be carried out.
  • Retailers who advise customers on the best products for the task at hand.
  • Health care professionals who advise on the best course of treatment for disease or illness.
  • IT professionals who advise customers on the best security systems for their computers.

Almost every professional incorporates some degree of knowledge transfer between business and customer, and if any of this information proves incorrect – regardless of whether it was shared with good intention – there is a heightened risk for a business. Professional indemnity insurance minimises this risk, ensuring the business and its employees are protected should a customer be unhappy with information received. Make your own luck, and compare professional indemnity insurance online at compareyourbusinesscosts.com.