We do business in a complex and changing world. The risks business owners face today are more significant and complex than risks businesses have encountered in the past. From supply chains that span the globe, intensifying natural disasters and the ever-expanding digital marketplace no business is untouched. It should not be surprising that an unprepared organization can be decimated by a failure to plan for and mitigate these emerging exposures.
Have you ever met a business owner that really enjoyed their insurance process? I know I’m great company but even my clients wouldn’t make that claim. The truth is insurance is flawed and frustrating because it requires we constantly forecast the future and since none of us have a crystal ball we are often left to look at the past.
Insurance Planning For The Past
Often when I meet with a prospective client, they plan for risks that business owners have prepared for for decades. These risks are Property, General Liability, Auto and Workers Compensation. Occasionally when business owners are asked why they protect against these and only these, the response is, “because we are have to”. I am here to tell you that only insuring for what has been historically required is a huge risk in and of itself.
Planning for new emerging risks can feel unnecessary and overwhelming since they haven’t yet made an impact, but many businesses never get that 2nd chance. Cyber, Employment Practice Liability, Professional Liability and Directors and Officers coverage will all become undeniably necessary over the next five years. No matter what your industry, service, or size, as a business owner you know how important it is to be proactive. Let’s be proactive in finding the adequate coverage to protect the business you have built.
Insurance Planning For the Future
As a Risk Advisor I work everyday to help my clients navigate the insurance landscape and plan for the unexpected, I can’t tell the future but I can put my clients in the best position to succeed in insurance marketplace and in the event of a claim. I am not a car guy, but I know that my car needs brakes in order for me to stay on the road. I also know that without regular maintenance they could fail to work properly. Your insurance isn’t much different, keeping it current means you can count on it when you most need it.
We are all in this complex and changing world together, we need to work on it together.