{"id":27729,"date":"2026-04-28T14:31:13","date_gmt":"2026-04-28T13:31:13","guid":{"rendered":"https:\/\/www.policybee.co.uk\/blog\/?p=27729"},"modified":"2026-04-29T15:59:06","modified_gmt":"2026-04-29T14:59:06","slug":"how-to-risk-assess-your-business","status":"publish","type":"post","link":"https:\/\/www.policybee.co.uk\/blog\/how-to-risk-assess-your-business","title":{"rendered":"How to risk assess your business\u00a0"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"300\" src=\"https:\/\/www.policybee.co.uk\/blog\/wp-content\/uploads\/2026\/04\/blog_header_image_how-to-risk-assess-your-business.png\" alt=\"Knowing how to risk assess your business can help you rest easy\" class=\"wp-image-27721\" style=\"object-fit:cover;width:300px;height:150px\" srcset=\"https:\/\/www.policybee.co.uk\/blog\/wp-content\/uploads\/2026\/04\/blog_header_image_how-to-risk-assess-your-business.png 600w, https:\/\/www.policybee.co.uk\/blog\/wp-content\/uploads\/2026\/04\/blog_header_image_how-to-risk-assess-your-business-300x150.png 300w\" sizes=\"auto, (max-width: 600px) 100vw, 600px\" \/><\/figure>\n<\/div>\n\n\n<p>Let\u2019s&nbsp;be honest:&nbsp;when someone mentions&nbsp;&#8220;risk assessment&#8221;,&nbsp;your eyes&nbsp;probably glaze&nbsp;over&nbsp;and your mind wanders to think about more interesting things.&nbsp;<\/p>\n\n\n\n<p>But that might be because of how&nbsp;it\u2019s&nbsp;been explained to you. Risk assessment&nbsp;isn\u2019t&nbsp;only a vital part of running a small business, it saves you&nbsp;<em>a lot&nbsp;<\/em>of money if things go wrong. <\/p>\n\n\n\n<p>And&nbsp;it&nbsp;helps you sleep easy at night, knowing&nbsp;you\u2019re&nbsp;prepared for all the unlikely but disastrous things that could happen.&nbsp;<\/p>\n\n\n\n<p>In this article,&nbsp;we\u2019re&nbsp;going to introduce you to risk assessment. What it is, how to do it, and why&nbsp;it\u2019s&nbsp;important.&nbsp;We\u2019ll&nbsp;also go over&nbsp;<a href=\"https:\/\/www.iso.org\/standard\/65694.html\" target=\"_blank\" rel=\"noreferrer noopener\">ISO 31000<\/a>, an easy-to-use and effective way of&nbsp;identifying&nbsp;your risks and&nbsp;actually doing&nbsp;something about them.&nbsp;<\/p>\n\n\n\n<p>So,&nbsp;let\u2019s&nbsp;start simple\u2026&nbsp;<\/p>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>What is risk assessment?<\/strong>&nbsp;<\/h2>\n\n\n\n<p>Risk assessment is all about spotting risks and figuring out what to do about them.&nbsp;&nbsp;<\/p>\n\n\n\n<p>When you think about it, we all&nbsp;manage risk&nbsp;every day.&nbsp;&nbsp;<\/p>\n\n\n\n<p>A risk might be pressing the snooze button one too many times and being late for work. <\/p>\n\n\n\n<p>Putting your phone out of arm\u2019s reach, so&nbsp;you\u2019re&nbsp;forced to get up to turn it off? That&#8217;s how you mitigate that risk. <\/p>\n\n\n\n<p>We\u2019re&nbsp;all managing&nbsp;micro&nbsp;risks&nbsp;like this in our personal lives \u2013 either ploughing on with a carefree &#8220;it&#8217;ll never happen to me&#8221; attitude, or figuring out ways to lower the chances of something going wrong.&nbsp;<\/p>\n\n\n\n<p>When you look at how to risk assess your business, it works in much the same way. <\/p>\n\n\n\n<p>You look at what&nbsp;you\u2019re&nbsp;doing, think about what could go wrong, and how that would affect your business. Then you decide what you can do to stop it from happening \u2013 or how you&#8217;d protect yourself if it did.<\/p>\n\n\n\n<p>Businesses are complex, though, with lots of moving parts.&nbsp;That\u2019s&nbsp;why&nbsp;it helps to take things step-by-step and use a simple framework that guides you through the process.&nbsp;<\/p>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>How to use ISO 31000 to risk manage<\/strong>&nbsp;<\/h2>\n\n\n\n<p>Using a recognised risk management framework makes the&nbsp;whole process&nbsp;easier and less time-consuming, while also giving you confidence that&nbsp;you\u2019ve&nbsp;done it properly.