Reduce Business Risk - Interview with Graeme Hay

Updated: Jan 19

We are delighted to invite Graeme Hay back to The Design Coach to help us uncover some of the mysteries surrounding insurance. 2020 has taught us many things about business, most notably the importance of reducing risk. In our interview this week, we asked Graeme to share with us his thoughts on how designers can protect their businesses during an economic downturn.

We all know we should have insurance, but for many of us, we don’t really know why. If you’re like most small business operators, it’s easier to avoid the topic all together, which usually means leaving yourself exposed by being totally uninsured.

In the lead up to the Seminar Session this month, we interviewed Graeme to find out why it’s vital for design professionals to have insurance, what types of insurance are suitable and, importantly, what is generally covered by insurance and what isn’t.

Find out more about our upcoming Seminar Session with Graeme HERE.

Graeme Hay is an experienced and professional risk consultant and insurance broker.

TDC: Thank you for joining The Design Coach community once again Graeme! Our members enjoyed the Seminar Session last year and are keen to talk 'all things insurance' with you again. Most of us have avoided this issue for so long that we may have forgotten why we need insurance. Can you help us understand why it’s so important?

GH: It's my pleasure Andrew and thank you for holding another Seminar Session this year.

At the core of it, insurance is there to protect businesses from the financial impact of risks associated with their activities. It allows a business to carry out its work, safe in the knowledge that there is a ‘safety net’ should an unforeseen negative event occur. That said, there are other reasons that insurance may be necessary such as contractual obligations.

TDC: We are interested in understanding how the events of 2020 may have affected Designers, and more importantly, how we can advise that they protect themselves for the future.

Can you suggest how we can better protect ourselves during times of economic uncertainty?