INSURANCE
Service - MD Lee Elgie says Gallagher has expanded to offer even more support to Teesside businesses .
SURE THING
Why it ’ s more important than ever for businesses to make sure they have the right insurance cover in place
PICTURE : CHRIS BOOTH
Insurance broker and risk management company Gallagher has offices across the UK , supporting local businesses with their insurance needs . During the last 12 months , the business has focused on supporting clients in the North-East during difficult economic times . Lee Elgie , managing director of Gallagher ’ s Stockton-on-Tees office , reflects on this year ’ s challenges and what is likely to come .
Over the last year , Gallagher in the North-East has expanded its capabilities to be able to offer more specialist support to businesses in the region , and this has included investing in our people and growing our business . Following on from our acquisition of Erimus in the summer of 2022 , we have scaled up our operations in the North-East so we can do more for our existing clients as well as help more local firms .
Our growth in the North-East means we are now strongly positioned to provide an unrivalled insurance service to local businesses and industries . This year , we launched our Business Risk Index , which highlighted the biggest risks UK companies face . Unsurprisingly , it found businesses were wrestling with the side effects of inflation and supply chain disruption and their priorities had changed as a result . The research certainly rang true in terms of what our North-East clients are facing .
While the North-East is home to booming sectors , including manufacturing , technology , finance and renewable energy , the business landscape is not without its challenges . The current economic backdrop has led to increased costs for businesses , while barriers to trading and talent acquisition continue to prove challenging . Amid these unwavering external factors , it has never been more
166 | Tees Business important for businesses to ensure they have the right insurance cover in place should the worst happen .
There are risks businesses can mitigate with the support of an insurance broker . Gallagher works with businesses across a multitude of sectors to help manage risks and protect them against preventable loss and damage . Our dedicated teams ensure businesses have sufficient insurance in place should the worst happen , helping alleviate any potential financial loss . Having the right cover in place is critical , especially as inflation is adding to the growing problem of underinsurance . Underinsurance has certainly been an issue for North-East businesses over the last year , and it is likely to remain a risk for 2024 .
Another risk to businesses in the region is the evolving nature of cyber-attacks , and this is something that we are seeing across all industries . With cybercriminals deploying sophisticated methods of hacks , businesses must ensure they are not only protected against an attack but they have a robust recovery protocol in place . The Information Commissioner ’ s Office ( ICO ) has the power to fine companies up to £ 17.5m if they suffer a breach and had not put the appropriate protections in place , meaning the financial damage could be devastating . Gallagher currently works with clients to assess their cyber-risks , to ensure they have protection and recovery measures in place to ensure rapid incident response to protect our clients ’ essential business data .
To make sure we can provide clients with the support they need to manage their risks , we have placed a focus on growing our team by bringing skilled insurance professionals into our business . We have also invested in the next generation of talent through our apprenticeship programmes , which give young people the start they need in their careers . Over the next year , Gallagher is looking to accelerate its recruitment drive in the region and bringing in local talent at a time when unemployment is higher than the national average 1 .
The last year has placed pressure on the North-East ’ s businesses and local communities , with all of us feeling the impact of inflation , especially . The risk landscape for businesses continues to evolve and we are ready to support them with mitigating these risks and helping them stay protected against any eventuality . As we look ahead to next year , we look forward to building on the support we have been providing to North-East businesses , whatever the risk may be , and remain committed to investing in the region ’ s industries and talent pool .
[ 1 ]
Employment in the UK - Office for National Statistics ( ons . gov . uk )