Name: Michael Henderson Company: Risk Box Role: Director
Michael has worked in the commercial insurance sector for over 15 years, both as an advisor to businesses, and within insurance companies. He is the founder of Risk Box:
- What is Risk Box?
Risk Box is an insurance broker dedicated to protected people and businesses within the creative and technology sectors.
It doesn’t matter if you are a freelancer or a large managed business; whether you are an agency with purely office based activities, or if you deliver visual content through film production, or if you run music events, or even if they involve manufacturing tech products – there are genuine solutions available.
Risk Box look to match the business with the right insurance protection – something general insurance brokers frequently get wrong.
- What’s Risk Box’s proudest achievement?
Building from zero clients to over 90 within 12 months was a great achievement in itself, but what has become more pleasing is how the brand profile seems to quickly become synonymous with protecting the creative and tech industries – which is great because this was the exact aim at launch
- What do you see as the pitfalls when running a small creative enterprise?
The main problem I see is that insurance can be a minefield, and it is tempting to go direct for insurance thinking there are cost savings to be had
That’s not really the case, as it’s often cheaper to go through a broker.
More importantly, though, the level of protection varies significantly. There are misleading insurance policies out there leaving creatives inadequately insured (for example, certain insurers will offer media specific professional indemnity policies which remove intellectual property cover – which is often where some of the most expensive claims occur)
I would always recommend speaking to a broker who understands your business, and who will be on your side if the unfortunate claim occurs.
- Why do creative businesses need insurance?
(1) Legislation – Employers Liability is an obligation for most businesses, and limited companies with 2 or more directors also require it, which is frequently missed
(2) Contract – Usually contracts will include specifications for insurance, and it is crucial these are met, not just to win the work but also to ensure you don’t fall foul of breach of contract
(3) Investment – Working with new start-ups is a really exciting part of working at Risk Box, and they often look for funding. Whether it’s a specific requirement of the investor, or just a way to provide a more attractive proposition, it’s a key reason to be protected
(4) To protect the company itself by managing risks, and ensuring if something bad happens, the business can carry on
- How many employees work for Risk Box?
Risk Box is presently just myself, however it is an appointed representative of Adelphi Special Risks – another new and exciting business – who have an entire back office function dealing with the administration and the claims needs of Risk Box clients
- Are the majority home or office-based?
I operate out of the exciting Sharp Project: https://www.thesharpproject.co.uk/, though am usually found in Manchester Northern Quarter, Media City or Liverpool’s Baltic Triangle as its more convenient for my clients
Adelphi has an office near Milton Keynes
- What makes you optimistic?
You can’t help but feel optimistic and enthusiastic when your clientele work on some amazing and exciting projects. It’s infectious!