&nbsp;<\/p>\n\n\n\n<p><a href=\"https:\/\/www.iso.org\/standard\/65694.html\" target=\"_blank\" rel=\"noreferrer noopener\">ISO 31000<\/a>&nbsp;is one of the most popular frameworks, used by businesses of all sizes and industries, all over the world.&nbsp;&nbsp;<\/p>\n\n\n\n<p>It sets out principles, a complete framework, and processes for risk management in a clear and&nbsp;simple way.&nbsp;<\/p>\n\n\n\n<p>Here\u2019s&nbsp;a simple summary of how it guides you through&nbsp;identifying&nbsp;and managing your risks:&nbsp;<\/p>\n\n\n\n<ol start=\"1\" class=\"wp-block-list\">\n<li><strong>Context:<\/strong>&nbsp;\n<ul class=\"wp-block-list\">\n<li>Define as many of your business\u2019s&nbsp;main&nbsp;activities and processes as possible (storing client data, taking online payments, using subcontractors\/suppliers, giving advice to clients&nbsp;etc).&nbsp;<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Identify:<\/strong>&nbsp;\n<ul class=\"wp-block-list\">\n<li>Identify&nbsp;the risks of each of your main activities. Think,&nbsp;\u201cWhat could happen?\u201d and \u201cWhat could go wrong?\u201d (bad advice leads to legal claim, data breach leads to&nbsp;an&nbsp;audit by the&nbsp;<a href=\"https:\/\/ico.org.uk\/\" target=\"_blank\" rel=\"noreferrer noopener\">Information Commissioner\u2019s Office<\/a>, employee sickness leads to downtime&nbsp;etc.)<\/li>\n\n\n\n<li>Focus on what your business does day-to-day and what could go wrong. Be realistic and think about bad outcomes logically.&nbsp;<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Analyse:<\/strong>&nbsp;\n<ul class=\"wp-block-list\">\n<li>Consider the likelihood of the risk and how big of an impact it would have.&nbsp;<\/li>\n\n\n\n<li>To begin,&nbsp;keep it simple with a &#8216;low\/medium\/high&#8217;&nbsp;rating&nbsp;for likelihood and impact of each risk.&nbsp;<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Evaluate:<\/strong>&nbsp;\n<ul class=\"wp-block-list\">\n<li>Decide the risks you&nbsp;have to&nbsp;deal with first.&nbsp;<\/li>\n\n\n\n<li>Focus on ones with the highest impact and likelihood first, as these are the ones most likely to affect&nbsp;your business&nbsp;in the near future.&nbsp;<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Treat:<\/strong>&nbsp;\n<ul class=\"wp-block-list\">\n<li>Put a plan in place to mitigate these risks.&nbsp;<\/li>\n\n\n\n<li>Some options that ISO 31000 gives are:&nbsp;\n<ul class=\"wp-block-list\">\n<li>Avoid \u2013 stop the activity.&nbsp;<\/li>\n\n\n\n<li>Retain \u2013 accept the risk but have a&nbsp;contingency&nbsp;plan in place.<\/li>\n\n\n\n<li>Reduce \u2013 lower the likelihood of the risk happening through extra controls, training, safety processes&nbsp;etc.&nbsp;<\/li>\n\n\n\n<li>Share \u2013 lessen your responsibility for the risk through contracts with clients\/suppliers, insurance&nbsp;etc.&nbsp;<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Monitor:<\/strong>&nbsp;\n<ul class=\"wp-block-list\">\n<li>Regularly review your risks, especially after changes to your business (new services, new equipment, hiring staff, moving to a new office,&nbsp;new technology&nbsp;etc).&nbsp;<\/li>\n<\/ul>\n<\/li>\n<\/ol>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>How insurance helps you risk assess your business<\/strong><\/h2>\n\n\n\n<p>Once&nbsp;you\u2019ve&nbsp;mapped out your risks,&nbsp;it\u2019s&nbsp;important to mitigate them where possible.&nbsp;<\/p>\n\n\n\n<p>Insurance is key here, as it helps you reduce the impact of risks you&nbsp;can\u2019t&nbsp;fully mitigate through other means.&nbsp;<\/p>\n\n\n\n<p>An example might be that you store sensitive client and employee data. A risk&nbsp;you\u2019ve&nbsp;identified&nbsp;is that a data breach could lead to financial and reputational damage to your business.