A LEADING insurance broker is expanding its range of services with the introduction of an innovative business risk assessment service.

BiB (Darlington) will provide the assessment using software that has been developed over four years with the help of a detailed study of 60 businesses.

The risk analysis service helps companies to target and control issues that might threaten the survival or profitability of their business.

These are broken down into 15 areas of risk, including information technology security, health and safety, disaster planning, security, credit management and environmental management.

BiB's new service is expected to be of considerable value to small and medium-sized firms.

Reports from the analysis identify areas of concern and help to establish priorities and agendas for action, with clear guidelines on the steps required to rectify any problems.

This will also highlight any areas where more thorough management would benefit the business.

Brian Jackson, a director at BiB, said: "The statistics relating to businesses in the small-to-medium sector show just how many are at risk from a range of different factors. Eighty per cent of businesses that suffer a major fire go out of business within three years. Less than five per cent have any form of disaster recovery plan. Only around ten per cent have any organised IT security, and less than 20 per cent operate reliable health and safety procedures."

One of the first companies to take advantage of BiB's service was Simpson and Allinson Fabrications, of Barnard Castle.

The company's managing director, Geoff Simpson, said: "The analysis was highly relevant to our business and the final report was an accurate reflection of the company.

"It highlighted areas where we need to make improvements or implement new systems, and made us think about issues we have possibly neglected in the past."

He said the company was now working with BiB to improve areas that had been deemed as potentially vulnerable