IMG 6255 scaled - Light In The Tunnel: The 'Dolittle' Dilemma

It is almost becoming impossible to avoid the sense that the lengthening days of spring are harbingers of brighter times ahead for Britain’s business community.

Change is very much in the air following several years of existential challenges for companies in a variety of sectors.

Arguably the most significant is the prospect of a new government if the latest opinion polls are anything to go by.

Even before the nation goes to the polls, though, we may be in line for a succession of interest rate cuts as inflation is finally brought under control.

Yet entrepreneurs could be forgiven for not getting ahead of themselves. In fact, some might feel like the double-headed llama – the pushmi-pullyu  – which features in the movie ‘Doctor Dolittle’: not knowing whether to move backwards or forwards.

That is because before they are able to make their way to the calm and prosperity of Winston Churchill’s famous “sunlit uplands”, there may still be stormy weather to contend with.

Some of the world’s leading business consultancies have, for instance, predicted a further contraction in the UK economy before things start to turn around.

A survey of more than 10,000 businesses by the Office for National Statistics (ONS) also found that 10 per cent expect expenditure to increase in the coming months as the effect of rising costs stubbornly impacts their activities.

As they consider the obstacles in the way on the way to recovery, therefore, it is not surprising to find companies more actively looking to manage their risks.

That is one reason why I have made the switch to Broadway.

Despite working in insurance broking for many years, the distinct approach that it has adopted since it launched four years ago has struck a chord with me and many others.

More than simply taking an annual interest in premiums and the renewal of off-the-peg policies, Broadway has much more detailed conversations with business and private clients to determine their precise insurance requirements.

The reputation and quality of work of my new colleagues has already delivered growth across the board. I am joining a fast-growing corporate team which has seen its client base increase by more than 200 per cent in the space of a single year.

Those business clients recognise the need for specialist advice to confront challenges head-on.

Among the issues which are assuming an ever greater amount of their energy is cyber security and a glance at the latest figures produced by the Information Commissioner’s Office (ICO) underlines just why.

Over the course of six months to September last year, data breaches caused by cyber-related incidents were up by 61 per cent on the same period in 2022.

Attacks using ransomware and phishing accounted for just under one-fifth of all data breaches, with particularly noticeable rises in the legal, social care, retail, manufacturing and utility sectors.

Whilst many businesses have taken heed of the frequency with which their peers are afflicted by such digital assaults, knowing how best to guard against falling victim themselves is not necessarily easy.

Broadway has become a trusted guide for a growing share of firms across the country on cyber security and many other types of corporate cover, as well as being tasked with taking charge of the requirements of the entrepreneurs behind them away from the office.

I am immensely excited about making my own contribution to Broadway’s efforts in the months and years to come.

Whilst the economy and the fortunes of the political parties entrusted with keeping it stable may wax and wane, businesses have to remain consistent in their ability to meet whatever risks come their way.

That means awareness of the role which insurance plays – and the importance of objective, informed advice – should be a constant whether times are good or not.