&nbsp;<\/p>\n\n\n\n<p>You\u2019ve&nbsp;sensibly put in place stronger cybersecurity processes and more training for your team to avoid&nbsp;<a href=\"https:\/\/www.policybee.co.uk\/blog\/a-guide-to-social-engineering-insurance\" target=\"_blank\" rel=\"noreferrer noopener\">social engineering<\/a>&nbsp;attacks.&nbsp;You\u2019ve&nbsp;even put in a&nbsp;<a href=\"https:\/\/www.policybee.co.uk\/blog\/what-is-a-disaster-recovery-plan\" target=\"_blank\" rel=\"noreferrer noopener\">disaster recovery plan<\/a>&nbsp;for your&nbsp;IT&nbsp;systems.&nbsp;<\/p>\n\n\n\n<p>But&nbsp;you&nbsp;can\u2019t&nbsp;fully remove the risk of a cyber-attack happening, leading to a data breach.&nbsp;<\/p>\n\n\n\n<p>Insurance acts as a backstop for risks&nbsp;you\u2019ve&nbsp;already tried to&nbsp;reduce&nbsp;but&nbsp;can\u2019t&nbsp;eliminate entirely. If the worst happens&nbsp;you\u2019d&nbsp;be protected, whether financially, reputationally, or operationally.&nbsp;In this case,&nbsp;<a href=\"https:\/\/www.policybee.co.uk\/cyber-insurance\" target=\"_blank\" rel=\"noreferrer noopener\">cyber insurance<\/a>&nbsp;would act as this backstop.&nbsp;<\/p>\n\n\n\n<p>Completing a thorough risk assessment of your business will also make you your broker\u2019s favourite client. It shows&nbsp;you\u2019re&nbsp;a responsible business owner and makes it easier to recommend the right insurance and level of cover for your risks.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Taking the risk out of doing business<\/strong>&nbsp;<\/h2>\n\n\n\n<p>Hopefully&nbsp;this basic rundown of risk assessment gives you a solid starting point for how to risk assess your business.&nbsp;<\/p>\n\n\n\n<p>We\u2019ve&nbsp;talked about&nbsp;ISO 31000 in this article, but other risk assessment frameworks and providers are available. Some work for specific types of risk, like the&nbsp;<a href=\"https:\/\/www.ncsc.gov.uk\/collection\/risk-management\/cyber-security-risk-management-framework\" target=\"_blank\" rel=\"noreferrer noopener\">National Cyber Security Centre (NCSC)\u2019s cybersecurity framework<\/a>, and others work for specific industries, like the&nbsp;<a href=\"https:\/\/www.fca.org.uk\/publications\/good-and-poor-practice\/risk-assessment-processes-and-controls-firms-our-findings\" target=\"_blank\" rel=\"noreferrer noopener\">Financial Conduct Authority (FCA)\u2019s framework<\/a>.&nbsp;<\/p>\n\n\n\n<p>If you store sensitive data, you should also consider looking at&nbsp;<a href=\"https:\/\/www.iso.org\/standard\/27001\" target=\"_blank\" rel=\"noreferrer noopener\">ISO 27001<\/a>.&nbsp;It\u2019s&nbsp;a cybersecurity and information security risk management framework that, alongside&nbsp;<a href=\"https:\/\/www.ncsc.gov.uk\/cyberessentials\/overview\" target=\"_blank\" rel=\"noreferrer noopener\">Cyber Essentials<\/a>, is perfect for protecting your business against online risks.&nbsp;<\/p>\n\n\n\n<p>It\u2019s&nbsp;worth doing some research on others, to make sure you have the right one for your business.&nbsp;<\/p>\n\n\n\n<p>Mapped out your risks and ready to&nbsp;talk about&nbsp;what&nbsp;insurance you might need? Give us a call on&nbsp;<strong>0345 222 5391.&nbsp;<\/strong>Our expert insurance advisors are ready to help.&nbsp;<\/p>\n\n\n\n<p><em>Image used under licence from iStock.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Let\u2019s&nbsp;be honest:&nbsp;when someone mentions&nbsp;&#8220;risk assessment&#8221;,&nbsp;your eyes&nbsp;probably glaze&nbsp;over&nbsp;and your mind wanders to think about more interesting things.&nbsp; But that might be because of how&nbsp;it\u2019s&nbsp;been explained to you. Risk assessment&nbsp;isn\u2019t&nbsp;only a vital part of running a small business, it saves you&nbsp;a lot&nbsp;of &hellip; <a href=\"https:\/\/www.policybee.co.uk\/blog\/how-to-risk-assess-your-business\">Continue reading <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":15,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[290,132],"tags":[310,150,140],"class_list":["post-27729","post","type-post","status-publish","format-standard","hentry","category-self-employed-and-freelance-advice","category-small-business-advice","tag-business-advice","tag-managing-risk","tag-running-a-business"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\r\n<title>How to risk assess your business<\/title>\r\n<meta name=\"description\" content=\"Knowing the risks that face your business is half the battle. 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Here&#039;s how to risk assess your business so you can be prepared for the worst.\" \/>\r\n<meta property=\"og:url\" content=\"https:\/\/www.policybee.co.uk\/blog\/how-to-risk-assess-your-business\" \/>\r\n<meta property=\"og:site_name\" content=\"PolicyBee news and risk advice\" \/>\r\n<meta property=\"article:published_time\" content=\"2026-04-28T13:31:13+00:00\" \/>\r\n<meta property=\"article:modified_time\" content=\"2026-04-29T14:59:06+00:00\" \/>\r\n<meta property=\"og:image\" content=\"https:\/\/www.policybee.co.uk\/blog\/wp-content\/uploads\/2026\/04\/blog_header_image_how-to-risk-assess-your-business.png\" \/>\r\n\t<meta property=\"og:image:width\" content=\"600\" \/>\r\n\t<meta property=\"og:image:height\" content=\"300\" \/>\r\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\r\n<meta name=\"author\" content=\"Pete Warner\" \/>\r\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\r\n<meta name=\"twitter:creator\" content=\"@PolicyBee\" \/>\r\n<meta name=\"twitter:site\" content=\"@PolicyBee\" \/>\r\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Pete Warner\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutes\" \/>\r\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.policybee.co.uk\\\/blog\\\/how-to-risk-assess-your-business#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.policybee.co.uk\\\/blog\\\/how-to-risk-assess-your-business\"},\"author\":{\"name\":\"Pete Warner\",\"@id\":\"https:\\\/\\\/www.policybee.co.uk\\\/blog\\\/#\\\/schema\\\/person\\\/8503cbee1e5b3842c795256a0c5e53d0\"},\"headline\":\"How to risk assess your business\u00a0\",\"datePublished\":\"2026-04-28T13:31:13+00:00\",\"dateModified\":\"2026-04-29T14:59:06+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.policybee.co.uk\\\/blog\\\/how-to-risk-assess-your-business\"},\"wordCount\":1207,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.policybee.co.uk\\\/blog\\\/how-to-risk-assess-your-business#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.policybee.co.uk\\\/blog\\\/wp-content\\\/uploads\\\/2026\\\/04\\\/blog_header_image_how-to-risk-assess-your-business.png\",\"keywords\":[\"business advice\",\"managing risk\",\"running a business\"],\"articleSection\":[\"Self-employed &amp; freelance advice\",\"Small business advice\"],\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.policybee.co.uk\\\/blog\\\/how-to-risk-assess-your-business#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.policybee.co.uk\\\/blog\\\/how-to-risk-assess-your-business\",\"url\":\"https:\\\/\\\/www.policybee.co.uk\\\/blog\\\/how-to-risk-assess-your-business\",\"name\":\"How to risk assess your business\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.policybee.co.uk\\\/blog\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.policybee.co.uk\\\/blog\\\/how-to-risk-assess-your-business#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.policybee.co.uk\\\/blog\\\/how-to-risk-assess-your-business#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.policybee.co.uk\\\/blog\\\/wp-content\\\/uploads\\\/2026\\\/04\\\/blog_header_image_how-to-risk-assess-your-business.png\",\"datePublished\":\"2026-04-28T13:31:13+00:00\",\"dateModified\":\"2026-04-29T14:59:06+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/www.policybee.co.uk\\\/blog\\\/#\\\/schema\\\/person\\\/8503cbee1e5b3842c795256a0c5e53d0\"},\"description\":\"Knowing the risks that face your business is half the battle. 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